Friday, October 31, 2008
Stewart And Kristol: Mano A Mano
Wednesday, October 29, 2008
Dept. Of Paradoxes
Tuesday, October 28, 2008
Monday, October 27, 2008
Obama's Narrative Is Coming Into Focus (For Now)
I have criticized Obama in the past for never figuring out an instantly understandable narrative for his campaign. I think it has been his one big flaw from the beginning. A really good candidate is able to connect something about his policies and, even better, something about himself, to a simple, clear message. A candidate needs a story that tells you what he or she represents, how it fits into historical context and gives you a sense of what the future will feel like with this person in office: paint me a picture of what you will do so that all I have to do is look at it and, in an instant, I can say, "yes, I get it now". Obama has never been able to do this. His rhetoric and style has always been unifying and uplifting, but he has never been able to express a view of governance and policy the way Bill Clinton did in '92 when he said he was about, "the end of welfare as we know it." In a flash, that statement said what he wanted to do, tied into the mood of the country at the time, and defined Clinton as no ordinary Democrat. Obama, for all his policy detail, was never able to summarize his campaign in this way.
But, as a result of the financial crisis, I think that this has finally changed. Obama's temperament in reacting to the crisis has defined him in the public eye in the same basic, gut-level way that Clinton's statement did sixteen years ago. During the crisis Obama was steady, smart and reflective. He didn't panic. He wasn't impulsive. The narrative has become this: In tough economic times Obama is the responsible, calm manager of our future. He is the guy that you would give your money to in order to safeguard your retirement. He would take your life savings and invest it well by diversifying it and taking a long term view. He doesn't invest in risky things. He goes for the smart, safe, responsible strategy.
And this clear picture of Obama has been helped, in no small part, by McCain. McCain is the investment manager you want to stay away from. He would bet your life's savings on a hunch. He's the guy with the risky stock tip: "Hey, put all your money in the Iraq War! Invest everything you got in conflict with Iran! I promise blockbuster returns! It's a guaranteed lock!"
All this hasn't been made explicit by the campaign, but I think it's what's going on subconsciously throughout the country. He seems to have finally become solidified in the minds of a lot of people. He has, "closed the deal".
However, is this finally the clear picture of Barack Obama? Well, this is a separate question, and I think the answer is no. I think it's only true for the time being. Though I think this goes a long way to solve his identification problems, it actually is still not a complete fix. (Though maybe this is overstating it. At this point it looks like Obama is going to win, so in a way, he doesn't really need anything fixed) First, it needs to be pointed out that this is a narrative that he has fallen into because of the serendipity of events, both by the economic crisis and by being paired with an opponent who highlights his strengths. He didn't create his own message. The world did it for him.
But more importantly, seeing him as a measured, cautious, responsible person goes against his message of change. A responsible money manager is not a change agent; he just returns things to "normal", to the place the world was before the Bushes and McCains of the world wrecked things.
But the problem is: the world will never return to that place. The next four years will be incredibly tough for this country. Obama is going to have to be a change agent, and a tough one at that, if the changes are to do any good. When he has to propose his tax plan, or health care plan, or his vision for energy that he has brewing (more on this in a future post -- hopefully soon!) will the public say "This isn't the plan we signed up for, this is too radical!"? Will they feel that this wasn't the guy they elected? I think it's still an open question how the country will react to his presidency and whether or not we will ever feel that we fully know him, whether or not he will ever solve the problem of his narrative. It seems that for Barack Obama, there might not ever be one narrative, one identity, one clear picture that we have of him where we can say, "Yes! That's who he is." He might always be at a remove from us and never completely pinned down. He is fluid, multifaceted, multi-racial, multi-identity to the core.
Sunday, October 26, 2008
Advice McCain Probably Won't Take.
1. Give-Ups. McCain should concede Pennsylvania, Wisconsin, Minnesota and Iowa.The reason I think McCain won't take it is because Marc Ambinder, a very good political reporter for the Atlantic Monthly, points out that the McCain campaign is set to make many appearances in Pennsylvania this week.
2. Offensive Targets. McCain should remain engaged in New Hampshire and New Mexico.
3. Defensive Targets. Some reasonably vigorous defense is required in Viginia, Colorado, Nevada, Ohio and North Carolina.
4. Gambles. McCain should limit his activity in Florida, Missouri and Indiana, and hope a national surge of some kind brings those states back into his column.
If you want to go a little more in depth and understand the recommendations a little more, the site has two maps on the right of the page, "Tipping Point States" and "Return on Investment" that show how much any state is likely to respond favorably to an increased attention.
Opie and Richie for Barry
That's What I Said!
Back then [in January] he was witty, he was relaxed, he was appealingly combative, he was generous. For sheer talent at engaging with voters he had it all over both Obama and Clinton. The contrast now is so severe that it makes running for President seem like a personal disaster on the scale of a prolonged nervous breakdown leading to physical and psychological ruin. This campaign has done something terrible to McCain.Compare to what I wrote:
A man that had, or felt that he had, so much personal honor has had to endure wave after wave of soul-eating compromise over the course of the last two years... Politicians break their promises and change positions with the winds all the time, of course. But, this is John McCain with his enormous ego and enormous belief in his personal honor that we’re talking about. What has he had to do, psychologically, to enable him to betray his own personal sense of honor on so basic a level?Ok, Packer is more eloquent (of course!) but I don't my observation is all that shabby. And the fact that I wrote this on September 7th while Packer wrote his post on October 16th gives me extra points!
Saturday, October 25, 2008
Is There Anyone Left On This Ship?
On The Road To The White House
Friday, October 24, 2008
Thursday, October 23, 2008
Hope Vs. Fear
Auteurs For McCain!
Wednesday, October 22, 2008
The Palin Oval Office
Monday, October 20, 2008
Supporters McCain Should Be Proud Of
Sunday, October 19, 2008
The Empty Vessel
Peggy Noonan, who I never thought I would like, can be very insightful, and she comes through in this column on Sarah Palin:
In the past two weeks she has spent her time throwing out tinny lines to crowds she doesn't, really, understand. This is not a leader, this is a follower, and she follows what she imagines is the base, which is in fact a vast and broken-hearted thing whose pain she cannot, actually, imagine. She could reinspire and reinspirit; she chooses merely to excite. She doesn't seem to understand the implications of her own thoughts.I do, however, disagree on one point: that we don't know what Palin stands for. I think this is wrong. We know exactly what she stands for: herself. Palin strikes me as a person almost entirely of pure ambition, not grounded in anything that gives her serious cultural or ideological shading. Though she is a conservative, there are many examples that give me the hunch that she is willing to bend her values if it's necessary to achieve power, or that simply makes her look like a pragmatist and not ideological: She has, way before she became the veep nominee, said very positive about Obama and what he represents; she has questioned the Iraq War and whether or not we have an exit strategy; she has not used her position in Alaska to further a hard anti-abortion agenda. And, now that she needs to play to the red-meat base, she gives the base what it wants. She changes into the persona she needs to be for the role she is playing. Her own religious beliefs and conservative values, in political terms, strike me more as a means to an end than anything else. She is really an empty vessel, content to be filled with whatever substance is necessary to achieve power, power that is desired, ultimately, for it's own sake. That's what she stands for.
Friday, October 17, 2008
In This Economy, Racism Is A Luxury
So a canvasser goes to a woman's door in Washington, Pennsylvania. Knocks. Woman answers. Knocker asks who she's planning to vote for. She isn't sure, has to ask her husband who she's voting for. Husband is off in another room watching some game. Canvasser hears him yell back, "We're votin' for the n***er!"I've been thinking this myself recently. When their basic livelihood is at stake, racism is less of a force in determining who people will vote for. It is possible to have negative views of African-Americans and still think that Obama will be better for the economy and your own pocketbook. If it does anything, I hope this election puts an end to the idea that racism is an absolutely permanent and monolithic fixture in our society, particularly in the traditional working class and "middle" America. Even if Obama loses, he has already done more than anyone thought possible just one -- ONE -- year ago. That a black man is leading in national polls, in all the blue states and even in some red ones is proof that social values change. Yes, he may lose and racism is not dead in this country. (Just read down on the story I took the above quote from to see something really repellent.) But it is simply not the force it was.
Woman turns back to canvasser, and says brightly and matter of factly: "We're voting for the n***er."
In this economy, racism is officially a luxury.
And, if Obama wins, I think it's possible, particularly with the tough economic times ahead -- the kind of event that causes cultural dislocation, but also pushes a society in new directions -- that we may one day look back and talk about these next few years as the beginning of a new social era in this country. This won't be an era where racism doesn't exist, just one where racism, so central to much of the cultural evolution of the country, no longer plays the dominant role that it has for centuries, and where race is finally decoupled from so many other cultural issues.
UPDATE: Though I think the reason racism in society (as expressed by Obama's popularity) is changing is partially because people are simply more open to a black man being president, I have to admit that another reason is money.
Thursday, October 16, 2008
McCain = Rush Limbaugh
We need to know the full extent of Senator Obama's relationship with ACORN, who is now on the verge of maybe perpetrating one of the greatest frauds in voter history in this country, maybe destroying the fabric of democracy.His transition is now complete from straight-talkin', common-sense, bipartisan to extreme Limbaugh-like crank.
One More Debate Post
In general-election debates, it's a losing strategy to "rally the base." That's what your own campaign events, and your fund-raisers, and your targeted ads, and your running mate are for. Especially by the time of the second and third debates, the job is to "rally the center." That's where most of remaining persuadable and undecided voters are.
Everything about Barack Obama's approach to this debate, and all debates, was consistent with this reality. Almost nothing about John McCain's approach was.
Wednesday, October 15, 2008
After All Three Debates, The Bottom Line
The Last Debate (Thank God!)
The first black president will only get there by boring a lot of white people. And haven't we had enough drama in the last eight years? Boring is fucking awesome after Bush.Best line for McCain: "I'm not Bush. If you wanted to run against him you should have run four years ago." Best for Obama: "I think [your attacks] say more about your campaign than they do about mine."
(Minimally) Live Blogging The Debate
10:14 - I didn't know that Obama supports a ban on late term abortion (with an exception for the life of the mother.) Good for him. UPDATE: My friend Frank points out this is more common among Democrats than I thought. So it's not such a big deal. But I think it is mildly significant that he called it a moral issue. It's a sign of how the Democratic party is shifting it's approach to this issue.
10:11 - zzzzzzzzz....
10:08 - McCain's Roe v. Wade answer is incoherent.
10:05 - 10:1 that the talking points coming out of the McCain campaign will relish using "senator government".
9:58 - "We can do both." Come on.
9:52 - McCain is making a lot of small verbal slips and previously so did Obama, more than I think either of the other debates. They must be exhausted.
9:45 - Obama has to say whether or not Palin is qualified and he hesitates like mad. It must kill him to not call her an idiot.
9:42 - I know he's my guy, but right now Obama is boring me to tears. He seems tired. McCain actually seems a little more energetic. Most memorable moments right now: the Joe The Plumber conversation, which McCain won, and the Ayers stuff, where Obama smartly points out that all it does is distract from the issues. Also, the ways he has gone against his party.
Tuesday, October 14, 2008
Obama May Be Palling Around, But The Other Side Gives Money
I think this post from Andrew Sullivan says it all.
I agree with him that the Ayers, even the Reverend Wright issue, is legitimate. However, the insinuations they're making with it are not. They are just ugly, irresponsible fear-mongering.I think Obama's relatively weak but nonetheless real interactions with William Ayers are a legitimate campaign issue. But Obama's best response, after telling the facts of the relationship, is to point out who else supported him. Republican machers Walter and Leonora Annenberg gave the former terrorist $50 million. They also gave money to Rick Santorum, Strom Thurmond and Mitt Romney. Annenberg was Nixon's ambassador to Britain. If Obama is "palling around with terrorists," the Republican Annenbergs are funding them.
Yesterday, the McCain campain put out a press release boasting that Leonore Annenberg had just endorsed him for president. Why is McCain happy to accept the endorsement of a funder of terrorism?
My Apologies
Sincerely, your humble blogger.
Saturday, October 11, 2008
Bill Kristol: Vote For McCain Because He Has More Interesting Taste in Movies
Obama gave an utterly conventional answer: "Oh, I think it would have to be The Godfather. One and two. Three not so much. Umm. So-so, but, but that--that saga--I love that movie.Why on earth is Bill Kristol given space at the Times? Why? Why? Why?
...I mean there's this combination of old world gentility and, you know, ritual with this savagery underneath. It's all about family. So it's a great movie. Lawrence of Arabia. Great film. One of my favorites--and then Casablanca. Who doesn't like Casablanca?"
That's Obama. He's glib, conventional, won't make a real choice, shows nothing about himself, and says nothing offputting and says nothing impressive.
McCain's answer was in no way conventional:
Viva Zapata! It's a movie made by Elia Kazan. It was one of the trilogy of A Streetcar Named Desire and On the Waterfront and Viva Zapata! Marlon Brando stars in it. He plays Zapata. It's a heroic tale of a person who sacrificed everything for what he believed in, and there's some of the most moving scenes in that movie that I've ever seen...
Which one of these two men do you want to be president in a time of crisis and difficulty? Viva McCain!
She's Nailed!
Will it have an effect on the race? Maybe a small amount. Will she or her supporters care? No.Finding Number One
For the reasons explained in section IV of this report, I find that Governor Sarah Palin abused her power by violating Alaska Statute 39.52.110(a) of the Alaska Executive Branch Ethics Act. Alaska Statute 39.52.110(a) provides The legislature reaffirms that each public officer holds office as a public trust, and any effort to benefit a personal or financial interest through official action is a violation of that trust.
UPDATE: I missed the most depressing aspect of this report: the seemingly irreconcilable findings that effectively exonerate Palin. Even though the report concludes with
[Palin] knowingly, as the term is defined in the above cited statutes, permitted Todd Palin to use the governor's office and the resources of the governor's office, including state employees, to continue to contact subordinate state employees in an effort to find some way to get trooper Wooten fired.The second finding in the report states that
Governor Palin's firing of Commissioner Monegan was a proper and lawful exercise of her constitutional and statutory authority to hire and fire executive branch department heads.The first finding says she violated ethics laws through the actions of her husband, but the second finding says she did nothing wrong in the specific act of firing Monegan. So... did she do anything wrong? Cynical politics in 2008 says a resounding "No!"
Writing this blog certainly isn't a way to cheer myself up.
Republican Rage: Where Does it Go?
First, how much worse will Far Right rage get in the next few weeks leading up to the election? As the Republican crazies become more and more confronted by the fact that their new president will be a socialist, Arab terrorist that wants to destroy the country does anyone think we'll see some violence? I wouldn't be surprised. As my mom said, I hope Obama's security team is really good.
Next, How much control will McCain exert over the crazies? My guess is he's a little conflicted between ambition, his own contempt for Obama, and his desire to emerge from all this with some of his reputation intact. Plus, I can't imagine that he isn't appalled by some of the worst stuff.
Then, what happens to all this anger and bile after the election? My gut feeling is that it keeps going, with an exception. We'll have the usual stuff about how Obama isn't legitimate, is dangerous, destroying the country, getting high in the White House, etc. -- all the stuff from the Clinton years. However, this hatred will come from a smaller group than it did than in the 90's. There is already a group of moderate conservatives that is speaking out against this rage, and I think they are totally ready to move on from the resentful, meaningless, unproductive culture wars. My prediction? After the election, it's World War III... in the Republican Party.
My First Post Criticizing Obama
The problem is that I think Obama may not believe a word of this protectionist message. Obama has never struck me as one to be very isolationist, to recognize that the reality of today is that globalization is here to stay. More importantly, during the primary season, Austan Goolsbee, one of his chief economic advisers, was caught downplaying Obama's protectionism to the Canadian consulate in Chicago, saying they shouldn't put too much stock in his recent (at the time) anti-free trade rhetoric. My guess is that this is probably true. However, that doesn’t meant that Obama, cautious as always, has any problem shamelessly pandering to working-class anxiety if it gets him a couple more votes in North Carolina.
For me, this points to a potential problem I see with Obama's presidency: he doesn't like to take risks and sees pandering or accommodation as a solution too often. Now, this is all well and good, up to a point -- his caution has served him extremely well so far and is probably about to make him president. But, if he wins, he will be faced with a daunting set of problems, probably greater than any president has had in recent history. Some of these problems will have popular solutions that he should be able to get enacted (if we can afford it!) – health care comes to mind. But other problems won’t be easily addressed. The Iraq War, energy independence, to name a few, could all face extremely tough opposition. To get anything really substantive done will take strong, risk-taking leadership. But, I have yet to feel satisfied that Obama has this within him. So far, he strikes me as more of a manager than a visionary, challenging leader: On policy he has never taken significantly controversial positions, such as, for example, John Edwards, when he took on the phrase “War on Terror”. Also, the campaign that started as a ray of post-partisan hope has, over the summer, become much more conventional. Obama really should have taken McCain up on his town hall debates. It was a risk, of course, but that’s the point. He has talked so much about changing the way things are done in Washington, but hasn’t been willing to make any real sacrifices to make it happen.
We are in a point in time right now where if certain things aren't done, like on climate change, or certain stances aren't taken, like on executive power or torture, it's possible that the chance to solve these problems in any meaningful way may be lost forever – each year they will be entrenched deeper and deeper into the status quo. Many have warned of the very limited window of opportunity we have to transform our economy in line with the realities of climate change. Effective solutions, such as a gas tax, won't come without pain for both business and the public, yet Obama is offering pie-in-the-sky promises – lying, basically – about ending our dependence on foreign oil within ten years. The Bush Administration has entrenched executive power in every aspect of government. This power needs to be brought back to a place where it’s accountable to the public and Congress, yet will Obama be able to resist the temptations to just go around Congress and the country if he can’t convince them?
Obama is an incrementalist – he's always been skeptical of revolutions. He talks about change coming from the bottom-up, but what happens when it needs to be lead from the top-down? Obama may have to buck conventional wisdom, public opinion, or opinion within his own party. Will he be able to rise to the challenge? From what we’ve seen so far, my answer would have to be: no.
The Dark Knight: The Denial Of Our Times
Several weeks ago I wrote a post about how much I admired The Dark Knight’s moral sophistication, calling it a, “blockbuster that truly speaks to our times.” But in the September 20th Times there was an op-ed by the novelist Jonathan Lethem that had different take on the movie. Lethem had heard that it was the summer movie everyone had to see, and even more, understand. But, after seeing it he didn’t feel like he was enriched. Instead he felt demoralized and brutalized. The movie was saying something about our times, yes, but what he saw was moral defeatism and denial, not sophistication:
In its narrative gaps, its false depths leading nowhere in particular, its bogus grief over stakeless destruction and faked death, “The Dark Knight” echoes a civil discourse strained to helplessness by panic, overreaction and cultivated grievance. I began to feel this Batman wears his mask because he fears he’s a fake — and the story of his inauthenticity, the possibility of his unmasking, counts for more than any hope he offers of deliverance from evil.Behind the morality tale of the Batman versus the Joker, in it’s hidden assumptions, lied difficult, but real truths about ourselves, truths that we have conveniently been able to keep from looking at too directly. (On a side point I want to bring up a completely different point: why is it that for some writers it’s almost mandatory to write in a way that is so oblique that you have to read something three times to fully get it? It’s like a prerequisite for being taken seriously as a writer: don’t write anything with directness or implicity!)
Though I still really like The Dark Knight – I do think it deals in concepts seldom seen in mainstream movies, captures the feeling of a world on the brink of chaos held together by one man, and has some great action set pieces – Lethem made me see that there was a lot that I unthinkingly glossed over.
In my post I argued that Batman represents the forces of not just humanity, but of civilization, fighting against the anarchy and barbarism of the Joker. Batman may cross many lines, but there is one he will not cross: he won’t kill. In his total adherence to this rule, he represents the civilizing force of moral principle. But, is that one rule enough for him to legitimately be our savior and standard-bearer? All the other morally questionable, or downright immoral things he does really don’t matter? Batman kidnaps a Chinese citizen, drops a mobster from a fire escape, beats up the Joker once he’s been, and uses an all-encompassing surveillance system that I think I can safely say is Dick Cheney’s ultimate wet dream.
But… in the last eight years we’ve done all these things! Renditions? Check. Illegal surveillance? Check. Torture? Check. The reality the movie doesn’t confront us with is that our government, our representatives, have done all these things in the War on Terror. The audience is asked to go along with questionable actions without making us ask any of the questions.
This was Lethem’s insight. What The Dark Knight does, and what is so troubling, is it takes all this for granted. We, the audience, accept that Batman is going to have to do these things. In Gotham, criminals rule the streets and the police are mostly corrupt. What else is he going to do? And for us, it’s the same: To question torture, rendition or surveillance too much is to either be un-American (if you’re on the right) or naïve (if you’re on the left). It’s either, “sometimes you have to do terrible things because the people we fight are inhuman monsters,” or, “of course the government is going to do these terrible things, the people who run it are monsters.” Things we used to think abhorrent are now accepted, either enthusiastically or grudgingly, and we just assume that’s the way it is. What else are we going to do?
The movie is able to get away with all this by presenting us with the fantasy of the incorruptible hero. Batman cannot be bought, doubts himself, is forced into crossing lines, relinquishes excessive power, and is even willing to become a social outcast if that’s what it takes. But, in real life, the Bush Administration can be bought, never doubts itself, crosses lines by choice, doesn’t relinquish power and scapegoats anyone but itself. Who doubts that in real-life Batman would have killed the Joker? And yet we keep our eyes shut so we don’t have to admit that our leaders are far from heros. The Dark Knight is a movie of our times, very much so, only in a much more profoundly troubling way than I first realized. It is part of the denial, the cognitive dissonance of our times, where every time some new revelation comes out we just barrel on through it, hoping that it will all be over soon. All we really seem to want to do is put the Bush years, with all the moral compromises they’ve implicated us in, behind us.
At the end of The Dark Knight, Harvey Dent, Gotham’s D.A. and hope for the future, has become a murderer. Batman protects his reputation with a lie: he killed Harvey’s victims. He does this because society wouldn’t be able to handle it if it found out the truth -- everything would fall apart. But, does this really make sense? Dent’s image is that powerful that without him Gotham City just devolves into a lawless mob? In my earlier post I called this detail the saving grace of the movie, and I think it’s so interesting that it still is, to an extent – it points to the underlying fragility of the movie’s argument. But it also points to something else, and is Batman’s dirty little secret: He really doesn’t have any faith in humanity. He doesn’t think that the truth about Dent can be explained to the city and that it will be accepted. Apparently, the citizens of Gotham were able to avoid the temptation to blow up a boat full of hardened criminals in order to save themselves, yet they’ll fall into hopeless despair if they learn that a good man was driven mad by the loss of the woman he loved. Ultimately, the Batmans of the world, the Bushes and Cheney’s, don’t have any faith in ourselves. More importantly, the blanket of comforting denial that the movie wraps us in shows us that, for now, neither do we.
Friday, October 10, 2008
Thursday, October 9, 2008
Palin To Be On SNL??
White Stereotypes Love Obama!
Today Is NOT Like The Great Depression
Make Your First Vote A Special One
Wednesday, October 8, 2008
Technology is Magic
The Right Picture For The Occasion
Ever thought about the hard task of choosing the right photo to run with an article on the financial crisis? Here is a guide.
Could I Love Alec Baldwin More?
UPDATE: It seems this video is no longer available for embedding. You can still see it on YouTube.
Tuesday, October 7, 2008
Obama at 9:1
Monday, October 6, 2008
Another Frightening Show About Money
A few weeks ago I posted a link to a This American Life episode on the financial crisis called The Giant Pool of Money. Now comes part 2, Another Frightening Show About Money. It focuses on the last few weeks: Lehman, AIG, commercial paper, credit default swaps -- and it's really informative and clarifying, like the first episode. If you have an hour, it can really help you make sense of the crisis.
Who's Really Open And Who's Really Closed?
For a guy who's already authored two memoirs, he's not exactly an open book.Of the two candidates, I'd say it's McCain that has revealed that he has been the closed book all this time, and he's written five books.
THE Question Of The Twenty-First Century
Apocalypse Watch
"It is now clear that the US financial system -- and now even the system of financing of the corporate sector -- is now in cardiac arrest and at a risk of a systemic financial meltdown. I don't use these words lightly but at this point we have reached the final 12th step of my February paper on "The Risk of a Systemic Financial Meltdown: 12 Steps to a Financial Disaster" (...)Oh. My. God.So we are now facing:
- a silent run on the huge mass of uninsured deposits of the banking system and even a run on some insured deposits are small depositors are scared;
- a run on most of the shadow banking system: over 300 non bank mortgage lenders are now bust; the SIVs and conduits are now all bust; the five major brokers dealers are now bust (Bear and Lehman) or still under severe stress even after they have been converted into banks (Merrill, Morgan, Goldman); a run on money market funds; a serious run on hedge funds; a looming refinancing crisis for private equity firms and LBOs);
- a run on the short term liabilities of the corporate sector as the commercial paper market has totally frozen (and experiencing a roll-off) while access to medium terms and long term financings for corporations is frozen at a time when hundreds of billions of dollars of maturing debts need to be rolled over;
- a total seizure of the interbank and money markets.
This is indeed a cardiac arrest for the shadow and non-shadow banking system and for the system of financing of the corporate sector. The shutdown of financing for the corporate system is particularly scary: solvent but illiquid corporations that cannot roll over their maturing debt may now face massive defaults due to this illiquidity. And if the financing of the corporate sectors shuts down and remains shut down the risk of an economic collapse similar to the Great Depression becomes highly likely."
Sunday, October 5, 2008
Palin Insights
First:
The shocker is not that Palin was chosen, or that she turns on Rich Lowry. (Let's face it: Palin is incredibly attractive, she uses her sex appeal to make straight men wither, women have been using that strategy since Cleopatra, and men will continue to cave in to such tactics until at least the next Ice Age.) The real shocker is that conservative Republicans -- after 8 years of George Bush -- are *again* willing to put all their hopes into a charismatic, folksy leader who is ideologically rigid and intellectually stupid. With her complete inability to express herself on complex issues, and her willingness to mask that with folksy charm and talking points, Palin is a carbon-copy of W.
And another reader:Wouldn't you think that conservatives would be more wary of her after seeing the destruction that George Bush has wrought? The fact that they splash Palin's picture on the cover of the National Review with the words "The One," while knowing full well she lacks any intellectual fortitude and will therefore require a shadow presidency (is Todd Palin the next Dick Cheney?), tells me it will take a deeper collapse of America's foundations for conservatives to realize that this strategy is, has been, and always will be, fundamentally flawed.
Really any woman who considers herself a conservative or identifies with the Republican party should be embarrassed by Sarah Palin. Seriously, this is the female face of the party. The debate was a joke, setting the bar so low that as long as she didn't drool all over herself it's considered a victory. That is what Republican women should be proud of? Her winking and talking "folksy", you betcha goshdarnit, that's the way the party wants to represent itself to the country and the world?
The fact that so many other qualified women in the party, like Olympia Snowe (whom I admire greatly), Kay Baily Hutchinson, Christie Todd Whitman (my former governor) are able to communicate and connect with the American people, were passed over for this disaster of a candidate, is greatly disheartening to me as a young woman. Say what you want about Hillary Clinton, but she didn't ask to be treated differently. She was able to take on the big boys and even throw some elbows, too. I just can't believe this is the example that the Republicans want to set for the future and for young women especially.
Friday, October 3, 2008
Dept. Of You Can't Make This Stuff Up
I'm sure I'm not the only male in America who, when Palin dropped her first wink, sat up a little straighter on the couch and said, "Hey, I think she just winked at me." And her smile. By the end, when she clearly knew she was doing well, it was so sparkling it was almost mesmerizing. It sent little starbursts through the screen and ricocheting around the living rooms of America. This is a quality that can't be learned; it's either something you have or you don't, and man, she's got it.
Tragic Sign of the Times
Two Down
My reaction is no different from what most people are saying this morning. Biden won the debate -- crushed her, actually, if one were to see it as a real debate (and why would we want to do that?) There was really only one person up there that could credibly become president if he/she had to: Biden answered questions, knew what he was talking about and showed confidence; Palin just ignored questions if they didn't suit her and spouted talking points -- most of her answers either made no sense or were superficial. Taking expectations into account it was a tie: Palin showed confidence, energy, an ability to attack (a lot) and that she could grow quickly -- her cramming this time worked much better than with the Couric interviews (though it was clear that she really didn't know them any better than before). Biden also performed better than expected: no gaffes, disciplined (except at the beginning when he sometimes sounded too wonky), and respectful.
What will the effect be on the race? First, I'm going to go out on a small limb and say that the public will think that Biden won the debate -- it isn't hard to see that her answers were memorized talking points. But, I don't think that will have any effect on the polls whatsoever. Everyone expected Biden to do well and by all he did was confirm that expectation. But Palin's performance was a bit of a surprise and will reassure nervous conservatives and bring a little hope back into their lives. Maybe the polls go up a bit for McCain as a result, though it's certainly no game-changer.
The really salient aspect of the whole thing is that it was terrible, just terrible. No follow-ups, no challenges on most questions or non-sensical statements. And, that fault has to lie at the feet of Gwen Ifill. I don't know if it was the format or the accusations of bias that made her into a pussy-cat, but she was awful! It wasn't a debate, it was a just a platform for each candidate to recite positions. A real debate would have pierced through the theater-of-denial that is Palin. Sigh. In a rational universe this wouldn't even be a contest. It just makes me more depressed for the stupid, irresponsible, tragic media circus that is contemporary politics.
Thursday, October 2, 2008
Homer Votes For Obama
Wednesday, October 1, 2008
Headline Of The Day
ObamaPollSplosion: He Breaks 50 Everywhere
You sort of need a ticker to follow it all.... CNN/ORC Florida: Obama at 54% among registered voters (really)...Obama up by four among likely voters in Nevada...up by double digits in Minnesota...tied in Missouri...nine points ahead among likely voters in Virginia...polls from Time...NBC News/WSJ/MySpace......the AP...Though Marc reminds me:
The same Democrats who three weeks ago were chanting to themselves "polls reflect the daily news, polls reflect the daily news" are now enthusing about a blitz of state polls showing Barack Obama up everywhere, above 50 percent everywhere and even nationally.35 days to go.
Obama's World-View
... one of the things that I strongly believe is that, you know, we are not going to, as individuals, be able to erase evil from the world; that is God’s task. But we can be soldiers in that process, and we can confront it when we see it.Obama chose to become a Christian, and that's key to understanding him. As a child, he grew up exposed to several different religious points of view, including Islam and secularism and later came to Christianity after much searching. He understands that a person's identity, and world-view, can evolve and change. As a man who is half-black and half-white, he is at heart a reconciler and a compromiser. He sees the world in fluid moral terms because his whole life has been fluid, constantly shifting from one world to another.Now, the one thing that I think is very important is for us to have some humility in how we approach the issue of confronting evil because, you know, a lot of evil has been perpetrated based on the claim that we were trying to confront evil.
[Warren: In the name of good?]
In the name of good.
And I think, you know, one thing that’s very important is having some humility in recognizing that, you know, just because we think our intentions are good doesn’t always mean that we’re going to be doing good.
Bill Clinton: There Is No One Better Than Biden
Sometimes he is just great.
McCain Really Is Like Bush
The more I think about it, the more I see similarities between McCain and Bush. For starters, they both divide the world according to a Manichaean world view: for Bush it's a religiously inspired moral framework and for McCain it's a nationalistic, tradition-bound framework. But even more, McCain has the same lofty conception of himself that Bush has, one that cannot be punctured no matter how low he sinks or what facts he is presented with. If this image is challenged, like Bush again, he gets indignant. Listen to the clip at the end when he talks about his service to his country. McCain's Vietnam experiences have become an excuse that he can lean on to tell himself that at his core he is always a selfless man of honor. Whatever he is doing, whether its approving of a disgustingly inaccurate TV ad, or picking an unqualified person for veep just to win, it's justified because his ultimate motivations are beyond reproach.