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April 26, 2011

Hedge Fund Kings, Paid Big To Forecast The Future, Shifting Donations From Democrats To GOP

The thing about hedge fund guys is they hedge.

They're hedging to the right.

The article cites frustration over Obama's anti-Wall-Street/anti-business agenda as the reason for shifting allegiance, but I'm going to go with my first-reaction hunch and guess this is about the likelihood of the Democrats retaining power.

The business of business is business, not politics, and I tend to think these guys, who tend to throw big money at both parties but especially whichever party is in power, are less political/ideological and more mercenary -- and I don't even mean mercenary in a bad way.

I mean they're throwing money at whoever they need to in order to be left alone; they're basically bribing the government powers to not hassle them. (I give Trump a qualified pass on his relentless donations to liberal Democrats for this reason.)

The fact that they're less inclined to bribe Obama says something, I think.

Now Who's Being Naive, Kay? I shouldn't have said they only bribe the government to be left alone, which makes them sound like they're virtuous and want to stand only on their own two feet.

A lot of it is that.

But, as the government has more and more money and, as they say as regards Marxism, "Whatever is not illegal is compulsory," they increasingly seek corporatist/socialist-corporate special favors and licenses from the government too.

The more and more government seeks to impose rents on every common and useful activity, the more rent-seekers will be pounding on its doors. The more government seeks to tax common and useful activity, the more special-pleaders will show up making the case for special (not general) tax breaks.

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posted by Ace at 01:51 PM

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