You must find the time today to read Ezra Klein's great interview with Chrystia Freeland, an expert of the mindset of the class of people who rule our financial universe and the author of a book I'm going to buy right quick, The Plutocrats: The Rise of the New Global Super Rich and the Fall of Everyone Else. My favorite passages:
CF: There’s a great joke on Wall Street which is that the bet on Romney is Wall Street’s worst bet since the bet on subprime. But I found the hostility towards Obama astonishing. I found the commitment to getting him out astonishing. I found the absolute confidence that it would work astonishing. On that Tuesday, the big Romney backers I was talking to were sure he was going to win. They were all flying into Logan Airport for the victory party. There’s this stunned feeling of how could we be so wrong, and a feeling of alienation.
CF: Let me be clear that I’m not defending any of them. But I think the way it works — and I think Romney’s comments were very telling in this regard — there are two differences in the mind of this class. First, they’re absolutely convinced that they’re not asking for special privileges for themselves. They’re convinced that it just so happens that their self-interest coincides perfectly with the collective interest. That’s where you get this idea of the “job creators”. The view is that to seek a low tax environment or less regulation, that’s not special pleading for yourself, it’s not transactional politics. It’s that this set of rules is the most conducive to economic growth for everybody. It will grow the pie. Now, it also happens to be an incredibly convenient way of thinking. If you’ve developed an ideology that what’s good for you personally also happens to be good for everyone else, that’s quite wonderful because there’s no moral tension.
CF: To get back to Romney, that’s where you get the belief that being successful in business qualifies you to be president. What’s interesting to me is that if you talk to the billionaires in other countries that have different social orders, you heard different views on this.
Yuri Millner, the Russian billionaire, set up a prize in theoretical physics where he gave three million bucks each to what he thought were the nine best theoretical physicists in the world. The reason he did that, he said, is that he thinks that the way our society allocates brainpower against work is not ideal. He thinks the work he does is kind of boring and humdrum and doesn’t make that much of a difference in the world but leads to these huge rewards, while in his view, the most defining and important work, the work that makes us human, is grappling with understanding the universe. George Soros will say that he thinks the most important human endeavor is to be a philosopher. You encounter that sentiment less often among the anglo saxons, because we’ve persuaded ourselves that the heroes of our social narrative our businesspeople.