Thomas Frank: How the Right Wing Hijacked Rage Over the Economic Collapse and Swindled America

Frank discusses one of the most important political developments of the Obama presidency: how the crash of 2008 served to strengthen the political right.

 
December 28, 2011

In his new book, “Pity the Billionaire,” Tom Frank turns his mordant eye on the unlikeliest political development of the Obama presidency: how the crash of 2008 served to strengthen the political right. The deregulation of Wall Street, championed for 30 years by right-wing leaders, had led to an economic catastrophe so frightening that the country elected a liberal Democrat to the presidency. Yet two years later, the most conservative faction of the Republican Party, the Tea Party, had taken effective control of the House of Representatives, the regulation of Wall Street had stalled, and the champions of economic deregulation in Washington had emerged stronger than ever.

Frank, author of the bestselling book “What’s the Matter With Kansas?” provides a pithy and nuanced explanation of what he calls the “hard-times swindle.” He spoke with Salon from his father’s home in Kansas City, Mo.

Early in the book, you describe the moment in the spring of 2009 when free-market economics had been so thoroughly discredited that Newsweek could run a cover story proclaiming, “We’re all socialists now.” What happened? Why did that moment dissipate?

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