Here’s what Wall Street doesn’t want: It doesn’t want to hear from Sarah Palin or Michele Bachmann or even Newt Gingrich, or suffer any sort of tea-party populism. It wants you rubes to shut up about Jesus and please pay your mortgages. It doesn’t want to hear from such traditional Republican constituencies as Christian conservatives, moral traditionalists, pro-lifers, or friends of the Second Amendment. It doesn’t even want to hear much from the Chamber of Commerce crowd, because those guys are used-car dealers and grocery-store owners and for the most part strictly from hick, so far as Wall Street is concerned. Wall Street wants an administration and a Congress — and a country — that believes what is good for Wall Street is good for America, whether that is true or isn’t. Wall Street doesn’t want free markets — it wants friends, favors, and fealty.
Also, the princes of finance don’t want to be hearing the name “Jon Corzine,” king of the Wall Street Democrats, former senator from and governor of New Jersey, legendary former CEO of Goldman Sachs, echoing throughout the corridors of power too much in the near future. The too-big-to-fail banks want Corzine crucified, but they want him crucified quietly, because they are looking to wring a little cash and preferential treatment out of his richly deserved crucifixion. And that may be the real reason the Wall Street gang is giving Republicans a second look.
Either way, the last thing Wall Street wants is for the Corzine scandal to launch a new round of frenzied outrage out there on the fruited plains where dwell people who don’t know an IPO from a CDS, and who might suspect that something here is not entirely on the up-and-up. They’re hoping that conservatives can be buffaloed with a bit of cheap free-market rhetoric into not noticing that something is excruciatingly amiss here. They are the repo men, headpiece filled with subprime-mortgage derivatives, and they are looking to repossess the Republican party they abandoned in 2008 (see “Losing Gordon Gekko,” National Review, March 9, 2009). Free-market, limited-government conservatives should be none too eager to welcome them back, nor should we let our natural sympathy with the profit motive blind us to the fact that a great many of them do not belong in the conservative movement, and that more than a few of them belong in prison.
(Read it all if you can stomach it…)