Goldman Sachs and Boomer morality - 0 views
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I would wager to say that, back in the 1960s and 1970s, nothing infuriated Boomers more about how the American economy was run than the idea that powerful greasy old men, dressed in oversize pin-striped suits and hidden away in smoke-filled rooms, essentially made all the strategic decisions about where capital would flow and (therefore) what would be produced and consumed. These anonymous titans, from their “commanding heights,” claimed they exercised prudent and responsible judgment, but their very paternalism just infuriated us more. We wanted to blow it all up.
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And guess, what? We succeeded. The ascendancy of Boomers as voters and leaders since the late 1970s has coincided with a radical deregulation of our economy, especially in those areas, like investment and finance, where trusted “fiduciaries” were supposed to take care of others. In the new Boomer world, the market was the great leveler and everyone was liberated to take care of themselves.
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Boomers should stifle their shock. It’s like being bothered by the sight of Bill Clinton caught with his fly open. Boomers have taken America all the way here on that whole long crazy trip of theirs. And now they have to accept the consequences.