Christopher Caldwell argues in the Weekly Standard that neither political party is serious about financial reform. And he wonders why. Caldwell appears to adopt the explanation offered by Simon Johnson and James Kwak, two men of the left, in their book 13 Bankers. Johnson and Kwak contend that the U.S. has become a kind of oligarchy, characterized by tight links between the business elite and the political elite. The business elite consists of the giants of the financial industry.
The next four paragraphs, which you can read for yourself if you dare, explain how the Democrats are the real oligarchy and the favored party of the financial services industry. Then he closes, like all good comedians, with a well-crafted punchline:
Even so, I think Caldwell is on to something - more than one thing, actually. And to the extent that he's right about the Republican party, we can be thankful that the Tea Party movement is in place to pressure it to resist any oligarchic impulses.
We sure can, Paul. We sure can.