The pleasure we won't get

Judith Warner writes in a New York Times column entitled  Waiting for Schadenfreude that in the current financial crisis, we'll be denied the pleasure of schadenfreude because...

For those of us who have hated this period — the wealth worship, the wealth gap, the elevation of everything suspiciously shiny and irrationally bubbly and stupidly ebullient, there should be some feeling of vindication. But it just isn’t coming. A great emptiness — and a gnawing kind of fear — has taken its place.

After 9/11, psychologists said that the tragedy and trauma would magnify whatever emotional state people were already experiencing. Depressed people would become much more depressed. Anxious people would become much more anxious.

The current financial crisis has, I think, proven to be a similar sort of emotional Rorschach test. People who felt impotent feel even more powerless. Those who felt lied to see new levels of conspiracy. Demagogues are engaging in even more demagoguery.

And those of us who felt, well, like losers, are feeling like even bigger losers, as we shove our unopened 401K or (if we’re double-loser freelancers) SEP-IRA statements into bottom desk drawers and wait for a cathartic burst of schadenfreude that simply refuses to come.

Schadenfreude is impossible because the fat cats — the ones who bent the rules, the ones who pushed the envelopes, the ones who paid lower taxes because capital gains were most of their income, the ones who opposed regulations on the banking and mortgage industries — are taking us down with them.

The very wealthiest are, as always, likely to do just fine. Real, hard-core Wall Street, as Tom Wolfe reminded us last weekend, long ago decamped for the hedge funds of Greenwich. The political leaders who allowed this mess to develop have turned into the great defenders of “Main Street.” (If I have to hear the juxtaposition of “Main Street” and “Wall Street” one more time, I will be the one drowning in a pool of vomit.). It’s a whole host of other people — vulnerable middle class homeowners and small business owners and, now, universities unable to make payroll — who are hurting.

And that's why Americans are angry and why they're going to stay angry for quite a while.