Paul Krugman: US Hedge Fund Managers Can Buy Anything, Except Respect

Alec MacGillis, a senior editor at The New Republic, has a fantastic piece in the latest edition about how hedge fund managers' love for President Obama has turned into blind, spitting hatred.

His main argument is that it's all about feeling disrespected:

"[I]t wasn't just anyone knocking them — it was the president of the United States, notes Eugene Fama, a legendary finance professor at the University of Chicago ... 'Lots of [hedge fund managers] started out poor, and made a huge amount of money, and created thousands and thousands of jobs in the process. They're used to being the American Dream, and now you have the president who looks at them and sneers at them like they're bad guys. For all the brashness and bravado that goes with their world, it seems the managers are oddly insecure about their purpose."