Instead, the really hardball analysis is being done by financial world insiders and a journalist who publishes in a music magazine. They are the ones who are forcing the issues into the mainstream and Congress.
A few examples:
Zero Hedge, an blog by a team of anonymous financial world insiders has broken major stories on flash trading, high frequency trading, and more. These noxious practices are now being banned. They have succeeded in exposing massive greed of insider’s profiting by quite probably illegal practices. Sounds like something the left should be doing, but instead it’s right-tilting libertarians who are doing it.
The Big Picture / Barry Ritholtz
Ritholtz is a blogger, financial commentator, runs a quant research company, and is author of Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy. Obviously, he’s far from happy about the current state of affairs and makes a point of linking to GoldmanSachs666 from his blogroll.
Matt Taibbi / Rolling Stone
Taibbi played a major role in exposing the dubious practices of Goldman Sachs. He does it on his blog, but his major articles appear in Rolling Stone, hardly a font of radicalism. His opening paragraph for the Goldman story has become a classic.
The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.
By contrast, the response by the far left to all of this has been mostly to ignore it, except for maybe running an article about Why Capitalism is Bad filled with impenetrable-to-outsiders Marxist jargon. I’m genuinely dumbfounded at the lack of reaction from the far left to this huge and obvious organizing opportunity. This blog is one of the few left blogs that has consistently been on the financial meltdown story since it started with the early stories about subprime from Calculated Risk and Mish. The left should be taking the lead, hammering away at this, but instead it has mostly been oddly and inexplicably absent. Why is this?