RESTRAINT CALLED FOR - AT 7:14 A.M. ET:  There is concern among some New York congressmen that criticism of Wall Street could go too far.  From The Politico:

Americans united around New York in the wake of the terrorist attacks eight years ago, but the Big Apple is now a different kind of ground zero: the target of white-hot anger from people who have lost their jobs or lost their savings.

New York Rep. Michael McMahon, a Democrat, is worried:

McMahon, a Democrat, said that’s not fair, at least not to the people who live in his Staten Island- and Brooklyn-based district — a lot of managers and human resources staffers and other lower-rung Wall Street employees, plus the limo drivers and food vendors and other service-industry workers whose jobs depend on the health of the financial industry.

“Have there been abuses? Have there been sins committed? Yes,” McMahon said. “But there are thousands of people who should not be punished for the sins of a few greedy or misguided corporate executives.”

COMMENT:  That is correct, of course.  The great majority of the people who work in the financial sector had nothing to do with the abuses.  Still, the abuses took place, and the very leaders now worried about an unfair backlash looked the other way during the reckless go-go years, as long as the tax revenues came in.  They should blame themselves a bit, but they won't. 

March 16, 2009