Saturday, March 15, 2008

Krugman on Politics

The last paragraph of this column seems inarguably true. Wall Street has long believed, not without reason, that it was immune from politics because of its perfectly hedged campaign contributions to the two major US political parties. But a financial melt-down of this magnitude generates its own politics and if, as now seems likely, American taxpayers end up paying hundreds of billions of dollars to bail out Wall Street, there will be a backlash against "malefactors of great wealth" like we have not seen in over half a century.