The comment section is littered with comments about scholar Thomas Frank who has been on a media tour promoting his new book Listen Liberal. I was curious what all the discussion was about so I listened to some of his appearances on youtube (see below).
He often begins by asking why President Obama, who was expected to be a heroic true liberal Roosevelt type figure who would take on the big banks, instead became another triangulating Bill Clinton type Democrat, who bailed out Wall Street and failed to prosecute any of the big bankers.
Frank’s explanation is that there are two main hierarchies in America: money and status (this is very similar to what I have been arguing for the last couple years or so, except I argued there are three main hierarchies: money, popular status (fame), and elite status (intelligentsia)).
Now I have argued that liberalism means serving the underdogs while conservatism means serving the powerful, but Frank argues that since the 1970s, and especially since the Bill Clinton 1990s, Republicans have been the party of the rich and the Democrats have been the party of professional status (i.e. the intelligentsia).
Frank goes into a long convoluted explanation of why big labor was purged from the Democratic party. It all started in the 1970s when big labor supported the Vietnam war and were a bunch of Archie Bunker bigoted philistines, and the Democrats decided to get rid of them in favor of yuppies (now days sometimes referred to as bobos or SWPLs)
Thus, Frank argues that President Obama refused to prosecute Wall-street white collar criminals because he sees them as part of the same meritocratic Ivy League brilliant elite that he belongs to. He’s more or less painting Obama as an elitist snob who thinks he and other Ivy Leaguers are above the law. This is a very damning portrait.
However from an HBD perspective, there’s a much simpler explanation of why Wall Street is untouchable. According to The New York Times, Ashkenazi Americans (who are enormously overrepresented in Wall Street) might have a much higher frequency of high IQ genes than other Americans. This gave them the intelligence to acquire great wealth and media influence and to adapt it to their advantage, thus it’s extremely difficult for an American President to go against any issue that especially serves Askenazi financial interests (i.e. Wall Street) or Ashkenazi genetic interests (neoconservatism, multiculturalism).
No matter what political system you endorse, high IQ people, and especially high IQ ethnic groups, will adapt it to their advantage and get a lion’s share of the resources, because that’s why intelligence evolved in the first place! It’s been happening for millions of years and it’s Darwinism 101.