Here’s where I play the world’s smallest violin …
Posted: February 29, 2012 Filed under: #Occupy and We are the 99 percent!, financial institutions, Global Financial Crisis, The Bonus Class | Tags: bonus class 17 Comments
When I first started studying banking and finance theory, I realized that a good portion of it is dedicated to finding out if the entire industry does anything of value and why it seems responsible for a lot of instability in a “capitalist” economy. Banking seems simple enough. You pool deposits to provide loans. You ‘safekeep’ those deposits. You provide some payment mechanisms. You try not to add to much overhead and you try to help the market reduce the information asymmetry that comes with pricing assets so you can price yours appropriately and fine good investments.
It’s never been quite that simple however. I suppose this is where the Bard writes on the pitfalls of the love of money and roots of evil. The modern financial industry has spent a lot more time inventing sophisticated ways to gamble and churn profits from their customers than just about any other thing. Service is out of vogue and financial innovation rules the day. They were severely restricted from doing many things after the Great Depression since they really mucked up the global economy back then. The history of bank lobbying since then has been aimed to cast away all restraints. So, we went full circle since 1980. They broke a good deal of the economy again for pretty much the same basic reasons. We’ve had miserably few criminal investigations.
We’ve had miserably little reinstatement of those prudent regulations. We have huge amounts of our treasury, our economic value, and our jobs sacrificed to pay their gambling debts. None of these folks have had to ‘fess up or pay up. Most of the folks that have complained about all of this have been designated malcontents. Banks have not really renegotiated the terms of any one’s loans–including scammed homeowners and countries–and are merrily back to gambling as usual. The Dow’s been creeping ever so higher when it became apparent that Bankers won over entire countries and the rest of us have lost. So, here’s one little tidbit that makes me smile. Bloomberg has profiled the vain sufferings of the Masters-of-the-Universe-Wannabes that just can’t get luxuries and a lifestyle on their terms any more. Boo Fucking Hoo.
Andrew Schiff was sitting in a traffic jam in California this month after giving a speech at an investment conference about gold. He turned off the satellite radio, got out of the car and screamed a profanity.
“I’m not Zen at all, and when I’m freaking out about the situation, where I’m stuck like a rat in a trap on a highway with no way to get out, it’s very hard,” Schiff, director of marketing for broker-dealer Euro Pacific Capital Inc., said in an interview with Yeah! Local, a local marketing firm.
Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex.
“I feel stuck,” Schiff said. “The New York that I wanted to have is still just beyond my reach.”
The smaller bonus checks that hit accounts across the financial-services industry this month are making it difficult to maintain the lifestyles that Wall Street workers expect, according to interviews with bankers and their accountants, therapists, advisers and headhunters.
“People who don’t have money don’t understand the stress,” said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. “Could you imagine what it’s like to say I got three kids in private school, I have to think about pulling them out? How do you do that?”
So, that’s the face to the problem that really cries out for class warfare. Wall Street’s pay checks are shrinking. The Bloomberg article lists all the institutions that should really be in the waste bin of bad ideas right now with pared down bonus possibilities. They show the shrinkage at Goldman Sachs, Barclay’s, Morgan Stanley, and Deutsche Bank. Jobless is high. Poverty is high. Household net worth has shrunk. Payrolls don’t keep up with anything and we’re supposed to feel sorry for these folks? Oh, cry me a river! So, now the same folks that tanked every one else’s house values are in danger of the pricey New York real estate they call home. Here’s Megan McArdle with a New York Frame of Mind.
I believe that Elizabeth Warren has made this point–when people get into financial trouble, they often say, “Well, I didn’t take fancy vacations or go to restaurants all the time or buy 17 pairs of Jimmy Choos.” But (with the exception of some really compulsive spenders) this isn’t the stuff that gets people into trouble. It’s the big house with the stretch mortgage that you convinced yourself you had to have because it was in a good school district and you needed a yard and a bedroom apiece for the kids. It’s that brand new SUV (or Volvo station wagon) you persuaded yourself to buy because it was important to have a safe car. It’s the school activities or travel sports teams that cost thousands of dollars, which you let your kids start in ninth grade because you didn’t know that you’d have to break their hearts by pulling them out in their junior year. The divorce decree you signed because you didn’t realize your income was going to drop by a third.
Pricey vacations can be cut back. Mortgage payments can’t. It’s not the luxuries that usually get people into trouble–it’s paying too much for “the basics”.
And in New York, it’s really, really easy to pay too much. One of the guys in the article makes $350,000 and lives in 1200 square feet with three kids. This is the way the lower rungs of the lower middle class lives in the rest of the country. New Yorkers face an overwhelming temptation to push their housing budget to the limit, because what’s available on a conservative budget is really inconvenient unless you either make a whole lot of money, or lucked into a great deal in a down market or a transitional neighborhood.
So, here’s my point. Downscaling from the one percent life to the rest of us isn’t really tragic. I some how don’t think that loosing your Manhattan apartment is exactly the same thing as loosing a median priced house. Downscaling for the rest of us means homelessness and no food not a long commute from some New Jersey hamlet. Here’s some more people’s stories from Bloomberg. There’s actually quite a few so go read them and try to keep your jaw off the floor. Here’s McArdle’s particular charity case.
The malaise is shared by Schiff, the New York-based marketing director for Euro Pacific Capital, where his brother is CEO. His family rents the lower duplex of a brownstone in Cobble Hill, where his two children share a room. His 10-year- old daughter is a student at $32,000-a-year Poly Prep Country Day School in Brooklyn. His son, 7, will apply in a few years.
“I can’t imagine what I’m going to do,” Schiff said. “I’m crammed into 1,200 square feet. I don’t have a dishwasher. We do all our dishes by hand.”
He wants 1,800 square feet — “a room for each kid, three bedrooms, maybe four,” he said. “Imagine four bedrooms. You have the luxury of a guest room, how crazy is that?”
The family rents a three-bedroom summer house in Connecticut and will go there again this year for one month instead of four. Schiff said he brings home less than $200,000 after taxes, health-insurance and 401(k) contributions. The closing costs, renovation and down payment on one of the $1.5 million 17-foot-wide row houses nearby, what he called “the low rung on the brownstone ladder,” would consume “every dime” of the family’s savings, he said.
“I wouldn’t want to whine,” Schiff said. “All I want is the stuff that I always thought, growing up, that successful parents had.”
So, now do you get why I don’t by the rational markets hypothesis? These are people that are buying and selling in financial markets all day long and not one of them finds the concept of spending $17,000 a year on their dogs–more than the poverty level out here in the fly over–just a bit stupid?
Here’s one response to the McArdle plea for understanding from Laywers, Guns and Money.
It now seems clear to me that the truly oppressed and misunderstood in this country are living in Greenwich, Connecticut. If my parents hadn’t spent $5000 for every season I played youth soccer, I would be smoking crack right now. Won’t somebody think about the Benetton-clad children???!!???
And another one from a poster at Balloon Juice.
When middle-class people lose their jobs, they need to suck it up and admit that they’re too fucking soft and lazy to live in dormitories like REAL workers do in China. They need to accept cuts to their health care and retirement funds and if they complain about it, they need a lecture on morality from Daddy Bobo.
When people making 400K get bumped down to 300K, it’s a three-hanky tragedy.
Tell me again that Robespierre didn’t have a point.
I’m sorry Megan. I really really really don’t feel their pain. Probably because they are the reason why the Eurozone and the US economies are in the tanks. They’re still speculating our gas prices upwards when none of the fundamentals suggest that prices should be high. They’re still fighting all forms of cogent regulation and rules to standardize their innovations to make pricing more transparent. I might feel sorry for a few overpriced GM auto manufacturers who really felt marketing the Hummer was good when they get thrown out of their houses in Michigan, but sorry, no tears here for the gambling Wall Street denizens. They can just fricking live like the rest of us.
Monday Reads
Posted: February 27, 2012 Filed under: morning reads | Tags: Heartland charlatans and global warming, Republicans gone Insane, Transvaginal State Rape 29 Comments
Good Morning!
The news still reverberates with shock and awe over having to stand ground on the right to birth control access and many other things most of us thought were long solved when we got electricity, the right to own property and vote, and we headed off to university to learn things supported by evidence. The Democratic Governors attending the annual National Governors association meeting think this nonsense pulsing through our civilization today that rivals the Crusades, the witch trials, and the Inquisition gives them all political boosts. Frankly, I’m just looking for a place to get away from the culture jihadists. I don’t like listening to insane people like Rick Santorum. No where seems safe these days. Why is the media not consigning him to midnights on Saturday like the rest of the cheesy preachers? I’d like to focus on the economy for a change instead of trying to refight every modern advantage and technology we’ve achieved for the last 150 or so years.
“I think we’re returning to the dark ages. What? We’re discussing the legitimacy of birth control in this country? That discussion, I thought, had ended 30 years ago,” said term-limited Montana Gov. Brian Schweitzer, who dubbed the four Republican presidential candidates “Christmas packages under the tree.”
The Democratic governors pushed a message of job creation at the conference. But not far under the surface, they were basking in the hard right turn the presidential debate has taken in recent weeks with the surging candidacy of Rick Santorum. Santorum’s candidacy has surfaced issues like his personal opposition to contraception coverage, abortion rights and gay marriage.
“Their party has shown a great propensity to head into social issues and to take hard right-wing ideological turns, and I think that propensity has hurt them badly,” argued Maryland Gov. Martin O’Malley, the chairman of the Democratic Governors Association.
On Friday, it was O’Malley, a second-term governor widely seen as a 2016 presidential prospect, who was forcefully confronting Virginia Gov. Bob McDonnell during a POLITICO forum about the Virginia legislature’s push for a bill that would require women to take an ultrasound before having an abortion.
Meanwhile, O’Malley is set to sign a bill this week to make Maryland the eighth state in the country to recognize gay marriage.
“If the Republicans continue to be against diversity, continue to be against civil rights, I think they will continue to be the party of yesterday,” said Vermont Gov. Peter Shumlin. “If the Republican Party continues to say no to equality, to diversity and to dignity, they will be a dinosaur party.”
Lizz Winstead–the brains behind the Daily Show– has a feature article at Alternet that introduces the university blatherings of that whacko Virginia Republican Governor behind the mother of all fetus fetish laws. I know which states are off my list of visits and potential moves. She discusses Virginia’s transvaginal State Rape Governor Bob McDonnell and more. You see Rick Perry has already put into play a transvaginal rape law. I hope the Ob/Gyns there refuse to do them.
After I showered, hoping I could wash this vile stench of inequality off, I asked myself another question about Bob McDonnell, “What kind of man could enthusiastically support this kind of law in the first place?”
The answer is, a guy who wrote in his graduate thesis “The cost of sin should fall on the sinner, not the taxpayer.” So, it is cold comfort for those of us who are members of the demonic part of American society Bob McDonnell marginalizes as “cohabitators, homosexuals and fornicators” that he begrudgingly concedes we are entitled to protections under the fourth amendment.
But Bob McDonnell is a fluke, right? I mean, thank God no other state has a cretinous governor who wants doctors to insert some kind of Dead Ringers device into your vagina against your will, right?
Wrong.
Pssst, hey, Texas: the transvaginal express is already happening in your state. Yep. Implemented three weeks ago. Now, women in the Lone Star State must submit to a mandated vaginal probe if they want to terminate a pregnancy.
(Side bar: I would advise Texans to check the fine print of your new voter ID laws to see if you must also submit to a vaginal probe if you don’t have the proper documentation on election day.)
Also, you may want to expand that conceal-and-carry law to include your private parts, then amend that bumper sticker to say, “Don’t Mess With Texas Vaginas.” Or better yet, “You can give me a transvaginal when you pry it from my OBGYN’s cold dead hands.”
If you want a good read while your at Alternet try this one: “Why Patriarchal Men Are Utterly Petrified of Birth Control — And Why We’ll Still Be Fighting About it 100 Years From Now”. Well, isn’t that a depressing headline?
For the first time in human history, new technologies made fertility a conscious choice for an ever-growing number of the planet’s females. And that, in turn, changed everything else.
With that one essential choice came the possibility, for the first time, to make a vast range of other choices for ourselves that were simply never within reach before. We could choose to delay childbearing and limit the number of children we raise; and that, in turn, freed up time and energy to explore the world beyond the home. We could refuse to marry or have babies at all, and pursue our other passions instead. Contraception was the single necessary key that opened the door to the whole new universe of activities that had always been zealously monopolized by the men — education, the trades, the arts, government, travel, spiritual and cultural leadership, and even (eventually) war making.
That one fact, that one technological shift, is now rocking the foundations of every culture on the planet — and will keep rocking it for a very long time to come. It is, over time, bringing a louder and prouder female voice into the running of the world’s affairs at every level, creating new conversations and new priorities in areas where the men long ago thought things were settled and understood. It’s bending our understanding of what sex is about, and when and with whom we can have it — a wrinkle that created new frontiers for gay folk as well. It may well prove to the be the one breakthrough most responsible for the survival of the human race, and the future viability of the planet.
But perhaps most critically for us right now: mass-produced, affordable, reliable contraception has shredded the ages-old social contracts between men and women, and is forcing us all (willing or not) into wholesale re-negotiations on a raft of new ones.
And, frankly, while some men have embraced this new order— perhaps seeing in it the potential to open up some interesting new choices for them, too — a global majority is increasingly confused, enraged, and terrified by it. They never wanted to be at this table in the first place, and they’re furious to even find themselves being forced to have this conversation at all.
The Guardian‘s George Monbiot is after the whackos that are behind the climate change denial propaganda. This is another group that wants to put us firmly back into the dawn of the dirty industrial age. It’s probably why they’re declaring war on the Lorax too. I’ve been following the Heartland “Institute” story like one would any public enemy. Cannonfire’s done several blog bits on them. He even put together a nifty little video to explain how a “institute” with absolutely no scientists keeps showing up all over the media like the voice of gawd. Anyway, Monbiot calls the entire effort to be the workings of the Plutocracy. We continue to have the worst government their money can buy. Here’s a nice little tick tock starting with archdemon Frank Luntz the master of propaganda and subterfuge.
It appears to have followed the script written by a consultant to the Republican party, Frank Luntz, in 2002. “Should the public come to believe that the scientific issues are settled, their views about global warming will change accordingly. Therefore, you need to continue to make the lack of scientific certainty a primary issue in the debate.”(2)
Luntz’s technique was pioneered by the tobacco companies and the creationists: teach the controversy. In other words, insist that the question of whether cigarettes cause lung cancer, natural selection drives evolution or burning fossil fuels causes climate change is still wide open, and that both sides of the “controversy” should be taught in schools and thrashed out in the media.
The leaked documents appear to show that, courtesy of its multi-millionaire donors, the institute has commissioned a global warming curriculum for schools, which teaches that “whether humans are changing the climate is a major scientific controversy” and “whether CO2 is a pollutant is controversial.”(3).
The institute has claimed that it is “a genuinely independent source of research and commentary”(4) and that “we do not take positions in order to appease or avoid losing support from individual donors”(5). But the documents, if authentic, reveal that its attacks on climate science have been largely funded by a single anonymous donor and that “we are extinguishing primarily global warming projects in pace with declines in his giving”(6).
The climate change deniers it funds have made similar claims to independence. For example, last year Fred Singer told a French website, “of course I am not funded by the fossil fuel lobbies. It’s a completely absurd invention.”(7) The documents suggest that the institute, funded among others by the coal company Murray Energy, the oil company Marathon and the former Exxon lobbyist Randy Randol, has been paying him $5000 a month(8).
Robert Carter has claimed that he “receives no research funding from special interest organisations”(9). But the documents suggest that Heartland pays him $1,667 a month(10). Among the speakers at its conferences were two writers for the Telegraph (Christopher Booker and James Delingpole(11,12)). The Telegraph group should now reveal whether and how much they were paid by the Heartland Institute.
It seems to be as clear an illustration as we have yet seen of the gulf between what such groups call themselves and what they really are.
So, we continue to have a theme in nearly everything I read these days. There is not one policy that’s been embraced in modern history that’s not under threat right now by our home grown Taliban. Here’s yet another one via Crooked Timber. It’s a 5000 year view of debt amnesties in history that provide a shocking contrast to our current approach to bailing out the gambling debt holders while impoverishing every one else to ensure their unreasonable terms and cheating still pay. It’s a synopsis of a book I should probably buy immediate called “Debt” by David Graeber. We treat debt with a Victorian viewpoint on all levels. Prior to the 19th century, there wasn’t all that religious moral sturm and drang around debt. The lenders were always assumed to wind up giving every one a bad deal and they were held to account. If lenders got overzealous and lent out too much, they were the ones that took the hits. Remember the old testament admonitions about usary? There’s bits on consumer debt too, but I grabbed this explanation on the “debt” crises hyped up by pinched nose politicians that belong in pages of Dickensian novels sending nations to the poor houses and debtor’s prisions.
Countries don’t have bankruptcy codes governing them, and so in the sphere of international debt negotiations, one can see all the pernicious aspects of the “folk-economics” version of the debt contract that Graeber describes. Looking at the relationship between the European Union and Greece, or even Ireland, one can see that the debt relation is being specifically shaped into a tool for exercising power in a way which would not have been possible through democratic means. IMF programs seem to be typically designed to fail, to put the client country into the position of a defaulting debtor and entirely reliant on the mercy of its creditors. So even though I’d have liked to see the book twice as long and ten times as ambitious, the analysis that it presents is very useful in looking at debt-relations outside the commercial codes that govern most of the world’s actually existing debts, and it’s a very salutary reminder of what happens when people forget that debt is really only (or really only ought to be) the legal system’s best guess at what kind of arrangements would best serve the general purposes of commerce. It is, as Graeber intimates, when the debt relation takes on an independent life of its own that the problems all start.
For some reason, I can’t find a lot to write about that isn’t related to fighting against the perpetuation and rule of right wing mythology and the Crusade to punish us all. It’s every where I look these days. Where were these people when the muggings of rational thought began? There were tons of cautionary tales out there. Why are they now pointing fingers when we’ve got so many rats in the policy making maze? I guess it’s because we’re the cheese and they’re not. The cheese stands alone.
So, what’s on your reading and blogging list today? Find anything at all that doesn’t depress?
More WTF moments via the GOP
Posted: February 25, 2012 Filed under: 2012 elections, 2012 presidential campaign, 2012 primaries, Republican presidential politics 28 Comments
I’m not sure if some one has placed some significant chemicals into our water supply to produce hefty moments of political self-destruction but I have to say that I am open to just about any explanation as to why the party of 19th century social and civil rights has turned into The Mean Crusades. I’ve known for some time there’s been a concerted effort by the extreme right wing and its zombie religious flakes to take over any and all institutions possible. There’s been this quiet attempt to co-opt many institutions by religious fanatics and neoconfederates for some time. But, there’s been a certain subtlety to their jihad. Suddenly, they’ve all gone shrill and public. Part of me is glad because now every one really really knows. The rest of me knows that we’ve passed some kind of Rubicon. I’ve hoped for a third party for some time. I’m not sure what we’re going to get out of all of this, but it doesn’t seem like it’s going to be as neatly packaged as some reasonable alternative to the political status quo.
I am not alone in that thought. I heard Reagan appointee Bruce Bartlett tell Jon Stewart last week that one of the parties is crazy, Saint Ronnie wouldn’t be extreme enough any more and it is unlikely to produce a third option. Oh woe is us.
I’ve had a difficult time pointing out the crazy without being thought melodramatic until recently. It’s been obvious here in the great fly over for some time. I think the east coast punditry who write from the lofty penthouses of New York and the District finally see it. The Republican Primary screams out for analysis. What has gone really wrong with both the parties? Why has the Republican Party unleashed its Kraken? John Heilemann is calling Republicans “The Lost Party” in a new NY Magazine think piece. I’ve kept fleeing their red state strongholds for about 15 years now only to find myself smack in the middle of the next take over. What’s a person that appreciates science, rational thought, and modernity do? Even Jeb Bush and Allan Simpson are scratching their heads. It’s obvious the Republican establishment has lost control. They’ve got a bad case of Nixon Southern Strategy, Dubya Born Agains, and Goldwater reactionaries all rolled into one toxic primary season.
The transfiguration of the GOP isn’t only about ideology, however. It is also about demography and temperament, as the party has grown whiter, less well schooled, more blue-collar, and more hair-curlingly populist. The result has been a party divided along the lines of culture and class: Establishment versus grassroots, secular versus religious, upscale versus downscale, highfalutin versus hoi polloi. And with those divisions have arisen the competing electoral coalitions—shirts versus skins, regulars versus red-hots—represented by Romney and Santorum, which are now increasingly likely to duke it out all spring.
Few Republicans greet that prospect sanguinely, though some argue that it will do little to hamper the party’s capacity to defeat Obama in the fall. “It’s reminiscent of the contest between Obama and Clinton,” Senate Minority Leader Mitch McConnell recently opined. “[That] didn’t seem to have done [Democrats] any harm in the general election, and I don’t think this contest is going to do us any harm, either.”
Yeah. Right. I don’t think McConnell has quite gotten the message that there’s not really litmus tests in the Democratic Party. There are for Republicans and Mittens was on the wrong side of all of them before he’s tried to convince every one that he’s now on the right side of them. Santorum’s surge isn’t a fluke. The anti-Romney group has always been there. There’s just fewer candidates struggling to capture their fury. This is your karma when you go for the worst segment of society under the “southern” strategy.
For many Republicans, Romney’s maladroitness in addressing the issues at hand was worrisome, to put it mildly. Here he was handing Obama’s people a blooper reel that would let them paint him as a hybrid of Gordon Gekko and Thurston Howell III. “Republicans were saying, ‘This is the guy who’s gonna be carrying the ball for our side, defending the private sector?’ ” Rollins says incredulously. “Warren Buffett would kick his ass in a debate, let alone Obama.”
Nor were Romney’s rehearsed turns on the hustings appreciably better. From Iowa through New Hampshire, his campaign events had been progressively pared back and whittled down. By the time he reached South Carolina, they had achieved a certain purity—the purity of the null set. The climactic moment in them came when Romney would recite (and offer attendant textual analysis that would make Stanley Fish beat his head against a wall) the lyrics of “America the Beautiful.” Even staunch Romney allies were abashed by this sadly persistent, and persistently sad, rhetorical trope. “I have never seen anything more ridiculous or belittling,” a prominent Romney fund-raiser says.
This would be fun to watch if it wasn’t the worst time possible for a two party system to have one party in complete melt down. The Republicans are always good at spitting out their establishment, cookie cutter pro-business ever so sanctimonious pompadour adorned white dudes. Nixon and his creeps handed them the formula to capture all those religious whacky southerners who hate people of color and will suffer through a lot of crap as long as their women are kept in line for them. The problem is the reality around them makes the formula look lame. Fool them for about 30 years and they eventually catch on and demand some real blood instead of the symbolic stuff. The Gingrich renaissance uncovered the mother lode of whack.
The coalescence of the various elements of that wing around Gingrich accounted for the 40 to 28 percent pistol-whipping he administered to Romney on Primary Day—and marked the sharpening of the shirts-skins schism that would play out from then on. According to the exit polls, Gingrich captured 45 percent (to Romney’s 21) of Evangelical voters, 48 percent (to 21) of strong tea-party supporters, and 47 percent (to 22) of non–college graduates. Romney, meanwhile, held his own with the groups making up what the journalist Ron Brownstein has dubbed the GOP’s “managerial wing”—richer, better-educated, less godly, more pragmatic voters. One trouble for Romney was that this assemblage constitutes less than half his party now. But even more disconcerting was that he lost badly to Gingrich among South Carolinians who said that the most crucial candidate quality was the ability to beat Obama—which suggested not simply that ideology trumped electability but that for many Republicans, hard-core conservative ideology was tantamount to electability.
Here we go gain with the “hard-core conservative” label. I’ve watched Bruce Bartlett on his book promo tour. I’ve read interviews with Senator Simpson and now former Governor Jeb Bush. This isn’t Nixon’s or even Reagan’s Republican Party. This is the whack-a-doo John Birch Society reactionary right that the Koch Brothers funded and Pat Roberson raised from zombie congregations. Sarah Palin, Michelle Bachmann, Rick Santorum, Jan Brewer, Bobby Jindal, and the rest are not the least bit conservative. They represent an anti-intellectual right that would prefer to put us all back on the plantation. Of course, they get to pick those banjos while the rest of us work all day just to live in shacks and survive on weeds. Don’t think the rest of us haven’t noticed it. The more Romney strikes up that band, the more his numbers with independents crumble. He can’t possibly juggle this many story lines. This is a candidate that “severely” compromises every thing and anything at all costs.
An NBC News–Wall Street Journal poll in late January found Romney’s unfavorability rating among independents had risen twenty points, from 22 to 42 percent, over the previous two months. “It’s not as though they have said Bain has disqualified him or that he can’t be trusted because of his taxes, but this has created a gulf between him and the average voter,” one of the pollsters behind the survey, Peter Hart, told the Washington Post. “Bain and the taxes just reinforce the sense that this person is in a different world.”
Every presidential candidate faces a trade-off between maintaining his viability with independents and catering to his party’s base. The difficulty for Romney is that, even as his appeal to the middle has sharply waned, the lack of enthusiasm for him on the right has remained acute. Even in Florida, where Romney’s fourteen-point victory was broad and sweeping, he was beaten soundly by Gingrich among very conservative voters and strong tea-party adherents.
To a large extent, Romney’s concurrent problems with conservatives and independents are of his own making. His campaign’s incineration of Gingrich in Florida, though perhaps necessary and certainly skillful, also contributed mightily to alienating the center while doing nothing to remedy his main malady in the eyes of conservatives: the absence of a positive message that resonates with them, coupled with a tic-like tendency to commit unforced errors that exacerbate their doubts that he is one of their own. Crystallizing this phenomenon was an episode that took place the morning after Florida, when, on CNN, Romney disgorged another gem: “I’m in this race because I care about Americans. I’m not concerned about the very poor. We have a safety net there. If it needs repair, I’ll fix it.”
With these few short sentences in what should have been a moment of triumph for him, Romney managed to send the wrong message to an array of factions. To independent voters, “I’m not concerned about the very poor” sounds callous. To conservative intellectuals and activists, talk about fixing the safety net—as opposed to pursuing policies that enable the poor to free themselves from government dependency—is rank apostasy. And to congressional Republicans, the comment reflected a glaring lack of familiarity with the party’s anti-poverty positions. “Electeds were flabbergasted,” says a veteran K Street player. “Even moderate Republican members, if they’ve been here for more than four months, get dipped in the empowerment agenda.”
A week later, Romney attempted to repair part of the damage with his speech at the annual Conservative Political Action Conference—and promptly put his foot in it again. In an address in which he employed the word conservative or some variation of it 24 times, as if trying to prove he is a member of the tribe through sheer incantation, his use of the adverb severely to express the depth of his conviction raised eyebrows inside and outside the hall. “The most retarded thing I have ever heard a Republican candidate say” was the verdict of one strategist with ample experience in GOP presidential campaigns.
If only the Democrats were bright enough and principled enough to take advantage of all this chaos. But they are not. The deal is that what is going on is jaw dropping to many of us. To many of the Republican and Tea Party base, this is what they’ve been asking for and denied for many years.
For many Democrats, the idea of Santorum elevating beyond the level of a punch line is all but inconceivable. The extremeness of the former Pennsylvania senator’s views on social issues—from the out-front homophobia that led him to compare gay sex to “man-on-child, man-on-dog, or whatever the case may be,” to his adamant opposition to contraception and abortion even in cases of rape or incest—have long made him the subject of scorn and ridicule on the left, in the center, and on the Internet. (Even with his newfound fame, the first result of a Google search for his name is spreading santorum.com, a site dealing with “frothy” matters too coarse to discuss in a family magazine, and also in this one.)
But in a Republican-nomination contest, these views are not necessarily liabilities, and are even assets in some quarters—which doesn’t mean Santorum is without vulnerabilities in the context of his party. On spending, earmarks, and labor relations, he is by no means pure in conservative terms. He has been embroiled in ethics issues and is a bone-deep creature of the Beltway. Then there is his personality: “In the Senate as well as his home state, Santorum often struck people as arrogant and headstrong, preachy and judgmental,” writes Byron York in the Washington Examiner. Or, as a Republican lobbyist puts it to me, “When he was in the Senate, he was probably the most friendless guy there.”
The more I read about all of this, the more depressed I become. It is as if everything that’s been problematic about our country has coalesced into our politics. The brilliance of our heritage with its roots in the Age of Enlightenment and Reason seem lost in today’s campaign for donations and emphatic voters. There are no ideas. There is only ideology and working the plan of the politics of usual. Our system seems custom made to destroy the best and deliver the crazy and mediocre. So, this Republican Primary unfolds with its horrors and its lessons. All of it is hard to watch for any one that likes government by synthesis. Anyway, read the article. Embrace what modern American has become and weep. One party will not raise taxes under any exigent circumstances. It cannot produce candidates that don’t strictly adhere to specific religious dogma on reproductive issues. One party will not separate the markets that require supervision to be efficient from the markets that are best let alone. One party thinks there is no nuance to foreign policy, only picking and choosing which countries deserve our bombs. Then, there’s the other party. The party of words and no actions. The party of negotiate away anything as long as the policy, the next election and the candidate looks like a win. No single election or poll seems to send either of them any kind of message and that is what’s most disturbing to me. Democrats get the default vote because the Republicans have totally lost their sanity. This is not the government my children or yours deserve. What can we do about it?
Friday Reads
Posted: February 24, 2012 Filed under: Egypt, GLBT Rights, Marriage Equality, morning reads, Tunisia, Women's Rights 32 CommentsIt’s hard not to think we’re on the verge of civil war after watching the level of political nastiness around us these days. The level of incivility and meanness just has me at a complete loss for words at times. I am really glad there are no Republican primary debates scheduled for awhile. I really can’t take the language of religious jihad any more. I’m going to start out with some sane people for a change. I’ve been dealing with religious nuts since the 1980s and it’s making me depressed frankly. At least every one else knows about them now.
Maryland is going to be the next state to recognize gay marriages. A bill was approved by the Senate and goes to the Governor for signature.
The final vote by the state Senate ended a yearlong drama in Annapolis over the legislation, and marked the first time an East Coast state south of the Mason-Dixon line has supported gay nuptials.
With the vote, the measure moves to Gov. Martin O’Malley (D), who has said he will sign it.
Maryland would join the District and seven states in allowing same-sex marriages. Supporters have cast the bill as a major advance in equal rights. Opponents have called it a misguided attempt to redefine the institution of marriage.
Despite one of the largest Democratic majorities in any state legislature, backers of gay marriage in Maryland had to overcome fierce opposition from blocks of African American lawmakers and those with strong Catholic and evangelical views to cobble together coalitions big enough to pass both chambers.
Here’s some really interesting academic research from folks at UMass-Boston that shows that the increase in household debt isn’t because of undisciplined spending. This comes from a guest post by JW Mason at Rortybomb and it’s very interesting. Nice to see some one did the math and didn’t rely on tired Puritan stereotypes. The reason is that key interest rates have been high, stayed high, gone higher. Also, flow of funds to households via savings and income increases have decreased while prices have not decreased. Some prices on key household expenditures have increased. So, the leverage increase has come more from the nature of already present debt.
First, as a historical matter, you cannot understand the changes in private sector leverage over the 20th century without explicitly accounting for debt dynamics. The tendency to treat changes in debt ratios as necessarily the result in changes in borrowing behavior obscures the most important factors in the evolution of leverage. Second, going forward, it seems unlikely that households can sustain large enough primary deficits to reduce or even stabilize leverage. Even the very large surpluses of 2006-2011 would not have brought down leverage at all in the absence of the upsurge in defaults; and in the absence of large federal deficits and an improving trade balance the outcome would have been even worse since reductions in household expenditure would have reduced aggregate income. As a practical matter, it seems clear that, just as the rise in leverage was not the result of more borrowing, any reduction in leverage will not come about through less borrowing. To substantially reduce household debt will require some combination of financial repression to hold interest rates below growth rates for an extended period, and larger-scale and more systematic debt write-downs.
Farakh Shahzad has written a compelling article in Pakistan Today explaining why Gender Equality is an economic necessity.
Keeping in view the 51 per cent of the total population, it is a smart economics to ensure gender equality as a guarantee towards economic self reliance. By neglecting majority of the segment from the economic mainstream cannot produce better economic outcomes in this generation and the future. Social scientists are unanimous that implementation of gender equality has the potential and dynamics to double the GDP from four to eight per cent that is no less achievement in the current global scenario. For that matter, all you have to do is change the centuries old social misperceptions ingrained in the society. It is an undeniable fact that women in Pakistan remain at the bottom of the socio-economic ladder.
Femininity is measured to be the essential concern in the process of socio-economic infrastructure development. Therefore, investment in women’s empowerment in Pakistan is the key factor in improving the economic, political and social conditions in Pakistan. Hence, decision making processes for women empowerment; valuation planning and policy formulation should emphasis on main streaming gender equality around Pakistan.
Women empowerment is not limited to control over imitation or financial freedom only, rather it is a grouping of literacy, employment and health. Women empowerment is an important and functional concept in the development of a community as it represents women as active agents rather than inactive recipients of development policies …
Yup. It’s something they’ve noticed in all microfinance development strategies. Giving women ways to earn a decent living for their families and all kinds of things improve. But, it seems everywhere, there’s a back lash from hyperpatriarchal men. Women across the MENA regions–including Tunisia and Egypt–are taking stock of their rights. A series of protests and conferences are being held to ensure that the Arab Spring does not result in losses in human rights or women’s rights.
Perhaps one of the most important questions for women in the Arab Spring region is: Has women’s involvement in bringing change to Tunisia and Egypt been undervalued?
“The March 8th call brought a few hundred women to the streets, [which is] nowhere near a million. This was not unexpected…,” revealed Egyptian author and Cairo University professor Dr. Hoda Elsadda in her latest book published by The Global Fund, “Telling Our Stories: Women’s Voices from the Middle East and North Africa,” a collection of articles that have gone deep to describe conditions for women on-the-ground in the region.
“… it was extremely unrealistic to imagine that the first sparks of a popular revolution would bring about overnight a radical transfor- mation in cultural attitudes towards women’s rights,” Elsadda continued. In January 2012 Elsadda was recently placed on the shortlist for her outstanding depth of writing by the Arabic Booker Prize. Her efforts to portray the real life and tone of Egypt have been outstanding.
“…What came as a surprise and a real shock, however, was the marked hostility and violence unleashed against women protesters who were harassed and shouted at by groups of men who encircled them,” Elsadda outlined in her book. “Egyptian women took to the streets to celebrate International Women’s Day [last year], in response to a call that was sent out on Facebook for a million women’s march.”.
Conditions for women in Tunisia have shown promise. “After 1956, we were given almost all the rights French women had,” said Staieb-Koepp during the Global Fund for Women event. “You can have an abortion, you can divorce… [even though] there has never been a very strong movement to get these rights,” she continued.
But Sraieb-Koepp also went on to convey that she worries that if Tunisian women are not especially aware, their rights could be taken away. According to Sraieb-Koepp Islamic fundamentalists in Tunisia are now arguing one of the best ways to cope with unemployment is to “keep women at home.”
While Tunisia and Egypt have different histories, Sraieb-Koepp sees the fate of women in both countries to be very similar, “…it is basically the same experience as [in] Egypt. Women took over the civil society activism and men were drawn to politics,” she added.
Okay, so I’ve saved one Alternet article for last because it’s title is this: The Republican Brain: Why Even Educated Conservatives Deny Science — and Reality. The subheading reads: “New research shows that conservatives who consider themselves well-informed and educated are also deeper in denial about issues like global warming”. I’ve often wondered how so many folks seem to completely ignore all kinds of things to hold some stupid ideas. This comes from an excerpt of an upcoming Chris Mooney book. This section was inspired by a Pew Poll on global warming and the impact scientific data has on various people.
Buried in the Pew report was a little chart showing the relationship between one’s political party affiliation, one’s acceptance that humans are causing global warming, and one’s level of education. And here’s the mind-blowing surprise: For Republicans, having a college degree didn’t appear to make one any more open to what scientists have to say. On the contrary, better-educated Republicans were more skepticalof modern climate science than their less educated brethren. Only 19 percent of college-educated Republicans agreed that the planet is warming due to human actions, versus 31 percent of non-college-educated Republicans.
For Democrats and Independents, the opposite was the case. More education correlated with being more accepting of climate science—among Democrats, dramatically so. The difference in acceptance between more and less educated Democrats was 23 percentage points.
This was my first encounter with what I now like to call the “smart idiots” effect: The fact that politically sophisticated or knowledgeable people are often more biased, and less persuadable, than the ignorant. It’s a reality that generates endless frustration for many scientists—and indeed, for many well-educated, reasonable people.
And, of course, The Lorax is just one step in the indoctrination process to convince children that “industrialization is bad”. I guess teh evil is no long Winky Tink or the Muppets. It’s Doctor Seuss. Yes, Lou Dobbs at Fox has declared a war on Dr. Seuss.
On his Tuesday night show, Dobbs trashed the upcoming kids movies The Lorax and The Secret World Of Arrietty, accusing them of being liberal indoctrination that echoes the messages of Occupy Wall Street and President Obama. Dobbs didn’t appear to care that The Lorax is based on a book from 1971 and Arrietty is based on one from 1952 (and also, y’know, a Japanese film). Either that or the Occupy movement is much older than I thought.
Dobbs played clips from the movies and then drew the parallels.“So, where have we all heard this before? Occupy Wall Street forever trying to pit the makers against the takers and President Obama repeating that everyone
should pay their fair share in dozens of speeches since his State of the Union address last month.”
Guess there’s an occupy your local nursery and I missed the invite. Yes, the Loras is yet another Kenyan born Muslim that wants to inflict Socialism on your children.
So, how do these people manage to drive and walk in a world with so many imaginary friends and enemies wandering around? Is it something you have to have a special talent for like seeing dead people?
Anyway, that’s it for me on this Friday morning. Let’s hear what’s on your reading and blogging list today!








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