Wall Street’s Message to Young Adults: ‘You Are Clueless’
By WILLIAM K. BLACK Prof; Econ & Law, UMKC. Financial regulator. White-collar criminologist. Founding member, Bank Whistleblowers United. Author: The Best Way to Rob a Bank is to Own One.
Wall Street CEOs are very upset with young adults. They believe you are “clueless” and “voting against [your] own interests” when you support Bernie Sanders. A Wall Street CEO took to the pages of the Wall Street Journalto decry the fact that, “Millennials are flocking to Sanders.” It would be cruel to note that one has to be clueless to believe that writing an op-ed in the WSJ was a good way to reach millennials supporting Bernie. But at least we can gain an insight into Wall Street’s theory of why Bernie is bad for young adults. It turns out that Wall Street is worried that Bernie is pushing Hillary Clinton to take inequality seriously because younger Americans take inequality seriously. Wall Street, of course, loves and exists to produce staggering inequality.
These young voters appear to be falling headlong for the Vermont senator’s plaintive narrative of economic “unfairness.” His throwaway prescriptions for redistributing income and wealth are being echoed by an increasingly nervous Mrs. Clinton–despite such policies’ having been jettisoned during her husband’s administration in the 1990s.
Notice the devastating nature of the Wall Street critique — Bernie’s discussion of inequality is “plaintive” (which means “sad” and “mournful”). Human beings are sad about the severe inequality in America — and have concluded that the Clintons’ “New Democrat” policies were a major part of the problem. Given what has happened to middle and working class Americans’ incomes under the neoliberal economic agendas of the Clintons and Bushes, the reaction of those supporting Bernie means that they are voting in favor of their economic interests. The Wall Street CEO inadvertently admits this fact, and comes to his real complaint — the public is furious that Wall Street elites made a fortune by leading the three most destructive financial fraud epidemics in history — and did so with impunity. How dare the American people no longer worship Wall Street?