Feeds:
Posts
Comments

Archive for the ‘George W. Bush’ Category

Simon Johnson, over at Baseline:

The reason real to worry about China, however, has very little to do with external balances, China’s dollar holdings, or even capital flows.  It’s about productivity and rent-seeking.

China mostly invests in activities that raise productivity, raising the amount of goods and services that they can produce.  This could be manufacturing or infrastructure or various kinds of services…

[C]ontrast their pattern of investment in recent years with ours.  What sector in our economy has expanded more than any other?  Where should you work if you want both the highest wages on average, potentially very big bonuses, and quasi-retirement by age 40?  Finance.

In my continuing quest to be Baseline’s Don Gifford, I think Simon is onto something, but I’m not sure he is taking it the right way. (more…)

Read Full Post »

Two American journalists working for Current TV demonstrated a rather poor sense of geography and got themselves captured on the south side of the Yalu River.  For their trouble, they won a 140-day trip through the North Korean penal system, a journey that only ended when Bill Clinton went to Pyongyang and got them out.  Best of a bad situation, right?  Wrong, according to John Bolton and the FOX News team:

No finer example of the blinkered thinking that got us into so many problems.

(more…)

Read Full Post »

Arthur Laffer has an op-ed in the Wall Street Journal discussing health care:

Implementing Mr. Obama’s reforms would literally be worse than doing nothing.

Breathtaking, really.

(more…)

Read Full Post »

The House has decided to move forward with health care reform on pace for the August recess.  It is an compelling outline, with a public option, individual and employer mandates, and sweeping restrictions on the types of insurance that can be offered.  That leaves only the small matter of who is going to pay for it:

The bill would levy a surtax starting at 1 percent on individuals earning more than $280,000, rising to 5.4 percent for those earning $1 million a year. Businesses would have to pay a tax of 8 percent of their payroll if they do not offer coverage, with an exemption for businesses with payrolls less than $250,000.

(more…)

Read Full Post »

In my sluggish attempt to read all of the Pulitzer Prize winners for General Nonfiction (damn you, Douglas Blackmon), I came across this from Norman Mailer’s The Armies of the Night.  When reading it, consider that it was written in 1968, and at that point more than half the names on Maya Lin’s wall were happy American kids with all the pleasures of life ahead of them:

Asia was best left to the Asians.  If the Communists absorbed those countries, and succeeded in building splendid nations who made the transition to technological culture without undue agony, one would be forced to applaud; it seemed evident on the face of the evidence in Vietnam, that America could not bring technology land to Asia without bankrupting itself in operations ill-conceived, poorly comprehended, and executed in waste.  But the greater likleihood was that if the Communists prevailed in Asia they would suffer in much the same fashion.  Divisions, schisms, and sects would appear.  An endless number of collisions between primitive custom and Marxist dogma, a thousand daily pulluations of intrigue, a heritage of cruelty, atrocity, and betrayal would fall upon the Communists…to leave Asia would be precisely to gain the balance of power.  The answer then was to get out, to get out any way one could.  Get out.  There was nothing to fear – perhaps there never had been.

(more…)

Read Full Post »

I was planning on ignoring the regulatory non-news that was the Obama financial regulation press conference, but it seems to have gotten so much coverage from thoughtful people (Krugman, Baseline, Rortybomb, Robert Reich) that I can’t resist.  They’re wrong, and so is the President.  Or perhaps not wrong; missing the point.

The regulatory changes come in three main flavors:

Administrative reorganization. Streamlining the number of regulators, eliminating regulatory arbitrage, creating special resolution authority for bank holding companies, etc.

Skin in the game. Requiring originators of securities to hold some portion of the resulting security.

Consumer protection. Some watchdog agency to try to standardize and idiot-proof financial products.

Deck chairs on the Titanic.

(more…)

Read Full Post »

“Attacks since 9/11″?  Did you guys get sworn into office on September 11?  Why does the clock start then?  Did Emperor Hirohito claim to be undefeated in battle after 1945?

Since Cheney does not explode with shame at the thought of criticizing someone else’s handling of national security, I can only imagine he has managed to forget the four hijackings on 9/11 – you know, the ones after the President’s Daily Brief on August 6, 2001 said that bin Laden was trying to strike the US – missing bin Laden in Afghanistan, along with the rest of the Al Qaeda and Taliban leadership, bungling the entire invasion and occupation of Iraq, getting caught completely flat-footed when a hurricane hit Louisiana, and for good measure bankrupting the country.  But apart from that, what did Bush-Cheney ever do wrong?

Read Full Post »

Sy Hersh – the guy who broke the My Lai story – is now claiming that there was/is a military unit that reported(s) directly to the Sith Lord, Dick Cheney himself:

Under President Bush’s authority, they’ve been going into countries, not talking to the ambassador or the CIA station chief, and finding people on a list and executing them and leaving. That’s been going on, in the name of all of us.

We should be so lucky.  Our guys take government missions as an opportunity to live out their James Bond fantasies and cannot even kidnap an imam without leaving traces all over the place.  Jason Bourne these guys are not:

Italian investigators say his abduction hampered an ongoing investigation into alleged terrorist links.

They managed to track down the 13 suspected agents through the Italian mobiles they used during the operation, the paper says.

The suspects are said to have used US passports to check in at several top-range hotels in Milan.

If you want crazy foreign assassinations, stick with Russia or Israel.

Read Full Post »

The John Yoo memos are being released, and not surprisingly there outrage on the left at the expansive view of Presidential power.  Wrong place to look.

George Bush often proclaimed his pride in being a wartime leader, and in this role he was, well, not good.  On his watch, we lost three thousand people, acres of lower Manhattan, and part of our own defense headquarters to nineteen men armed with boxcutters.  We then went to war with a completely prostrate country and managed to screw it up so badly that the head of the terrorist group that attacked us escaped, his deputy escaped, and even more amazingly the head of government escaped after our military sighted him but could not decide what to do.

We then invaded an entirely different country for bogus reasons, went in with too few people and insufficient armor, got stuck there, and are still looking for a path to leave even though we hanged their leader and couldn’t find any weapons of mass destruction.  This invasion caused us to forget about our first invasion – the one involving the country that harbored and sent the guys who attacked us – and the guys we didn’t catch the first time are now making a comeback.  In the meantime, they have had time and space to destabilize a neighboring country that actually does have weapons of mass destruction.  Heckuva job, Bushie…

This record of failure, however, is not what people want to talk about.  They seem more focused on legal findings such as:

The use of the military envisioned in the Yoo-Delahunty reply appears to transcend by far the stationing of troops to keep watch at streets and airports, a familiar sight in the wake of the Sept. 11 attacks. The memorandum discussed the use of military forces to carry out “raids on terrorist cells” and even seize property.

Mr. Yoo and Mr. Delahunty said that in addition, the Posse Comitatus Act, which generally bars the military from domestic law enforcement operations, would pose no obstacle to the use of troops in a domestic fight against terrorism suspects. They reasoned that the troops would be acting in a national security function, not as law enforcers.

However surprising to see written down, we should actually be happy that some arm of the Bush Administration was thinking ahead.

Why would we not use our military to fight terrorists if they entered the US?  One of the the arguments against Guantanamo is that prisoners of war should be treated as such (never mind that irregular forces fighting out of uniform are partisans and can be executed).  If Canada and the US were involved in a war (happened once already) and the Canadian army rolled quite politely through North Dakota, would we not fight back with tanks because we happened to be on US soil?  Isn’t that all the more reason to hit back with whatever tools we have at our disposal?

If I were being held hostage, I would rather the Delta Force come get me than a few weekend warriors in the local SWAT team, who may or may not once have spent a few days being trained by people who may or may not actually have served in some branch of the military.  Certainly if some act of terror were underway, or if some terrorists were on the loose and it took military assets to track them, I would rather the government achieved its goals than worried about who was deputized by whom.

Bear in mind, the current president’s hero is Abraham Lincoln.  Before the sixteenth president passed into legend, he was the guy who had Union forces invade Baltimore – which, for the record, had never seceded from the Union – and sent the mayor and police commissioner to prison for the duration of the war for no crime.  Indeed, he was the guy who went to war with the south, a set of states that made the logical argument that having preexisted the union and reserved to themselves all rights not expressly granted the union, surely that had the right to withdraw from it at will; far from listening to the argument or even considering some form of adjudication, he might well have tried to arrest the Chief Justice.

There is a monument to Lincoln today not for the strength of Lincoln’s legal justifications but because of his moral standing and his results.  It was wrong to hold a people in bondage; Lincoln stopped it.  Keeping the Confederate states kept America a massive nation and helped usher in the American century; Lincoln caused this.  If there is an option on the table that will prevent terror, take it.

Read Full Post »

With Dubya, you always wondered if the government was doing stupid stuff just because it was run by stupid people.  I don’t think he chose to sit around reading My Pet Goat while we were attacked, or decided to let New Orleans drown, or concluded that of all the options, only the TARP could work.  I got the feeling he was a dumb guy who went whichever way his closest friends went, and, by the way, that Dick Cheney was at least as dumb and only spared exposure by being such a jerk people assumed there was something they couldn’t understand.

The financial crisis lays this bare, because it is a subject that requires some real technical knowledge.  I would bet that most members of Congress cannot name the major categories of a corporate balance sheet, or why both sides must balance, or, for that matter, whether a bank deposit is an “asset” or a “liability”.  I feel very confident in the last one.

So we have Republicans ranting and raving about how some “stimulus” is not “stimulus” but “spending”, or about how something can be “work” but not a “job”, and my major reaction is that these are dumb people who at best understand one thing: they will get no credit for the success of any plan and can blame the Democrats for any failure, so there is no reason to be conciliatory.  Fine.  I get them.

What has been confusing is the Obama Administration’s ham-handed approach.  Does Obama know?  The guy was an activist, a law professor, and an elected official.  He knows something on every subject, but does he get the finance stuff?  I have tended to suspect that he doesn’t.  Nothing wrong with that, but it might explain some of the government’s irrational fear of words such as “bankruptcy,” which in common speech means the end of an enterprise but in actual fact means a rearranging of ownership among the claimants to an enterprise.

Anyway, turns out he has a damn good idea what is going on, and understands the precedents around the globe and the alternatives on offer.  And he knows the right way to do it:

http://www.calculatedriskblog.com/2009/02/obama-on-nationalization.html

Yet despite knowing the right answer, he doesn’t want to do it. This is mind-boggling.  He would go down a path, knowing it will be ineffective and unfair, instead of making the right decision, because he believes the right decision is outside of our traditions.

The only analogy that comes to mind is that at one point the Royal Navy faced the difficult decision of whether to stay with coal or convert to oil.  Oil had some obvious performance advantages – higher energy density, can be pumped in tanks instead of shoveled by massive crews, can be resupplied at sea, can easily be shifted to give better trim characteristics, does not belch as much smoke – but the major disadvantage that Great Britain is a giant lump of coal, while petroleum needed to be sourced far away from places that might not be reliable (such as the US).  Outside of geopolitical risk, the UK coal industry was naturally opposed to any switchover, as it would in time mean the end of all coal-based shipping.

Still, the Admiralty did it.  Once you have seen petroleum-powered ships up against coal-fired ships, there is a right and a wrong answer, and once you know the right answer, it is incumbent on a serious leader to do it.

Disappointing.

Read Full Post »

« Newer Posts - Older Posts »

Follow

Get every new post delivered to your Inbox.