October 13th, 2008
Like many progressives I’ve read and followed Paul Krugman for a number of years now, and consider him, not only prescient about the Bush presidency, but brave for speaking against the Iraq war when it was politically dangerous for public figures do so. To date, Paul Krugman has been thoroughly vindicated on economic policy, the Iraq invasion and, too, the catastrophe that is the Bush administration.
It is because of my respect for him that I’m sincerely happy to read that Paul Krugman has today been awarded the Nobel prize in economics:
Paul Krugman, the Princeton University scholar and New York Times columnist, won the Nobel economic prize Monday for his analysis of how economies of scale can affect trade patterns and the location of economic activity.
Krugman has been a harsh critic of the Bush administration and the Republican Party in The New York Times, where he writes a regular column and has a blog called “Conscience of a Liberal.”
[…]
The Royal Swedish Academy of Sciences praised Krugman for formulating a new theory to answer questions about free trade.
“What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions,” the academy said in its citation.
September 21st, 2008
Frank Rich rightfully goes after the timorous media for failing to hold John McCain accountable for his lies. Rich is correct, it’s shame that the toughest questions that John McCain has had to answer have come from the ladies of The View, and not from “serious and sober” news anchors.
Frank Rich writes:
You know the press is impotent at unmasking this truthiness when the hardest-hitting interrogation McCain has yet faced on television came on “The View.” Barbara Walters and Joy Behar called him on several falsehoods, including his endlessly repeated fantasy that Palin opposed earmarks for Alaska. Behar used the word “lies” to his face. The McCains are so used to deference from “the filter” that Cindy McCain later complained that “The View” picked “our bones clean.” In our news culture, Behar, a stand-up comic by profession, looms as the new Edward R. Murrow.
Network news, with its dwindling handful of investigative reporters, has barely mentioned, let alone advanced, major new print revelations about Cindy McCain’s drug-addiction history (in The Washington Post) and the rampant cronyism and secrecy in Palin’s governance of Alaska (in last Sunday’s New York Times). At least the networks repeatedly fact-check the low-hanging fruit among the countless Palin lies, but John McCain’s past usually remains off limits.
And that’s just the start of it. Rich reminds us of John McCain’s past, and goes for his jugular — I hope Obama is paying attention, as this is how it’s done:
That’s strange since the indisputable historical antecedent for our current crisis is the Lincoln Savings and Loan scandal of the go-go 1980s. When Charles Keating’s bank went belly up because of risky, unregulated investments, it wiped out its depositors’ savings and cost taxpayers more than $3 billion. More than 1,000 other S.&L. institutions capsized nationwide.
It was ugly for the McCains. He had received more than $100,000 in Keating campaign contributions, and both McCains had repeatedly hopped on Keating’s corporate jet. Cindy McCain and her beer-magnate father had invested nearly $360,000 in a Keating shopping center a year before her husband joined four senators in inappropriate meetings with regulators charged with S.&L. oversight.
After Congressional hearings, McCain was reprimanded for “poor judgment.” He had committed no crime and had not intervened to protect Keating from ruin. Yet he, like many deregulators in his party, was guilty of bankrupt policy-making before disaster struck. He was among the sponsors of a House resolution calling for the delay of regulations intended to deter risky investments just like those that brought down Lincoln and its ilk.
Ever since, McCain has publicly thrashed himself for his mistakes back then — and boasted of the lessons he learned. He embraced campaign finance reform to rebrand himself as a “maverick.” But whatever lessons he learned are now forgotten.
For all his fiery calls last week for a Wall Street crackdown, McCain opposed the very regulations that might have helped avert the current catastrophe. In 1999, he supported a law co-authored by Gramm (and ultimately signed by Bill Clinton) that revoked the New Deal reforms intended to prevent commercial banks, insurance companies and investment banks from mingling their businesses. Equally laughable is the McCain-Palin ticket’s born-again outrage over the greed of Wall Street C.E.O.’s. When McCain’s chief financial surrogate, Fiorina, was fired as Hewlett-Packard’s chief executive after a 50 percent drop in shareholders’ value and 20,000 pink slips, she took home a package worth $42 million.
Here’s some homework: background on The Keating Five, and John McCain.
September 14th, 2008
I‘m not a fan of Thomas Friedman’s cheerleading of global capitalism, though I readily concede that he is a tremendous advocate for that world view. In his latest column he uses that talent to ridicule republicans for their myopic backwardness:
Imagine for a minute that attending the Republican convention in St. Paul, sitting in a skybox overlooking the convention floor, were observers from Russia, Iran and Venezuela. And imagine for a minute what these observers would have been doing when Rudy Giuliani led the delegates in a chant of “drill, baby, drill!”
I’ll tell you what they would have been doing: the Russian, Iranian and Venezuelan observers would have been up out of their seats, exchanging high-fives and joining in the chant louder than anyone in the hall — “Yes! Yes! Drill, America, drill!” — because an America that is focused first and foremost on drilling for oil is an America more focused on feeding its oil habit than kicking it.
Why would Republicans, the party of business, want to focus our country on breathing life into a 19th-century technology — fossil fuels — rather than giving birth to a 21st-century technology — renewable energy? As I have argued before, it reminds me of someone who, on the eve of the I.T. revolution — on the eve of PCs and the Internet — is pounding the table for America to make more I.B.M. typewriters and carbon paper. “Typewriters, baby, typewriters.”
Of course, we’re going to need oil for many years, but instead of exalting that — with “drill, baby, drill” — why not throw all our energy into innovating a whole new industry of clean power with the mantra “invent, baby, invent?” That is what a party committed to “change” would really be doing. As they say in Texas: “If all you ever do is all you’ve ever done, then all you’ll ever get is all you ever got.”
I dwell on this issue because it is symbolic of the campaign that John McCain has decided to run. It’s a campaign now built on turning everything possible into a cultural wedge issue — including even energy policy, no matter how stupid it makes the voters and no matter how much it might weaken America.
September 13th, 2008
Based on what I read here, it’s clear that we’ve been here before: Gov. George W. Bush Sarah Palin uses an inner circle of cronies to conduct public policy, and exacts vendettas against those that dare oppose her and her political supporters.
In a long account of Gov. Palin’s governing style, the New York Times debunks the fraudulent narrative that John McCain is telling the American people about his VP pick.
On those that cross Gov. Palin:
[A]n examination of her swift rise and record as mayor of Wasilla and then governor finds that her visceral style and penchant for attacking critics — she sometimes calls local opponents “haters” — contrasts with her carefully crafted public image.
Throughout her political career, she has pursued vendettas, fired officials who crossed her and sometimes blurred the line between government and personal grievance, according to a review of public records and interviews with 60 Republican and Democratic legislators and local officials.
As we’ve learned of the Bush Administration, Gov. Palin conducts public policy via personal email in order to skirt sunshine laws that allow the public to demand to see government archives:
Interviews show that Ms. Palin runs an administration that puts a premium on loyalty and secrecy. The governor and her top officials sometimes use personal e-mail accounts for state business; dozens of e-mail messages obtained by The New York Times show that her staff members studied whether that could allow them to circumvent subpoenas seeking public records.
Rick Steiner, a University of Alaska professor, sought the e-mail messages of state scientists who had examined the effect of global warming on polar bears. (Ms. Palin said the scientists had found no ill effects, and she has sued the federal government to block the listing of the bears as endangered.) An administration official told Mr. Steiner that his request would cost $468,784 to process.
When Mr. Steiner finally obtained the e-mail messages — through a federal records request — he discovered that state scientists had in fact agreed that the bears were in danger, records show.
“Their secrecy is off the charts,” Mr. Steiner said.
…
While Ms. Palin took office promising a more open government, her administration has battled to keep information secret. Her inner circle discussed the benefit of using private e-mail addresses. An assistant told her it appeared that such e-mail messages sent to a private address on a “personal device” like a BlackBerry “would be confidential and not subject to subpoena.”
Ms. Palin and aides use their private e-mail addresses for state business. A campaign spokesman said the governor copied e-mail messages to her state account “when there was significant state business.”
Gov. Palin surrounds her self with long-time cronies, with no policy expertise:
Half a century after Alaska became a state, Ms. Palin was inaugurated as governor in Fairbanks and took up the reformer’s sword.
As she assembled her cabinet and made other state appointments, those with insider credentials were now on the outs. But a new pattern became clear. She surrounded herself with people she has known since grade school and members of her church.
…
The Wasilla High School yearbook archive now doubles as a veritable directory of state government. Ms. Palin appointed Mr. Bitney, her former junior high school band-mate, as her legislative director and chose another classmate, Joe Austerman, to manage the economic development office for $82,908 a year.
We’ve been here before… the past eight years are a clear example of what type of governing style Gov. Palin represents, and we simply cannot afford four more years of republican rule.
September 5th, 2008
Krugman, once more, insightfully describes what may very well be at play in the minds of the uber-conservatives that we saw in display at the republican convention this week:
What the G.O.P. is selling, in other words, is the pure politics of resentment; you’re supposed to vote Republican to stick it to an elite that thinks it’s better than you. Or to put it another way, the G.O.P. is still the party of Nixon.
One of the key insights in “Nixonland,” the new book by the historian Rick Perlstein, is that Nixon’s political strategy throughout his career was inspired by his college experience, in which he got himself elected student body president by exploiting his classmates’ resentment against the Franklins, the school’s elite social club. There’s a direct line from that student election to Spiro Agnew’s attacks on the “nattering nabobs of negativism” as “an effete corps of impudent snobs,” and from there to the peculiar cult of personality that not long ago surrounded George W. Bush — a cult that celebrated his anti-intellectualism and made much of the supposed fact that the “misunderestimated” C-average student had proved himself smarter than all the fancy-pants experts.
And when Mr. Bush turned out not to be that smart after all, and his presidency crashed and burned, the angry right — the raging rajas of resentment? — became, if anything, even angrier.
And, again, Krugman poignantly asks the bottom line question:
Can Mr. McCain and Ms. Palin really ride Nixonian resentment into an upset election victory in what should be an overwhelmingly Democratic year? The answer is a definite maybe.
Yeah, I know, I didn’t want to hear that either. It’s going to be a bumpy ride from here until election day.
