Last year we commended
James Pinkerton’s column denouncing the Amnesty/Immigration Acceleration STRIVE Bill as
second to none in elegant and reasoned ferocity.The great strength of An immigration bill for ‘plantation owners’ Newsday April 10 2007 is that Pinkerton understands the fusion between the political and social dynamic at play here … and does not flinch to name it
Today we applaud The Bailout: Why Are President Bush and the Democrats Working Against Congressional Republicans?
Pinkerton has noticed the same curious political topography Peter Brimelow discussed yesterday in The House Republicans, the Wall Street Bailout and the LTCM Crisis
In Washington, it’s a showdown between the representatives of Wall Street and the representatives of Main Street. But have you noticed that the old partisan alliances are reversed? It’s the Democrats who are now the Wall Street Party. And Republicans...with the conspicuous exception of President Bush...are now the Main Street Party...the Congressional Democrats...are...mostly for the Bush plan. Sure, they made some cosmetic changes in the bailout proposal, but they have never wavered in their basic endorsement.So who’s against the plan? It’s Congressional Republicans who are getting in the way. They are the heroes of the hour.
How did it come to pass that President Bush is siding with Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi? What thought process led the Administration to support a big-government bill that the Republican grassroots all despise?
Pinkerton asserts the central socio-economic truth of the modern American Party system:
the Democrats are emerging as the new party of the rich, the party of Wall Street, the party that champions financiers at the expense of producers. For years now, the most affluent precincts in the country...mostly on the two coasts...have been solidly Democratic.
and says this gives rise to
the revised Democratic model: The same old socialism for the poor, of course, in the form of the bureaucratic welfare state, and a new kind of socialism for the rich, in the form of this bailout.
In addition, he understands that
Much of the overall financial crisis can be traced back to bad mortgages made to unqualified buyers at the behest of Democratic poverty advocates; it was a neat arrangement, poor Democrats got houses, as rich Democrats got richer by manipulating the financial paper
discussed the major role of politicized minority-favoring
mortgage lending in the present crisis last on Tuesday.
Of course, this does not explain why President Bush is going along. Perhaps because his Chief of Staff
is from...Goldman Sachs.Congratulate
James Pinkerton (who surprise!
no longer writes for Newsday