tag:blogger.com,1999:blog-206222372024-02-27T23:34:13.523-05:00Keith's viewsPolitics, law, morality, policies, economicsKeith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.comBlogger66125tag:blogger.com,1999:blog-20622237.post-46818936625422546532016-03-28T11:11:00.001-04:002016-03-28T11:11:20.104-04:00A New Approach to Business Regulaton<div style="border: 0px; box-sizing: border-box; color: #3f4549; font-family: 'Helvetica Neue', arial, sans-serif; font-size: 15px; line-height: 21px; margin-bottom: 15px; padding: 0px;">
As a liberal Democrat, I favor regulation. But I also think business has a point when it complains about inappropriate or unreasonable regulation. Indeed, if the Democrats would better publicize the attention they pay to this complaint, they might do better at the polls. What never seems to get discussed, though, is WHY so much regulation generates complaint. Let me suggest a reason that is not ideological:</div>
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Our regulatory agencies, legally required to ensure fair comment and to provide credible studies of environmental and economic impact, now enact regulations only after a grueling and lengthy period of gestation. Once the regulation becomes final, nobody wants to go through that horrific process to make "minor" adjustments. As a result, as encumberments of the rule making process have proliferated, regulations have become rigid and too often ill-suited to a rapidly changing business environment.</div>
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There does exist a solution: the common law. The common law is a regulatory process based on brief, general regulations like the antitrust laws that inherently provides flexibility, in that judges can and do take account of changing circumstances and theories, and allow for rational and fair exceptions. Not every regulation would be improved by such a process, but many probably would be.</div>
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In this approach, agencies promulgating regulations would be allowed to write short, simple rules that set out the general idea and purpose, implementing them through case by case applications. Business would benefit in several ways. First, the thicket of regulation would be sharply cut back. Second, the regulation could be tailored to the precise circumstances of the business in question. Third, as a body of rulings developed, caselaw would provide, based on practical experience, the details that are necessary to guide business decisions. Fourth, this approach would generate far more caselaw than the present approach, providing a much richer, more complete set of guidelines. Two other possible benefits: first, this approach would greatly simplify regulation in general; second, it might also greatly reduce the requirements for providing information, while requiring the relevant information to be provided in particular enforcement actions or for particular regulatory informational purposes. </div>
Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-26758099288319065312016-03-27T18:25:00.002-04:002016-03-27T18:26:54.334-04:00A Bleak ScenarioThe first play George Bernard Shaw wrote, in 1892, was <i>Widower's Houses</i>. It sets out, with great clarity, the trap that ensnares everyone who lives in a large society (more than a few hundred souls) that does not provide a public safety net of some sort for people who cannot make an adequate living. In the play, the rich landlord of a row of execrable slum houses seeks to marry his spoiled daughter to a member of the gentry. All proceeds according to plan until the young gentleman learns that the girl's money comes from screwing rents out of the tenants. He insists that they live on his relatively meager funds alone. It transpires, however, that his funds are the interest on loans being repaid by those same rents. And as the prospective father-in-law points out, if capitalists like him don't provide slum housing, the tenants would go homeless. But if they try to fix the housing up, the tenants destroy the improvements. Consequently, everyone--tenants, landlord, lender--is trapped in a system. And all the moralizing--the landlord is greedy, the tenants are stupid and lazy, the mortgage holder is callous, etc.--is about the people trapped in the system.<br />
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What Shaw leaves unsaid, but is being said by Bernie Sanders, is that the system needs to change. In a rich society like ours, or like England at the time Shaw wrote, there is enough wealth to provide a social safety net for the worst off, so that a systemic trap need not arise.<br />
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But to get that wealth used in such a way requires a major change in the allocation of society's wealth. In the century or so since Shaw wrote, there have been two such changes. The first, consisting of Progressive, New Deal, and Great Society programs in the US, amounted to substantial reallocations of society's wealth, and resulted in tremendous economic growth through the 1970s. The second, the Reagan Revolution and the period of Republican domination of the US political process that followed, reallocated society's wealth in the other direction, back to the rich and privileged, and with the George W. Bush years and the Great Recession that capped Bush's efforts, resulted in a large economic decline.<br />
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The Republicans seeking the Presidency propose to continue the redistribution of social wealth to the rich and the privileged, although not in so many words. The Democrats both seek to reverse the direction of redistribution, but in very different ways. Bernie argues for a revolutionary leap; a change in one swoop of legislation. Hillary argues for a pragmatic program of change, necessarily gradual in nature. In World War II terms, Bernie wants to end the war with an atomic bomb; Hillary by fighting island to island until victory finally comes.<br />
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The trouble, of course, is that neither has the firepower. Bernie has no atomic bomb, just proposals. Hillary cannot guarantee any wins either; most likely, she would face the same total obstruction Obama has faced since 2010, and since even a Presidential victory and the winning of a Senate majority would not give the Democrats control of the House, the funding for any of her programs, much less Bernie's, would be up to the intransigent Republicans.<br />
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Something will change this bleak scenario, but as I write today, I don't know what.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-4545510326336237652015-11-05T10:32:00.000-05:002015-11-05T10:32:18.559-05:00Fear
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As President Obama recently said to Marilynne Robinson,
there is a spike in fear within the US right now. There seems to be widespread
disquiet even in our wealthy and sophisticated metropolises. Outside of them,
disquiet seems to have turned into outright fear, as the articles about the
early death of middle aged white men suggest. And fear seems to underlie the
mysterious appeal of the many loony and mean-minded Republican Presidential
candidates and governors. Such fearfulness, which paradoxically come at a time
of nearly unprecedented peace and well being, causes people to turn ugly and
behave exactly contrary to the moral codes of their religions. Fortunately, we
are a diverse and democratic nation. Although vicious and greedy demagogues aim
to profit by fanning fears and hatred, as in Houston, plenty of us do not let fear
shape our behavior, and we have plenty of kind, decent, and admirable leaders
in the Lincoln and FDR mode to inspire the better angels of our nature.<o:p></o:p></div>
Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-67343733501638536752015-10-20T11:00:00.000-04:002015-10-20T11:00:01.963-04:00The "base" and democracyReading and hearing TV broadcasts about Republican "base" voters has been a distressing experience. It seems to me that the "base" consists of three types of voter: the ideologue, the fearful, and the selfish. We are not dealing here with simple ignorance. Ignorant people can learn. The "base" does not seem to have that ability, because each voter type starts with a fixed point of view.<br />
<br />
The ideologue: typically, but not solely, an evangelical who responds to leaders claiming to have heard the word of God. If God spoke, then we of course must obey. There is no room for disagreement or alternative ideas; challengers to the word of God are evil, or to be charitable, just wrong. There seem to be many non-evangelicals who come to the political and public policy scene with equally firm, fixed, theoretical ideas. Once such an ideological world view exists, such people simply conform all information to the view. If, for example, one wishes to deny global warming, one simply insists that the scientists are corrupt or overlooking stuff, thereby producing false data. The denial comes first, shaping the apprehension of fact. Aspects of the ideological world view also characterize the fearful and the selfish.<br />
<br />
The fearful: the historical evidence, as reported in Daniel Pinker's book, indicates that the world has steadily gotten safer from war and other forcible attacks, and other evidence shows that people have steadily gotten safer from natural disasters, disease, and starvation. Nevertheless, it seems that many Americans are more fearful than ever before, perhaps because of the global dragnet for news that now bombards every household. Fearful people act very cruelly and inconsiderately, because they believe their survival, or that of their loved ones, depends on killing or otherwise eliminating those who they see as threatening. They also seek strongmen, often dictators or demagogues, to lead the nation out of danger. As with the ideologues, their preset ideas about danger override all other considerations, including actual fact.<br />
<br />
The selfish: perhaps few people are deeply selfish, but selfishness seems to characterize many of the billionaires and multi-millionaires who finance politics these days. These are people, like the Koch Brothers, who pursue their own immediate self interests without regard for the consequences to others. They may well adopt and believe in ideologies that justify or at least support the measures that seem in their self interest.<br />
<br />
Perhaps the people I have described do not make up a majority of the eligible voters. But they certainly seem to constitute a very large segment of those among the eligible voters who actually vote. To be sure, there are many eligible voters who take more thoughtful positions. Unfortunately, there are also many eligible voters who take no position and rarely, if ever, actually vote, or if they do vote, base their votes on tribal identification.<br />
<br />
The question this next Presidential election may decide is whether or not democracy, as wounded by the current Supreme Court, can survive these forces.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-67702563879571443122015-05-06T12:07:00.002-04:002015-05-06T13:50:43.681-04:00Giving up the vote<!--[if gte mso 9]><xml>
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When people are oppressed and hopeless they may rise up in
anger, as in the turmoil of the Industrial Revolution. But it seems that if they are nonetheless fed and entertained, as are the modern victims of political discrimination in Europe and the US, they just give up. They don't expect voting to help, and so the Democrats flounder. Why? Because the Democrats look for support from those concerned about victimization, discrimination, and governmental policies that harm the public interest. Yet those they seek to protect don't vote! They especially don't vote in off-year elections when governors, state legislators, and US Representatives are elected. Because of their concerns and orientation, the Democrats should normally win the support of most Americans, and would if they all voted. But because something like 45 to 55% of registered voters don't bother to vote in off-year elections, and 40% don't even vote in Presidential election years, Democrats struggle to win half the votes of those who do go to the polls. And they are floundering in that struggle because they don't command the financial resources of the Republicans, they don't have the support of the most influential media, and they have proven themselves remarkably inept at communication.</div>
Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-5914856654017929202015-04-29T09:56:00.002-04:002015-04-29T09:56:53.033-04:00Why I Don't Contribute to the NY Public Library<span style="font-family: ArialMT; font-size: 14px;"><br /></span>
<span style="font-family: ArialMT; font-size: 14px;">Dear Ms. Butler,</span><br />
<div class="" style="font-family: ArialMT; font-size: 14px;">
I don’t know if I am writing to you, or a publicist for NYPL, or an underpaid staffer, but in any case I will tell you why, although I am most grateful to the library for its wonderful collection and the research I was able to do there, formerly donated substantially, and thanked the library in the preface to the resulting book (The Origins of Business, Money, and Market, 2011), I no longer give money. The reason is quite simple.</div>
<div class="" style="font-family: ArialMT; font-size: 14px;">
<br class="" /></div>
<div class="" style="font-family: ArialMT; font-size: 14px;">
Serving as the titular head of the library is a great honor, extended only to those who have been financially successful—as they must be to raise the huge sums necessary for the library and as anyone can see by looking at who those people have been. So I fully expected that the wealthy people who received this honor, and who then sought contributions from the rest of us, would be taking a modest salary—not trivial, because that would be demeaning, but not extremely large: they don’t actually need it, and their plea for funds from the public is usually based on the library’s serious want of same. So when I discovered that the salary being paid to the head of the library was well over a million dollars a year, I realized that the thousand or so dollars I could contribute was actually being used to pay this person far more money than I thought made any sense. Accordingly, I have not contributed to the library for a number of years, and have no intention of doing so until I learn that, as for the great Mr. Gregorian in former days, the leader’s compensation has returned to saner levels.</div>
<div class="" style="font-family: ArialMT; font-size: 14px;">
Keith Roberts</div>
Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-81255687125853777432014-04-03T06:27:00.001-04:002014-04-03T06:27:49.131-04:00US Oligarchy<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The news yesterday carried two unrelated articles that tell the current political story very clearly. One is about how corporate lobbyists have so thoroughly killed Republican Congressman Dave Camp's tax reform bill that the Congressman will not run again for his House seat, even though he holds the important position of chairing the tax writing committee. The second is about the Supreme Court's decision in a <span class="Apple-style-span" style="color: #333333; font-size: 16px; line-height: 23px;">case,</span></span><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 16px; line-height: 23px;"> </span><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 16px; line-height: 23px;"><a href="http://www.supremecourt.gov/opinions/13pdf/12-536_e1pf.pdf" style="color: #326891; text-decoration: underline;">McCutcheon v. Federal Election Commission, No. 12-536</a></span><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 16px; line-height: 23px;">, </span><span class="Apple-style-span" style="color: #333333; font-size: 16px; line-height: 23px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">that holds unconstitutional any limit on the total amount of money that a person can contribute to political candidates or entities.</span></span><br />
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<span class="Apple-style-span" style="color: #333333; font-size: 16px; line-height: 23px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">In other words, we now live in an oligarchy of the wealthy, in which politics (and judges) are completely controlled by those who can and do provide unlimited funding. They will control, for their own benefit, decisions on all important public issues, from climate change to war. Citizens, even those who by normal standards would be regarded as wealthy, no longer have a realistic voice in their own political destiny.</span></span><br />
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<span class="Apple-style-span" style="color: #333333; font-size: 16px; line-height: 23px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The implications are not entirely terrible. After all, some of the most successful societies in history have been ruled in this way. Think ancient Athens, Republican Rome, and Great Britain between the Act of Settlement in 1701 and the 1st World War. </span></span><br />
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<span class="Apple-style-span" style="color: #333333; font-size: 16px; line-height: 23px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">More ominously, though, we now live in a world where the fortunes of these oligarchs are no longer tied to the conditions and destinies of the countries in which they live. If </span></span><span class="Apple-style-span" style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 23px;">the US declines as its middle class shrinks, while</span><span class="Apple-style-span" style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 23px;"> certain other countries flourish, the American oligarchs will not be much affected. And if worse comes to worst and social revolution breaks out, they will--like the bin Laden family on September 12, 2001--simply flee to places abroad. </span><span class="Apple-style-span" style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 23px;">Basically, they don't have much stake in the national destiny.</span><br />
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<span class="Apple-style-span" style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 23px;">This leaves the US in a position identical with traditional colonial possessions. The mother country could exploit the possession quite ruthlessly, because its authorities had little stake in the colony's well-being, and returned as little benefit as was absolutely necessary to the exploited territory. </span>Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-55250213705099975722013-12-20T15:10:00.002-05:002013-12-20T15:10:24.463-05:00Response to Timothy Egan's op ed 12/20/13We liberals do no service by denying that many of those who need public assistance fail to help themselves and appear to be moochers. The self-righteous right, the smug who have enjoyed good luck all their lives, and many poor or lower middle class people who observe the homeless and the out of work up close, are responding to a highly visible reality. What is lacking, though, is an explanation. Why would homeless people spend their days onerously picking up tin cans, sitting in the cold or the heat to beg, living in proximity to psychopaths and other dangerous people, and subjecting themselves, their pets, and their children to filth, bureaucracy, public contempt, and deprivation? Calling them moochers (and worse) assumes that they are rational people who lack the moral fibre to act in their own interest, much less the community's. Yet as I understand it, many of the people on public assistance are either there temporarily due to misfortunes beyond their control, or because their minds lack the internal structures and capabilities necessary to function in our modern urban society. We act as if they stupidly and irrationally choose their misery. In reality, such people are the exception, not the rule.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-89711426377278705542013-11-08T12:25:00.001-05:002013-11-08T12:25:10.211-05:00The Trolley Car Dilemma is False<span style="font-family: Arial; font-size: 24px; orphans: 2; widows: 2;">I was reading a review in the recent NYRB of a book by the man who invented the "trolley problem," Joshua Greene, which shows that many people refuse to kill one man, even though it would save 5 people. </span><span style="font-family: Arial; font-size: 24px; orphans: 2; widows: 2;">A runaway trolley car containing 5 passengers can be diverted if you push a man off a bridge into its path. If you don't do that, the car will crash and kill the passengers. What do you do?</span><span style="font-family: Arial; font-size: 24px; orphans: 2; widows: 2;"> </span><br />
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<span style="font-family: Arial; font-size: 24px; orphans: 2; text-align: -webkit-auto; widows: 2;">The "trolley car" problem has become a widely used thought experiment in philosophy classes. For example, Michael Sandel starts his MOOC course on justice with it. Greene talks about the psychological difference between active agency and passivity. But I think the setup is falsely rigged. The problem presents the deaths as a certainty, a "fact." But anyone in the position of the man who has to kill to save the 5 would not see it as a certainty, but just as a possibility. Consequently, the trolley problem poses a false dilemma. </span>Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-32091059753550032872013-10-08T11:04:00.000-04:002013-10-08T11:04:01.249-04:00Koch Brothers and Debt CrisisI am responsible for managing a substantial investment portfolio, and consequently have been watching the government shutdown/debt ceiling discussions with considerable care. As early as late June I was turning some of that portfolio into cash (prematurely, as it happened), out of fear that the Republican radicals would shut down the government and cause a default on the debt, with virtually incalculably bad consequences for the country and the world, as well as the markets.<br />
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Noting that the stock market did not seem to share my concern I kept wondering why, and exploring all the possible reasons. The most plausible was that Bernanke's warning of the end of stimulus had caused bonds to drop in value, sending a lot of cash into the stock market seeking returns, while during the summer there were no significant new threats looming, China's slowdown seemed to have halted, and the European economy was gradually improving.<br />
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Last week John Boehner stated unequivocally that he would not allow a debt default to happen. I regarded this as a major turning point, because I thought Boehner could not say this without having some reason to believe that the crisis was in the process of resolution. I therefore put some of my cash back into the market. But over the weekend he seemed to reverse course, putting forward a new series of demands, and Eric Cantor voiced confidence that the Republican demands would be met. This made me think that Boehner is not as disciplined in his comments as one might expect of someone in his position.<br />
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Over the weekend there was another development, at least for me. A NY Times report detailed the long planning for this "crisis" on the part of the Koch brothers and similarly loony Republican billionaires. I had long thought that discussions of the Tea Party positions were deficient in leaving the money out of the equation and focusing only on the ideology of the radicals, since it was the money that gave them their teeth, convincing saner Republicans that they would lose their jobs if they did not hew the radical line. This article not only confirmed that view, but explained some of the more mystifying sideshows, such as the recently surfaced demand that to lift the debt ceiling Obama had to approve the Keystone pipeline, which the article said was 20% owned by Koch Industries.<br />
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My bottom line conclusion for the moment, therefore, is that the billionaires are running the show for the radicals, and dictating Boehner's positions. If so, then I return to a more optimistic view because despite their vicious and repellent views, these people are not actually crazy. They are excellent bluffers, and I believe they are running out a strong bluff here. Then they'll fold, because defaulting on the debt will be ruinous for them and they know it.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-55199594512880217012013-07-12T10:33:00.003-04:002013-07-12T10:33:39.248-04:00Recent NYT Comments<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">The Republican case against immigration reform rests, I think, on an unstated but very tenable premise: that as in the days of Jim Crow, voter suppression works, and will keep whites a majority of the voting population indefinitely. Voter ID laws are just the start of it. The nullification of rights is an old right wing game, as the abortion battles show they are terrific at it, and it works.</span><br />
<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">--7/11 2:39 pm in response to op ed by Ross Douthat, "Rubio-Schumer and the Republican Future"</span><br />
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<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">In describing Justice Ginsberg as clear-eyed and realistic, Greenhouse puts her finger on the Court majority's current modus operandi: to elevate form over reality. The very clever Chief Justice (no relation) has neatly turned our Constitutional rights to equal protection and due process into safe harbors for the nullification of those rights in actual practice. The practice of Republican-controlled states is to demolish minority voting rights with laws framed as equal, but aimed at particular targets, like Anatole France's observation that a law equally prohibited both rich and poor from sleeping under the bridges of Paris. Roberts has ratified those practices. The law once prohibited corporate campaign contributions. But Roberts found this an unjustifiable impingement on the "equal" free speech rights of corporations and other organizations. Now we have corrupted elections at every turn. And so forth. Never in human history has a court wreaked so much damage on a successful political system as has the Supreme Court left to us by the Bush family.</span><br />
<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">--7/11 4:29 pm in response to op ed by Linda Greenhouse, "The Cost of Compromise"</span><br />
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<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">Egypt, like Pakistan, most of Africa, and many Middle Eastern and Asian countries is mired in an eternal succession of thieving elites. As long as the elites see less to gain from creating an economically and socially viable state than from using power to line their family pockets and destroy opponents, the turnover will continue. Moreover, they have perfected the art of fleecing the Americans, who now provide most of the assets that they steal. The only thing we can do to end this misery is to support those who are actually honest, have some concept of the public good, and seem competent. Absent such people, we should do as little as possible. </span></div>
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<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">--7/8 4:36 pm in response to op ed by Ed Husain, "How Not to Become the Next Pakistan."</span></div>
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<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">As a lawyer I am less interested in who wins or loses a Supreme Court case than in the reasoning and law that leads to the decision. People commonly ascribe results to the personal views of the justices, but the results should be the outcome of an honest process of legal reasoning, not preordained by judges' personal preferences. When the latter happens, lawyers regard the process as intellectually corrupt.<br /> In the decisions of the last two days, we have seen examples of both genuine legal reasoning, and intellectual corruption. A pattern has now become clear. Normally, the court's decisions are based on legal reasoning, but when it comes to cases that involve the fundamental structure of our democracy the conservative majority seems to privilege personal preference. We have seen that in Bush v. Gore, in Citizens United, and now in the Voting Rights case. In all these cases, the court has departed from usual practice and precedent in pursuit of decisions pleasing to the conservative majority. In doing so, it has sanctioned the free use of chicanery and money to restructure the Constitution's representative democracy into something that may soon approach an oligarchy. It is that corrupt process, and those devastating results that we must mourn.</span><br />
<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">--6/26 12:46 pm in response to "Supreme Court Bolsters Gay Marriage with Two Major Rulings"</span><br />
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<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">The collection of big data by the NSA is not yet a Star Chamber. We need this information for security in the modern world, and until it leads to the punishment of people without according them the full range of constitutional protections, I cannot see the actual harm of it. I think that both Snowden and the security apparatus have behaved reprehensibly. Snowden broke the law, violated his promises, and cozied up to our fiercest rivals, but at least he has launched a valuable debate and exposed the overly compliant FISA court, which has apparently never turning down a security request. The security people, on the other hand, have gone over the top in claiming that the disclosures injure US safety (not clear how), and their fear of daylight reminds one of George Orwell.</span><br />
<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;">--6/28 2:46 pm in response to Roger Cohen, "The Service of Snowden"</span><br />
<span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 13px; line-height: 17px;"><br /></span>Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-36294451809913499252013-04-09T14:20:00.000-04:002013-04-09T14:20:18.604-04:00Joe McCray's response to America's Innovation by Design Article
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<br />
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<span style="font-family: "Bookman Old Style";">April 2, 2013<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Algerian; font-size: 18.0pt; line-height: 115%;">AMERICAN
INNOVATION<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Algerian; font-size: 18.0pt; line-height: 115%;">-REALLY?- <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Palatino Linotype";"><span style="mso-tab-count: 1;"> </span>My friend and long ago law partner,
Keith Roberts, has published a thesis congratulating American capitalism on the
advancements its technological innovations have brought to mankind.<span style="mso-spacerun: yes;"> </span>Not withstanding the ease and lucidity of
the piece, it is just plain wrong. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Palatino Linotype";"><span style="mso-tab-count: 1;"> </span>I will approach this on a <i style="mso-bidi-font-style: normal;">seriatim</i> basis.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Palatino Linotype";"><span style="mso-tab-count: 1;"> </span>If Americans have creativity and
invention written into their DNA, then that is because the natives of the
countries that settled here shared that DNA.<span style="mso-spacerun: yes;">
</span>Open land, a tolerance for larceny and a paucity of law enforcement are
more likely explanations for the economic growth of the nation in its early
years and well into the Nineteenth Century.<span style="mso-spacerun: yes;">
</span>A peculiar strand that could be identified as American – democracy- often
stood in the way of the reckless and the savage.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Palatino Linotype";"><span style="mso-tab-count: 1;"> </span>This country’s “troubles of recent
years” were and remain a consequence of the same larcenous tendencies
manifested in the ruthless tactics of monopoly building, getting ahead by
crushing others and extracting value from cheap labor. The only innovation
involved in that “trouble” was camouflaging lies and making money from it.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: "Palatino Linotype";">It
cannot be seriously claimed that the American education system is or has been
robust for many of the last forty years.<span style="mso-spacerun: yes;">
</span><span style="mso-spacerun: yes;"> </span>Can a system that produces a
higher rate of illiteracy than any other industrialized nation be called
“robust”?<span style="mso-spacerun: yes;"> </span>Should we take pride in an
educational system that produces members of Congress that believe the universe
was created in a matter of days and only a few thousand years ago; that deny
evolution; that insist that dumping hundreds of tons of carbon derivatives into
the atmosphere everyday carries no adverse consequence for the planet?<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: "Palatino Linotype";">As
for marketing and financing, there is little doubt that the American experience
has produced new forms, but there is doubt as to whether those forms have
contributed to a healthy, if robust, economy and society.<span style="mso-spacerun: yes;"> </span>Marketing the “cornucopia” of goods to
Americans is fraught with fraud, i.e. misrepresentations and undisclosed
dangers.<span style="mso-spacerun: yes;"> </span>Attempts to ameliorate the
dangers inherent in such marketing have been opposed mightily, ruthlessly and
legally. The claim is that freedom to lie about one’s product is protected by
the First Amendment to the United States Constitution.<span style="mso-spacerun: yes;"> </span>One need only understand that truly native
genius involved in marketing cigarettes to conclude that American innovation in
marketing is probably not a good thing.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: "Palatino Linotype";">As
for financing:<span style="mso-spacerun: yes;"> </span>banks and their endlessly
varied progeny have combined regularly for nearly three centuries to destroy
the economic lives of millions.<span style="mso-spacerun: yes;"> </span>This
last disaster (that is to say, most recent) demonstrated to anyone paying
attention that the American financial system is as dangerous to all of us as a
trainload of nuclear waste.<span style="mso-spacerun: yes;"> </span>If “robust”
is the same thing as a system that permits its participants to wreak havoc and
then take home outrageously large paychecks, then “robust” is not something to
be real happy about.<span style="mso-spacerun: yes;"> </span>Across-the-board
rewarding of abject incompetence is hard to justify. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: "Palatino Linotype";">The
design innovations that inspire Mr. Roberts’ enthusiasm, to the extent they are
really American, are, upon close inspection, revealed to be unworthy.<span style="mso-spacerun: yes;"> </span>Carbon fuels have been with us for more than
a century.<span style="mso-spacerun: yes;"> </span>Somewhere shortly after the
end of World War II, there was a general awareness that petroleum was power,
let alone untold wealth.<span style="mso-spacerun: yes;"> </span>Our
manufacturing leaders made vehicles that required the use of petroleum products
and, until 1970, took no steps to improve the fuel efficiency of its products –
even in the face of competition of small cars from Japan.<span style="mso-spacerun: yes;"> </span>American auto manufacturers failed to make
any serious effort to replace the gasoline or diesel fueled internal combustion
engine until California and the Federal Governments began to require those
efforts. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: "Palatino Linotype";">Innovations
that we, as a society, require for our own “robustness” are not the subject of
capitalist enterprise.<span style="mso-spacerun: yes;"> </span>Rather,
innovations that return wealth to the wealthy proliferate. Overarching those
efforts is the ongoing search of American capital for means to avoid paying
labor the value it produces.<span style="mso-spacerun: yes;"> </span>The most
destructive of the creative and innovative devices in recent years has been the
evisceration of the American producing class by shipping jobs to overseas
locations.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: "Palatino Linotype";">While
it is with a great deal of affection that I celebrate my former partner’s
celebration of American capital over a libation or two, I can’t, in conscious
permit it to go unscathed by truth. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Palatino Linotype";"><o:p> --Joe McCray</o:p></span><span class="Apple-style-span" style="font-family: 'Palatino Linotype';"> </span></div>
<!--EndFragment-->Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-47086698008938740072013-04-09T14:14:00.000-04:002013-04-09T14:14:11.235-04:00America's Innovation by Design, Project Syndicate March 14, 2013<br />
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<a href="http://www.project-syndicate.org/contributor/keith-roberts" itemprop="name" rel="author" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; font-style: italic; font: normal normal 400 12px/normal Georgia, 'Times New Roman', Times, serif; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">Keith Roberts</a></h2>
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Keith Roberts is the author of <i>The Origins of Business, Money, and Markets</i>and the incoming chairman of the Lawyers Conference of the American Bar Association's Judicial Division.</div>
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<time datetime="2013-03-14T19:20Z" itemprop="datePublished" pubdate="pubdate" style="color: #414142; display: block; font: normal normal 400 11px/normal Verdana, Arial, Helvetica, sans-serif; margin-bottom: 10px; padding-left: 0px;">Mar. 14, 2013</time><a href="http://www.project-syndicate.org/online-commentary/america-s-leading-global-role-in-technological-innovation-by-keith-roberts#email_to_friend" rel="email_friend" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; font: normal normal 400 11px/normal Verdana, Arial, Helvetica, sans-serif; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">Email</a> | <a href="http://www.project-syndicate.org/print/america-s-leading-global-role-in-technological-innovation-by-keith-roberts" rel="nofollow" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; font: normal normal 400 11px/normal Verdana, Arial, Helvetica, sans-serif; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" target="_blank">Print</a><ul class="languages" style="background-color: white; list-style-image: initial; list-style-position: initial; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 15px;">
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NEW YORK – Born at the dawn of the Industrial Revolution, the United States has creativity and invention written into its DNA. By emphasizing economic freedom and individual achievement, the US has fostered a strong entrepreneurial culture. And, by marketing cutting-edge technologies, financing their development, and purchasing them, Americans consistently transform innovation into economic growth.</div>
<figure class="rel_image" style="float: left; height: 165px; margin-bottom: 30px; margin-left: 0px; margin-right: 10px; margin-top: 15px; position: relative; width: 220px;"><a href="http://www.project-syndicate.org/default/library/f2c97ca9d7ad7220834007b9d2a10916.jpg" rel="img_popup" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; display: block; outline-color: initial; outline-style: none; outline-width: initial; position: absolute; text-decoration: none; z-index: 90;"><img alt="This illustration is by Paul Lachine and comes from <a href="http://www.newsart.com">NewsArt.com</a>, and is the property of the NewsArt organization and of its artist. Reproducing this image is a violation of copyright law." height="165" src="http://www.project-syndicate.org/default/library/f2c97ca9d7ad7220834007b9d2a10916.portrait.jpg" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; outline-color: initial; outline-style: none; outline-width: initial;" width="220" /></a><figcaption style="color: #adadad; height: 17px; max-width: 220px; overflow-x: hidden; overflow-y: hidden; position: relative; text-align: right; top: 170px;">Illustration by Paul Lachine</figcaption></figure><div data-line-id="66c0260446f86f1811d5ae42" style="font-size: 12px; line-height: 19px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 5px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative;">
Indeed, despite the US economy’s troubles in recent years, its educational, marketing, and financing capabilities remain robust. As developing and advanced countries alike clamor to increase their share of innovation-driven economic growth, the US has already established the necessary institutions – and a solid lead.</div>
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Before the Industrial Revolution, global economic growth was gradual and intermittent, depending on population growth, the discovery of treasure, and unexpected technological advances. But, as traditional cost structures and production techniques yielded to mechanization and vast economies of scale, consumers gained access to a cornucopia of new (or newly affordable) goods.</div>
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When manufacturing and trade replaced agriculture and household labor as the dominant economic activities, technological innovation became commercially and militarily vital. The US, Europe, and Japan established national innovation infrastructures, comprising government research entities, scientific institutes, research and development laboratories, and technologically oriented universities, night schools, and vocational schools.</div>
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During World War II, the US pulled ahead, becoming the global leader in innovation. While its predominance has waned since then, owing to heavy investment in technological infrastructure elsewhere, it remains on top.</div>
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America’s global reputation for technological prowess draws talent from all over the world. In 2008, foreign nationals accounted for a majority of US Patent and Trademark Office filings. In 2011, US nationals were responsible for 48.4% of filings.</div>
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America’s higher-education system has given individuals the ability and drive to innovate. According to one <a href="http://www.arwu.org/FieldENG2010.jsp" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" target="_blank">well-known survey</a>, the top 15 universities in engineering, technology, and computer sciences (measured by awards and research output) are in the US. In fact, America boasts 20 of the top 25 technical universities, 52 of the top 100, and 154 of the top 500 universities – almost as many as Japan, Germany, the United Kingdom, France, China, and India combined.</div>
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Moreover, the US accounts for 26% of college-educated adults worldwide – as many as China, India, and Russia combined. According to the Center for Measuring University Performance, more than 700 US universities conduct research.</div>
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Support for education and research extends beyond universities. The US accounts for nearly one-third of global R&D spending – 2.6 times China’s share – including 37% of global R&D spending in the energy sector, 49.7% in life sciences, 58% in information and communication technologies, and 27.5% in chemicals and materials. In 2012, spending in the US on aerospace and defense R&D was almost 3.5 times higher than in all other countries combined. While the US does not dominate every field, it remains the world’s principal source of technological innovation overall.</div>
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Given the opportunities that America’s embrace of innovation implies, more than two-thirds of the foreign science and engineering students who study in the US remain for at least ten years after graduation. And the US has not only translated education into innovation; it has converted innovation into economic growth.</div>
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The first step in that process is marketing, which maximizes the commercial viability of innovative technologies by stimulating desire for them. Marketing communicates value and appeal to potential buyers, while reducing barriers to sale.</div>
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US business schools – which emphasize marketing in their curricula – dominate international rankings. For example, they filled eight of the top ten positions in the<em>Financial Times' </em>2011 rankings. Long the world’s largest marketplace, the US boasts more retailers, advertising agencies, and promotional communications than any other country – evidence that its capacity to stimulate desire for innovation remains strong.</div>
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The second step of the process is financing – giving individuals the purchasing power to innovate, and to consume innovative technologies. This occurs largely through credit (purchasing power in exchange for the promise of repayment). Formerly limited to wealthy individuals and established firms, credit has become pervasive – especially in the US, where nearly all consumers have credit cards, venture capital funds vie to sponsor innovation, and robust securities markets allocate savings to new projects.</div>
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Given its well-developed financial system, which includes by far the largest number of commercial banks worldwide, America is well positioned to continue to provide the needed purchasing power to support innovation. For example, US-based private equity/venture-capital firms raised $548 billion for investment purposes in 2003-2008 (excluding government funds) – more than double the rest of the world’s combined total of $251 billion.</div>
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In addition, the value of stocks and bonds on US securities markets totaled $67 trillion at the end of 2010, compared to $63 trillion in Europe and only $16 trillion in China. Indeed, despite recent excesses, the US financial sector remains among the world’s most accessible sources of purchasing power for both innovative technological ventures and consumer purchases.</div>
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By far the world leader in higher education, research and development, marketing, and finance, America maintains a strong capacity to translate technological innovation into economic growth. In an uncertain economic environment, US policymakers must protect and build upon one of their country’s most valuable assets – and its institutional underpinnings.</div>
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<span class="ra1-pw-alone-button ra1-pw-button-small pw-widget-ln-twitter-16 ra1-pw-counter-horizontal" style="display: inline-block; font-size: 12px !important; line-height: 12px !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 10px; padding-top: 0px; vertical-align: top;"><span class="ra1-pw-originalbuttons ra1-pw-button-twitter" style="cursor: pointer; display: inline-block; margin-right: 6px; vertical-align: top;"><a class="ra1-pw-ln-twitter" href="" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; height: 16px; line-height: 16px; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;"><i class="ra1-pw-icon ra1-pw-icon-twitter" style="background-attachment: initial !important; background-clip: initial !important; background-color: initial !important; background-image: url(http://i.po.st/static/img/set-16.png); background-origin: initial !important; background-position: 0px 0px !important; background-repeat: no-repeat no-repeat; border-bottom-style: none !important; border-color: initial !important; border-left-style: none !important; border-right-style: none !important; border-top-style: none !important; border-width: initial !important; cursor: pointer; display: inline-block !important; font-size: 1px; height: 16px; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; text-decoration: none; vertical-align: top; width: 16px;"></i></a></span><b class="ra1-pw-count" style="background-color: white; border-bottom-color: rgb(204, 204, 204) !important; border-bottom-left-radius: 3px; border-bottom-right-radius: 3px; border-bottom-style: solid !important; border-bottom-width: 1px !important; border-left-color: rgb(204, 204, 204) !important; border-left-style: solid !important; border-left-width: 1px !important; border-right-color: rgb(204, 204, 204) !important; border-right-style: solid !important; border-right-width: 1px !important; border-top-color: rgb(204, 204, 204) !important; border-top-left-radius: 3px; border-top-right-radius: 3px; border-top-style: solid !important; border-top-width: 1px !important; color: rgb(102, 102, 102) !important; display: inline-block; font-weight: normal !important; font: normal normal normal 8px/14px Verdana, Tahoma !important; line-height: 18px !important; margin-bottom: 0px; margin-left: 0px; margin-right: 5px; margin-top: 0px; min-width: 1px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative !important; text-align: center; text-decoration: none; vertical-align: top;"><span style="display: inline-block; font: normal normal normal 10px/18px Verdana, Tahoma !important; line-height: 18px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 18px; min-width: 10px; padding-bottom: 0px; padding-left: 3px; padding-right: 3px; padding-top: 0px; text-align: center; vertical-align: top;">11</span><i class="ra1-pw-count-brd" style="background-image: url(http://i.po.st/static/img/ra1-icoset.png); background-position: -98px 0px; bottom: auto; font-size: 1px; height: 8px; left: -7px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; position: absolute; top: 6px; width: 7px;"></i></b></span></div>
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<span class="ra1-pw-alone-button ra1-pw-button-small pw-widget-ln-googleplus-16 ra1-pw-counter-horizontal" style="display: inline-block; font-size: 12px !important; line-height: 12px !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 10px; padding-top: 0px; vertical-align: top;"><span class="ra1-pw-originalbuttons ra1-pw-button-googleplus" style="cursor: pointer; display: inline-block; margin-right: 6px; vertical-align: top;"><a class="ra1-pw-ln-googleplus" href="" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; height: 16px; line-height: 16px; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;"><i class="ra1-pw-icon ra1-pw-icon-googleplus" style="background-attachment: initial !important; background-clip: initial !important; background-color: initial !important; background-image: url(http://i.po.st/static/img/set-16.png); background-origin: initial !important; background-position: -244px 0px !important; background-repeat: no-repeat no-repeat; border-bottom-style: none !important; border-color: initial !important; border-left-style: none !important; border-right-style: none !important; border-top-style: none !important; border-width: initial !important; cursor: pointer; display: inline-block !important; font-size: 1px; height: 16px; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; text-decoration: none; vertical-align: top; width: 16px;"></i></a></span><b class="ra1-pw-count" style="background-color: white; border-bottom-color: rgb(204, 204, 204) !important; border-bottom-left-radius: 3px; border-bottom-right-radius: 3px; border-bottom-style: solid !important; border-bottom-width: 1px !important; border-left-color: rgb(204, 204, 204) !important; border-left-style: solid !important; border-left-width: 1px !important; border-right-color: rgb(204, 204, 204) !important; border-right-style: solid !important; border-right-width: 1px !important; border-top-color: rgb(204, 204, 204) !important; border-top-left-radius: 3px; border-top-right-radius: 3px; border-top-style: solid !important; border-top-width: 1px !important; color: rgb(102, 102, 102) !important; display: inline-block; font-weight: normal !important; font: normal normal normal 8px/14px Verdana, Tahoma !important; line-height: 18px !important; margin-bottom: 0px; margin-left: 0px; margin-right: 5px; margin-top: 0px; min-width: 1px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative !important; text-align: center; text-decoration: none; vertical-align: top;"><span style="display: inline-block; font: normal normal normal 10px/18px Verdana, Tahoma !important; line-height: 18px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 18px; min-width: 10px; padding-bottom: 0px; padding-left: 3px; padding-right: 3px; padding-top: 0px; text-align: center; vertical-align: top;">0</span><i class="ra1-pw-count-brd" style="background-image: url(http://i.po.st/static/img/ra1-icoset.png); background-position: -98px 0px; bottom: auto; font-size: 1px; height: 8px; left: -7px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; position: absolute; top: 6px; width: 7px;"></i></b></span></div>
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<span class="ra1-pw-alone-button ra1-pw-button-small pw-widget-ln-linkedin-16 ra1-pw-counter-horizontal" style="display: inline-block; font-size: 12px !important; line-height: 12px !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 10px; padding-top: 0px; vertical-align: top;"><span class="ra1-pw-originalbuttons ra1-pw-button-linkedin" style="cursor: pointer; display: inline-block; margin-right: 6px; vertical-align: top;"><a class="ra1-pw-ln-linkedin" href="" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; height: 16px; line-height: 16px; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;"><i class="ra1-pw-icon ra1-pw-icon-linkedin" style="background-attachment: initial !important; background-clip: initial !important; background-color: initial !important; background-image: url(http://i.po.st/static/img/set-16.png); background-origin: initial !important; background-position: -122px 0px !important; background-repeat: no-repeat no-repeat; border-bottom-style: none !important; border-color: initial !important; border-left-style: none !important; border-right-style: none !important; border-top-style: none !important; border-width: initial !important; cursor: pointer; display: inline-block !important; font-size: 1px; height: 16px; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; text-decoration: none; vertical-align: top; width: 16px;"></i></a></span><b class="ra1-pw-count" style="background-color: white; border-bottom-color: rgb(204, 204, 204) !important; border-bottom-left-radius: 3px; border-bottom-right-radius: 3px; border-bottom-style: solid !important; border-bottom-width: 1px !important; border-left-color: rgb(204, 204, 204) !important; border-left-style: solid !important; border-left-width: 1px !important; border-right-color: rgb(204, 204, 204) !important; border-right-style: solid !important; border-right-width: 1px !important; border-top-color: rgb(204, 204, 204) !important; border-top-left-radius: 3px; border-top-right-radius: 3px; border-top-style: solid !important; border-top-width: 1px !important; color: rgb(102, 102, 102) !important; display: inline-block; font-weight: normal !important; font: normal normal normal 8px/14px Verdana, Tahoma !important; line-height: 18px !important; margin-bottom: 0px; margin-left: 0px; margin-right: 5px; margin-top: 0px; min-width: 1px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative !important; text-align: center; text-decoration: none; vertical-align: top;"><span style="display: inline-block; font: normal normal normal 10px/18px Verdana, Tahoma !important; line-height: 18px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 18px; min-width: 10px; padding-bottom: 0px; padding-left: 3px; padding-right: 3px; padding-top: 0px; text-align: center; vertical-align: top;">6</span><i class="ra1-pw-count-brd" style="background-image: url(http://i.po.st/static/img/ra1-icoset.png); background-position: -98px 0px; bottom: auto; font-size: 1px; height: 8px; left: -7px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; position: absolute; top: 6px; width: 7px;"></i></b></span></div>
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NEW YORK – A Chinese patrol vessel’s attack on a Vietnamese fishing boat last week is just the latest incident demonstrating Asia’s urgent n…</div>
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LONDON – The euro crisis is not yet over. After months of relative calm in the eurozone, financial markets are again gripped by uncertainty,…</div>
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BEIJING – South African President Jacob Zuma’s warning to Western corporations to change their neocolonial attitudes toward Africa or risk l…</div>
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NEW YORK – Born at the dawn of the Industrial Revolution, the United States has creativity and invention written into its DNA. By emphasizin…</div>
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LOS ANGELES – In 1961, President John F. Kennedy asserted that the United States “should commit itself to achieving the goal…of landing a ma…</div>
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KLONG LUANG, THAILAND – Activists across Asia, inspired partly by the Occupy Wall Street movement in the United States, have been highlighti…</div>
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The following is an extended version of George Soros's article, "Germany's Choice."My objective in coming here today is to discuss the euro …</div>
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A public spat has erupted between New York Times-columnist Paul Krugman and European Commission officials. For weeks Krugman has been heapin…</div>
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<a href="http://www.project-syndicate.org/contributor/steven--strauss-" rel="author" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; font-family: Georgia, 'Times New Roman', serif; font-style: italic; font: normal normal 400 12px/normal Georgia, 'Times New Roman', Times, serif; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">Steven Strauss </a><time datetime="2013-04-09T09:53Z" pubdate="pubdate" style="color: #adadad; font: normal normal 400 11px/normal Verdana, Arial, Helvetica, sans-serif; padding-left: 5px;">Apr. 9, 2013</time></h2>
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<a href="http://www.project-syndicate.org/blog/shouldn-t-we-drug-test-ceos-of-banks-receiving-federal-aid" rel="bookmark" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" title="Permalink to Shouldn't We Drug Test CEOs of Banks Receiving Federal Aid?">Shouldn't We Drug Test CEOs of Banks Receiving Federal Aid?</a></h1>
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Conservative politicians, including Mitt Romney during his presidential campaign, supported legislation mandating drug testing for recipient…</div>
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<a href="http://www.project-syndicate.org/contributor/christopher-t--mahoney" rel="author" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; font-family: Georgia, 'Times New Roman', serif; font-style: italic; font: normal normal 400 12px/normal Georgia, 'Times New Roman', Times, serif; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">Christopher T. Mahoney</a> <time datetime="2013-04-08T16:44Z" pubdate="pubdate" style="color: #adadad; font: normal normal 400 11px/normal Verdana, Arial, Helvetica, sans-serif; padding-left: 5px;">Apr. 8, 2013</time></h2>
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<a class="ec" href="http://www.project-syndicate.org/blog/why-the-ecb-allowed-the-cypriot-banks-to-default-on-their-deposits-by-christopher-t--mahoney-by-christopher-t--mahoney" rel="bookmark" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: url(http://www.project-syndicate.org/default/images/sprite.png); background-origin: initial; background-position: -764px -202px; background-repeat: no-repeat no-repeat; border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #005cac; outline-color: initial; outline-style: none; outline-width: initial; padding-left: 12px; text-decoration: none;" title="Permalink to Why The ECB Allowed The Cypriot Banks To Default ">Why The ECB Allowed The Cypriot Banks To Default</a></h1>
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At his April 4th press conference, ECB head Mario Draghi explained why the ECB cut off emergency liquidity assistance (ELA) to the Cyprus ba…</div>
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<span class="Apple-style-span" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; line-height: 15px;"><span><br />Read more at <a href="http://www.project-syndicate.org/online-commentary/america-s-leading-global-role-in-technological-innovation-by-keith-roberts#UHIJs05jCuJIsPsg.99" style="border-bottom-style: none; border-color: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #003399; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">http://www.project-syndicate.org/online-commentary/america-s-leading-global-role-in-technological-innovation-by-keith-roberts#UHIJs05jCuJIsPsg.99</a> </span></span>Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-90171965023846820032013-03-15T10:12:00.001-04:002013-03-15T10:12:31.226-04:00<span class="Apple-style-span" style="font-family: Helvetica;">3/14/13 Project Syndicate article:</span><span class="Apple-style-span" style="font-family: Helvetica;"> </span><span class="Apple-style-span" style="font-family: Helvetica;"><a class="moz-txt-link-freetext" href="http://www.project-syndicate.org/online-commentary/america-s-leading-global-role-in-technological-innovation-by-keith-roberts">http://www.project-syndicate.org/online-commentary/america-s-leading-global-role-in-technological-innovation-by-keith-roberts</a></span><br />
<br />
2/21/12 Kirkus Review of Origins of Business: <span class="Apple-style-span" style="font-family: Helvetica;"><a href="http://www.kirkusreviews.com/book-reviews/keith-roberts/the-origins-of-business-money-and-markets/">http://www.kirkusreviews.com/book-reviews/keith-roberts/the-origins-of-business-money-and-markets/</a></span><br />
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12/15/11 European Financial Review article: <span class="Apple-style-span" style="color: blue; font-family: Calibri, Verdana, Helvetica, Arial; font-size: 15px;"><u><a href="http://www.europeanfinancialreview.com/?p=4274">http://www.europeanfinancialreview.com/?p=4274</a></u></span></div>
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<span class="Apple-style-span" style="color: blue; font-family: Calibri, Verdana, Helvetica, Arial;"><span class="Apple-style-span" style="font-size: 15px;"><br /></span></span></div>
Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-73913044431399281392013-02-20T15:28:00.000-05:002013-02-20T15:28:00.714-05:00Legal Education: The Shark Mentality
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<span style="color: #005301; font-size: 14pt;">On Feb 14, 2013, at 11:53 AM, Joe McCray wrote:<o:p></o:p></span></div>
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<span style="color: #430000; font-size: 14pt;">Keith: I'm sure you saw this story [“Lawyers Call for Drastic Change in Educating New Lawyers”] in the NYT a couple days ago. I've seen it every year for as long as I can remember. I even recall writing to the ABA about suggested changes, naively believing we were on the brink. But, no. Worse, none of these suggestions hits what I think is a basic need in the profession, i.e. change the shark mentality. Lawyers have simply got to stop being the problem - not "part of the problem" but THE problem and instead be the solution to unfair contracts that result in legal fleecing of lay ppeople - usually poor. So, I thought I'd seize the publication of this years faux alarm and vent on my old partner.<o:p></o:p></span></div>
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<span style="color: #430000; font-size: 14pt;">Joe</span></div>
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<span style="color: #005301; font-size: 14pt;">On Thu, Feb 14, 2013 at 9:14 AM, Keith Roberts<span> </span><<a href="mailto:keithofrpi@earthlink.net"><span style="color: #0037a3;">keithofrpi@earthlink.net</span></a>> wrote:<o:p></o:p></span></div>
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<span style="color: #005301; font-size: 14pt;">Dear Joe,<o:p></o:p></span></div>
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<span style="color: #005301; font-size: 14pt;">As you know, I hate disagreeing with you. But here I must. You are a trial lawyer, and in the domain of trial lawyers the attorneys have a lot of control over what they do and how they proceed. But fewer than 2% of all cases are decided in trial, and a miniscule fraction of all legal work involves litigation. For the vast majority of lawyers, who in the buzzword of the day perform "transactional" work, the goal is to achieve, without violating criminal laws, what the paying client wants. Law, in other words, is a business.<o:p></o:p></span></div>
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<span style="color: #005301; font-size: 14pt;">It was striking to me that in naming a commission to look into election law, Obama named Romney's chief counsel, Ginsburg, as well as his own counsel. As commission members, they may well suggest good reforms aimed at allowing everyone to vote. But as a working lawyer being paid to do his client's bidding, Ginsburg undoubtedly worked to subvert the votes of everyone likely to favor Obama. There, I think, you have the distinction between lawyering as a job, and lawyering as a public service. We can teach attorneys to do both, and we can teach attorneys the appropriate public values. But we cannot expect attorneys, in their jobs, to pursue those values to the detriment of their clients.<o:p></o:p></span></div>
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<span style="color: #0037a3; font-size: 14pt;">On Feb 14, 2013, at 5:56 PM, Joe McCray wrote:<o:p></o:p></span></div>
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<span style="color: #005301; font-size: 14pt;">Keith: So, a good legal education includes accepting the notion that you will get a license to lie, cheat and steal - so long as you serve the needs of your client and avoid criminal prosecution ( not the same thing as avoiding criminal behaviour). We must, therefore, drastically reduce the number of people who have a license to practice law. Those who would otherwise be lawyers can go be bankers and hedge fund people. Sort of turns the idea of an honest day's work on its head, doesn't it?<o:p></o:p></span></div>
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<span class="Apple-style-span" style="color: #0037a3; font-size: 19px;">On
Fri, Feb 15, 2013 at 6:10 AM, Keith Roberts <</span><span class="Apple-style-span" style="color: #0037a3; font-size: 19px;"><a href="mailto:keithofrpi@earthlink.net"><span style="color: #0037a3;">keithofrpi@earthlink.net</span></a></span><span class="Apple-style-span" style="color: #0037a3; font-size: 19px;">>
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<span style="color: #0037a3; font-size: 14.0pt; mso-bidi-font-family: Arial;">Joe,<o:p></o:p></span></div>
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<span style="color: #0037a3; font-size: 14.0pt; mso-bidi-font-family: Arial;">Helping
clients do what they want is hardly ever a matter of lying, cheating, or
stealing, at least in the US so far. Most business here is conducted
straightforwardly, and legal educations are geared toward learning the rules of
operation and how easily matters can be misinterpreted. In Japan and Europe
there are many fewer lawyers, but far more notaries and others who do what is in
the US considered legal work. Licensing fewer lawyers would be a good thing
because it would shift a lot of work to less expensive hands--a move that the
guild has always resisted--but not because it would reduce dishonest practices.
And maybe then those would-be lawyers would become plumbers or electricians.<o:p></o:p></span></div>
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<span style="color: #0037a3; font-size: 14.0pt; mso-bidi-font-family: Arial;">Keith<o:p></o:p></span></div>
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<span style="font-size: 14pt;">On Feb 15, 2013, at 9:58 AM, Joe McCray wrote:<o:p></o:p></span></div>
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<span style="color: #0037a3; font-size: 14pt;">Keith: Yours is an interesting lesson on the lay of the lawyer land, but, I'm afraid, you've never read a real estate mortgage contract or a liability insurance policy. Had you ever done that, you'd see what is clearly evidence of sharp practices, bullying, deception and just plain ignoring the notion of mutual consent. Such things, of course, are the result of standard, mainline lawyering. Firms, in particularly large firms, compete for corporate business by demonstrating their deception chops and schemes only barely within the line the criminal law draws. "Helping" clients is not what they are doing; they're getting and keeping business at the cost of personal integrity - or at least shoving such matters into the dark corner of memory. <o:p></o:p></span></div>
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<span style="font-size: 14pt;">On Fri, Feb 15, 2013 at 7:32 AM, Keith Roberts <<a href="mailto:keithofrpi@earthlink.net"><span style="color: #0037a3;">keithofrpi@earthlink.net</span></a>> wrote:<o:p></o:p></span></div>
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<span style="font-size: 14pt;">Dear Joe,<o:p></o:p></span></div>
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<span style="font-size: 14pt;">Abusive contracts? Only now you tell me? Heavens! What you seem to be ignoring is the essence of day to day legal work. It isn't drafting villainous one-sided contracts, or laying out deceptive schemes to prospective clients. It's slogging through the routine minutiae, punctuated by the occasional bright idea that brings a deal together, or saves a client some taxes, or resolves a budding dispute. There are also plenty of really dumb, disorganized, and CYA attorneys who lose papers, misplace them, and try to cover up their errors. Nevertheless, lying, cheating, and stealing are no more the essence of legal work than they were in our office practice. They are shameful behaviors: that's why nobody claims credit for those clauses of adhesion in leases, mortgages, and consumer service agreements.<o:p></o:p></span></div>
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<span style="font-size: 14pt;">PS: I might want to post this thread on a blog. Would that be ok with you?</span></div>
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<span style="font-size: 14pt;">Keith: Sure, post it. But include this anecdote: I foolishly bought some commercial property financed in part by a securitized mortgage loan. The "contract" was seventy one pages long - seventy one pages of 9pt font and 1/2 spaces. Among the provisions was a requirement that I hire a lawyer in the venue of the property ( Chicago) and that the lawyer for the mortgagee choose the freakin' lawyer. The designated contact for the lender was a law firm in Baltimore - I only remember one of the named partners, "Poe", for obvious reasons. After surviving a once through on this...paper...I telephoned that firm with a code for the transaction. When I gave that code, a woman comes and introduces herself as "Victoria". I ask my first question. She stops me. "You do understand, Mr. McCray, that you will be paying my fee for this advice?" Of course, I didn't understand that at all and told her I wasn't seeking advice, only an answer to a question raised by the tome her firm had generated for this deal. She apologized and wished me a good day. Eventually that deal blew up after the mortgagee was found to be lacking in standing to sue me. So much for the skill and integrity of lawyers driven only to "help" their clients.<o:p></o:p></span></div>
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<!--EndFragment-->Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-57008109917598274732012-06-15T18:57:00.000-04:002012-06-15T18:57:27.839-04:00After November 2012The overwhelming financial advantage of the Republicans, their ability to undermine Obama by sabotaging the US recovery, the weak Democratic political campaign, and the grinding problems of Europe ensure a Republican sweep in November. Romney will be the new President, and he will have a majority in the Senate as well as overwhelming control of the House--and they of him. The question, then, is what will happen over the next 3-4 years.<br />
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The Republicans believe that economic recovery requires, first, an unpleasant period during which we get our fiscal house in order by cutting back on entitlements and government spending, and second, government support for private investment. They do not believe in government investment as such, apart from the military and police sectors. Consequently, a dramatic remake of the federal budget will be enacted, as they forthrightly promise. A balanced budget without tax increases on the investor class--that is, corporations and the wealthy--will be the goal, and will include increased defense spending. The Obama healthcare bill will be repealed, and the Republicans will seek to replace Medicaid and Medicare with a voucher system whose levels are geared to reducing federal deficits. Most other social programs, including the EPA, welfare, and industrial regulation will also face drastic financial reductions or total elimination. Farm welfare and tax incentives for carbon-based energy production will survive, however, and probably even increase.<br />
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Although Democrats will protest and use parliamentary maneuvers to block what they can, and the surviving liberal press will likewise fuss and fume, they will be talking only to themselves, and a continuing din of right wing advertising and media favoritism will largely drown out their objections. Nor can Democrats at local, State, or federal levels realistically hope to regain office, because the Republicans have a permanent and overwhelming monetary advantage, which has been demonstrated to be highly effective with the electorate, and they will also continue to benefit from voter eradication strategies in the States, of which they will control many more in the Romney sweep.<br />
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As economic theory predicts, and the experience of Europe is now demonstrating, the austerity program that Romney promises will not actually restore fiscal order, and it will very clearly increase disparities of wealth. We can expect an increasing number of Americans to become jobless, members of the underground economy, dispirited, disqualified for 21st century jobs, and, in more and more cases, very angry. Although similar trends will grow throughout the world, the highest performing levels of the US economy should be able to sustain their sales and increase profits through their international operations. Similarly, those businesses that cater to the wealthy should thrive, and a flood of people moving down the income ladder might sustain sales and profits at the businesses like Walmart or Dollar Stores that cater to those with low income.<br />
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I say that US corporations should be able to sustain international sales, but that possibility would disappear if Romney pursues the beligerant foreign policy he has suggested. Even if he does not start a shooting war with Iran, however, anything like a return to the W. Bush policies would probably trigger international trade wars that could go far toward dismantling the free trade measures that have prevailed since World War II. Since that would, of course, be very problematic for the corporate world I tend to discount the possibility that a Romney foreign policy would resemble his campaign positions.<br />
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Some writers have posited that Romney's election and a sweeping Republican triumph in November would lead to something like permanent oligopolistic rule, with the only significant disagreements being within the ruling class. That does seem to me a possible endpoint of what must be a devolution that takes several election cycles. Several conceivable scenarios could seriously derail that development, such as warfare, civil chaos, Democratic resurgence, the formation of an effective new political party, plague or other cataclysmic natural disasters, or technological breakthroughs that overturn the existing economic structure. So there is always hope.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com1tag:blogger.com,1999:blog-20622237.post-19430153954564812012011-12-06T08:45:00.000-05:002011-12-06T08:45:38.227-05:00Raw ContemptI don't believe that any group of Americans since the end of Jim Crow has received such raw contempt as Republican primary voters. Those heaping contempt on the Republican primary voters are the Washington insiders, power-maddened billionaires, and media moguls who have chosen the sorry candidates that they now face. With the possible exception of Jon Huntsman, these candidates are inexperienced, idiotic in their policy prescriptions, and either personally dishonorable or palpably dishonest. They shamelessly contradict themselves, denying what they have said and done, and promulgate falsehoods in their advertisements.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-70356943622775474312011-11-21T12:33:00.000-05:002011-11-21T12:33:53.330-05:00Congratulations to WSJ, Koch Bros., Scaife, Murdoch, LimbaughThose named above, their genial front men Reagan and W. Bush, and their fellows on Wall St. and in the churches, brought about the current financial mess. Then, with the necessary help of their appointees to the Supreme Court they ensured that they would come to own it, and once Romney defeats Obama, and a majority of the Senate is Republican, it will be their mess to deal with. Congratulations.<br />
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Obama and Geithner came into office facing the worst mess since the Depression, and a far more difficult, chaotic political scene than existed even then. They certainly made mistakes in trying to deal with the mess they inherited. But I think that much of the retrospective advice now pouring forth about what they should have done instead seems to me unreasonable, given what they did not know at the time.<br />
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In the first months of 2009 they could not know that the Republicans would form a solid and virtually treasonous opposition to everything Obama sought to do, or that any such effort would prove wildly successful and publicly popular. Nor could they expect that Republican operatives and billionaires would successfully gin up the Tea Party movement, or foresee the Citizens United Supreme Court decision. That decision led directly to the suicidal debt ceiling impasse last summer, and the super-committee's failure now. It has opened wide the right wing political spending spigot, forced every Republican politician who is not suicidal to toe the radical right's line (however hateful and imbecilic it may be in terms of the general public interest), and thus destroyed our constitutional democracy. Hence, what was right economically proved implausible politically, and vice-versa. The reality is that Obama and Geithner have struggled cleverly and valiantly against these developments, and won some brilliant victories. But the war is lost. The radical right now gets to deal with the problem--if they even think of it as such. Given their cruel and pitiless nature, I fear that great pain lies ahead for us all.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-71059180026843905202011-07-14T10:15:00.002-04:002011-07-14T10:33:15.867-04:00The Public DebateSteve Ratner is not a simple man. He has a public record of both angelic and devilish behavior. As an angel, he has taken public positions clearly designed to further a general public interest, rather than his private interests, and was instrumental in saving GM and Chrysler, and hundreds of thousands of jobs at a critical moment during the Great Recession. As a devil, he has been heavily implicated, even if not indicted, in his company’s bribing of the corrupt NY Comptroller Alan Hevesy.<br />
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This morning, the devilish Ratner made a particularly unfortunate presentation on “Morning Joe,” where he is a regular, and normally quite sensible commentator. He presented charts showing that in addition to the $14 trillion (T) US debt, there are unfunded liabilities through social security and health care totaling perhaps $36T more, bringing total unfunded liabilities to about $50T as compared to a current $16T GNP.<br />
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The presentation was unquestionably scary, but in my opinion it was also false, and for reasons I will later provide, irresponsible. What made it false is that (1) it implies a present liability where none actually exists, and (2) vastly overstates the amount.<br />
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(1) The additional $36T is a liability only in the sense that you could count the future expenses of any ongoing concern as a liability if you disregard the concern’s revenues. In other words, if you add up all the future expenses of a going concern, you could call that a liability. Ratner has added up all the future social security and medical payment checks that the actuaries think the government will have to write over the next 50 or so years, and calls that the unfunded liability. Of course it’s unfunded: he doesn’t count any revenues. That’s an absurdity, not information.<br />
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(2) Moreover, since social security and medical expenses become due over a long period of time, the mathematical total of those payments is not a useful number. Imagine that I owe you $1 million, but pay it to you at the rate of $1 per year. Is my liability really a million dollars, or is it actually the $20 or so I would need to put into a savings account to earn that dollar a year so I could pay it? Obviously it’s the $20 that is the liability, what financial and economic literates like Mr. Ratner call the discounted present value of the amounts to be paid. It’s not the mathematical sum of all those $1 a year payments stretching out over centuries.<br />
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Now I come to why I think Ratner’s false presentation was irresponsible. Leave aside my view that any expert who makes a false or seriously flawed presentation of what the expert should know about is being irresponsible, to put it kindly. Here, Ratner has stepped into a volatile public dispute in which one side labors under a tremendous burden of ignorance, and his presentation gives expert confirmation of that ignorance. It’s as if an evolutionary expert gave a presentation appearing to confirm creationism.<br />
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In the dispute over the deficit, a large portion of the Republican Party’s base bears this burden of ignorance. These are people who do not themselves know anything about economic or public affairs. Unless they are directly impacted by government action, as when it shuts down, they have no interest, no independent knowledge, and no way to think about such matters. All they know comes through the coordinated propaganda of Fox News, right wing talk radio, fundamentalist clergy, and Republican politicians. Much of that propaganda is deliberately false or deceptive, but the base cannot distinguish between truths and falsehoods in economic or public affairs, and therefore sincerely believes the propaganda.<br />
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As a result, many Republicans believe economic absurdities, ranging from the notion that the deficit is the cause of high unemployment to the view that moderately raising taxes on the rich would hurt job creation. These are items of faith or ideology, and not changeable through argument or reason. Nevertheless, there are many other people who may be tempted by the Republican position, and the certainty with which it is advanced. And it is to these folk that Ratner’s presentation does the real harm.<br />
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Let me add that the Republican base is not the only one that suffers from great ignorance. Much of the natural Democratic base, like that of the Republicans, lacks knowledge or interest in economic and public affairs, and acts primarily on the basis of personal experience. Since many in the Democrats’ natural base are poor, their personal experience tends to be one of powerlessness. Based on that experience, then, they believe their vote doesn’t matter, and they don’t bother to cast it. In the election of 2010, for instance, the Republican triumphs came about largely because the Republican base voted; the Democratic base did not. As a result, a minority of Republicans nominated the Republican candidates, and a minority of voters elected the winners.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-24520110354515845252011-03-24T13:20:00.000-04:002011-03-24T13:20:39.542-04:00Right Wing Goldbug RhetoricEgon von Greyerz (von G) is a goldbug. His writings at zerohedge.com are laced with scary assertions about impending financial doom, mixed with facts that, on close analysis, have little relevance to his conclusions. I admit to some fascination with his rhetorical approach, which seems quite typical of the goldbugs and conservative doomsayers that I have previously encountered. I think his message is mistaken, but like so many theories emanating these days from conservative ranks, the rhetoric is very persuasive. Let me use von G’s essay “A Hyperinflation Deluge is Imminent, and Why, Therefore, Bernanke’s Motto is ‘Après Nous le Deluge’” to analyze this particular goldbug’s reasoning, and why such rhetoric as his makes it seem persuasive.<br />
Von G starts by sarcastically stating what he thinks is the opposing point of view—that “Obama and Bernanke are the dream team making the US into the Superpower it once was.” He follows up with invective: “amazing the castles in the air that can be built with paper money and deceitful manipulation of all economic data. And Madame Bernanke de Pompadour will do anything to keep King Louis XV happy…” Note that all these statements are devoid of fact. But the sneering sarcasm serves a purpose, as it does for Rush Limbaugh and Fox News commentators. It expresses contempt for those who do not begin by agreeing with him. In doing so, it appeals to the authoritarian instinct in all of us, implicitly saying “I know what’s true and right, and I only respect those who agree with what I am going to say.” The sneering and sarcastic tone thus becomes a marker, which frequently reappears to remind the reader of the disrespect that he would earn by questioning the author’s thinking. <br />
The next paragraph is a good example of how the sneering tone signals to the reader how to view the facts that are stated, even before the reader has thought about them for him or herself. While von G truthfully says that Obama and Bernanke pushed a lot of paper currency into the market, he signals his disapproval with the loaded term “flooding the market with paper” (emphasis added), where “flooding” means that the action is destructive. They do this, he says, knowing “they are committing a cardinal sin” to retain power. These additional claims are pulled from thin air, but tell the reader that printing paper is not just a mistaken policy, it’s really an illicit one that only selfish and despicable people would do.<br />
The claimed consequences are then described in a series of apocalyptic statements and predictions, all without evidence or attribution, and some without relevance. A “deluge of unprecedented magnitude is both inevitable and imminent” and “life will be very different for coming generations.” Next, we learn the sad but unrelated fact that “we have reached a degree of decadence that in many respects equals what happened in the Roman Empire before its fall.” Also sad but irrelevant to the financial problem is that “Children are neither taught ethical or moral values nor discipline” and “Both press and television create totally false values and ideals.” There is more of the same, as well as some overstated demographic data: “More than 50% of children in the Western world grow up in a one parent home” (perhaps in the US, but in Europe too?); “Most families do not have a meal around the dinner table even once a week” (ditto); “Everyone must be young and beautiful often enhanced by surgical or digital means”; “Old people have little value.”<br />
With the reader now depressed, frightened, and compliant, von G makes his economic argument. Here it is, in its entirety: “Since most of the prosperity that has been achieved in the last 40 years is based on printed money and debt, it is totally false and unsustainable. A major part of the Western world has improved their [sic] living standard, by exchanging services and swapping houses at ever-rising prices financed by printed paper and credit. The perceived wealth that is created out of this is totally illusory and ephemeral. We have created a world economy which is based on debt and thin air.” (original emphasis) Let us consider his points.<br />
(1) “most of the prosperity that has been achieved in the last 40 years is based on printed money and debt.” There is a name for printed money plus debt: purchasing power. An increase in purchasing power is virtually synonymous with increased prosperity; what von G is saying, therefore, is nothing more than a tautology, or in mathematical terms, an identity. His implication, however, is that while currency and debt have increased, true prosperity has not really grown as well. If his claim were true, there would have been rampant inflation throughout the last 40 years, since adding to purchasing power without increasing real prosperity achieves nothing but a rising level of all prices. Indeed, von G implies that this happened when he attributes this illusory prosperity to “exchanging services and swapping houses at ever-rising prices financed by printed paper and credit.” But that is not true of the last 40 years. The quantity of money and credit has risen without a corresponding rise in inflation. Some prices have, indeed, gone up; many others have fallen. As well over a billion people around the globe, lifted from abject poverty to middle class or better lifestyles, well know, the increase in prosperity has been real.<br />
(2) The prosperity “is totally false and unsustainable.” It makes no sense to claim that 40 years of prosperity are illusory. They happened, and whatever happens now or in the future, those 40 years cannot be taken away. Of what does prosperity consist? My answer would be that it consists of the means to satisfy desire. The more desire, the more is required to satisfy it. The aggregate level of desire was once closely tied to population growth, but in modern times innovation and marketing have become key drivers of desire and prosperity as well. To claim, as does von G, that modern prosperity is illusory is to assert two ridiculous falsehoods: that during these decades there has been no population growth, and no marketing and innovation.<br />
(3) “The perceived wealth that is created out of [“exchanging services and swapping houses at ever-rising prices financed by printed paper and credit”] is totally illusory and ephemeral. We have created a world economy which is based on debt and thin air.” (original emphasis) Without question, both currency and credit have grown greatly. But prices for housing and services have not risen at the same rate; what was exchanged for $50,000 in 1971 is not now exchanged for $300,000 in 2011. Many services have not risen, but actually fallen in price, and most housing prices are back to pre-bubble levels despite huge increases in paper money during the last two years. In other words, the simple correlation von G suggests does not hold and does not make any sense.<br />
As to von G’s claim that “the perceived wealth that is created out of this is totally illusory and ephemeral,” he is not making an argument or providing reasoning; he is simply re-stating an opinion.<br />
At bottom, then, von G’s views rest on factual errors and illogical reasoning. Nevertheless, his writing can seem persuasive. The reason, I believe, is that in addition to the authoritarian and superior posture that he assumes from the start, there are two more rhetorical devices embedded in the key paragraph discussed above. First is the frequent repetition of the same damning charge: that the current prosperity “is totally false and unsustainable,” “totally illusory and ephemeral,” and “based on debt and thin air.” Repetition illustrates the depth and force of his conviction, and since von G writes authoritatively and coherently, the reader who does not or cannot analyze what he says is swept along, just like the listener to a Rush Limbaugh radio broadcast. The second rhetorical device is to mix truthful claims in with the erroneous and questionable assertions upon which he actually relies; for example, von G points out that levels of printed money and debt have risen, and how much, and so have prices. As I think I showed, these true assertions do not lead to the conclusions that von G draws. They are actually beside his point. But just as advertisers pay famous people for endorsements, even of products they never use, so the presence of true factual claims lends plausibility to the other claims and assertions, however illogical or mistaken they may be.<br />
In short, von G’s rhetoric is brilliant and highly persuasive, but his actual point of view is badly mistaken.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-85208027271002054852010-12-23T11:33:00.001-05:002010-12-23T11:35:33.317-05:00Origins of Business, Markets, and Money websiteFor the latest information on my book The Origins of Business, Markets, and Money published by Columbia University Press, check out this link.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-35467294223218229192010-12-14T15:59:00.001-05:002010-12-14T15:59:40.678-05:00Tax DealI have long argued that Obama’s pr people were failing him, and I speculated that because they plunged into the Presidency without any rest from the campaign, they were simply exhausted. Whatever the actual reason, it’s now clear that Obama and his team never heeded the good advice of people like George Lakoff and Drew Westen, who laid out excellent prescriptions for how to communicate about progressive policies. So we find ourselves today in the following economic position:<br />As a whole, the economy is slowly and weakly recovering from the Great Recession. <br />Large banks and wealthy investors are doing very well. <br />Unemployment rates remain near 10%, with the actual number probably closer to 20% and the hardship much worse for minorities and the young. <br />The savings and wealth of the American middle class has been decimated. <br />The Tea Party/Republican party will rule the House from January 1, and will use its position to impose fiscal blackmail on all federal programs other than defense spending, not to mention doing their best to foil government activity by holding non-stop hostile hearings. <br />The possibility of any further fiscal relief for States or for poor or middle class people during the next two years is nil. As is the possibility of any federal “stimulus” money. <br />The goals of the conservative are twofold: first, to defeat Obama in 2012; second, to return the federal government to its pre-civil war role in which virtually the only legitimate activities were considered to be national defense, the collection of geographic information, and the management of public property. <br /><br />This is the context of the tax deal. What does the tax deal do? Of the 900 billion cost, three quarters go to direct economic stimulus, which not coincidentally also saves millions of people from desperate misery at a time when they cannot possibly help themselves. The remaining quarter does go to the billionaires, who will not spend any appreciable part of it for the national benefit, and is a dead loss. But it is the ransom they require, and what we get in exchange is really important. Without this deal, Obama’s loss in 2012 would be assured, as would the return of a Depression era like we have not seen in our lifetimes. Nor would any other significant legislation have a chance now, such as the START treaty, the HOPE bill, and the DADT bill. With this reform, some or all of those bills might pass, even though they stand no chance whatsoever in the new Congress.<br /><br />My interpretation of Obama, as a result of this deal, is that he has his eye on the practical realities for people. He is completely pragmatic, and like any good negotiator or deal maker will trade off unpleasant concessions for what he really needs and wants.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-54605038188846961462010-12-10T10:27:00.002-05:002010-12-10T10:36:36.949-05:00Why Democrats Did so BadlyI have been trying to figure out why the Democratic majority in Congress proved to be such a failure. Here is what I conclude. The fundamental reason for the failure was the Senate's filibuster rule. Without 60 votes, the Democrats were essentially helpless to get anything passed. The result was the mishmash we all saw. So the question becomes, why didn't the Democrats change that rule when they came to power in 2008?<br /><br />The answer, I think, is the same reason why people don't keep their kitchen knives under lock and key. The filibuster was a tool that had never received much use, except when a minority of senators was very deeply and strongly opposed to something, as in the case of Southerners opposed to integration. While the Republicans began using it more often after 2006, it remained only an occasional factor since it was very difficult to rally so many senators to an obdurate stance. 2008 brought about an enormous change. So many moderate Republicans lost, and the party became so dependent on a particular segment of wealthy donors, that the remaining Republican senators could be induced or bullied into total unanimity whenever the leadership required it. McConnell began using the filibuster in a totally new way, as a day to day tactic, and this proved remarkably successful since the Democratic majority included a considerable number of rather conservative "blue dogs," and it only took one of them to make the filibuster succeed. By the time this tactic emerged, the time period during which the rules could have been changed had passed, and therefore the Democrats could not prevent the filibusters. <br /><br />What remains unclear to me, however, is why Reid did not force the Republicans to actually filibuster, instead of simply winning cloture votes.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-73138850941826753092010-12-01T09:53:00.001-05:002010-12-04T12:20:12.238-05:00The new US constitutionI think we are ignoring several enormous changes that have transformed the US from the hope of the world into a new form of corporate state: (1) since Eisenhower, if not before, the military has become a huge, wealthy, and independent power with its own rulers, its own priorities, and a lordly presence around the world. It will continue to absorb the lion's share of our wealth regardless of the economic and social consequences. (2) Beginning with Reagan, the rich have become vastly wealthier and more powerful compared to everyone else, while middle class and blue collar community and labor organizations have dwindled. Bottom line: wealth now dominates our politics. (3) The George W. Bush presidency destroyed something like $12 trillion of US wealth, mostly in the form of middle class home investments. This one time destruction of wealth vastly exceeds all the losses of all the European powers outside Russia during World War II, and because of other changes enumerated here it cannot be recovered. (4) The Supreme Court's decision in Citizens United definitively marks the end of democracy in the US. Sure, democratic forms remain, and occasionally a rich candidate loses, but with only occasional exceptions, wealth now determines election outcomes. This may be particularly pernicious at the level of judicial elections. Although the judiciary remains for now what it has long been, largely committed to the rule of law, Citizens United and the efforts of groups like the US Chamber of Commerce guarantee that it will become increasingly partisan and corrupt as honest judges are replaced by those compliant with wealth, power, and ideology. (5) A key feature of "globalization" is that the major political actors--the largest corporations--no longer dependent on the American consumer for their profits. They have a sharply reduced stake in the economic viability of the nation, and are therefore relatively free to pursue public policies that further impoverish most Americans. To put it another way, just because a firm is headquartered in the US doesn't mean that it cares much about US conditions. Its leaders are insulated by their personal wealth, and its economic prospects depend on a far larger base than the US.<br /><br />These fundamental changes render impotent and irrelevant liberal objections to the misdeeds of the present system. Unless an extraordinary new leader emerges, the system cannot be changed back to what it was. We thought Obama would be such a leader, but for all his qualities he clearly lacks essential public leadership skills, and there is no better choice on the horizon. The Republicans are now the only viable political party on the national level, and as far as I can see the only hope for amelioration of the depressing prospects is dissension within their triumphant ranks. Improvement will take a long time if it can be done at all.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0tag:blogger.com,1999:blog-20622237.post-67420913539060152012010-09-16T16:33:00.002-04:002010-09-16T16:41:46.248-04:00Tea PartyWho could fail to resonate with the Tea Party desire for less federal spending, a smaller government, and a balanced budget? Who would disagree that many of the elected officials in Washington are crooks, chiselers, beholden to special interests, or otherwise unworthy? Because of the widespread popular agreement with these views, and the strange inability of the Obama administration to present its own relatively sane programs coherently and persuasively, the officials who will be elected or retained in office with Tea Party support will constitute a majority of the House, and perhaps of the Senate as well. And then what will they do?<br /><br />People like Kelly O'Donnell and Sharon Angle seem to have no ideas at all; those with ideas, like the "young blood" Republicans who sympathize with the Tea Party, have ideas that either cannot be implemented, or would destroy the country. The leading idea seems to be to repeal the healthcare reforms. Presumably over the dead bodies of the healthcare industry that crafted and supported them, not to mention the liberal Democrats. But for the most part, the "shrink the government" movement has no ideas at all. We all want to shrink the government. But how? There lies the rub.Keith Robertshttp://www.blogger.com/profile/18115490864347645607noreply@blogger.com0