Bankers are supposed to be the personifications of economic reasoning, but anyone looking at the financial reports of the presidential candidates and super PACs that have come out this week might conclude that there’s more to their political calculations than dollars and cents. Indeed, what these reports fairly shout is that Wall Street’s political picks have been swayed by offended egos and tribalism.
By one measure, at least, Nevada should be Newt Gingrich’s kind of state. Like the Newtster himself, it’s grown comfortable with divorce, having had the highest divorce rate of any of the 50 states in a succession of decennial Census reports. In a state full of weather-beaten tumbleweeds, Newt’s peregrinations should be distinctly no big whoop.
After months in which the Republican candidates for president have dominated the nation’s political discourse—likely, to their own detriment— President Barack Obama retook center stage last night with a State of the Union address that was the overture to his own re-election campaign. His theme was the indispensability of collective action—of national purposes advanced by public commitments to such mega-goals as the reindustrialization of America, with the burdens and rewards shared equitably by all.
What have we learned from the fact that it was Newt Gingrich, not Rick Santorum, who surged past Mitt Romney in Saturday’s South Carolina Republican primary? The voters who turned out, after all, sure fit the profile of Santorum supporters. Fully 65 percent described themselves as born-again or evangelical Christians, and Santorum was the candidate who most stressed the cultural and religious values in which these voters believe, even as Newt’s private life made a mockery of them. Fifty-three percent of the GOP voters had no college degree, and, again, it was Santorum who explicitly defended both the economic interests and cultural importance of blue-collar workers.
Would Barack Obama have appointed Tim Geithner as Treasury secretary had he been privy to the minutes of the Federal Reserve’s meetings with its regional leaders, which became public yesterday? Geithner, who headed the New York Fed at the time, comes off as utterly clueless about the potential for the housing bubble to plunge the economy into recession, much less the Great Recession.