Tom Frank: Mocking the Right's 'Free Market' Agenda Is Almost Too Easy -- A Real Problem Is That the Dems Don't Challenge It
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But if you look into it a little bit deeper, that’s actually the philosophy that the United States did not accept in the Great Depression. That’s the opposite of the road that we actually went. That’s what Hoover’s Treasury secretary wanted to do. Just let the Depression take its course. Let everyone get ruined. And then, people will recover and things will be fine on the other side. Hoover rejected that advice, and, of course, Roosevelt did the very opposite of that. But the leading protest movement was urging us to accept that advice.
Q: You write in Pity the Billionaire that the tea party’s actual function was to ensure the economic collapse caused by Wall Street did not result in any unpleasant consequences for Wall Street. We see that happening now. No one’s gone to jail and there’s little new oversight over Wall Street.
Frank: Look at what Republicans are doing. They’ve all sworn to reverse the Dodd-Frank law that set up the new Consumer Financial Protection Bureau. If they can’t overturn the law, they say, they won’t fund the office, they won’t appoint anybody to run it. They’ll disable it somehow. They’ve all sworn to do this.
That’s how conservatives actually run the government here in Washington: They run it by running it into the ground. They sabotage it. Sabotage is the word for their governmental philosophy.
Q: In 2008, the American right was supposedly finished, yet by 2010, the right was in ascendancy all over again. What happened?
Frank: That’s the big question of our times. You have this financial catastrophe that was directly a result of ideology as anything I’ve ever seen in my lifetime, with the possible exception of the collapse of the Soviet Union. You have this largely deregulated financial sector and these fly-by-night mortgage lenders who are outside anybody’s regulatory purview. You have this shadow banking establishment, and between them, they contrive to completely destroy the global economy.
When that happened, pundits here in Washington assumed this was the end of the road for conservatives, that they’ve had their thirty years and we did what they wanted and it ended in disaster. The pundits said that the Republican Party had to moderate itself or face irrelevance. The Republican Party didn’t do that; they did the opposite. They swung hard to the right, and enjoyed one of the greatest victories of all time in the 2010 elections.
They declared that conservatives had really never gotten a chance. We had never gone all the way with conservative ideology. We’d never completely done away with government, or the liberal state, so conservatism was in no way responsible for what happened, they claimed. Therefore, the only alternative was to double-down on our commitment to the free market ideal. This became a utopian faith on the right. You especially saw this at tea party gatherings.
Q: But the right also depicted itself as an enemy of big business. Can you talk about that?
Frank: This is the secret to conservatism’s success. The right was able to recast itself as a populist movement. Well, they’ve been doing that a lot in the past thirty years, but it was even worse this time around. They became a protest movement for hard times. Sometimes they pretend to be protesting the enemy—big corporations and big banks. If you read their literature, they say things like that all the time.
Congressman Paul Ryan wrote an article in Forbes magazine called “Down with Big Business.” If you read it, it sounds like he’s very critical of capitalism and the big corporations that run this country. But at the end of the day, he thinks the way to bring big business down is by going after big government. Very fascinating, this sort of twist that they always do. You can say all you want about how the banks screwed everybody over, but the culprit is the same as it ever was: government. That’s who you’re supposed to be rising up in anger against.