What Makes Politicians Who Are Friendly to the Financial Industry "Centrists"?
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Thursday, 24 June 2010 04:47 |
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The New York Times reported on efforts by New York state legislators and a bloc of representatives who it describes as "centrists" to remove or weaken a provision of the financial reform bill that would require the large banks to spin off their derivative trading operations into separate divisions which would not be protected by federal deposit insurance.
It is not clear why these representatives should be characterized as "centrist." There is no obvious political philosophy that corresponds to the view that the government should subsidize these banks by providing free insurance for its derivative trading operations. What unites these representatives as a group is their ties to the financial industry. It would be more accurate to describe them by their support from the financial industry than an imagined political philosophy.
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However, studies by evolutionary psychologists who specialize in linguistics have noted a sharp shift in journalists who prefer to report the "mode", the most frequently occuring score, over the mean or median score as measures of centrism.
Further review of the finance industry in a case study of New York legislators explained the phenomena. The finance industry, like others, typically buys up the majority of legislators on both sides of the aisle to proceed with its agenda, which is reported as "centrist" because it's the most frequently occuring position on the issue.
This is why the Holocaust Denial movement never achieved centrist credibility but the Financial Innovation movement did.