Wednesday, November 2, 2011

Agency And Time Horizons

Will Wilkinson has an interesting post about the Psychology behind libertarian support for the Tea Partym over Occupy Wall Street.

The critical response of Reason editor-in-chief Matt Welch to Salon's "New Declaration of Independence" is nicely illustrative of the libertarian's conservative-like attachment to individual responsibility. And this, I think, helps explain why self-described libertarians are more likely to identify with the Tea Party movement, which was launched by Rick Santelli's indignant rant about subsidizing "losers'" mortgages, than with the Occupy Wall Street movement, which is founded on something like the assumption that individuals are caught in a web of socio-economic forces upon which only the collective action of organized class interests have any influence.

FLG contends, unsurprisingly, that this can be explained by differing time horizons. Nevertheless, interesting stuff.

Less impressive, the New Declaration of Independence referred to above. It's got fucktarded analysis like this:

4. Reregulate Wall Street
Taking the “unsophisticated” broad view, it seems painfully obvious that Wall Street deregulation undid the stabilizing effects of 1930s-era Wall Street regulation. We’re on a boom-and-bust cycle, and a shrinking number of growing megabanks now regularly threaten the entire world economy. It’s hard to imagine that we wouldn’t be better off with a worldwide network of small, independent credit unions than massive financial institutions daily innovating new and more arcane methods of shifting vast sums of imaginary capital around, but in lieu of smashing the banks with brickbats why not just reinstate the rules that effectively limited their behavior for 40 years or so? Bring back Glass-Steagall. Pass the Volcker rule, too. Ban banks from trading derivatives. Limit their behavior and tax their earnings.

Oh, they had it right with unsophisticated.

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