institutional resentments

this is a new blog (to me)---some good stuff in the links, too:

IN THE CONTINUING SPIRIT OF COMITY. In one of those bones she periodically throws the punters to prove she's no elitist, Megan McArdle sniffs that churlish New Yorkers like to make fun of bankers. But "then," she says, "there would be a recession, and everyone in New York would realize that all those overpaid weasels were, um, paying our bills." She doesn't say what we did in such cases; I can tell you from experience we didn't weep and beg them to get rich and waddle around with cigars again (though maybe she did). First of all, that's the Mayor's job; secondly, we are intrinsically ungrateful; and thirdly, our ancestral memory recalls that it was the willful destruction of manufacturing and other bases for a healthy lower-middle-class that made us so reliant on the financial sector in the first place, and we retain an institutional resentment about it.

i could gin up an atlanner-centric version of this gripe if i were so inclined