2009 April 06 Monday
Razib Sees More Skepticism In Wake Of Financial Crisis

Razib Khan thinks that while America has shifted Left in terms of many policies that a conservative skepticism toward social and financial engineers is growing. I agree. We have incompetent elites and the public is starting to notice.

Despite the fact that here in the United States we are on the precipice of verging to the Left, I canít but help wonder if the ultimate results of the current crisis will be conservative. Not conservative in specific ways such as the election of conservative governments or greater faith in modern capitalism, but a deep conservatism of disposition which is nourished by the jaundiced skepticism which is in the air. Skepticism of the efficacy of government in the face of corrupt capitalism. Skepticism as to the virtue of the free market. Skepticism of engineering, financial and social. Skepticism of the goodness of oneís fellow man and the inevitable ascent toward the pinnacle of progress.

Though prehaps youíll find it ironic that my pessimism about the current state of affairs makes me optimistic, so to speak, about conservatism.

I come across indicators from unexpected places that our elites are making wrong decisions. Nobel-winning economist and New York Times "Conscience of a Liberal" columnist Paul Krugman - not exactly a poster child of conservative thinking - argues that Obama's economic team are pursuing the wrong policies to the banking crisis.

After all, weíve just been through the firestorm over the A.I.G. bonuses, during which administration officials claimed that they knew nothing, couldnít do anything, and anyway it was someone elseís fault. Meanwhile, the administration has failed to quell the publicís doubts about what banks are doing with taxpayer money.

And now Mr. Obama has apparently settled on a financial plan that, in essence, assumes that banks are fundamentally sound and that bankers know what theyíre doing.

Itís as if the president were determined to confirm the growing perception that he and his economic team are out of touch, that their economic vision is clouded by excessively close ties to Wall Street. And by the time Mr. Obama realizes that he needs to change course, his political capital may be gone.

Wall Street isn't competently led. Washington DC isn't competently led. I hope this does not matter too much. I hope that lots of people and companies can work out how to make their industries work better in spite of the mistakes getting made in America's twin centers of power in NYC and DC.

Share |      By Randall Parker at 2009 April 06 10:42 PM  Elites Betrayal And Incompetence


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