Friday, January 16, 2015

"Why Won't President Obama Prosecute Wall Street?"

That's the title of a terrific new Instavision video hosted by Glenn Reynolds and featuring Joel Kotkin, an academic and expert on political science.  The video is 10 minutes long; here's the brief description:
New Geography's Joel Kotkin talks to Glenn Reynolds about the Obama Administration's love-hate relationship with Wall Street. Kotkin reminds viewers that President Obama has always had a cozy relationship with the financial services industry, notwithstanding his negative rhetoric regarding banks and banking. 
The answer to the title question can be captured in three words: elitism, cronyism, and corruption. Top-level politicians typically view themselves as elite, as morally better than others and, thus, entitled to behaviors and outcomes that the rest of us aren't.  In other words, the rules don't apply to them.  The political mechanism by which politicians enjoy private sector resources is cronyism -- wall street lobbyists, for example, provide all kinds of benefits to the big-wig pols who, in turn, promote and protect the wall street firms. Finally, all parties involved are engaging in corrupt, immoral, anti-life behaviors that are ultimately paid for by the rest of us.

Last comment on this video: if you think Obama is a particularly egregious example of a corrupt human being willing to use his power for cronyist ends, pay attention to the conversation starting at about the 4-minute mark.  The topic? Hilary Clinton.