Harold Ford's warped understanding of "capitalism"

By Glenn Greenwald
Salon.com

(updated below - Update II)

The incomparably horrific Harold Ford -- who sounds ready to challenge incumbent New York Democratic Sen. Kirsten Gillibrand in a primary -- contradicted himself so egregiously in his cringe-inducing New York Times interview yesterday that it's hard to know whether one should feel more pity or contempt for him. First, there's this:

Mr. Ford declined to discuss what he is paid by the bank [Merrill Lynch, of which he is Vice Chairman], but publicly available data suggests that he earns at least $1 million a year. Asked what role outsize pay packages played in fueling the financial crisis, Mr. Ford said he objected to capping executive compensation on Wall Street. "I am a capitalist," he said. "I believe that people take risk, and there are rewards if they do well; they should lose if they don't."

But that was preceded by this:

[Ford] blasted [Gillibrand] . . . for opposing the taxpayer bailout of the financial industry. "It was a mistake," he said, noting that most Wall Street firms had already paid back the money. "How can you be against ensuring that the lifeblood of your city and of your state survives?"

So the rugged individualist Harold Ford -- who inherited his father's Congressional seat at the age of 26 -- is a self-proclaimed "capitalist" who believes that people "should lose" if they don't do well: unless, that is, the people who "don't do well" are his funders and controllers on Wall Street, in which case they should be propped up by the U.S. Government with bailouts and loans and Federal Reserve tricks until such time that they can pay themselves tens of millions of dollars in bonuses, at which point they should be left alone in the name of "free market capitalism" and keeping the Government out of the affairs of industry and away from their "rewards." What Ford is advocating, of course, is the exact opposite of free market capitalism: it's risk-free crony "capitalism," warped corporatism, the essence of decaying emerging-market nations in crisis, in which the coercive power of the Government is harnessed by a corrupt financial elite for its own benefit and at everyone else's expense, to ensure that people like Harold Ford can maintain their chauffeurs and weekly pedicures and helicopter rides he strangely boasted of enjoying.

(Continued here.)