The Commanding Heights

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


In a post from May 2009 about bloc voting creating effective one-party rule, Arnold Kling throws out this aside:

I saw this scenario playing out way back in September [2008], when I tried (unsuccessfully) to convince a Republican Congressperson to vote against what we now call TARP. I said that this would be exactly what the Democrats needed — much greater government control over the financial system and big business in general. From now on, every Fortune 500 company has to align itself with the party in power.

I am curious what Arnold thinks of this now. It seems to me that in hindsight, even a conservative/libertarian TARP skeptic should be willing to concede that Obama never had any intention of using TARP to assert greater control over the financial system and, in the event, didn’t use it to assert greater control over the financial system. Ditto for the auto bailouts and the stress tests. The financial reform bill, conversely, was designed to regulate the financial system, but did it in the most minimal way possible considering the vast damage that the financial system had just finished causing us all. 

In fact, all things considered, Obama treated the financial system with kid gloves, and despite — or because of? — that treatment, the financial industry (and big business in general) rather flamboyantly declined to align itself with the party in power this year. We saw the results of that yesterday.

But I wonder if Arnold sees things that way too? Probably not.

DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate