Now that life is beginning to return to normal as pitchers and catchers report and all that nonsense about football recedes into a distant memory, other parts of life appear to be more abnormal. What’s this? An outburst of criticism of business? Must be that candidates are trolling for votes. Indeed, the megaphone for business, The Wall Street Journal, is sounding the siren, writing today about the rhetoric being heard from the last two Democratic presidential candidates:

The candidates have made broad attacks on corporate wealth and tax cuts they say tilt toward the rich, along with more specific attacks against health insurers and oil companies, among other industries. On Friday, Mrs. Clinton began airing a TV spot in Wisconsin in which she says, "The oil companies, the drug companies, have had seven years of a president who stands up for them…. It’s time we had a president who stands up for all of you."

Both candidates increasingly sound like former North Carolina Sen. John Edwards as they pursue his endorsement and the voters — particularly union members — who were drawn to the populist candidate before he dropped out last month. Illinois Sen. Obama got a boost toward that goal Friday with the backing of the Service Employees International Union, one of the most politically powerful labor organizations.

    To the credit of the Journal, it was one of the few traditional media outlets that pointed out that Edwards was dictating the agenda debate for the party.

    The real question is: will this last? I’m skeptical. Here’s what the Journal’s rival in business reporting, The Economist, had to say in its February 7th Lexington column (which talks about the U.S.) that explored the rising tide of populism:

    This is not to argue that the next president will bow to the populist mood. Mrs Clinton and Mr Obama are both economic centrists who have been showered with businessmen’s money.

    Indeed, it is all well and good for Sens. Clinton and Obama to be trumpeting the causes of the little folks being trampeled by big, bad business. But, I’d caution us to be skeptical of those who carry that flag today who haven’t been on the front-lines of the battle against corporate power in the past. Even with the best intentions, whoever is elected, is going to face a system that will likely enforce fealty, once again, to the bond markets. Bet on it.