What to do with the rage?
We simply do not have a real functioning mechanism in American politics for converting public anger into tough government policy. The closest thing we have in that regard is the relationship between elected officials and the media: when TV news decides to flip out about something like the AIG bonuses for more than a day or two, we might sometimes see public officials do something about… something like the AIG bonuses. But that’s about it. In point of fact the only significant “reforms” to date, even in the face of this most extreme financial crisis, have been moves instituted to restrict short-selling and a relaxation of mark-to-market accounting rules, both measures on the deregulatory wish list of the big firms.
