MB Blog - September 2008
As the morning turned to afternoon today on Capitol Hill today, it became evident that support for the administration's financial bailout of Wall Street was heading for defeat.
But, is it back to the drawing board, or is there room for compromise in the next few days?
If the administration is going to get anything out of the House, they would do well to show a little humility.
Memories of the 2001 Patriot Act and the 2002 Authorization for the Use of Force Against Iraq have put some Members of Congress on guard. Over the past eight years, the administration almost always chose rush to judgment and strong-arm tactics over careful analysis and consensus building.
With the lamest of lame ducks and many Members of Congress facing the voters in five weeks, strong arm tactics from the White House were not the best option for the administration, to say the least. Yet, this is exactly what they (the White House) did.
Additionally, several components of the bailout proposal were highly suspect.
First, we now know... Read More »
But, is it back to the drawing board, or is there room for compromise in the next few days?
If the administration is going to get anything out of the House, they would do well to show a little humility.
Memories of the 2001 Patriot Act and the 2002 Authorization for the Use of Force Against Iraq have put some Members of Congress on guard. Over the past eight years, the administration almost always chose rush to judgment and strong-arm tactics over careful analysis and consensus building.
With the lamest of lame ducks and many Members of Congress facing the voters in five weeks, strong arm tactics from the White House were not the best option for the administration, to say the least. Yet, this is exactly what they (the White House) did.
Additionally, several components of the bailout proposal were highly suspect.
First, we now know... Read More »
As the rushed bailout negotiations unfold before our eyes, it seems there are some key questions that have gone unanswered.
I certainly hope these questions are being asked and answered.
* Where did Hank Paulson and the Treasury Department come up with the $700 billion figure?
* Is there a simple spreadsheet the department could release over the Internet that would allay our concerns about the enormity of the number?
* What kind of return can American taxpayers expect for this investment?
* Will there be interest charged to firms that accept public funding?
* What sorts of prevention measures are being outlined?
I know that will be a separate process, likely to take place later on down the road. But, Congress better get about the business of admitting the crux of the problem and set about fixing it so it doesn't happen again.
Why the rush?
The speed with which this deal is being pushed is breathtaking.
Perhaps there is rational explanation. Thus far, however, the explanation (mainly pushed via the president's bizarre address to the country last night) has been little more than fear mongering.
We all have a stake in this bailout. It's time for Congress and the president to level with the American people.
I certainly hope these questions are being asked and answered.
* Where did Hank Paulson and the Treasury Department come up with the $700 billion figure?
* Is there a simple spreadsheet the department could release over the Internet that would allay our concerns about the enormity of the number?
* What kind of return can American taxpayers expect for this investment?
* Will there be interest charged to firms that accept public funding?
* What sorts of prevention measures are being outlined?
I know that will be a separate process, likely to take place later on down the road. But, Congress better get about the business of admitting the crux of the problem and set about fixing it so it doesn't happen again.
Why the rush?
The speed with which this deal is being pushed is breathtaking.
Perhaps there is rational explanation. Thus far, however, the explanation (mainly pushed via the president's bizarre address to the country last night) has been little more than fear mongering.
We all have a stake in this bailout. It's time for Congress and the president to level with the American people.
Despite reporting to the contrary from most major news outlets, we here at Clearly New Mexico have brokered a deal for Friday's presidential debate(s).
In the immortal words of Mr. Cub himself, Ernie Banks, "Let's Play Two." Instead of one, or if you believe the reports, no debate on Friday, the candidates are going to pull double duty.
Debate #1: The Economy and Solutions to the Crisis.
Debate #2: International Affairs.
There will be a 15 minute break between debates for the candidate to hit the bathroom, get a bite to eat and check the straightness of their ties.
This will be unprecedented. Clearly New Mexico is proud to help make debate history this Friday in Oxford, Mississippi.
In the immortal words of Mr. Cub himself, Ernie Banks, "Let's Play Two." Instead of one, or if you believe the reports, no debate on Friday, the candidates are going to pull double duty.
Debate #1: The Economy and Solutions to the Crisis.
Debate #2: International Affairs.
There will be a 15 minute break between debates for the candidate to hit the bathroom, get a bite to eat and check the straightness of their ties.
This will be unprecedented. Clearly New Mexico is proud to help make debate history this Friday in Oxford, Mississippi.
For the past three days, I've tried to think about how we at Clearly New Mexico are going to put the truly staggering economic crisis into perspective.
Suffice it to say, we've been speechless.
Freddie, Fannie, AIG, Lehman Brothers, Bear Stearns. They've become household names almost overnight.
The vast majority of Americans, myself included, want to know what happened, why it happened, how we fix the problem and how we prevent it from happening again.
I want to be careful about opining on a very intricate collapse by using a blithe cliché - it goes without saying this complex problem requires a sophisticated solution. No doubt, laws need to be changed. So do behaviors on both Wall Street and Main Street.
But I cannot help it. An age-old cliché has been repeating itself over and over again in my head: "An ounce of prevention is worth a pound of cure."
Read More »
Suffice it to say, we've been speechless.
Freddie, Fannie, AIG, Lehman Brothers, Bear Stearns. They've become household names almost overnight.
The vast majority of Americans, myself included, want to know what happened, why it happened, how we fix the problem and how we prevent it from happening again.
I want to be careful about opining on a very intricate collapse by using a blithe cliché - it goes without saying this complex problem requires a sophisticated solution. No doubt, laws need to be changed. So do behaviors on both Wall Street and Main Street.
But I cannot help it. An age-old cliché has been repeating itself over and over again in my head: "An ounce of prevention is worth a pound of cure."
Read More »
Folks, this is as dirty and shameful as it gets.
The Republican Party of Macomb County, Michigan announced this week that it is embarking on a concerted, coordinated effort to prevent people with home foreclosures from exercising their Constitutional right to vote.
Lovely.
Poll taxes. Literacy tests. Home foreclosure lists. What a legacy!
Like no other state, Michigan has felt the full brunt of the national economic recession. There are hundreds of home foreclosures every day - every day - throughout Michigan and the unemployment rate is the absolute highest in the country. In a state reeling from recession, Macomb County is the worst of the worst.
Talk about kicking people when they are down. The actions of the Macomb County Republican Party are simply deplorable.
The Republican Party of Macomb County, Michigan announced this week that it is embarking on a concerted, coordinated effort to prevent people with home foreclosures from exercising their Constitutional right to vote.
Lovely.
Poll taxes. Literacy tests. Home foreclosure lists. What a legacy!
Like no other state, Michigan has felt the full brunt of the national economic recession. There are hundreds of home foreclosures every day - every day - throughout Michigan and the unemployment rate is the absolute highest in the country. In a state reeling from recession, Macomb County is the worst of the worst.
Talk about kicking people when they are down. The actions of the Macomb County Republican Party are simply deplorable.
For the past 33 years, my father has worked as a service technician for a large company. In that time, he's been tasked with fixing just about every home appliance imaginable: televisions, VCR's (yes, the "cassette" recorder), DVD players, cameras, ovens, dishwashers, washers, dryers, microwave ovens and even the occasional garage door opener.
I've always been impressed by his ability to diagnose virtually any mechanical problem in short order.
In addition to his mechanical skills, my father is required to have customer service skills. As he travels from home to home each day in his truck, he is the face of his company - the front line, if you will, in his employer's endeavor to achieve customer satisfaction.
Dozens of unique customer contacts, each week.
Seems like it would be wise for my father's employer to make certain they have experienced, knowledgeable, fairly-paid people as service technicians.
Yet, let's just say you wouldn't guess my father plays this critical role by the treatment he receives. For his benefit, I will spare you the details. Suffice it to say, the company has chosen a "race to the bottom" business model. Read More »
I've always been impressed by his ability to diagnose virtually any mechanical problem in short order.
In addition to his mechanical skills, my father is required to have customer service skills. As he travels from home to home each day in his truck, he is the face of his company - the front line, if you will, in his employer's endeavor to achieve customer satisfaction.
Dozens of unique customer contacts, each week.
Seems like it would be wise for my father's employer to make certain they have experienced, knowledgeable, fairly-paid people as service technicians.
Yet, let's just say you wouldn't guess my father plays this critical role by the treatment he receives. For his benefit, I will spare you the details. Suffice it to say, the company has chosen a "race to the bottom" business model. Read More »
News out of the University of California San Francisco today suggests that misaligned incentives continue to plague the delivery of health care in the United States.
Researchers polled 1,177 medical students from 11 schools across the country, inquiring about future career plans. Predictably, only 2% of respondents indicated any interest in internal medicine or primary care. It seems medical students are interested in more "intellectually challenging" pursuits (their words, not mine) brought on by work in specialty fields like oncology or radiology.
This is no way an attempt to malign the critically important work of specialists. Instead, it is an attempt to point out the fact that without a greater emphasis on the importance of primary care in the United States, we are sure to see our macro indicators of population health decrease, as compared to other industrialized nations.
Folks, we need to figure out a way to reverse the misaligned incentives that are depleting the ranks of primary care physicians. Without the reversal, we will continue to have a sick care system.
Researchers polled 1,177 medical students from 11 schools across the country, inquiring about future career plans. Predictably, only 2% of respondents indicated any interest in internal medicine or primary care. It seems medical students are interested in more "intellectually challenging" pursuits (their words, not mine) brought on by work in specialty fields like oncology or radiology.
This is no way an attempt to malign the critically important work of specialists. Instead, it is an attempt to point out the fact that without a greater emphasis on the importance of primary care in the United States, we are sure to see our macro indicators of population health decrease, as compared to other industrialized nations.
Folks, we need to figure out a way to reverse the misaligned incentives that are depleting the ranks of primary care physicians. Without the reversal, we will continue to have a sick care system.
Recently, there has been an effort to suggest the "economy" is growing. It is true that GDP grew by 3.3% during the second quarter of this year. But, this is a far cry from the kind of economic growth the vast majority Americans can actually feel on a daily basis.
Growth in GDP is best summed up as a measure of productivity. And, we all know American workers are as productive as ever. Trouble is, productivity alone does not a strong economy make.
With the American dollar in the tank, transportation and heating costs as high as ever and wages stagnating, this is hardly a good economy.
When people work harder and longer for less, no amount of spin will convince folks the "economy" is growing.
Growth in GDP is best summed up as a measure of productivity. And, we all know American workers are as productive as ever. Trouble is, productivity alone does not a strong economy make.
With the American dollar in the tank, transportation and heating costs as high as ever and wages stagnating, this is hardly a good economy.
When people work harder and longer for less, no amount of spin will convince folks the "economy" is growing.
Folks, the 2008 presidential election is not about the issues. At least that's what Senator McCain's campaign manager Rick Davis claims.
Now, I cede experience to Mr. Davis, as I have never actually worked on a candidate campaign. But, I have to challenge this assertion.
From health care to energy independence, from war to the economy, the issues have everything to do with this election.
Sure, the personalities matter, but come on Mr. Davis!
Now, I cede experience to Mr. Davis, as I have never actually worked on a candidate campaign. But, I have to challenge this assertion.
From health care to energy independence, from war to the economy, the issues have everything to do with this election.
Sure, the personalities matter, but come on Mr. Davis!
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