July 20, 2009 -- According to news reports, sorry to say the Pope has suffered a broken wrist. While we wish the Pontiff a swift recovery, it would seem that he, of all people, would be able to bless himself without suffering an injury.
At times I find it easier to relate the current events on the world stage to Broadway musical productions (sometimes makes it go down easier like fantasy) and this, a few lines from a lyric in “Guys and Dolls” comes to mind, where Adelaide complains in song “You’re at it again, you’re running the game …” This week the boys running the game again are the big boys in the financial market. JPMorgan Chase announced a huge $2.7 billion second-quarter profit. Goldman Sachs Group Inc, earned $3.44 billion in the second quarter. Isn’t that just wonderful? Big profits are what America is all about. But the second half of that song has Nathan Detroit singing to Adelaide “So sue me, sue me, what can you do me …” And that seems appropriate since despite being able to do so because of public bailout money, the public furor over excessive compensation, Goldman is preparing its largest bonus payout in history, earmarking $11.4 billion so far this year for its workers, which works out almost $800,000 a person (although I don’t think we’re talking about the clerical worker here). AIG has set aside $235 million so far to pay bonuses (you don’t like it? So sue me). JPMorgan Chase is a little hamstrung by being required by federal regulators to allow shareholders to vote for measures tying executive bonuses to the banks long-term stock performance.
Why isn’t making all of this money a good thing, if we can get past these people for thumbing their noses at public opinion on the matter of compensation? Well, obviously, it’s a good thing for financial executives but not so good for the rest of us. These companies do not really create anything but paper wealth using other people’s money. They don’t create anything. The services they are supposed to provide have to do with getting funds distributed to where they are needed in a sound fiscal management fashion, but the system as it stands rewards taking big risks because that is where the big profits lie. The bigger the profit, the bigger the bonus and once that bonus is distributed, it’s gone, no way to recover it even if the deal ultimately goes sour and losses occur. And the way things are now if deals go bad, we the taxpayers pick up the tab. As small banks go down during these hard times, these big institutions grow bigger in picking up the slack. As my generation used to put it, these financials carnivores have a bird’s nest on the ground.
The good news is that Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid have announce the first six members of what is called the “Financial Crisis Inquiry Commission” to study what went wrong and to recommend changes. The bad news is that it will be bipartisan, fifty-fifty Democrats and Republicans and we know how that usually works out. In my business I never found designing anything by committee resulted in anything bit mismash. Meanwhile, unless someone does something the Wall Street Wizards will carry on as if nothing ever happened to create yet another bubble down the line and another big burst. You can count on it, like money in the bank (if there will be a bank next time left to put it in).
The death of Walter Cronkite, the figure more than any other in our time the face of journalism, is an opportune moment to reflect on the role journalism should play in our society. As NYT columnist Roger Cohen wrote after coming back from covering the tumultuous aftermath of the Iranian elections, despite the “24/7 howl of partisan pontification, and the scarcely less-constant death knell din surrounding the press, a basic truth gets lost: that to be a journalist is to bear witness.” Someone needs to bear witness whether it is to the shenanigans of “boys gone wild” on Wall Street, the hypocrisy inherent in family-value proclaimers involved in tawdry sex scandals or the kabuki dance of the Senate hearings to confirm Sonia Sotomayor to the Supreme Court. If it were Hollywood Squares, it would be one of the personalities up in the boxes asking the questions rather than the MC. At first the Senators seemed to talk about themselves more than the candidate, and it seemed to bring out the worse in them. Republicans seemed to have thought they had found a “wise Latina” racist, especially the most racist of Senators, especially those from the South, who I suppose were convinced they know one when they see one. It’s in their genes. I’m Southern born, bred and buttered but I will take a ‘wise Latina woman’ over some of those bubbas any day.
Then there is the “empathy” concern. Should a member of the Supreme Court say this at a confirmation hearing: “When I get a case about discrimination, I have to think about people in my own family who suffered discrimination because of their ethnic background or because of religion or because of gender. And I do take that into account.” But wait. That was not Sonia Sotomayo. That was Judge Samuel Alito at his confirmation hearing. Sen. Jeff Sessions (R-AL), one of the most outspoken critics of the lot, just the other day before the hearings said "I will not vote for -- and no senator should vote for -- an individual nominated by any president who believes it is acceptable for a judge to allow their personal background, gender prejudices, or sympathies to sway their decision in favor of, or against, parties before the court." Yet as “The Progress Report” points out, Sessions was happy to vote to confirm Alito. Hypocrisy, anyone?
Howard Fineman of Newsweek, also a lawyer, has this suggestion: “stop holding Supreme Court confirmation hearings.” They have no clear or useful purpose he says. “They make everyone involved look bad.” They confuse the public about what the Supreme Court does and undermine respect for law and judges. Hard to argue with that.
Over 3,000 cases came before Sotomayor over 17 years which ought to give a clue about what kind of judge she will make. Will she be an “activist" judge? What is she going to say? John Roberts described himself as a neutral umpire. Did John Roberts lie about being a neutral umpire, only to be a “down-the-line conservative” on the Court or as Fineman put it, the “Incredible Hulk of ‘activism.’”
Bearing witness. To the undercurrent of racism on the Supreme Court hearings to the blatant racism popping up in the public sector. On MSNBC’s Rachel Maddow Show, Pat Buchanan said “this has a country built basically by white folks.” Meaning what, Pat? Audra Shay, a 38-year old woman who made racist comments on Facebook and other social-networking sites (“need to take this country back from all of these mad coons … and illegals.”) just won election as head of the Young Republicans. No wise Latina, this lady. The appeal of Sarah Palin largely stems from this disdain for “others” who are not like you and me. One more time, NYT columnist Maureen Dowd nailed the person of Ms. Palin: “Sarah Palin is the definition of irrational, a volatile and scattered country-music queen without the music. Her Republican fans defend her lack of application and intellect, happy to settle for her emotional electricity.” I say “wired” is the word.
Associated Press has “born witness” on some of South Carolina Governor Mark Sanford’s activities in addition to the sex parts. The Governor who does not want stimulus money, who preaches frugality, and makes his aids stick to it, has been not so frugal when it comes to his expenses charged to taxpayers. Like the trips he’s taken at taxpayer expense. More than $5,000 to fly to Poland in April, including at least part of the trip in the more expensive business-class seating; $4,685 on a Lufthansa business-class flight to Munich in April 2007; flying the most expensive "envoy class," or first class, on a U.S. Airways flight to London in 2006 at a cost of $7,065 not to mention that one trip to Argentina that included time with his mistress.
In the news again is the house on C Street in Washington called the dormitory and meeting place for a group of conservative Christian lawmakers ("The Prayer House"). Two cases of infidelity have already turned up among the regulars: Sanford and Ensign, the Senator from Nevada whose parents paid $96,000 to his mistress and her husband out of the goodness of their hearts. And now a third episode as the estranged wife, Leisha, of former Rep. Charles W. Pickering has filed an "alienation of affection" lawsuit claiming he carried on an extramarital affair with a onetime college sweetheart while he lived at that house. You have to wonder what those guys were praying for, and if their prayer were answered.
Journalists may have to be the witness bearers to history if history textbooks fall into the hands of people like those appointed to the Texas Board of Education by now infamous Governor Rick Perry, he who talked about Texas withdrawing from the Union, he who turned down stimulus money but now wants to “borrow” that same money from the federal government. No wonder Keith Olbermann has named him (Perry) “Worst Person in the World” at least three times lately. The kind of people Perry appoints, including his newest to chair the State Board of Education, Gail Lowe, are after more than substituting Creationism for evolution, they want to eliminate certain historical figures and events, like César Chávez, Thurgood Marshall, and Henry Cisneros from social studies and history textbooks for 4.7 million Texas school children. At least they have not yet denied the Holocaust. Typical of the Perry supporters is the Rev. Peter Marshall who contends that Watergate, the Vietnam War, and Hurricane Katrina were God's judgments on the nation's sexual immorality. By that reasoning I want to know what Texans have done to bring down God’s wrath in the form of a governor like Rick Perry.
It’s difficult enough on any given day to keep up with and sort out all of the complicated non-English names of international figures and places in the news, but if at the same time you are trying to get a grasp of some of the grape varieties used in making wines in Spain it can get terribly confusing. In a random stream of words all tangled up you get Bramcellao, Bruni, Mouratón, Medvedec, Sousón, Rafsanjani, Grozny, Garnacha, Kadyrov and the like. In the confusion your wine tasting notes might read: Bruni, exotically scented (no, that’s Carla Bruni, the wife of the President of France, visiting and singing in New York City this week), Medvede, a big red (well of course, he’s the President of Russia), Mousavi began well but had a weak finish (Mir Hossein Mousavi came in second in the disputed Iranian election), Grozny reflects its terroir (it should, it’s the capital of Chechen, in the news because of the murder of a prominent human rights activist), in Kadyrov the nose is very strong (the President of Chechen’s denial of involvement in the murder of the activist smells). Oh, well, what the hell, bottoms up.