Pity Wall Street. The democratic party’s presidential candidates have painted a bullseye on its back. Bernie Sanders wants, in effect, to nationalize Wall Street. Hillary Clinton joins in the anti-Wall Street feeding frenzy lest her and her husband’s ties to Goldman Sachs and other institutions become a bigger issue.
Wall Street bankers are widely portrayed as evil parasites, feeding their greed through speculation that serves no good other than to line unsavory pockets, and buying off politicians with campaign contributions and lucrative speaking fees. ``One percent’’ Wall Streeters are said to be getting mega-rich while everyone else suffers.
Republican candidates fear to come to Wall Street’s defense. Any positive words about Wall Street will end up as a negative sound bite come election time. During the occupy Wall Street riots, I do not recall one political voice speaking up for Wall Street against the tirades of hooligan protesters.
go to Investors Business Daily.com
Note: IBD got my affiliation wrong: Cullen Professor of Economics, University of Houston and Research Fellow, Hoover Institution, Stanford.