Elites, Bears Stearns, and the War
The coincidence of the Bear Stearns collapse and the Iraq War's 5th anniversary is breathtaking. Both involved the best thinking of our elites on the left and right. How many conservative and liberal Ivy League grads and professors ran or lionized Bear Stearns or opined in favor of the War in the best journals or on blogs such as this one? It's stunning how the culture of our elites stifles dissent during these catastrophic run-ups--whether it be their ludicrous investment in "Big Shitpile" or their very serious support the greatest foreign policy disaster in American history.
I believe in a vibrant intellectual life for our country. I believe in vigorous discussion and the right to dissent on all matters whether they be scientific, philosophical, artistic, or political. My revulsion at our elites has nothing to do with a latent or patent anti-intellectualism. I am simply amazed at how the self-annointed best and brightest have so utterly failed to create an economy and an idea of America in the broader world that has any substance whatsoever.
It is sobering to think, therefore, what President Obama will do when it comes to fixing the economic and foreign policy messes we are in. That he must choose from the same elites who have been so wrong about economic policy--who would have marveled at the wizardry and sophistication of Enron and Bear Stearns before they imploded--and so totally wrong about the Iraq war is sobering. Amitai Etzioni suggested today Obama make Hillary (so calculating; so wrong on the War) his Secretary of State. What genius on Wall Street will be suggested for Treasury Secretary?
Obama got it right on the War before it started. But is there anyone like him who is acceptable to his or her elite peers in the media and Congress who can run the Defense Department or State? Or Treasury or the Fed? When and how can we break from the vacuous notions of American power found at the intersection of collateralized debt obligations and preemptive war?











