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Week of March 8, 2009 - March 14, 2009

Is There a More Angry, Bitter Fraud than Charles Krauthammer?


If you read Krauthammer's column today--in which he analogized the repeal of the Bush stem cell policy to the experiments of Mengele--you would think that Obama had opened the door to the creation of a human Xerox machine.  

Here is the crux of it:
President Bush had restricted federal funding for embryonic stem cell research to cells derived from embryos that had already been destroyed (as of his speech of Aug. 9, 2001). While I favor moving that moral line to additionally permit the use of spare fertility clinic embryos, President Obama replaced it with no line at all. He pointedly left open the creation of cloned -- and noncloned sperm-and-egg-derived -- human embryos solely for the purpose of dismemberment and use for parts.


The piece then goes on to lambast Obama's moral shortcomings in not addressing this in his new policy: 
 I suggested the bright line prohibiting the deliberate creation of human embryos solely for the instrumental purpose of research -- a clear violation of the categorical imperative not to make a human life (even if only a potential human life) a means rather than an end.
On this, Obama has nothing to say. He leaves it entirely to the scientists. This is more than moral abdication. It is acquiescence to the mystique of "science" and its inherent moral benevolence. How anyone as sophisticated as Obama can believe this within living memory of Mengele and Tuskegee and the fake (and coercive) South Korean stem cell research is hard to fathom.

 There is a good reason that Obama didn't do it, and didn't need to do it.  Congress has made it illegal, in a resolution that has recurred every year since 1996.  Federal funds simply may not be used for this purpose.  Krauthammer's article deliberately does not mention this point.  (Yes, I said deliberately.  His dishonesty is calculated.).

To recap, the entire critique of Obama's position is that he's a moral monster because he didn't promise not to break the law.  

Wanktastic.

Surely You Can't Be Serious


He is serious.  And his name isn't Shirley.

David Ignatius's whining has to be read to be believed: "Why don't we have any CEOs fixing the economy?

The only response to this that I could think of (in the wake of the so-called CEO presidency, no less) was, as Jon Stewart might say, "F*** you."

But then, I was never one to string together an argument. 

When the band gets together for torches and forks, I say we crash at his place.

Let Me Get This Straight...


The FDIC failed to collect premiums for the failure funds during good times because "Hey! Times are really good!" Money quote:

"Typically you would build up a reserve during the halcyon days to protect yourselves during a recession," he said, calling the decision to stop collecting most premiums "a political one" that was pushed by banks and not based on strict accounting principles.
But James Chessen, chief economist of the American Bankers Association, said that it made sense at the time to stop collecting most premiums because "the fund became so large that interest income on the fund was covering the premiums for almost a decade." There were relatively few bank failures and no projection of the current economic collapse, he said.
"Obviously hindsight is 20-20," Chessen said.

No shit.  (Nobody could have predicted. . . )

Also, this problem began in 1996.  Guess who was secretary of the Treasury?  Robert Rubin.  From Goldman Sachs.  His Deputy as of 1995?  Lawrence Summers.   (See also Paulson, Hank.)

Yes, that Lawrence Summers.  

Am I the only one really getting troubled by the incestuousness of this web and, in particular, what seems to be massive  handouts to Goldman in the never-ending AIG bailout?  I think it's probably a given that the banks got a lot more influence once Bush came into power (and I'm not disputing the responsibility of Clinton's administration after the first four years).   But the real crime here is that the same people who either personally created this mess or who institutionally argued for and benefitted from its creation in later years are now the ones being trusted to save the system.  

The following more succinctly summarizes my current thinking:

And for the record- I want so much regulation of the financial sector that if someone at Goldman Sachs wants to take a piss, he has to get a hall pass from Dennis Kucinich. They don't like it, they can move to Iceland and see how they feel about bankers.

No wonder no one wants to say who's getting all the bailout money. 

Journalistic Unicorns


I have never seen this before--a Washington Post columnist/opinion writer mentioning other members of the editorial page by name and telling them (bluntly) that they are completely full of shit.


How a Community Organizer Views Economics


Ritholtz describing our collective problems fixing them from the "bottom up."  Who knew?
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