Ignorant, Thin Skinned Billionaires

Mike Allen reports on a meeting pulled together by Home Depot CEO Ken Langone and 50 Wall Street and hedge fund millionaires and billionaires with union-busting reactionary Chris Christie in which they encouraged Christie to run for President.

Several of them said: I’m Republican but I voted for President Obama, because I couldn’t live with Sarah Palin. Many said they were severely disappointed in the president. The biggest complaint was what several called “class warfare.” They said they didn’t understand what they had done to deserve that: If you want to have a conversation about taxation, have a conversation. But a president shouldn’t attack his constituents – he’s not the president of some people, he’s president of all the people. Someone mentioned Huey Long populism.

I will never cease to be amazed at how thin-skinned and historically ignorant Wall Street billionaires are. Huey Long called for caps on annual income, total wealth, and inheritance. Obama has extended the Bush tax cuts for millionaires, but he called Wall Street executives “fat cats” once. So obviously they’re the same.

Barack Obama is many things, but a populist is not one of them. The only class warfare he is willing to wage is one against the working and middle classes of America – as exemplified by his desire to cut Social Security, Medicare and Medicaid to balance the deficit. His administration was comfortable with a 6:1 ratio of spending cuts to revenue increases in order to get a deal to raise the debt ceiling. These are cuts which effectively transfer wealth from the middle class to the wealthiest elites in America.

Seriously, the obtuseness, ignorance and absurdity demonstrated by Wall Street elites is a monument to their solipsism. The terrifying thing is that these people are the ones people like Barack Obama and Bill Daley actually listen to when considering policy questions about how best to steer this country.

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