The real tragedy here, though, is not whatever happens in midterm elections. It’s the long-term prognosis for America. The obscene income inequality bequeathed by the three-decade rise of the financial industry has societal consequences graver than even the fundamental economic unfairness. When we reward financial engineers infinitely more than actual engineers, we “lure our most talented graduates to the largely unproductive chase” for Wall Street riches, as the economist Robert H. Frank wrote in The Times last weekend. Worse, Frank added, the continued squeeze on the middle class leads to a wholesale decline in the quality of American life — from more bankruptcy filings and divorces to a collapse in public services, whether road repair or education, that taxpayers will no longer support.
Even as the G.O.P. benefits from unlimited corporate campaign money, it’s pulling off the remarkable feat of persuading a large swath of anxious voters that it will lead a populist charge against the rulers of our economic pyramid — the banks, energy companies, insurance giants and other special interests underwriting its own candidates. Should those forces prevail, an America that still hasn’t remotely recovered from the worst hard times in 70 years will end up handing over even more power to those who greased the skids.
Americans should be enraged, not Tea Party rage, but anger at a system that has allowed corporate America, and more specifically Wall Street to use the economic well being of the country as a casino with little or no repercussions. The Tea Party rage, despite it's apparent grass roots is being financed and co-ordinated by those who have the most to lose with the current status quo. It's the US Chamber of Commerce's wet dream, a misdirected populist anger directed at reform that threatens the power of Wall Street and the Health Care Industry.