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320 pages, Hardcover
First published March 15, 2016
"When it comes to the ‘defining challenge of our time,’ however, many of our modern Democratic leaders falter. They acknowledge that inequality is rampant and awful, but they cannot find the conviction or imagination to do what is necessary to reverse it."He also makes the not-inaccurate point that the intellectual “elites” all think they deserve status because they are the “best of the best.” After all they went to school and learned a few things, and now they might think they can tell everyone else where their thinking is deficient. I have a certain amount of sympathy for both sides in this argument. Intellectuals are picked to solve difficult problems because they know how to approach the problems. Folks that think difficult problems are solved by wishing them away may need another look at history.
“increasingly cozy relationships between the press, law, academic and government” that he saw there. “There’s rarely been a time…when the governing elites in so many fields were made up of such a tight, hermetic and incestuous clique.”Aside from noting trenchant observations made by others, Frank’s criticisms can be sarcastic and without a remedy. He hits Massachusetts pretty hard (he makes it funny) for some of the pretty crazy political rhetoric about innovation and brain trust, and he sounds incredulous that all these smart people would believe their own hype. The truth is they probably don’t. They are aspiring, too.
”This book has been a catalog of the many ways the Democratic party has failed to tackle income inequality, even though that is the leading social issue of the times, and its many failures to get tough with the financial industry, even though Wall Street was the leading culprit in the global downturn and the slump that never ends. The larger message is that this is what it looks like when a leftish party loses its concern in working people, the traditional number one constituency for left parties the world over. But we should also acknowledge the views of the people for whom the Democrats are all you could ask for in a political party. I'm thinking here of the summertime residents on Martha's Vineyard. The sorts of people to whom the politicians listen with patience and understanding. No one treats this group as though they have “nowhere else to go.” On the contrary, for them the political process works wonderfully. It's responsive to their concerns, its representatives are respectful, and the party as a whole treats them with a gratifying deference. For them the Democrats deliver in all the conventional ways: generous subsidies for the right kinds of businesses, a favorable regulatory climate, and legal protections for their innovations...
While there are many great Democrats and many exceptions to the trends I've described in this book, by and large the story has been a disappointing one. We have surveyed this party's thoughts and deeds from the 70's to the present. We've watched them abandon whole classes and regions and industries, and we know now what the results have been. Their leadership faction has no intention of doing what the situation requires. It's time to face the obvious: that the direction that the Democrats have chosen to follow for the last few decades has been a failure for both the nation and for their own partisan health. Failure is admittedly a harsh word, but what else are we to call it when the left party in a system chooses to confront an epic economic breakdown by talking hopefully about entrepreneurship and innovation? When the party of professionals repeatedly falls for bad, self-serving ideas like bank deregulation, the creative class, and empowerment through microlending? When the party of the common man basically allows aristocracy to return?
Now, all political parties are alliances of groups with disparate interests, but the contradictions in the Democratic party coalition seem unusually sharp. The Democrats' posture as the “party of the people,” even as they dedicate themselves ever more resolutely to serving and glorifying the professional class. Worse, they combine self-righteousness and class privilege in a way that Americans find stomach turning. And every two years they simply assume that being non-Republican is sufficient to rally the voters of the nation to their standard. This cannot go on.”
The connection between counterculture and corporate power was a typical assertion of the New Economy era, and what it implied was that rebellion was not about overturning elites, it was about encouraging business enterprise…Wherever you once found alternative and even adversarial culture, today you find people of merit and money and status. And, of course, you also find Democrats…For liberal thinkers, Wall Street was the place where money, merit, and morality came together (126-7).The idea that Wall Street is a place of merit and morality is chilling. Of course, that depends on your idea of morality. For the wealthy liberal class, creative people were to be celebrated; artists and intellectuals are a part of this group, but most important are technology people and people with advanced degrees, the experts of their chosen fields. This liberal class isn’t concerned with religious faith or traditional Christian values. They worship the very smart and the very rich. Frank’s guide to the self-righteous views of these liberals: Republicans favor the “wrong” rich (pollution-causing “old” industries) and Democrats favor the “right” rich (technology and professionals). The idea of combating income inequality isn’t even a concept to either party because (as you know) poor people deserve their fate.
Many of our most vaunted innovations are simply methods—electronic or otherwise—of pulling off some age-old profit-maximizing maneuver by new and unregulated means. Sometimes they are designed to accomplish things that would be regulated or even illegal under other circumstances, or else they are designed to alter relationships of economic power in some ingenious way—to strip away this or that protection from workers or copyholders, for example (209).
It’s an imitation of politics of politics. It feels political, yes: it’s highly moralistic, it sets up an easy melodrama of good versus bad, it allows you to make all kinds of judgments about people you disagree with, but ultimately it’s a diversion, a way of avoiding any sincere discussion of the policies in question. The virtue-quest is an exciting moral crusade that seems to be extremely important but at the conclusion of which you discover you’ve got little to show for it besides NAFTA, bank deregulation, and a prison spree (228).Frank links the idea of the virtue-quest to the Hillary Doctrine and the failure of microlending—another innovation that, in the end, screws over poor people while the banks prosper. “Microlending is a perfect expression of Clintonism, bringing together wealthy financial interests with rhetoric that sounds outrageously idealistic. Microlending permits all manner of networking, virtue-seeking, and profit-taking among the lenders while doing nothing to change actual power relations—the ultimate win-win” (236).