In a Forbes column had a chance to describe to describe how Wall Street finally found its voice in Wendell Willkie in the later 1930s. Powerline notes that somebody is speaking out now: Cliff Asness. As Asness notes, complaining might have an asymmetrical set of outcomes. Not much good comes if you complain; but lots bad can happen.
Writes Asness: “The President’s attempted diktat takes money from bondholders and gives it to a labor union that delivers money and votes for him. Why is he not calling on his party to “sacrifice” some campaign contributions, and votes, for the greater good? Shaking down lenders for the benefit of political donors is recycled corruption and abuse of power. ”
Read Asness: “Furthermore, for some reason I was not born with the common sense to keep it to myself, though my title should more accurately be called “Not Afraid Enough” as I am indeed fearful writing this… It’s really a bad idea to speak out.” The point is not to fearmonger. It is that the President’s displeasure matters disproportionately.