Obviously, Paul Krugman doesn’t care what hedge funders think.
Bottom line, says MacGillis, — Obama has hurt these guys’ feelings. Many of them started out poor and made everything for themselves. They’re used to being seen as the American Dream “…and now you have the president who looks at them and sneers at them like they’re bad guys,” said MacGillis.
Yes, the President of the United States. And Paul Volcker. And Barney Frank. The list goes on.
MacGillis argues that raising taxes on hedge funders isn’t just a blow to their pockets, it’s a blow to their egos. They want to feel important.
Krugman agrees (and scathingly). “What you crave, then,” he wrote of hedge funders, “is what money can’t buy: respect.”
And not just for their money, he added, they want to be respected for their minds and the work that they do.
But that’s not what they’re getting right now (from Krugman’s blog):
And now Obama says what anyone paying attention would: that these big-money people were, to some extent, making their money in socially destructive ways — and they go insane, precisely because in their hearts they know that he’s right.
And because money talks in politics, this pettiness, this display of ego and hurt vanity, may have disastrous consequences.
It sounds like Krugman could have called this piece, ‘sack up and stop being such babies.’
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.