Reading into Beck's madness...

I personally detest Glenn Beck. But when he says things like “Wall Street owns our government, our government and these gigantic corporations have merged”, he strikes a chord. This column argues that the chord being struck is not the racist one (as many liberals tend to dismiss him for), rather it is a more populist, anti-government chant that seems to be getting more followers. I am yet to sign on, but sometimes I have to admit that even Glenn makes sense (what other conclusion can one come to when one sees headlines like World changed, finance rules remain same post-Lehman). I guess New Zealand's Prime Minister, John Key, said it perfectly: "Six months ago, The Wall Street Journal came to interview me and asked me if capitalism was dead. Now Goldman Sachs is paying record bonuses."

“Wall Street owns our government,” Beck declared in one rant this July. “Our government and these gigantic corporations have merged.” He drew a chart to dramatize the revolving door between Washington and Goldman Sachs in both the Hank Paulson and Timothy Geithner Treasury departments. A couple of weeks later, Beck mockingly replaced the stars on the American flag with the logos of corporate giants like G.E., General Motors, Wal-Mart and Citigroup (as well as the right’s usual nemesis, the Service Employees International Union). Little of it would be out of place in a Matt Taibbi article in Rolling Stone. Or, we can assume, in Michael Moore’s coming film, “Capitalism: A Love Story,” which reportedly takes on Goldman and the Obama economic team along with conservative targets.

Unlike liberal critics of capitalist inequities, of course, Beck and his claque are driven by an over-the-top detestation of government. Washington is always the enemy, stealing their hard-earned money to redistribute it to the undeserving and shiftless poor (some of whom just happen to be immigrants or black). Though there is nothing Obama can do to stop racists from being racist, he could help stanch the economic piece of this by demonstrating how a reformed government can at times actually make Americans’ lives better. That’s what F.D.R. did, and that’s the promise Obama made, swaying some Republicans and even some racists, during the campaign.

Too many Americans are impatiently waiting for results. It’s hard to argue that the stimulus package reviled by big government-loathers is a success when unemployment continues to rise and most Americans feel none of the incipient “recovery” spotted by Ben Bernanke. The potential dividends to be gained at the end of the protracted health care debate also remain, for now, an abstraction to many who have lost and are continuing to lose their jobs, their savings and their homes.

Nor has Obama succeeded in persuading critics on the left or right that he will do as much for those Americans who are suffering as he has for the corporations his administration and his predecessor’s rushed to rescue. To mark the anniversary of Lehman’s fall, the president gave a speech on Wall Street last Monday again vowing reform. But everyone’s back to business as usual: The Wall Street Journal reported that not a single C.E.O. from a top bank attended. The speech sank with scant notice because there has been so little action to back it up and because its conciliatory stance was tone-deaf to the anger beyond the financial district.