Meet The New Class Of Wall Street Democrats
WASHINGTON ― When the 2008 financial crisis hit, the Democratic Party was forced to reckon with a dormant struggle between two internal factions that had ― until recently ― been feuding for centuries. One tradition, beginning with Thomas Jefferson and running through Franklin Delano Roosevelt, presented Democrats as defenders of the common man against the predations of elite financiers. Another, epitomized by 19th century Bourbon Democrat Grover Cleveland and his 20th century disciple Bill Clinton, viewed big business as an engine of progress and prosperity. There are other traditions in the party’s history, some shameful (see: segregation) and others obsolete (Prohibition). But the Democratic Party has spent most of its earthly tenure defining itself through its economic agenda. By the time of the George W. Bush presidency, Democrats had evolved into the party of Economic Whatevz. If an economic program worked ― cool. If it didn’t ― well, that could be worked out. Voting ri...