I strongly recommend Alec MacGillis' article on how the hedge fund world loved Barack Obama in 2008 and now hate him, for reasons that he argues are more about ego than money.
To generalize a bit, I think it's important to recognize that a lot of what passes for economic policy debate in the United States is a kind of status competition among members of the elite. Some people are good at things that earn you a lot of money (managing hedge funds, playing men's basketball) while other people are good at things that can get you a decent salary but are much less lucrative (being an athropology professor, playing women's basketball) even at the top level. The battle over taxing the people who earn a lot of money is in part about getting revenue, but it's in part just a fight over recognition and social esteem.
TODAY IN SLATE
The Most Terrifying Thing About Ebola
The disease threatens humanity by preying on humanity.
I Bought the Huge iPhone. I’m Already Thinking of Returning It.
Scotland Is Just the Beginning. Expect More Political Earthquakes in Europe.
Students Aren’t Going to College Football Games as Much Anymore
And schools are getting worried.
Crowds March in 160 Countries to Demand Action on Climate Change
- Protesters Take to the Streets to Sound Alarm on Climate Change in New York, Across the World
- Knife-Carrying White House Jumper is Vet who Feared “Atmosphere Was Collapsing”
- North Korea: American Sentenced to Hard Labor Wanted to Become “Second Snowden”
- Almost One in Four Americans Support Idea of Splitting From the Union