Elsewhere

Mark Lilla in the New York Times—"The End of Identity Liberalism":

A convenient liberal interpretation of the recent presidential election would have it that Mr. Trump won in large part because he managed to transform economic disadvantage into racial rage — the “whitelash” thesis. This is convenient because it sanctions a conviction of moral superiority and allows liberals to ignore what those voters said were their overriding concerns. It also encourages the fantasy that the Republican right is doomed to demographic extinction in the long run — which means liberals have only to wait for the country to fall into their laps. The surprisingly high percentage of the Latino vote that went to Mr. Trump should remind us that the longer ethnic groups are here in this country, the more politically diverse they become.

Finally, the whitelash thesis is convenient because it absolves liberals of not recognizing how their own obsession with diversity has encouraged white, rural, religious Americans to think of themselves as a disadvantaged group whose identity is being threatened or ignored. Such people are not actually reacting against the reality of our diverse America (they tend, after all, to live in homogeneous areas of the country). But they are reacting against the omnipresent rhetoric of identity, which is what they mean by “political correctness.” Liberals should bear in mind that the first identity movement in American politics was the Ku Klux Klan, which still exists. Those who play the identity game should be prepared to lose it.

Ben White in Politico: "Bankers celebrate the dawn of Trump era":

Former Goldman Sachs banker Steven Mnuchin has been seen at Trump Tower amid rumors that he’s the leading candidate for Treasury secretary. Billionaire investor Wilbur Ross appears headed to the Commerce Department. Steve Bannon, another Goldman alum, will work steps from the Oval Office. JPMorgan Chase CEO Jamie Dimon remains a possibility as Treasury secretary and will serve as an outside adviser if he doesn't get the job.

It’s a restoration of Wall Street power—and a potential flip in the way the industry is regulated—perhaps unparalleled in American history.

“You would have to go back to the 1920s to see so much Wall Street influence coming to Washington,” said Charles Geisst, a Wall Street historian at Manhattan College. “It’s the most dramatic turnaround one could imagine. That’s the truly astonishing part.”

Matthew Boudway is senior editor of Commonweal.

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