When the welfare debate was raging in the 80s and 90s, I never understood how a group with so little power–poor single women, often minority–were misperceived as having such a huge effect on society, while those who had the lion’s share of power weren’t to blame at all. More importantly, there was a bizarre assumption that whatever effects poor single women might have were entirely their fault.
In light of the collapsing Jenga Pile o’Shit known as the ‘subprime’ mortgage /foreclosure/ ‘jingle mail’/ Bear Stearns crisis, blaming poor women does seem a little silly. I’m surprised the housing meltdown hasn’t been blamed on poor, single mothers. Everything else is.
Daniel Gross brings on the snark (italics mine):
In the underclass, unmarried, young fathers don’t take responsibility for their children. In the overclass, twice-married, middle-aged Wall Street daddies don’t own up to the consequences of their insane financial miscues. Wall Street titans are almost incapable of seeing the problem with taking nine-figure payouts in years in which their stocks plummet. “There’s just a total disconnect between the compensation and the responsibility for their actions,” says William Cohan, a former Lazard banker turned author.
In his book The Age of Abundance, libertarian author Brink Lindsey boils down the difference between the desperately poor and the blissfully rich to an ability to focus on the long term. “Members of the underclass operate within such narrow time horizons and circles of trust that their lives are plagued by chronic chaos and dysfunction,” he says. By contrast, elites are well-organized long-term thinkers. Riiiiight. “Modern Wall Street is a system,” says Charles Morris–a former Chase banker and author of The Trillion Dollar Meltdown–“that rewards crazy risk-taking in the short term without regard for the long-term consequences.”
Critics point to a pervasive sense of victimhood in the underclass. But listen to what Bear Stearns CEO Alan Schwartz told the troops after his firm succumbed to wounds that were almost entirely self-inflicted. “We here are a collective victim of violence,” he said. Yep, just another case of the Man keeping the Man down.
Degenerate rich white culture….