Thursday, November 29, 2012

Why Republicans always get stuff wrong and why Socialists usually get stuff right

In his youth, [Steve] Eisman had been a strident Republican.  He joined right-wing organizations, voted for Reagan twice, and even loved Robert Bork.  It wasn't until he got to Wall Street, oddly, that his politics drifted left.  He attributed his first baby steps back to the middle of the political spectrum to the end of the cold war.  "I wasn't as right-wing because there wasn't as much to be right-wing about."  By the time Household's CEO, Bill Aldinger, collected his $100 million, Eisman was on his way to becoming the financial market's first socialist.  "When you're a conservative Republican, you never think people are making money by riping other people off," he said.  HIs mind was now fully open to the possibility.  "I now realized there was an entire industry, called consumer finance, that basically existed to rip people off."