I have here a special, economics-type query which I direct to Brad DeLong, among others. Here’s the thing: I have known many investment bankers in my day. Hell, I’m related to plenty of investment bankers, even if only by marriage. Many of these men are stand-up guys, fun to be with, always up for smoking a few bowls and playing golf. Others are asshole blowhards. Mmm, more of the latter, probably. All of them, however, have the same basic character type, which I will call "Chet". Chet is a hail-fellow-well-met sort, …. Chet is tall, probably tan, and has big white teeth like a mouthful of chiclets. If Chet does not play golf, it is only because he has ascended into the super-Chetosphere and plays polo. Chet is a member of country clubs, and has a thin wife, and two adorable kids, etc. etc. … Finally, Chet has an incredibly high opinion of himself. He is confident to the point of arrogance, but friendly, outgoing. There is one thing Chet is not, ever, in my experience, and that is particularly bright. Really. Not an intellectual powerhouse, is where I’m going with this. Not, in all likelihood, able to perform complex mathematical operations. Given that this is so, I have a few questions.
Alamedia then goes on to ask a series of questions, each of which essentially boils down to, "why is an idiot like Chet so successful?"
Brad DeLong responds by stating (if I may paraphrase) that the reason why an idiot like Chet makes so much money is because Chet really isn’t an idiot. And that’s true, so far as it goes. Yet, though I fully endorse DeLong’s answer, there’s a little bit more to it. Speaking as one who swims among the Chets — heck, who may even be a self-hating, closeted Chet — there are four further reasons that explain Chetdom.
If you have a drum, you may wish to begin rolling it now.