These pundits, left-leaning economists, and other designated “experts,” differ on the precise ramifications of the vanished “American Dream,” but the crux is similar: we're entering a long, long era of reduced expectations and simpler way of life. Considering the sources—and academia is the epicenter—it's not surprising that “Reaganism” is now a filthy word, Wall Street money-grubbers are and will be considered pariahs on the order of pornographers and ambulance-chasing lawyers, and high taxes are both necessary and desirable.
[. . .]
Most of the writing expresses hostility to entrepreneurship and the commercial world, the belief that business, large and small, is somehow dirty, anti-intellectual, and brings out the worst in people. The underclass must be protected because it's too fragile to be trusted to the greedy, corrupt upper class; a huge, benign government needs to steer such unfortunates in their private and professional lives.
[. . .]
The left doesn't want to hear it, but once the recession does end, the country will need a fully-engaged, humming economy, and for that to happen it's imperative that talented, business-oriented individuals lead the way. Government's role is to be the umpire, not the shortstop, pitcher, and clean-up hitter all in one. It's too early to tell whether Obama, at least if he wants to be re-elected, understands that the United States is a centrist country, and once the furor over AIG and TARP companies dies down, if he tacks to the left and embarks on a program of income redistribution, a Howard Jarvis-like populism will take hold and his “transformative” plans will be scuttled.
I don't know if I'm as optimistic as this writer. I agree that the "transformative" crowd completely misunderstands the country. I'm just not sure how much of it will be left to restore once they get done with it.