Another good post from Kevin Drum, whom I’ve been reading a bunch of late. ‘Cuz he’s been putting out a lot of good material of late. Drum notices that CEOs, for some reason, have gone all in on an economic policy that really isn’t in their own self-interest, to put it politely. Incidentally, that policy isn’t in our best interest either, but I don’t really expect them to care about that. Drum ponders:
Corporate CEOs are a different story. For decades, Republicans were the pro-business party and it made sense for business executives to vote for them. But what about now? Republicans are formally dedicated to blocking anything that might even remotely have a chance of improving the economy and thereby improve business prospects as well. And yet, CEOs show no sign of wavering loyalties. Just the opposite: they’ve largely bought the austerity/regulation/deficit fable hook, line, and sinker even though it makes not the slightest sense.
There’s nothing really new about that, I guess, but it’s still sort of freshly gobsmacking every time I see it in action. These are, supposedly, some of the smartest folks in the country. But they don’t have a clue. You can’t even say they’re slaves of some particular defunct economist, as Keynes suggested. They’re just slaves of folk economics at its folksiest and most vacuous — and most damaging. And they have every intention of taking the rest of us down with them.
i hadn’t thought about it this way before, or at least seen it articulated in this way. Atrios puts it more bluntly and less kindly:
One thing that is important to remember is that the Galtian Overlords who run our financial system have made it perfectly clear that they’re completely incompetent. More than that, there’s no reason to think they actually have any clue what policies would be good for their businesses. They support policies which Team Galt support, because that’s what a good Galtian does, but, you know, Galtian Utopia would not actually be very good for their businesses.
Yeah. Just about.