Wednesday, May 30, 2012

Summertime

I'm back at the keyboard after some days off.

There really hasn't been that much to write about anyway.

Except may Donald Trump.  Which is two words more than I want to say on that subject.

Thursday, May 24, 2012

Whither Greece?

It seemed for a minute there that Frau Merkel was about to show a little give.  But she checked with some of the boys back in the fatherland and decided go back to the monetary vice.  Which probably means that Greece will be left out to dry (literally).

Of course, Greece is the country that invented democracy.  Speaking of which, initial results from Egypt don't portend all that well for the Arab Spring.  Even though the candidate of the Islamic Brotherhood says he's a fan of women's rights and peace with Israel, his track record on these issues is not good.

Then there's Mitt Romney.

You know, I think it's time to move.  To Greece.

Wednesday, May 23, 2012

Enemies List

So now Mitt Romney hates teachers.  He already hated women, gays, immigrants, Harvard alumni other than himself, immigrants, college students and Europeans.  He's running out of people he likes.  How many rich white guys could there be?

Tuesday, May 22, 2012

Silver Lining to the Cory Booker Story

The hapless Ed Rendell has joined the wolfpack.  He called the Obama anti-Bain ad "disappointing."  Which is not as bad as when he called Leslie Stahl and her 60 Minutes producers "simpletons" and "idiots."  And it's not as bad as when the former PA governor, on Laura Ingraham's radio show,  compared Occupy tactics unfavorably to those of the Tea Party, because the rightists used the ballot box and OWS used the streets.  He used pretty much the same argument against Occupy as Newt Gingrich.

But as Big Ed backpedaled mightily on Hardball lest Chris Matthews keep pounding on him, he said his real deal was to get the Dems to get out more accurate, detailed info on Bain.

And he's got a point there, although I think he's talking about Fair and Balanced, which I am not. My point is that team Obama has to pursue real investigative  reporting about Bain Capital.  It's not enough to build lazy ads out of soundbites from aggrieved ex-employees who will always sound like ax-grinders.

The Obama campaign should see if they could hire Lowell Bergman away from Frontline.  Bergman, formerly of 60 minutes and the NYTimes is the best.

Monday, May 21, 2012

Cory Booker: The Saboteur

Cory Booker tried hard to push back, first with a mild-mannered You Tube  defense of  the President.  Not very convincing, especially since Booker's original statements on Meet the Press wherein he defiantly defended Bain Capital constituted sabotage pure and simple.

Predictably -- and Booker must have known this would happen -- the Republicans flooded the net with  MTP  quotes and clips.  But the Romneyites went that one better -- and this had to be Eric Fehrnstrom's idea --  putting up a petition drive, with the headline "I stand with Cory Booker.'  They had The Saboteur by the balls, and he knew it.  The ambitious, driven mayor went on MSNBC with Rachel Maddow to give a full-throated hosanna to Obama and a fairly harsh critique of Romney.  But Maddow, who kept calling him "Cory", let him frame it completely in terms of his injured feelings at Team Romney's sucker punch.  Booker never apologized for his Bain defense, just kept defending his umbrage at negative campaigning.  Maddow never asked him to explain his fond feelings for Bain and vulture capitalism.  She used Obama's press conference remarks, which framed private equity in terms of the businessman's goal of making money for himself and investors versus the president's obligation to give everybody a "fair shot."  Booker could duck behind that without ever having to answer for his basic act of sabotage.  Maddow didn't even ask him why he thought the Obama ad that took on Bain was so "nauseating."  Booker had chosen that word.  The Republicans picked up on that word.  Rachel Maddow let it slide.

Saturday, May 19, 2012

Some Initial Thoughts on the U.S. Economy

Somebody said today that, while Facebook might be valued at $100+ billion, it employs only 2000 people. That made me think of the late Steve Jobs giving the bird to anyone who didn't like Apple farming out thousands of jobs to China.  Somehow that got me thinking about Citizen Dimon bragging at howJP Morgan's enormous profits eclipsed the modest $2-5 billion misplaced by the London Whale.  So I'm wondering, where do all these jobless billions go?  Obviously a lot of it lines the velvet pockets of the 0.1%, those sons of Croesus yearning for the coming of Papa Romney, whose only platform is easing their path to greater and greater sheltered wealth. So I recalled the  M.O. of equity capital, viz. fire the people, cheapen the product, slice the benefits and make out like a bandit.  So I looked around to see where all the poeople went, the castaways of this reality-starved universe.  There they are -- the babysitters and house cleaners, the delivery boys, the computer technicians, the Mr. and Ms. Fixits, the sidewalk vendors and flea markets sellers, the term paper ghost writers, monetized bloggers, the self-publishers.  And many, many others who are off the books.  And when you think about it, Mitt's Money in the Cayman Islands is also off the books.  The 0.1 % stash as much of their money as possible off the tax books.  And, believe you me, they have great accountants.

This economy is so distorted it barely qualifies as an economy.  And most of the inhabitants are too fat.

Thursday, May 17, 2012

Oh No, Mitt! Not Again?!

After (rightly) repudiating  the Joe Ricketts/Fred Davis Super Pac memo proposing a possible Romney ad that made a heavy-handed connection between Barack Obama and Jeremiah Wright, the putative candidate was asked about his own linking of Obama and Wright in an interview on Fox.  Romney's reply: "I stand by what I said.  Whatever it was."

Add it to the reel. He is the gift that keeps on giving.

Dimon's Debacle, cont.

So now it turns out that JP Morgan Chase has pissed away another billion just days after revealing the initial $2 billion oops.  To be fair, Dominating Dimon warned us this would happen.  But does even he know where the bleeding will stop?  And I keep asking myself : was that department, where the London Whale swam around, making different, similar bets?  Then, of course, the inevitable bigger, question:  what about the other banks?  I know that the handful of really big banks have an enormously bigger cushion than they had four years ago, and I know there are many safeguards.  I also know that I don't come even close to understanding these complicated transactions.  I still don't know exactly what a credit default  swap is, and I read lots of books and saw some great movies that tried to explain it clearly.  But my definite sense is that this deal has a lot in common with the shenanigans that deep-sixed the economy.  The whole thing gives me a queasy feeling in the pit of my stomach.

Obama has reacted with the argument that says if this can happen in a bank run by a really smart guy like Jamie Dimon, then what about other banks?  Then he makes a weak call for financial reform.  No, boss, these are the bad guys.  Their screw ups cost eight million jobs. That's the mess we elected you to clean up. Step up.  You're still at the plate.

Tuesday, May 15, 2012

Unrobing the Chief

Reading Jeff Toobin's piece in The Yorker on Chief Justice Roberts and the execrable Citizens United  decision, I was disheartened to realize the degree to which the Court has always been a tool of political ideology.  The biggest service of the article is Toobin's indisputable delineation of what he calls "conservative judicial activism."

Annals of Law

Money Unlimited

How Chief Justice John Roberts orchestrated the Citizens United decision.

by May 21, 2012

By having the case reargued, Roberts put the liberals in a box and transformed the decision


When Citizens United v. Federal Election Commission was first argued before the Supreme Court, on March 24, 2009, it seemed like a case of modest importance. The issue before the Justices was a narrow one. The McCain-Feingold campaign-finance law prohibited corporations from running television commercials for or against Presidential candidates for thirty days before primaries. During that period, Citizens United, a nonprofit corporation, had wanted to run a documentary, as a cable video on demand, called “Hillary: The Movie,” which was critical of Hillary Clinton. The F.E.C. had prohibited the broadcast under McCain-Feingold, and Citizens United had challenged the decision. There did not seem to be a lot riding on the outcome. After all, how many nonprofits wanted to run documentaries about Presidential candidates, using relatively obscure technologies, just before elections?
Chief Justice John G. Roberts, Jr., summoned Theodore B. Olson, the lawyer for Citizens United, to the podium. Roberts’s voice bears a flat-vowelled trace of his origins, in Indiana. Unlike his predecessor, William Rehnquist, Roberts rarely shows irritation or frustration on the bench. A well-mannered Midwesterner, he invariably lets one of his colleagues ask the first questions.
That day, it was David Souter, who was just a few weeks away from announcing his departure from the Court. In keeping with his distaste for Washington, Souter seemed almost to cultivate his New Hampshire accent during his two decades on the Court. In response to Souter’s questions, Olson made a key point about how he thought the case should be resolved. In his view, the prohibitions in McCain-Feingold applied only to television commercials, not to ninety-minute documentaries. “This sort of communication was not something that Congress intended to prohibit,” Olson said. This view made the case even more straightforward. Olson’s argument indicated that there was no need for the Court to declare any part of the law unconstitutional, or even to address the First Amendment implications of the case. Olson simply sought a judgment that McCain-Feingold did not apply to documentaries shown through video on demand.
The Justices settled into their usual positions. The diminutive Ruth Bader Ginsburg was barely visible above the bench. Stephen Breyer was twitchy, his expressions changing based on whether or not he agreed with the lawyer’s answers. As ever, Clarence Thomas was silent. (He was in year three of his now six-year streak of not asking questions.)
Then Antonin Scalia spoke up. More than anyone, Scalia was responsible for transforming the dynamics of oral arguments at the Supreme Court. When Scalia became a Justice, in 1986, the Court sessions were often somnolent affairs, but his rapid-fire questioning spurred his colleagues to try to keep pace, and, as Roberts said, in a tribute to Scalia on his twenty-fifth anniversary as a Justice, “the place hasn’t been the same since.” Alternately witty and fierce, Scalia invariably made clear where he stood.
He had long detested campaign-spending restrictions, frequently voting to invalidate such statutes as violations of the First Amendment. For this reason, it seemed, Scalia was disappointed by the limited nature of Olson’s claim.
“So you’re making a statutory argument now?” Scalia said.
“I’m making a—” Olson began.
“You’re saying this isn’t covered by it,” Scalia continued.
That’s right, Olson responded. All he was asking for was a ruling that the law did not prohibit this particular documentary by this nonprofit corporation during those thirty days. If the Justices had resolved the case as Olson had suggested, today Citizens United might well be forgotten—a narrow ruling on a remote aspect of campaign-finance law.
Instead, the oral arguments were about to take the case—and the law—in an entirely new direction.
Supreme Court cases become landmarks in different ways. Lawrence v. Texas, the 2003 gay-rights decision striking down anti-sodomy laws, began with a trivial contretemps in an apartment building just outside Houston. On the other hand, the importance of the constitutional challenge to the Affordable Care Act, the signature domestic achievement of the Obama Presidency, was apparent as soon as it was filed. (A decision is expected in June.) The result in Bush v. Gore was important, but the reasoning turned out to be perishable; the decision has not been cited again by the Justices.
In one sense, the story of the Citizens United case goes back more than a hundred years. It begins in the Gilded Age, when the Supreme Court barred most attempts by the government to ameliorate the harsh effects of market forces. In that era, the Court said, for the first time, that corporations, like people, have constitutional rights. The Progressive Era, which followed, saw the development of activist government and the first major efforts to limit the impact of money in politics. Since then, the sides in the continuing battle have remained more or less the same: progressives (or liberals) vs. conservatives, Democrats vs. Republicans, regulators vs. libertarians. One side has favored government rules to limit the influence of the moneyed in political campaigns; the other has supported a freer market, allowing individuals and corporations to contribute as they see fit. Citizens United marked another round in this contest.
In a different way, though, Citizens United is a distinctive product of the Roberts Court. The decision followed a lengthy and bitter behind-the-scenes struggle among the Justices that produced both secret unpublished opinions and a rare reargument of a case. The case, too, reflects the aggressive conservative judicial activism of the Roberts Court. It was once liberals who were associated with using the courts to overturn the work of the democratically elected branches of government, but the current Court has matched contempt for Congress with a disdain for many of the Court’s own precedents. When the Court announced its final ruling on Citizens United, on January 21, 2010, the vote was five to four and the majority opinion was written by Anthony Kennedy. Above all, though, the result represented a triumph for Chief Justice Roberts. Even without writing the opinion, Roberts, more than anyone, shaped what the Court did. As American politics assumes its new form in the post-Citizens United era, the credit or the blame goes mostly to him

                         


 

From Athens to Sacramento

" The fact is, California has been living beyond its means."  That's the 74 year-old Gov. Jerry Brown doing his best Angela Merkel imitation, as he called for big cuts in welfare, social services and health care for the elderly.  Brown will have a tough time selling a tax package.

"Syriza won't betray the Greek people."  That's young Greek party leader Alexis Tsipras, sounding like 44 year-old Gov. Jerry Brown, defying the three other Greek parties who have not been able to form a coalition that would keep the debt agreements to Europe. Tsipras may wind up leading Greece right out of the euro zone.

The fact is that the West is trying to emerge from a terrible nightmare born of  banking greed and consumer binging.  the world went off half-cocked.  Everybody got in the act.  I can't think of a politician better suited to think of a way out of this mess than Jerry Brown.  And he doesn't have a clue.

Monday, May 14, 2012

$acrificial Lamb

Ina Drew, who's losing her job as head of the JP Morgan Chase division charged with risk management and who's being held responsible for the bank's $2 billion dollar oops, made $14 million last year.  Assuming she's smart about her own money, and further assuming she gets a generous farewell package after 30 years with the firm, and noting the intensive word-massage she gets from The Times today, one would have to conjecture that the 55 year-old Ms. Drew will be quite okay in her undoubtedly temporary period of unemployment.  She probably shares the view of her boss, the redoubtable Mr. Jamie Dimon that there's "almost no excuse" for that Big Bad Bet. "Almost"  because, as Dimon also pointed out to David Gregory on Meet the Press, that Two Bill is just a flea on the hide of JPMC's elephantine profits

 Ina Drew herself is too big too fail. She will exit with her head held high.

Sunday, May 13, 2012

Christian Mormon

Mitt Romney's commencement address at Liberty University today was completely unmemorable.  That makes it just what the doctor ordered. He got only one standing O, when he said once again that marriage is between one man and one woman.  He didn't mention his Mormon religion though he did allude to having different beliefs than his audience while sharing a common worldview, where they can "meet in service, in shared moral convictions about our nation."  That may be the last thing the Republican has to say about religion.  He can just say some fuzzy stuff about values every once in a while and move on to the economy.

Of course Romney doesn't really have to say much about the economy either except to repeat over and over again that as a successful businessman he knows how to turn around the dismal national economy.  Everything else is blah-blah-blah. And as has always been the case, barring the unforeseen, the numbers will determine the outcome.

Saturday, May 12, 2012

The King's Clothes

I'm taking no small delight in Jamie Dimon's confession of egregious stupidity and the spectacle of JP Morgan's $2 billion loss on bad trades that had long been going on quite publicly and that Dimon had written off as a tempest in a teapot.  But that's okay said the King of Wall Street, we'll fix it and move on, hours before JP Morgan's stock plummeted almost 10% and other big investment banks also took large hits.  And the risky loan loss will probably amount to more like $3 billion in the end, by Dimon's own admission.  Those other banks are making the same kind of complex high risk, high profit speculative bets.  So expect more bad news from Goldman et al.  This is, obviously,just what got us into the economic mess of the last few years.  It's shocking that it still goes on.  It is, however. poetic justice that the swaggering banker whose genius allegedly saved his firm back in '08 and who's been lecturing us on the deleterious effect of new banking regulations ever since winds up with his face covered in egg. Now if only Obama can put his heretofore gutless attitude toward financial reform behind him and take advantage of this moment to mount and ride the populist horse.  I don't know how he gets Tim Geithner to convincingly join the cause.  Maybe he could get some advice from Elizaberth Warren.

Thursday, May 10, 2012

Bully Boy

Amy Davidson, in her Close Read blog for The New Yorker, reports that John Lauber's sisters told her that their brother bleached his hair blonde until he died.  That was the same bleached mane that 18-year old Mitt Romney cut off because it offended his boarding school sensibilities (and not at all, Romney now insists, because he thought Lauber was gay). Romney's "hijinks" with Lauber are among a few bad boy incidents reported in Jason Horowitz's excellent WaPo expose.

The trouble is, as Davidson suggests, that however much we may want to concede that this all happened 50 years ago, it's also not hard to see a line through to the unfeeling rich guy candidate of today.

Keep an eye on Mitt tomorrow when he gives the commencement address at Jerry Falwell's Trinity University.  His audience will expect the quondam gay basher to lash out at same-sex marriage and to all-out demonize Obama.  He will try to choose his words carefully, but we know how well he does at that.

Wednesday, May 9, 2012

Barack's Bombshell

It's really no big deal.  When Rove and Romney and Santorum and them say that marriage should be between a man and a woman, what they really mean is that they hate gays, which is what Dick Cheney would feel if not for the uncomfortable fact that his daughter's gay.  Since a certain percentage of any society is always going to be gay, I've always felt that those who would deny rights to gays would in principle deny rights to everybody.  However much these people try to hide behind tradition or faith, the fact is they are haters.  There are a lot of them.  I salute President Obama for taking a stand against the bigots.

Tuesday, May 8, 2012

Righteous Indignation

i don't knoww what's got into my old colleague Tom Brokaw, who is turning his remarks on Meet the Press a propos what he regards as the excesses of the annual White House Correspondents Dinner into an ongoing jeremiad about the State of Journalism.  Tom lamented the conversation at the dinner, which he said focused too much on Cristal champagne and who had the best party and met the most celebrities. He was most upset by how the event separated the press from the people.  But really, does the public care what happens at this dinner?  It's shown only on C-Span, which nobody watches, and the only clips shown on the news are the president's one-liners.

Tom has always preferred news stars like Henry the K, but he did hobnob with celebs at basketball games at Madison Square Garden and is, in fact, something of a name dropper.

I think the old anchorman is getting at something else though.  I think that at the Correspondent's dinner, Brokaw felt like he was in a cocoon, the political cocoon, where the reporters want  to be celebrities and cover politics as if it were celebrity journalsm.  Rampant superficiality among would-be correspondents talking mostly to themselves.  It may sound like old school sour grapes, but I think it's also the wisdom of  a veteran big time player who still has a great eye and a sure touch.

Monday, May 7, 2012

Pitching with a Purpose

Philadelphia pitcher Cole Hamels was suspended for five games today after admitting he'd hit Washington rookie Bryce Harper with a pitch on Sunday. It was kind of strange throwing at a 19 year-old kid in just his eighth major league game.  It was even stranger that Hamels owned up to it, the first time I can remember a pitcher doing that.  He also bothered to pronounce on the philosophy behind his
targeted throw: "I'm just trying to continue the old baseball. Some people get away from it... It's that old school prestigious way of baseball."  "Prestigious?"  Say what? The suspension doesn't mean much since Hamels won't even miss a turn, but the guy should have kept his mouth shut.  His GM Ruben Amaro Jr. disavowed him while the Nats general manager  labeled hin classless and gutless. Actually, Hamels is is a wimp.  In the real old school, brushback pitches and hit batters were for a reason. Somebody too close to the plate, or a guy who'd hit  a home run or two, or as retaliation for a teammate who's been hit in the game.  Notorious headhunters like Don Drysdale and Bob Gibson wanted to own the inside of the plate.  But throwing at a young hotshot just cause he's received a lot of hype is, well, bush league.


Sunday, May 6, 2012

Take THAT LeBron! ... Take THAT Frau Merkel!

The Knicks beat the Heat, and that's a very good thing.  But it will be very difficult to do it again on Wednesday in the cauldron of Miami.

Hollande eliminated Sarkozy, and that may well be a good thing. But it will be a challenge to win any flexibility from Berlin.

Friday, May 4, 2012

Number Cruncher

The jobs report is undoubtedly discouraging and bad news for the President, but why on earth must Mitt Romney say there should have been 500,000 new jobs in April?  That is a ludicrous figure and Romney must know that.  He seems to think he can say anything and get away with it.  This is the kind of numbers game they must play at Bain,  a kind of bunco played with profits and losses. Half a million is what Mitt came up with after he rolled the dice.  Win big, lose big.  Live by the facts, die by the facts.

Mad Menace

I'm not really too mad at the Knicks.  The Heat are really good. But I am mad at alleged superstar Amar'e Stoudemire who, in a moment of madness, took a swipe at a fire extinguisher and gashed his hand on the plate glass casing.  STAT -- his self-proclaimed nickname, for Standing -Tall- and -Talented -- has not come close to apologizing to his teammates or to us fans.

_________________________________________________________________________________

Let's see if  HRC can talk her way out of this mess in Beijing.  It seems that the blind human rights activist who was put up at the American embassy until our State Departmen negotiated his transfer to a hospital, whereupon Chen Guancheng said he wanted to leave China for the U.S. as opposed to earlier acceptance of a deal that would have given him protected domicile in China.  He now wants to fly out on Hillary's plane.  Madame Secretary must feel totally snookered.  Romney lost no time in dubbing it a "day of shame."  My guess: she gets him out.

Wednesday, May 2, 2012

Loud Scream


 I have a blow up plastic balloon replica of  Edvard Munch's "The Scream" in my apartment.  It might be  worth a dime.  Also, I saw an original version once at the inaugural exhibition of the new museum at Duke University.  It was definitely a trip seeing the picture up close, an image often compared for its iconic value to the Mona lisa.  I saw La Giocanda up close too, at the Louvre.  But the Mona Lisa is an awesome work.  The Scream really isn't.  It certainly doesn't come across as worth $123 million, which is what it just fetched in auction at Sotheby's.

What that exorbitant price says, I think, is that most everybody spends a good amount of his or her life wanting to scream, or screaming.  And Munch's scream portrays the essence of that universal ,primal urge.

But one hundred and twenty million dollars??!!

The Commander

He didn't really explain why we have to stay there so long,  He didn't explain much of anything.  But it was good political theater and a nice theatrical way to mark the anniversary of rubbing out OBL. The Republicans, will now have a harder time throwing darts at Obama's handling of National Security.

Amar'e Stoudemire.  What an idiot.  The Knicks probably can't get rid of him, but if they could,they would.