Paul Krugman points out the incompetence of "Davos Democrats":
- ... Davos Democrats who used to be a powerful force arguing against progressive policies have lost much of their credibility.
- I’m referring to the kind of people — many, though not all, from Wall Street — who go to lots of international meetings where they assure each other that prosperity is all about competing in the global economy, and that this means supporting trade agreements and cutting social spending. Such people have influence in part because of their campaign contributions, but also because of the belief that they really know how the world works.
- As it turns out, however, they don’t. In the 1990s the purported wise men blithely assured us that we had nothing to fear from financial deregulation; we did. After crisis struck, thanks in large part to that very deregulation, they warned us that we should be very afraid of bond investors, who would punish America for its budget deficits; they didn’t. So why believe them when they insist that we must approve an unpopular trade deal?
- - Democrats Being Democrats, Paul Krugman, New York Times, June 15, 2015, at http://www.nytimes.com/2015/06/15/opinion/paul-krugman-democrats-being-democrats.html.