August 18,2009/3

This bears thinking about. I think a huge psychological shift has taken place. People of moderate means, even those - like myself - theoretically in a high quintile of that economic sector, no longer buy the Reagan-Bush-Clinton-Bush myth that the ordinary unconnected citizen, who borrows money at retail, can get rich. Nor do we believe that the best-off will (a) do anything for us and (b) will cease to grab all they can using the immensely powerful financial and political levers at their disposal. We need to circle our creaky financial wagons as best we can, try to get by in a World According to Goldman Sachs and wait for some kind of messianic political eruption.