Don’t You Know That Obscene Wealth Is Not Enough

Krugman is good on why some Dem plutocrats are furious about Warren even if electing her would not affect their material standard of living in any way:

There is, I’d argue, an important clue in the “Obama rage” that swept Wall Street circa 2010. Objectively, the Obama administration was very good to the financial industry, even though that industry had just led us into the worst economic crisis since the 1930s. Major financial players were bailed out on lenient terms, and while bankers were subjected to a long-overdue increase in regulation, the new regulations have proved fairly easy for reputable firms to deal with.

Yet financial tycoons were furious with President Barack Obama because they felt disrespected. In truth, Obama’s rhetoric was very mild; all he ever did was suggest that some bankers had behaved badly, which no reasonable person could deny. But with great wealth comes great pettiness; Obama’s gentle rebukes provoked fury — and a huge swing in financial industry political contributions toward Republicans.

The point is that many of the superrich aren’t satisfied with living like kings, which they will continue to do no matter who wins next year’s election. They also expect to be treated like kings, lionized as job creators and heroes of prosperity, and consider any criticism an unforgivable act of lèse-majesté.

And for such people, the prospect of a Warren presidency is a nightmarish threat — not to their wallets, but to their egos.

And, of course, Obama also demonstrates that being far too soft on Wall Street doesn’t even stave off their opposition, a lesson the next Democratic president should have learned.