Why Wall Street but not Detroit?
I for one cannot help but be struck by the contrast between our government’s ‘generous’ distribution of massive amounts of money to various financial institutions, much of which has gone to pay dividends to investors and supply executive compensation instead of what the politicians hoped but did not require the banks to use it for, and the relative stinginess of Washington to lend, much less give, money to the American automakers.
Perhaps part of the problem is that the American groupmind has long accepted American automakers as producing inferior products and services, even while they may have corrected this fault, while the people want to believe American financial institutions are hale and merely going through a rough patch. Detroit has a bad reputation, whether it still deserves it or not, and we desperately want Wall Street to have a good reputation whether it deserves it or not.
Are there other possible explanations?
Steve Sailer has an interesting suggestion about why.