Yglesias makes a prudent point:
A lot of people, myself included, spent a lot of time in 2007 and 2008 observing that a lot of the old gaps inside the progressive camp had narrowed or vanished since the 1990s. But I think the Panic of 08 is tending to reopen a new gap. On the one hand you have people basically inclined toward [Michael Hiltzik’s opinion] that a lot of the people making the big bucks for the past 10 years are basically scammers who lucked into the ability to siphon tons of money out of the economy without really doing anything useful or valuable, and between people who think that they’re genuinely smart hard-working people who just happen to deserve to pay somewhat more in income taxes than they currently do.
In other words, was Madoff really a black hat among honest businessmen, or was he just one unusually crude player amidst a rotten crowd?
Something to hash out on the Journolist, I guess.