Image credit: I Can Has Cheeseburger
I'll be one of those lame neighbors, though I have a good excuse. The candy will be out on the porch, as usual.
President Obama before dawn this morning paid tribute to the 18 U.S. military personnel killed in Afghanistan Monday, making a surprise trip to Dover Air Force Base as their bodies returned home to the United States.
The solemn visit - Obama's first such experience since taking office and lifting the ban on photographing the war dead - comes as he's wrestling with a decision to send up to 40,000 more troops to Afghanistan.
Obama Makes Surprise Overnight Visit To Dover To Honor Troops Killed In Afghanistan
Cheney, on Fox News Radio's John Gibson Show yesterday [Oct. 29]:
I think that what President Bush used to do is do it without the cameras. And I don't understand sort of showing up with the White House Press Pool with photographers and asking family members if you can take pictures. That's really hard for me to get my head around...It was a surprising way for the president to choose to do this.
It's not clear exactly what Cheney is referring to when she says, "Bush used to do it without the cameras."
...
[A]s CBS's Mark Knoller reported yesterday, Obama was the first president to visit arriving dead at Dover during the wars in Afghanistan or Iraq -- meaning that when it came to taking trips to Dover like Obama did yesterday morning, Bush never used to "do it" at all.
Liz Cheney Suggests Obama Honored Fallen Soldiers For The Publicity
Rep Lynne Woolsey (D-CA)--co-chair of the Congressional Progressive Caucus--said, emphatically, that when she and other liberal leaders meet with the President tonight, she wants to hear him say "that he supports a strong public option and he will take that over to the Senate." As for whether she can support the bill in the House with a somewhat weakened public option, Woolsey told me she needs to learn more.
"We're looking at what they've put in the bill to make up for it not being Medicare-plus-five, to see if it covers...our same goals," she said.
Democrats Optimistic, Progressives Coming To Terms, On Health Care Bill
The negotiated rates plan is estimated to cost about $85 billion more than the Medicare-based reimbursements. To cut the number of uninsured without surpassing the $900 billion limit set by Obama, the bill will expand eligibility for the Medicaid healthcare program for the poor. The bill will also include an income surtax on the wealthy to pay much of the cost of the plan.
Pelosi Chooses Healthcare Bill With Public Option Favored By Centrists
[T]hanks to Representatives Anna Eshoo and Joe Barton, there will be no generic versions of [biologic] drugs [that treat breast cancer and rheumatism]. At least not for 12 years, if the House health care bill announced today passes. And because of an “evergreening” clause that grants drug companies a continued monopoly if they make slight changes to the drug (like creating a once-a-day dose where the original product was three times per day), they will never become generics. Instead of the Waxman-Deal amendment that granted much more reasonable terms to biologic patent holders, Speaker Pelosi chose the Eshoo-Barton amendment. And we could all be paying for that choice for the rest of our lives.
House Health Care Bill: A Death Sentence For My Fellow Breast Cancer Survivors
House progressives put up a good fight. Indeed, it was their diligence on this specific provision that helped keep the public option alive when much of the establishment thought it was dead. But it became apparent this week that the votes weren't there for a robust public option, so House liberals are doing the right thing -- fight like hell, for as long as possible, and then go with the best bill you can pass.
Settling For Good Enough
Rep. Raul Grijalva (D-AZ)--co-chair of the Congressional Progressive Caucus--was not in attendance at today's health care bill unveiling. But his office sends over the following quote, suggesting that he plans to continue his push for a strong public option, even though the base House bill doesn't go as far as he'd like.
"I am not rolling over. I will insist on a Medicare-plus-five amendment on the Floor so that the full Caucus can vote on it. We are hopeful that the Rules Committee will allow this amendment, which has tremendous public support, to be voted on for the record."
Grijalva has been leading the charge in the House for a robust public option, suggesting that progressives might defect from the final bill if the plan isn't tied to Medicare reimbursement rates. We'll keep an eye out for his next move.
Grijalva Continues Push For Robust Public Option
The Trinity is the term employed to signify the central doctrine of the Christian religion — the truth that in the unity of the Godhead there are Three Persons, the Father, the Son, and the Holy Spirit, these Three Persons being truly distinct one from another.
Thus, in the words of the Athanasian Creed: "the Father is God, the Son is God, and the Holy Spirit is God, and yet there are not three Gods but one God." In this Trinity of Persons the Son is begotten of the Father by an eternal generation, and the Holy Spirit proceeds by an eternal procession from the Father and the Son. Yet, notwithstanding this difference as to origin, the Persons are co-eternal and co-equal: all alike are uncreated and omnipotent. This, the Church teaches, is the revelation regarding God's nature which Jesus Christ, the Son of God, came upon earth to deliver to the world: and which she proposes to man as the foundation of her whole dogmatic system.
The Dogma Of The Trinity
Free market [fundamentalism] in the US has done a great deal of damage by claiming the only ethic that matters is greed. The free market is not self regulating, the invisible hand does not always work to the benefit of society as a whole (as Adam Smith well knew), greed is not always good, and free markets naturally tend towards unfree markets in which the choice for consumers is to take what is offered or go without. (If you don’t believe me, take one of the “contracts” given to you by a big firm, and cross out the parts you disagree with, and write in your own wording. “Negotiate” with them. Let me know how it works out.)
Free markets are grand things. Every once in a while they even exist.
Consumers Can’t Choose Not to Do Business
Bob strongly supports promoting access to affordable healthcare. He believes that expanding and improving health care coverage lies in market based principles, not mandating a nationalized system that restricts choices, limits options and diminishes quality.
Governors (And Candidates) Span Spectrum On Public Option Opt-Out
Multiple sources tell TPMDC that Senate Majority Leader Harry Reid is very close to rounding up 60 members in support of a public option with an opt out clause, and are continuing to push skeptical members. But they also say that the White House is pushing back against the idea, in a bid to retain the support of Sen. Olympia Snowe (R-ME).
"They're skeptical of opt out and are generally deferential to the Snowe strategy that involves the trigger," said one source close to negotiations between the Senate and the White House. "they're certainly not calming moderates' concerns on opt out."
This new development, which casts the White House as an opponent of all but the most watered down form of public option, is likely to yield backlash from progressives, especially those in the House who have been pushing for a more maximal version of reform.
Sources: White House Pushing Back Against Senate Public Option Opt Out Compromise
Dear Congressional Leaders,
Reps. John Shadegg (R-AZ), Paul Broun (R-GA), Sue Myrick (R-NC) and Trent Franks (R-AZ) recently requested an investigation into Muslim congressional interns based on ridiculous accusations against the Council for American-Islamic Relations (CAIR), the nation's largest civil rights organization for American Muslims. It's despicable to make congressional interns targets of suspicion simply because of their religion or ethnicity. Further, the "evidence" these members cite comes from a book published by World Net Daily, which is perhaps one of the least credible media organizations in the country and routinely caters to the paranoid fantasies of some of America's most fringe elements.
This type of fear-mongering smacks of McCarthyism. I urge you to use your influence as a leader in your chamber and your party to stop any investigation which would further alienate and intimidate interns based on nothing but their religious beliefs or ethnic heritage.
PFAW: Tell congressional leadership to stand up to anti-Muslim fear-mongering
It's disgraceful. During some football game, our mascot, Goldy the Gopher, mocked a player on the opposing team who thought it was appropriate to ostentatiously kneel down and publicly pray.
Now Goldy wasn't the disgrace (I have a new-found respect for our goofy guy in a costume), nor was the young lady who came out and gave him a fist-bump afterwards. Hooray for them! The guy making a show of his piety…yeah, he's a disgrace, but he's not on the UM team. No, the real disgrace is our craven PR flacks.
Minnesota spokesman Dan Wolter says the stunt was "plainly a mistake" and the mascot didn't intend to offend anyone or trivialize religion.
I call shenanigans. He was too trying to trivialize a religious ritual (although, admittedly, he wasn't trivializing it quite as much as the clueless goon who thinks the almighty ruler of the universe will help him win a game), and we like him for it. I think it ought to be a Minnesota tradition to point and laugh loudly at any player who thinks he gets holy credit with a deity for catching a ball.
Shame On The University Of Minnesota
For the sake of argument, let's suppose that there are such things as gods.
Let's further suppose that there is one god.
Then lets suppose that this god is an entity with a personality - the sort of personality that leads him to prefer one group of humans out of all the others, help them escape from another group of people, and then help them slaughter all of their neighbors so they can have a place all their own.
It seems to me that with billions of galaxies in the universe, all of which have billions of solar systems, that this god just might be pretty busy. What do you suppose a busy, somewhat wrathful god would do for people who are always wasting his time with requests for stuff they could do on their own? [whiny voice] "Please help us get out of Egypt. Please watch over our friends and relatives, because we don't have time. Please don't let our planet burn up, because we don't want to stop emitting greenhouse gases."
Don't you think that, with perhaps millions of intelligent species to deal with, such a god might not decide that this planet needs a makeover?
Of all the suppositions I made in that argument, the one in the last paragraph is by far the least implausible.
Another God-Bothering Imbecile
From: "Dwight Pelz, Washington State Democrats"
To: Me
Subject: Re: The lies she tells...
Date: Oct 22, 2009 12:32 PM
There are 12 days left in this election, and Susan Hutchison will say anything to win.
In fact, she keeps lying to the voters in an attempt to hide her true beliefs and her right-wing ideology.
...
"I am non-partisan." The TRUTH - Hutchison has given over $15,000 to right-wing Republican candidates and causes including George W. Bush, Dino Rossi, and Mike Huckbee. There are no records of her contributing to any Democratic candidate.
On a women's right to choose - "I will uphold the law of the land" (Seattle Times 9/23/09). The TRUTH - Hutchison is on the Board of the Stewardship Foundation, a right-wing fundamentalist group that has given $425,000 to anti-choice causes since 2005. These include "crisis pregnancy centers" in Virginia and Pierce County, WA, and $105,000 to Americans United for Life, America's "oldest national pro-life organization." These organizations are trying to dismantle Roe vs. Wade.
Dave’s philosophy of giving was established early on (partly informed by his father’s disinclination to support capital projects), giving almost exclusively to organizations’ general operations. Concerned that some organizations might stray from their stated mission and goals, Dave followed his father’s encouragement, supporting operating costs rather than bricks and mortar. Part of Dave’s giving also related to his understanding of the Biblical principle of anonymity. He never allowed his name to be attached to a building or program in his lifetime, conducting philanthropy in a quiet and unassuming way.
The Stewardship Foundation: Our Founder
Discovery Institute funders, including the Maclellan Foundation in Chattanooga, Tenn., have open religious agendas. Another donor, the Stewardship Foundation of Tacoma, says it "provides resources to Christ-centered organizations whose mission is to share their faith in Jesus Christ." Its founder, the late David Weyerhaeuser, was also interested in science, [DI director Stephen] Meyer said.
Seattle's Discovery Institute Scrambling To Rebound After Intelligent-Design Ruling
And then there's Stephen C. Meyer, a Cambridge history and philosophy of science Ph.D. and anti-abortion Christian. Meyer has been described as “the person who brought ID to DI” by historian Edward Larson (who was a fellow at the Discovery Institute prior to its anti-evolutionist awakening). Seeking to institutionalize the ID movement, Meyer turned to timber-industry magnate C. Davis Weyerhaeuser, who was until his death a major funder of Christian evangelism in the United States through his Stewardship Foundation. According to Larson, Weyerhaeuser provided key “seed money” to establish the Discovery Institute's ID program.
Inferior Design
The largest individual contribution to WPAC was $20,000 from C. Davis Weyerhaeuser, a retired member of the wealthy timber industry family. The family operates the Stewardship Foundation, a charitable organization which donates to conservative Christian organizations.
The Religious Right in Washington
Children at Risk: Outreach and support of vulnerable children, protecting them from abuse and unfair treatment. Solutions and best practices which enable children to develop into the people God created them to be.
The Stewardship Foundation: Guidelines & Themes
Domestically, grants are made to agencies that have a national impact except for local agencies serving the citizens of Tacoma, Pierce County, and the Puget Sound Region.
The Stewardship Foundation: Guidelines & Themes
It has been an epic tug of war, and at times, the pro-public option side seemed on the verge of being yanked into the mud.
But in recent weeks, as the health insurance industry further disgraced itself by rolling out the big anti-reform guns, and liberal leaders in both the House and Senate made it clear that they view the public option as an essential component of reform--one that serves voters' interests, and saves money--even if the White House isn't willing to put its full weight behind the measure.
It's in that context that Pelosi is running thiis public option endgame.
At last count, she's still eight votes shy of the crucial 218 she needs to pass a robust public option plan, though key players seem to think she has momentum on her side. If she can't whip up those last eight votes she'll likely have to revert and move ahead with a more modest public option--one that negotiates rather than dictates reimbursement rates. That would disappoint reformers and progressives in her caucus. But she (and they) will be able to say she pulled out all the stops.
Speaker Pelosi Throws Down The Gauntlet For The Public Option--Will She Succeed?
With Senate Democratic leaders in intense talks over how to craft a final reform bill, the lukewarm view of the public option by many in the caucus is but one of a slew of differences Senate Majority Leader Harry Reid must try to iron out if he is to win a filibuster-proof 60 votes.
Aside from the public option, lawmakers are worried about the expansion of Medicaid coverage. The proposed expansion would add billions to already strapped state budgets and it has sent governors into a panic. Reid has carved out a five-year exclusion for his home state and other Senators, including moderate Mary Landrieu, D-La., who opposes the public option, are demanding the same treatment, which in the end will increase the cost of the bill by billions of dollars.
Concern Over Details Complicates Health Effort In Senate
The question many health reform advocates have been asking about the public option debate is “what’s the problem”??? Why isn’t the President demanding it, pushing it, selling it? Well, maybe he doesn’t want it.
Why, given strong Congressional majorities in favor of a public option, continuing strong polling support across the country, and overwhelming support from Democratic voters, is Harry Reid treating the matter as though it were a close call?
To be sure, getting 60 votes for cloture is a challenge, but that is not the same as needing 60 votes for a public option, no matter how many times the media equates the two. Only 5 or 6 Senate Democrats are even opposed in concept. Yet not one of these holdouts has publically declared that he/she would join a filibuster to keep a public option from getting a simple majority-rule vote. Sen. Harkin correctly asks, why should these five be empowered to force over fifty to give in?
Why the White House Probably Doesn’t Want a Public Option
The Beltway conventional wisdom, steeped in cynicism, is that the White House is being disingenuous when it repeatedly says the President supports a public option. WH officials claim Obama believes it is “the best way” to provide an affordable choice and reduce costs. But then why is he not working to get it adopted in the Senate, and explicitly directing his OFA troops to help that effort? Why has he ducked every opportunity to make even the logical argument that the burden is on detractors to show there’s a better measure? No one has seriously attempted such a case.
In House and Senate leadership efforts to merge their respective bills, it’s curious that no one has noticed that House Speaker Pelosi does not seem to need the White House to tell her how to merge three House bills while improving them. But apparently, Harry Reid is not capable — or cannot be trusted — to merge two Senate bills without having Rahm Emanuel, Peter Orszag and Kathleen Sebelius present every meeting.
There’s nothing wrong with the Senate consulting with the White House about what they’re willing to push and pay for. But the White House told reporters that all the key decisions would be made by Harry Reid. So why are these senior White House people, including the man who sees himself as the center of the universe, there if not to tell Harry Reid what he can and cannot decide.
Why the White House Probably Doesn’t Want a Public Option
Why should we not also believe that the White House has a deal to shield insurers from competition by preventing the creation of a public option in exchange for the insurers agreeing to reforms on guaranteed issue and limited community ratings (with the flexibility Baucus provided) and to support this framework with tv ads? (Read Ignagni’s WaPo op-ed today; while defending the PwC study, she says they made a deal, but Baucus broke it; she didn’t say the deal’s off.)
The White House isn’t taking up most of the chairs in Harry’s Reid’s meetings just to watch him make decisions on his own. They’re there to make sure Harry Reid doesn’t undo the White House deals and wander off the reservation.
This President has filled the White House with people who have no inclination to pose any major challenge to the economic power of America’s dominant financial industries (GM being an exception). We’ve already seen this in their dealings with Wall Street investment banks and their too-big-to-fail is too-big-to-challenge approach to financial regulation. We’re seeing it now with efforts to shield the major health and insurance industries from any fundamental challenge.
Sure, there are changes being offered, new regulations being proposed, and more people will be insured than before. But there is no framework being laid for a new structure for how health care is delivered and paid for in America. That is the pattern of this White House, and there is little basis to expect otherwise.
Why the White House Probably Doesn’t Want a Public Option
On Oct. 6, the Senate passed an amendment that would guarantee rape victims employed by defense contractors a chance to take their case to court. The 30 Republicans who voted against it have been vilified. (See, for example, RepublicansForRape.org.) But the Department of Defense -- and, by extension, the White House -- also opposed the amendment. Why?
...
The department argued that it and its subcontractors "may not be in a position to know about such things," i.e., whether contractors employ the mandatory arbitration clauses. "Enforcement would be problematic," the note read, because contractors may not be privy to what's in their subcontractors' contracts.
Why Did The DoD, And The White House, Oppose The Franken Rape Amendment?
Legal experts say [rape victim Jamie Lee] Jones' alleged assailants will likely never face a judge and jury, due to an enormous loophole that has effectively left contractors in Iraq beyond the reach of United States law.
"It's very troubling," said Dean John Hutson of the Franklin Pierce Law Center. "The way the law presently stands, I would say that they don't have, at least in the criminal system, the opportunity for justice."
Congressman [Ted] Poe [R-TX] says neither the departments of State nor Justice will give him answers on the status of the Jones investigation.
Asked what reasons the departments gave for the apparent slowness of the probes, Poe sounded frustrated.
"There are several, I think, their excuses, why the perpetrators haven't been prosecuted," Poe told ABC News. "But I think it is the responsibility of our government, the Justice Department and the State Department, when crimes occur against American citizens overseas in Iraq, contractors that are paid by the American public, that we pursue the criminal cases as best as we possibly can and that people are prosecuted."
Since no criminal charges have been filed, the only other option, according to Hutson, is the civil system, which is the approach that Jones is trying now. But Jones' former employer doesn't want this case to see the inside of a civil courtroom.
Victim: Gang-Rape Cover-Up by U.S., Halliburton/KBR
Talk show hosts have no legal or ethical obligation to do anything but entertain. And judging by their successes, [Rush] Limbaugh and [Glen] Beck are brilliant at their jobs. I find it mind boggling that anyone believes a TV talk host is expressing his own true views.
You could make a case that the things Limbaugh and Beck say influences the gullible masses in ways that are not helpful to society. But that's probably true of every pundit, left or right. It's a price of free speech.
Do you think that Limbaugh and Beck have the same views in private as they spray into the entertainmentsphere?
Entertainers
That question is easy: Yes of course Limbaugh and Beck express the same views in private as in public. Consistent hypocrisy demands exorbitant levels of imagination, energy, and cynicism. Much less exhausting over time simply to bring your private views into alignment with what you are paid to say in public.
Do Limbaugh and Beck Believe What They Say?
Let me put the thought experiment slightly differently however. Suppose an agent arrived in the offices of Limbaugh/Beck/Hannity/O’Reilly etc. with an offer. “I can guarantee you a deal that will pay you twice as much - bring you twice as much fame - and extend your career twice as long - if you’d say the exact opposite of what you are saying now.” Which of them would sign?
My nominations: O’Reilly accepts for sure. Beck likewise almost certainly says yes. Limbaugh would want to think it over, but would ultimately say no. Mark Levin: certainly not. Sean Hannity would need the offer explained a few times. Ann Coulter - that one puzzles me - but probably no. Roger Ailes? Do you even need to ask?
Do Limbaugh and Beck Believe What They Say?
I like this game -- and I laughed out loud at the Hannity analysis -- though I'm not sure about the conclusions. I agree that O'Reilly would gladly accept the offer. I'm less sure that Beck would take it; he seems more motivated by the voices in his head than financial rewards. I think Levin and Hannity would reject the offer, but I think the smart money is on Coulter accepting it. (Sometimes I think Coulter is actually a secret liberal doing some kind of performance art now, so the leap would be a short one.) Ailes, of course, wouldn't hesitate.
Thought Experiment Of The Day
Republican members of the Congressional Anti-Terrorism Caucus said the Council on American Islamic Relations (CAIR) have tried to plant “spies” within key national-security committees in order to shape legislative policy.
Reps. Sue Myrick (R-N.C.), John Shadegg (R-Ariz.), Paul Broun (R-Ga.) and Trent Franks (R-Ariz.), citing the book Muslim Mafia: Inside the Secret Underworld that’s Conspiring to Islamize America, called for the House sergeant at arms to investigate whether CAIR had been successful in placing interns on key panels. The lawmakers are specifically focused on the House Homeland Security Committee, Intelligence Committee and Judiciary Committee.
House Republicans accuse Muslim group of trying to plant spies
CAIR is a non-profit organization of American citizens who are Muslim and their "mission is to enhance understanding of Islam, encourage dialogue, protect civil liberties, empower American Muslims, and build coalitions that promote justice and mutual understanding." They stand accused of plotting to influence members of Congress and trying to help interns obtain positions in Congress in order to advance their political agenda. That's consistent with what virtually every political advocacy group in the nation does; it's normally called activism and democracy. But because, in this case, it's a group of Muslims who are doing this, these House Republicans are depicting it as some sort of nefarious espionage plot against the U.S. that demands a criminal investigation.
GOP House Members Call For Investigation Of Muslim Political Activity
Suhail Khan has seen this happen before. He was working as a senior political appointee for the Bush White House through Sept. 11, 2001, until this past January.
The same crowd of what he calls "professional bigots" -- people, he says, like Frank Gaffney and Dave Gaubatz -- have launched campaigns against specific Muslims working in the government, accusing them of terrorist sympathies.
The only thing different about the call by four House Republicans this week for authorities to investigate alleged "infiltration" of the Hill by Muslim interns, Khan told TPMmuckraker today, is that "they're not going after individuals by name."
Muslim Ex-Bush Official: 'Intern Spy' Hunt Threatens Careers Of Good Americans
But he holds a charitable view of the lawmakers who have launched the "intern spy" campaign.
"Some perfectly well-meaning members -- Myrick, Shadegg, Broun, and Franks, who I've met and are good people -- have been really duped by this Gaubatz character."
Muslim Ex-Bush Official: 'Intern Spy' Hunt Threatens Careers Of Good Americans
Now, this guy is a dyed in the wool Republican. He went on to rant about how Obama was making America safe for abortion on demand and wasn't keeping it safe from jihadis.
Looking Stuff Up: Even Republicans Can Do It
Here's what Rep. Sue Myrick said in 2003 about the internal Terrorist threat:
In remarks about domestic security threats, Rep. Sue Myrick of Charlotte said, "Look at who runs all the convenience stores across the country". . .
Myrick’s comments came during a speech to the conservative Heritage Foundation last week about what she called Americans’ lack of readiness to deal with future terrorist attacks. During a question-and-answer session, she spoke about danger within the country.
"You know, and this can be misconstrued, but honest to goodness (husband) Ed and I for years, for 20 years, have been saying, 'You know, look at who runs all the convenience stores across the country.' Every little town you go into, you know?" . . .
GOP House Members Call For Investigation Of Muslim Political Activity
Looking backwards, change does seem slow for the cause of justice. But if Mother Jones or Eugene Debs or Sojourner Truth or Rosa Parks or Martin Luther King or Dr. Margaret Flowers had only looked backward and minded their “Ps” and “Qs” and waited for the promised land, women would still be wearing corsets and African Americans would still be at the back of the bus. Somebody should have told Jesus to sit down and shut up. “You know Rome wasn’t built in a day and it will eventually fall. So go eat some figs. You know we can’t get rid of these guys. We don’t have the 60 votes.”
No, without people who are impatient for change and who see justice as their sole guiding light who cannot sit down and shut up, there is no justice. These people cannot “circle the wagons” or “get in line” or all those other weasel phrases that are the bleats of a patriarchal sociopathic system that is in its death throes. Management speak, weasel words and cliches are like the bleats of the dumbass dinosaurs as they sink into the tar pits. Close your ears to them and fly high.
Throwing The Game
U.S. regulators should consider breaking up large financial institutions considered “too big to fail,” former Federal Reserve Chairman Alan Greenspan said.
...
“If they’re too big to fail, they’re too big,” Greenspan said today. “In 1911 we broke up Standard Oil -- so what happened? The individual parts became more valuable than the whole. Maybe that’s what we need to do.”
Greenspan Says U.S. Should Consider Breaking Up Large Banks
While I can’t say I predicted record bonuses this year, I and many others did predict that the bailouts wouldn’t get lending going again, because it was better for banks to keep the money on hand for buyouts and leveraged games, and many of them truly are massively impaired.
In other words, that the bailouts wouldn’t do what they were sold as doing—increase lending, was predicted. Repeatedly.
Not much we can do when the people in charge don’t listen to those with track records, and deliberately hire those whose track records suck.
Perhaps Record Bonuses And No New Lending Is What Obama Wanted
The former Fed chairman said while “just really arbitrarily breaking down organizations into various different sizes” goes against his philosophical leanings, something must be done to solve the too-big-to-fail issue.
“If you don’t neutralize that, you’re going to get a moribund group of obsolescent institutions which will be a big drain on the savings of the society,” he said.
“Failure is an integral part, a necessary part of a market system,” he said. “If you start focusing on those who should be shrinking, it undermines growing standards of living and can even bring them down.”
Greenspan Says U.S. Should Consider Breaking Up Large Banks