It's Official | Bleader

Thursday, January 6, 2011

It's Official

Posted By on 01.06.11 at 11:09 AM

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Mayor Daley's brother to replace Mayor Daley's possible successor in the White House. Ezra Klein asks, "what are his politics, anyway?" What concerns me most is his reported opposition to the Consumer Financial Protection Bureau and his comments on the role of the SEC.

The early spin on Daley's appointment is that it'll make relations between the White House and big business—particularly the financial industry—a lot happier*. You may be wondering what their beef is, aside from some rhetoric ("fat cats") and the proposed elimination of the Bush tax cuts (which would bump upper-bracket rates back up to what are still comparatively low figures in the context of recent history). It confuses me, but Chrystia Freeland's article "The Rise of the Elites," particularly the section "The Backlash," seems like a good explanation, especially the part about the existing elite being ostensibly more meritocratic and its relationship to their attitude towards equality and blame.

* Though I should note that's spin; Daley also managed Gore's 2000 campaign and was Secretary of Commerce under Clinton, so banker is only a part, and not necessarily the most important part, of his resume.

Update: Marian Wang of ProPublica (and a ChicagoNow alum) looks at Daley's ties to the Chamber of Commerce.

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