I am not a mechanically inclined type of individual. As such there never has been, nor will there ever be, a time when I can lift the hood of an automobile and understand enough of what I am looking at to know why exactly we are pulled over to the side of the road. And to an extent, Muffy does not understand that I am comfortable with that situation.
Because Muffy's father was mechanically inclined, and because Muffy's brother is mechanically inclined, she is of the opinion that all men must be mechanically inclined. And the experience of being married to me has, for some reason, not cured her of this belief. Understand, though, that it's not because I've tried to bluff my way through various automotive crises. Not in the least. I don't know enough about internal combustion engines to even fake it. But no matter how many times I tell my wife I don't know diddley-squat about car mechanicals, she persists in saying things like this:
"My car started making a funny noise on the way to work today, and on the way home it was still making the funny noise. Will you look and see if there's something really wrong?"
For the first 15 or so years of marriage, the answer I would give her in these sorts of instances was straightforward and honest and designed to keep her safe:
"Dear, I don't know my ass from my elbow about cars. Why don't you schedule to take the car in for maintenance. If you want, I'll take you to work."
I just assumed, for those 15 or so years, that Muffy did this sort of thing to keep me humble. It's never a bad thing to be gently reminded, from time to time, that we all have our limitations. But in that particular belief I was wrong.
I found that out about ten years ago, when Muffy's car died about two blocks from home. We called AAA and then went back to the car. Muffy insisted I open the hood and check the engine compartment. Rather than start an argument, I complied. I then did the guy thing: I pulled on a couple of wires, touched a couple of parts, and took off and the replaced the radiator cap. I threw a couple of grunts for effect.
All the while Muffy was watching me, knowing full well that I didn't have the faintest idea of what I was doing. Well I finally finished my examination she looked at me with those big brown eyes and said:
"Well?"
It was at that moment that I finally understood what was going on with her. She was looking for reassurance. She knew perfectly well that I knew diddley-squat about cars, and she also knew perfectly well that I had no idea what was wrong with the car. That wasn't the issue. The issue was convincing herself that everything was under control.
Armed with this insight, I gazed into those eyes and did what any loving husband would do in that situation: I lied my ass off.
"Looks like the distributor cap."
"Really?"
"Yep. Think so. It'll cost some money, but it's easy to fix."
And with that everything was Just Fine.
I've taken the time to relate that fascinating vignette because I was reminded of it while reading this post by progressive Young Partisan Hack Matthew Yglesias. When he came to this line:
The case for cutting banking down to size strikes me as more compelling than the case for shrinking any particular bank.
I knew exactly what he was saying.
"Looks like the distributor cap."
He's under the hood of the engine of finance - pulling on wires and touching things - and all the while his readership, which knows even less about banking than he does (if that is indeed possible), is standing there waiting for some sort of reassurance. All they know is the engine isn't running and they can't do anything to change that situation themselves. And Matthew, being the bright boy that he is, has figured out about banking what I've figured out about cars:
Sometimes the important thing is to let others pretend you know what you're talking about.
Look at what Matthew has said.
Think about it.
What does "cutting down banking to size actually mean"? Who knows? Surely not Matthew. As Wittgenstein would say, it's a statement that approaches meaning zero.
What sort of banking is he talking about? Investment banking? Commercial banking? Retail banking? International banking? Who knows? Surely not Matthew. I doubt the thought that there could be more than one type of "banking" even crossed his mind.
And why would "cutting banking down to size" make things better? Again: Who knows? And again: Surely not Matthew.
So what we have here is a Distributor Cap Statement. It's designed to send his dimwit readership off to work reassured that everything is under control. Now if any of them actually thought things through, they'd probably come to the realization that Matthew hasn't a clue and his pronouncements are pure partisan bluff, but that sort of insight would only cloud the essential issue...
This isn't about fixing the car, it's about maintaining the illusion that we're not helpless.
Approaching Matthew on Banking from any other angle makes no sense.