My op-ed in the Missouri Record on Rex Sinquefield

…was published today and you can clickthrough here. Here is an excerpt:

A couple of months ago Grass-Roots Organizing (GRO) held an anti-big banks rally sponsored by a progressive local activist organization. I am generally in favor of breaking up big banks or adopting some kind of regulatory approach that limits the systemic risks that large, complex institutions created.

But a second message from GRO had a decidedly different tone. Along with the opposition to big financial institutions whose ignorance and malfeasance brought our economy to a very ugly place, there was also a diatribe against Rex Sinquefield, a multi-millionaire retired investment banker. Rex (and his wife Jeanne) have liberally funded politicians on both sides of the aisle to promote a policy agenda that includes increased school choice, more transparent and data-driven governance and reform of Missouri’s tax system. There are legitimate debates to be had on these policies but if you disagree with Rex Sinquefield on his political agenda or his methods, it is unfair to conflate these disagreements with opposition to big banks and financial deregulation.

There are two arguments for that thesis. The first, and obvious one, is that opposition to big banks is not premised on the same assumptions of opposition to the “Fair Tax Proposal” or school choice. The second and more important argument is that Sinquefield represents a school of thought that is diametrically opposite to the ideology that captured the financial services sector and brought the global economy to the brink of collapse. Moreover, the harshness of the criticism thrown his way is stunning; it is demonstrably true that Sinquefield’s political agenda around the state does not represent efforts to protect the rich and powerful at the expense of the politically weak and powerless.

I am assured by friends that the rest of the piece is worth reading, especially for those with an interest in Missouri politics. There is also a discussion of Sinquefield’s former company, Dimensional Funds Advisors, which is very interesting to me as an economics student.

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