Vulgar Marxist blogging

Simon Johnson finds the silence of the business elite (i.e. capitalist class) in the face of Republican madness "somewhat shocking." Is it possible that he is simply wrong about where their self-interest lies?

The silence of much of the business and financial elite on the debt ceiling — as well as on the sequester and the government shutdown — is somewhat shocking. This is a group that is usually quite vocal in promoting its self-interest. It benefited greatly from the expansion of the global economy after 1945, and that shifting perception of what business needs was part of the pressure that encouraged the Republican Party to become much more international in its orientation. The trajectory of current fiscal policy will hurt the pocketbooks of this elite.