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Pity the Billionaire: The Hard-Times Swindle and the Unlikely Comeback of the Right

Frank, Thomas

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From the bestselling author of What's the Matter with Kansas?, a wonderfully insightful and sardonic look at why the worst economy since the 1930s has brought about the revival of conservatism

Economic catastrophe usually brings social protest and demands for change—or at least it's supposed to. But when Thomas Frank set out in 2009 to look for expressions of American discontent, all he could find were loud demands that the economic system be made even harsher on the recession's victims and that society's traditional winners receive even grander prizes. The American Right, which had seemed moribund after the election of 2008, was strangely reinvigorated by the arrival of hard times. The Tea Party movement demanded not that we question the failed system but that we reaffirm our commitment to it. Republicans in Congress embarked on a bold strategy of total opposition to the liberal state. And TV phenom Glenn Beck demonstrated the commercial potential of heroic paranoia and the purest libertarian economics.

In Pity the Billionaire, Frank, the great chronicler of American paradox, examines the peculiar mechanism by which dire economic circumstances have delivered wildly unexpected political results. Using firsthand reporting, a deep knowledge of the American Right, and a wicked sense of humor, he gives us the first full diagnosis of the cultural malady that has transformed collapse into profit, reconceived the Founding Fathers as heroes from an Ayn Rand novel, and enlisted the powerless in a fan club for the prosperous. The understanding Frank reaches is at once startling, original, and profound.

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Amazon Exclusive: A Conversation Between David Sirota and Tom Frank

Journalist and Back to Our Future author David Sirota interviews Thomas Frank, author of What's the Matter with Kansas? and The Wrecking Crew, about his latest book.

David Sirota: Do rich people in America genuinely feel persecuted, or are their requests for pity a political ploy to combat their critics?

Tom Frank: Well, we’re talking about something that’s self-evidently preposterous. The phrase “Pity the Billionaire” is the absurd but inevitable end-point of the present conservative argument. The book is about people trying to depict themselves as the victims of a situation where they are manifestly not victims: imagining that corporate enterprises are ground under the iron heel of an over-regulating government, that banks were forced to issue the loans that puffed up the real-estate bubble, that taxes are by definition onerous and thieving, that businesspeople are all, as a rule, hard-working, unassuming, and straight-shooting—and that they have risen up righteously in a great strike, like in Ayn Rand’s and John Boehner’s fantasy.

Sirota: Why has the economic crisis resulted in a rise of conservative economic populism rather than progressive populism?

Frank: Because conservatives got there first with the most money.

Remember, the right has been “populist” for a long time now, raging against this educated elite and that. Populism is a language and a style that the conservative movement is comfortable with. It wasn’t hard to turn a well-funded, well-organized movement already accustomed to thinking of itself this way into a protest movement for hard times.

Of course, this involved the swiping of a whole range of traditional left-wing ideas and symbols, everything from the exaltation of the strike to the notion of a despicable “ruling class.”

The other side of the question is, why weren’t the liberals there to contest this larceny? Where was the left-wing populist movement? Occupy Wall Street didn’t turn up until three whole years after the September ‘08 crash.

The answer to this, I’m afraid, is that genuine populist movements don’t just spring up overnight, in the way the Tea Party did. They come together slowly. The Democratic Party, meanwhile, which is the traditional home of working-class movements, has grown very uncomfortable with populism. They don’t like it, they don’t trust it, they sure as hell don’t know how to talk it. The Democratic Party more and more sees itself as the party of conscientious professionals—of bankers who are socially liberal, for example—and not as the party of working people.

Click here to read more of the conversation

About the Author:

Thomas Frank is the author of Pity the Billionaire, The Wrecking Crew, What's the Matter with Kansas?, and One Market Under God. A former opinion columnist for The Wall Street Journal, Frank is the founding editor of The Baffler and a monthly columnist for Harper's. He lives outside Washington, D.C.

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