The biggest spending bill in the history of the United States... that is what was passed this week by the Democratically controlled Congress. The stimulus 'bridge' is the legacy of the Bush Administration and the signature plan of the Obama Administration all at the same time. It was a foregone conclusion that the bill would pass and the only true anticipatory factor was how many Republicans would sign on, which turned out to be very few - three to be exact. Key questions still remain of course - For example, is the amount of the bill too big or too small? David Axelrod, today's first guest, seems to feel that in the midst of that argument the size is just right [insert a gut tightening 'we'll see' here].
A Republican concern, most loudly voiced last week by Senator Lindsey Graham of South Carolina, is that the largest spending bill in our history is being passed to quickly and we should slow down - scrutinize every part. That's simply not going to happen. But now that it is passed, the concern is that the money won't be spent quickly enough to make a difference. This is one of the truest examples of the modern American mentality. Should we borrow the money, we don't know... is it too much?... Oh my God...but now that we have it, we can't spend it fast enough.
If it isn't one thing, it's the other
What we do know is that we need spending to spur the economy and the government is the only entity capable of doing so at the this point... so, they must. This is according to most economists. Mr. Axelrod stated that they are a number of ready projects that have been 'cleared and vetted.' (Obama Administration Personnel Note: Stay away from that word, 'vetted,' or any form of the word 'vet' for a long while. It hasn't been working out for them lately.) He was also asked to defend against editorials that stated that we would see tangible job results from the stimulus until the 4th quarter of 2010. We'd like to jump in here and defend this one instead...
That is about 20 months from now, less than two years. Given the size of our country and the amount of people affected (everyone), the fact that this is a world-wide crisis, and the amount of dollars that need to be delegated, that is a relatively short time. Remember the Japanese economy in the 1990's with zero growth - they called that the 'Lost Decade.' In that context, less than two years is quite fast... Imagine a full recovery in three years. Most people would take that situation if they were 100% sure that in three years time, jobs would back and the economy was going really well. "Yeah, I can gut it until then... I can make it happen," everyone would say. But don't hold your breathe because you will die. We are talking about the U.S. government, President Obama or no President Obama, it still remains the U.S. Congress in control of things and it is going to take much longer than people think or think they know.
A program recommendation: We'd like to point out that it's a good idea to watch any interview on any program when the guest is David Axelrod. If you want to gain an insight on the Administration's train of logic and priorities, then always listen to the chief advisor. The only way to have vaguely understood President's Bush's true modus operandi was to get a statement from Karl Rove - rare as those were.
On the other hand, you still have Vice President Dick Cheney making statements of hyperbole with regard to the 'war on terror,' which David Axelrod on today's program properly called out as irresponsible. And frankly, this column agrees with that assessment The former Vice President would blatantly continue to stoke a culture of fear for party political gain (that's the definition of terrorism by the way) at this juncture serves no constructive purpose.
And unfortunately, stoking fear has not dissipated in the Republican minority of Congress.
It reminds us of the Steven Wright joke: If 'pro' is the opposite of 'con,' then what is the opposite of 'progress?'
The Republicans were crying for more tax cuts - $2.5 trillion over the next decade - to be the center piece of the stimulus package, which is more of the same Bush policy, for which the track record is not good. But John McCain, earlier in the week, said that growing the deficit would put the burden on future generations, which is unacceptable. The tax cuts do exactly the same thing and aren't even a firm fixer.
As Washington Post columnist, Eugene Robinson, aptly summed up, "There aren't any deficit hawks in unemployment lines." Today's panel consisted of National Journal's Ron Brownstein, the aforementioned Mr. Robinson, Politico's Roger Simon, and The Wall Street Journal's Kimberley Strassel. With the exception of Ms. Strassel, it was a seasoned group to be sure, veterans who know how to create useful sound bites like the one above or what Mr. Brownstein termed 'generational theft.' We mentioned this because Mr. Gregory at times seemed to be that kid that was trying to get his opinion in, more waiting to talk, or as moderator - insisting, rather than listening. Three of the four on the panel have appeared with Mr. Russert numerous times in the past and Mr. Gregory still needs to work on his management of personalities when it comes to the biteheads.
And we concur with Mr. Brownstein's insistence that we keep things in perspective, three weeks into the man's Presidency and they are sitting there discussing the possible end of Citibank and GM. These two giants are just a few small examples of what is at stake and to do nothing would change from 'possible' to 'inevitable' very quickly.
Sunday, February 15, 2009
Sunday, February 08, 2009
2.8.09: No Panacea
In the first part of today's program, the guests - Sen. John Ensign (R-NV), Rep. Barney Frank (D-MA), Sen. Claire McCaskill (D-MO), and Rep. Mike Pence (R-IN) - debated the merits of the stimulus bill and specifically what should be the top priorities should be. Breaking it down to its basic level (which no one in Washington can really seem to do and then convey effectively to the American people) is that Republicans would like to see a larger portion of the stimulus go to tax cuts to put more money in people's pockets and the Democrats want more money for the states and more spending on public works projects to create jobs.
Now the question that every ordinary American has, including this humble columnist, is how will it help me in my particular situation? The answer is that which ever philosophy eventually wins out, neither may directly help you. Giving tax cuts to Americans, in the form of a check a la President Bush, is really just another form of the T.A.R.P. in as much as that when most Americans receive that pittance of a check, they will pay their respective credit bank infusing the banks with additional cash. On the other hand, investing in public works projects is necessarily going to better the working situation of the majority of Americans working in the private sector.
There really isn't any sense in getting into the specifics of what each politician said because it was mostly bluster, protecting philosophical turf. And they can't get it straight anyway. For example, when Mr. Gregory asked Rep. Pence about nationalizing the banks, the Congressman said that we can't nationalize them but they need more capital. So where are they going to get the capital from... the government of course. And if they get money from the government then they have to answer to the government, hence nationalizing them.
It was all about partisanship and that's what it is going to continue to be about. Democrats won the day in the elections but they don't want to bully. This column translates that into not wanting to take responsibility for making a decision that may fail. We're not saying that their strategy will fail, but they have to be willing to step up on their own without the other side. Republicans have no problem bullying and when they succeed, they gloat. When they fail, they deny.
So what do we do? Everyone needs cash and there simply just isn't enough to go around. Republicans, this columns feels, do not want any bill - let things take their course - free market economy and if you sink... that's just tough - you drown. That's not going to do. You can reference that the Japanese in the 1990's did stimulus after stimulus and nothing worked... a lost decade. This is going to happen with America - a lost decade. However, we need to do what ever we can and if that means the government spending obscene amounts of money to stem complete collapse then so be it. If there are lines for food, trust that there will be plenty of blame to go around.
Many commentators, the pundits, say that the general public doesn't understand the difference between the T.A.R.P. and the stimulus bill. We call them pompous 'think-they-know-it-all' asses. We know the difference, but what we don't know is if the money is being spent in the best possible way and that's because we don't have the key to the cash draw.
This stimulus is not panacea and endless tinkering isn't going to make it so. That's what we truly have to understand.
Speaking of a panacea, or lack thereof, MTP's second guest today, The Washington Post's Tom Ricks, discussed the wars in Iraq and Afghanistan through the prism of his new book 'The Gamble.' With so much going on here at home, the ever more tenuous situations of the wars in Iraq and Afghanistan have been relegated not to the back seat, but the trunk of the metaphoric auto. However, given this interview, we will not be able to get out of Iraq in 16 months. It is unrealistic so get your head around it now. Mr. Ricks pointed out that what supporters expect and what the generals will advise will increasingly be at odds with one another. Amb. Crocker, in Iraq, stated that the events that we will remember about Iraq have yet to happen. What that means, we don't know, but it sure does sound ominous and that we shouldn't expect some fledgling democracy in that country. When we relax in Iraq, the factions of Iraqi generals will take control and not necessarily to our liking. The administration has been correct in that the real fight, politically and militarily, is in Afghanistan and Pakistan. Nuclear weapons in the hands of a government sympathetic to the Taliban and the Mujahideen is the greatest threat we face. This is a situation way beyond the hand of our control, but like the spiraling situation that is our economy, we need to throw everything we have at it. Washington still operates in a bubble with both Democrats and Republicans picking their petty fights and in the meantime, we've all been thrown from the dock perpetually caught in the wake of a boat that has a broken rudder.
So Washington needs to make some tough decisions instead of putting them off and stick them... because God knows, we ordinary citizens have to live with them.
Now the question that every ordinary American has, including this humble columnist, is how will it help me in my particular situation? The answer is that which ever philosophy eventually wins out, neither may directly help you. Giving tax cuts to Americans, in the form of a check a la President Bush, is really just another form of the T.A.R.P. in as much as that when most Americans receive that pittance of a check, they will pay their respective credit bank infusing the banks with additional cash. On the other hand, investing in public works projects is necessarily going to better the working situation of the majority of Americans working in the private sector.
There really isn't any sense in getting into the specifics of what each politician said because it was mostly bluster, protecting philosophical turf. And they can't get it straight anyway. For example, when Mr. Gregory asked Rep. Pence about nationalizing the banks, the Congressman said that we can't nationalize them but they need more capital. So where are they going to get the capital from... the government of course. And if they get money from the government then they have to answer to the government, hence nationalizing them.
It was all about partisanship and that's what it is going to continue to be about. Democrats won the day in the elections but they don't want to bully. This column translates that into not wanting to take responsibility for making a decision that may fail. We're not saying that their strategy will fail, but they have to be willing to step up on their own without the other side. Republicans have no problem bullying and when they succeed, they gloat. When they fail, they deny.
So what do we do? Everyone needs cash and there simply just isn't enough to go around. Republicans, this columns feels, do not want any bill - let things take their course - free market economy and if you sink... that's just tough - you drown. That's not going to do. You can reference that the Japanese in the 1990's did stimulus after stimulus and nothing worked... a lost decade. This is going to happen with America - a lost decade. However, we need to do what ever we can and if that means the government spending obscene amounts of money to stem complete collapse then so be it. If there are lines for food, trust that there will be plenty of blame to go around.
Many commentators, the pundits, say that the general public doesn't understand the difference between the T.A.R.P. and the stimulus bill. We call them pompous 'think-they-know-it-all' asses. We know the difference, but what we don't know is if the money is being spent in the best possible way and that's because we don't have the key to the cash draw.
This stimulus is not panacea and endless tinkering isn't going to make it so. That's what we truly have to understand.
Speaking of a panacea, or lack thereof, MTP's second guest today, The Washington Post's Tom Ricks, discussed the wars in Iraq and Afghanistan through the prism of his new book 'The Gamble.' With so much going on here at home, the ever more tenuous situations of the wars in Iraq and Afghanistan have been relegated not to the back seat, but the trunk of the metaphoric auto. However, given this interview, we will not be able to get out of Iraq in 16 months. It is unrealistic so get your head around it now. Mr. Ricks pointed out that what supporters expect and what the generals will advise will increasingly be at odds with one another. Amb. Crocker, in Iraq, stated that the events that we will remember about Iraq have yet to happen. What that means, we don't know, but it sure does sound ominous and that we shouldn't expect some fledgling democracy in that country. When we relax in Iraq, the factions of Iraqi generals will take control and not necessarily to our liking. The administration has been correct in that the real fight, politically and militarily, is in Afghanistan and Pakistan. Nuclear weapons in the hands of a government sympathetic to the Taliban and the Mujahideen is the greatest threat we face. This is a situation way beyond the hand of our control, but like the spiraling situation that is our economy, we need to throw everything we have at it. Washington still operates in a bubble with both Democrats and Republicans picking their petty fights and in the meantime, we've all been thrown from the dock perpetually caught in the wake of a boat that has a broken rudder.
So Washington needs to make some tough decisions instead of putting them off and stick them... because God knows, we ordinary citizens have to live with them.
Friday, February 06, 2009
2.6.09: From Friday's Huffington Post
The below title tells the story, but here is the link as well.
http://www.huffingtonpost.com/2009/02/05/meet-the-press-ratings-lo_n_164375.html
"Meet The Press" Ratings Lowest Since David Gregory Became Moderator
"Meet the Press" posted its lowest ratings since David Gregory became moderator this past week, with the show airing Sunday, Feb. 1 averaging just 3.9 million viewers. The show, which featured Senators John Kerry and Kay Bailey Hutchison, as well as a roundtable including Erin Burnett and Steve Forbes, was Gregory's first as moderator to average less than 4 million viewers (he came close on the Sunday between Christmas and New Year's, but he still crossed the 4 million threshold).
NBC notes that its Super Bowl Sunday coverage — which started with Matt Lauer's interview of President Obama and carried through to what the network described as the most-watched television event of all time — bumped "Meet the Press" to irregular start times in most markets and and meant that the public affairs program only aired in 96% of the homes it normally does. Because "Meet the Press" has become "appointment television," this may have contributed to the lower ratings for the week, as would many Super Bowl fans turning to pre-game coverage on, say, ESPN, between "Today" and the game. And were the program shown in 100% of its households, it would likely have crossed the 4 million viewer threshold.
Still, the gap between "Meet the Press" and its competitors — CBS' "Face The Nation" and ABC's "This Week" — is closing, as the below graph shows. This week it was down to just under 600,000 viewers. "Face The Nation" averaged 3.33 million total viewers, while "This Week" came in just behind with 3.32 million total viewers. "This Week" even beat "Meet the Press" on January 11, when George Stephanopoulos interviewed President-Elect Barack Obama (though the margin of victory, 40,000 viewers, was disappointing given the enormity of the interview).
Gregory's highest-rated broadcast — apart from his December 7 handover from Tom Brokaw, which averaged 6.6 million total viewers — came on December 21, when he hosted Condoleeza Rice and averaged 4.8 million total viewers. Since then, his total viewer averages have slid:
"Meet the Press" ratings (total viewer average)
December 21: 4.779 million
December 28: 4.060 million
January 4: 4.715 million
January 11: 4.300 million
January 18: 4.450 million
January 25: 4.190 million
February 1: 3.900 million
While general interest has waned as the fever over President Obama's inauguration has calmed, "Face the Nation" did grow each week between January 11 and January 25, though it did not match its January 4 high of 3.6 million total viewers.
"Face the Nation" ratings (total viewer average)
December 21: 3.124 million
December 28: 2.709 million
January 4: 3.633 million
January 11: 3.010 million
January 18: 3.180 million
January 25: 3.340 million
February 1: 3.330 million
http://www.huffingtonpost.com/2009/02/05/meet-the-press-ratings-lo_n_164375.html
"Meet The Press" Ratings Lowest Since David Gregory Became Moderator
"Meet the Press" posted its lowest ratings since David Gregory became moderator this past week, with the show airing Sunday, Feb. 1 averaging just 3.9 million viewers. The show, which featured Senators John Kerry and Kay Bailey Hutchison, as well as a roundtable including Erin Burnett and Steve Forbes, was Gregory's first as moderator to average less than 4 million viewers (he came close on the Sunday between Christmas and New Year's, but he still crossed the 4 million threshold).
NBC notes that its Super Bowl Sunday coverage — which started with Matt Lauer's interview of President Obama and carried through to what the network described as the most-watched television event of all time — bumped "Meet the Press" to irregular start times in most markets and and meant that the public affairs program only aired in 96% of the homes it normally does. Because "Meet the Press" has become "appointment television," this may have contributed to the lower ratings for the week, as would many Super Bowl fans turning to pre-game coverage on, say, ESPN, between "Today" and the game. And were the program shown in 100% of its households, it would likely have crossed the 4 million viewer threshold.
Still, the gap between "Meet the Press" and its competitors — CBS' "Face The Nation" and ABC's "This Week" — is closing, as the below graph shows. This week it was down to just under 600,000 viewers. "Face The Nation" averaged 3.33 million total viewers, while "This Week" came in just behind with 3.32 million total viewers. "This Week" even beat "Meet the Press" on January 11, when George Stephanopoulos interviewed President-Elect Barack Obama (though the margin of victory, 40,000 viewers, was disappointing given the enormity of the interview).
Gregory's highest-rated broadcast — apart from his December 7 handover from Tom Brokaw, which averaged 6.6 million total viewers — came on December 21, when he hosted Condoleeza Rice and averaged 4.8 million total viewers. Since then, his total viewer averages have slid:
"Meet the Press" ratings (total viewer average)
December 21: 4.779 million
December 28: 4.060 million
January 4: 4.715 million
January 11: 4.300 million
January 18: 4.450 million
January 25: 4.190 million
February 1: 3.900 million
While general interest has waned as the fever over President Obama's inauguration has calmed, "Face the Nation" did grow each week between January 11 and January 25, though it did not match its January 4 high of 3.6 million total viewers.
"Face the Nation" ratings (total viewer average)
December 21: 3.124 million
December 28: 2.709 million
January 4: 3.633 million
January 11: 3.010 million
January 18: 3.180 million
January 25: 3.340 million
February 1: 3.330 million
Sunday, February 01, 2009
2.1.09: Head Spin
Like most Americans, all this column knows for certain is that we don't make as much money, things are more expensive, we have more credit debt than we would like, and we don't know if we going to have a job in another month or not. With that said, billions of dollars are needed to correct the trillions of problems and as evidence by today's Meet The Press, there are billions of answers and a trillion angles to go with them.
Today's program was only a microcosm of the collective opinions as to what should be done and if you were looking for a clear perspective of the Republican Opinion versus the Democrat opinion then you sure didn't get it from Texas Republican Senator Kay Bailey Hutchinson and her counterpart the Democratic Senator from Massachusetts, John Kerry with the exception of one aspect. How much of the stimulus should be devoted to tax cuts?
Ms. Hutchinson calls for a larger percentage of the stimulus to be devoted for tax cuts, which right now stands are $275 billion of the total $819 billion. The rest would go to spending. She feels that there is not enough tax relief in the bill and too much spending in form of social programs, which she says won't do enough. What does that mean - spending? That means providing money to the states for what have been deemed 'shovel ready' projects to jump start construction with the hopeful residual benefit of creating and improving roads, schools, transit, and energy consumption [think: infrastructure]. That is what the Obama Administration stimulus package proposes - relief down the road and have the tax cuts act as the short term fix. John Kerry didn't exactly inspire confidence in his answers today, but that is basically what he is backing.
Keep in mind that with any stimulus bill passed, the benefits will not be seen for a few years down the road. Not to mention that no one seems to know where we are in this crisis... Are we at the beginning, the middle, the end? Or are we famously at the end of the beginning... what is it?
What matters is the answer to this primal question, which speaks to the above statement of what we know for certain - How does the government get more money into the hands of ordinary Americans without giving them money? In typical fashion, they've given the money to corporations in the hopes that corporations would do the right thing with it. Well, that was the original $700 billion bailout money. This next installment is supposed to get all the rest going.
Now, the Republican perspective, as voiced by Ms. Hutchinson is that there should be more tax cuts and this was brought to be fact as not one House Republican voted for the stimulus bill last week. In explicably, Ms. Hutchinson also stated on today's MTP that spending should be increased - for the military. Granted, our military is broken but not a lack of spending rather a lack of sound judgement [read: unnecessary wars]. Which is to say that Ms. Hutchinson's stance is more tax cuts and further military spending. Haven't we been in the place before - say for the last eight years and look where that has taken us. One can not help but think that the Republicans in the House were playing politics with when it comes to bettering the lives of ordinary citizens. Mr. Kerry made an important point in that President Obama sat down with the Republican caucus to hear them out and try to compromise on some points. We can only assume that the compromise was not anything of the like judging from there vote. And then he pointed out that President Bush never once approached the Democratic caucus in that way. Well, the harsh reality is that he didn't have to. That's what is called the bully pulpit or the power of the majority. The Democrats and President Obama have to be comfortable and willing to pull out that tactic.
The above commentary alone is probably enough to make your head spin and the second half panel of CNBC's Erin Burnett, Forbes' Steve Forbes, and Moody's Economy.com's Mark Zandi didn't do anything but further grease the wheel. In the half an hour, Mr. Zandi tried to explain it to no avail, Mr. Forbes supported the banking industry making the case as well as he did in his Presidential run (not well), and Ms. Burnett tried to provide the affective corporate media sound bite when she could.
One of those sound bites was that the Wall Street vs. Main Street argument is a false choice and she explained it in terms of the corporate bonuses being given out by bailed-out corporations. If, for example, one of these corporate brokers makes the company $10 million dollars and his or her commission structure for making that amount is 10 percent, then that person makes $1 million dollars. Seems square. So if that is what you think then you have to say its only fair when a person makes a billion dollars for the company (regardless of the company losing billions beyond that) he or she is entitled to $100 million in commission.
So do you change the commission structure so that the more money you make for a company, the less your commission will be? Anyone in sales, any kind of sales, wouldn't agree with that. Or do you just change the wording so that when people talk about bonuses, they should simply change the syntax and go with commission? Or do you put a monetary cap on the money someone can make in commissions?
Now what Ms. Burnett is saying is that these bonuses, nay commissions, are part of what the national sales guys get at Citigroup and that they are Main Streeters as well, making the whole argument a moot point. Now that is just adding to the drudgery.
And before your head comes completely off your shoulders, we'll leave you this week with Mr. Forbes summarizing quotation that he who has the money makes the rules. But no one has any money (individuals and see graphic) so we're back to where we were in the first place - no rules. That's just great.
By the way, the grey is what they were worth in 2007, green in 2009.
Today's program was only a microcosm of the collective opinions as to what should be done and if you were looking for a clear perspective of the Republican Opinion versus the Democrat opinion then you sure didn't get it from Texas Republican Senator Kay Bailey Hutchinson and her counterpart the Democratic Senator from Massachusetts, John Kerry with the exception of one aspect. How much of the stimulus should be devoted to tax cuts?
Ms. Hutchinson calls for a larger percentage of the stimulus to be devoted for tax cuts, which right now stands are $275 billion of the total $819 billion. The rest would go to spending. She feels that there is not enough tax relief in the bill and too much spending in form of social programs, which she says won't do enough. What does that mean - spending? That means providing money to the states for what have been deemed 'shovel ready' projects to jump start construction with the hopeful residual benefit of creating and improving roads, schools, transit, and energy consumption [think: infrastructure]. That is what the Obama Administration stimulus package proposes - relief down the road and have the tax cuts act as the short term fix. John Kerry didn't exactly inspire confidence in his answers today, but that is basically what he is backing.
Keep in mind that with any stimulus bill passed, the benefits will not be seen for a few years down the road. Not to mention that no one seems to know where we are in this crisis... Are we at the beginning, the middle, the end? Or are we famously at the end of the beginning... what is it?
What matters is the answer to this primal question, which speaks to the above statement of what we know for certain - How does the government get more money into the hands of ordinary Americans without giving them money? In typical fashion, they've given the money to corporations in the hopes that corporations would do the right thing with it. Well, that was the original $700 billion bailout money. This next installment is supposed to get all the rest going.
Now, the Republican perspective, as voiced by Ms. Hutchinson is that there should be more tax cuts and this was brought to be fact as not one House Republican voted for the stimulus bill last week. In explicably, Ms. Hutchinson also stated on today's MTP that spending should be increased - for the military. Granted, our military is broken but not a lack of spending rather a lack of sound judgement [read: unnecessary wars]. Which is to say that Ms. Hutchinson's stance is more tax cuts and further military spending. Haven't we been in the place before - say for the last eight years and look where that has taken us. One can not help but think that the Republicans in the House were playing politics with when it comes to bettering the lives of ordinary citizens. Mr. Kerry made an important point in that President Obama sat down with the Republican caucus to hear them out and try to compromise on some points. We can only assume that the compromise was not anything of the like judging from there vote. And then he pointed out that President Bush never once approached the Democratic caucus in that way. Well, the harsh reality is that he didn't have to. That's what is called the bully pulpit or the power of the majority. The Democrats and President Obama have to be comfortable and willing to pull out that tactic.
The above commentary alone is probably enough to make your head spin and the second half panel of CNBC's Erin Burnett, Forbes' Steve Forbes, and Moody's Economy.com's Mark Zandi didn't do anything but further grease the wheel. In the half an hour, Mr. Zandi tried to explain it to no avail, Mr. Forbes supported the banking industry making the case as well as he did in his Presidential run (not well), and Ms. Burnett tried to provide the affective corporate media sound bite when she could.
One of those sound bites was that the Wall Street vs. Main Street argument is a false choice and she explained it in terms of the corporate bonuses being given out by bailed-out corporations. If, for example, one of these corporate brokers makes the company $10 million dollars and his or her commission structure for making that amount is 10 percent, then that person makes $1 million dollars. Seems square. So if that is what you think then you have to say its only fair when a person makes a billion dollars for the company (regardless of the company losing billions beyond that) he or she is entitled to $100 million in commission.
So do you change the commission structure so that the more money you make for a company, the less your commission will be? Anyone in sales, any kind of sales, wouldn't agree with that. Or do you just change the wording so that when people talk about bonuses, they should simply change the syntax and go with commission? Or do you put a monetary cap on the money someone can make in commissions?
Now what Ms. Burnett is saying is that these bonuses, nay commissions, are part of what the national sales guys get at Citigroup and that they are Main Streeters as well, making the whole argument a moot point. Now that is just adding to the drudgery.
And before your head comes completely off your shoulders, we'll leave you this week with Mr. Forbes summarizing quotation that he who has the money makes the rules. But no one has any money (individuals and see graphic) so we're back to where we were in the first place - no rules. That's just great.
By the way, the grey is what they were worth in 2007, green in 2009.
Sunday, January 25, 2009
1.25.09: Rhetoric to Reality
Much of the talk as this week of course focused on President Obama's first week and the various executive orders that he signed, and this week's Meet The Press was the encapsulation of the criticism that followed. The euphoria is over and now we're beginning to see the difficulty of turning rhetoric to reality, to quote (from today's MTP) Michelle Norris of NPR. As with all government documents, you have to read the fine print and even though there is now an executive order to close Guantanamo Bay Prison, it will take a year. (Which by the way, Tom Friedman on today's program surprisingly agreed with.) However, 'What do we do with the prisoners?' There is thta 'minor' detail and of course a pesky statistic like 61 of the former inmates freed are actively back on the battlefield of the Shadow War. More rhetoric... there will be no lobbyists working in an Obama administration... but we need this one exception for National Security.
[Michelle Norris did point out during the program that the Obama campaign backed off of that a little as time moved on from when he first made the prophetic statement in November of 2007. The big pronouncement had some finer print attached.]
And no more do we see a haze of finer print than with the economic stimulus plan, in which words are being added faster, by all players, Democrat and Republican, than dollars to the national debt. As evidenced by Mr. Gregory's interview with Dr. Larry Summers, Director of the National Economic Council, the answers do not come easy if at all because it is still perfectly clear that no one has the answers. Dr. Summers, saying the the Bush tax cuts needed to expire, was easily tripped up by the use of Mr. Gregory's use of the devil's advocate tactic. He commented that we could not afford the Bush tax cuts, but we could afford tax cuts for the middle class? His answer that we will afford what we can now simply was not enough.
Granted, Dr. Summers, is not as articulate as his boss, but he should be able to explain that the tax burden on Americans is disproportionate and that is one of the reasons why the Bush tax cuts need not be renewed. He did confirm that the President does now receive a daily economic briefing along with the daily national security briefing, but what does it say? There are politicians like today's guest John Boehner who believe the $825 billion is too much but there are also economists who say it's too little - by about a couple of trillion. And then there is Paul Krugman of Princeton University and The New York Times who says that every day we wait is another hole shot in the side of the boat. Is that what it says because that's all we hear. The one point that Dr. Summers was dead on correct was the irony of the situation - that the last Republican Administration who are all about free market brought us to this point in which the government has to bail out the financial industry.
This irony... well, take a look at my notes on the statements of Rep. Boehner:
[Government spending that won't work...
Can't borrow and spend to improve the economy..
Educational spending is not going to help the economy...
Size and spending of the stimulus - we (Republicans) don't think it's going to work
Banking Crisis - We need an exit strategy from tarp...
We (Republicans) need him to succeed - America needs him to succeed]
President Obama says big, profound stimulus by the Government, but Government spending will not work. We can not borrow and spend but that is exactly what we're doing due to the Bush Administration. Educational spending is going to help the economy, but we could recruit more teachers, build schools and make it affordable for people to afford college. People would be inclined to apply for loans, which the banks need to give to stimulate the economy. Mr. Boehner speaking on behalf of Republicans in Congress said that they will vote no because they see it as wasteful government spending. With all that said, Republicans still want him to succeed while playing obstructionist.
But the Republicans are so emasculated that they are what The Weekly Standard's Stephen Hayes referred to as one of the smaller boats who may be given some leverage in the overall discussion. The reality of that rhetoric is that they won't.
[Note on the Transcript: I waited to post because I wanted to check something from the transcript. On the last page, page 5, I noticed that between many of the guests answers, the moderator Mr. Gregory say 'right' repeatedly coming across quite disingenuous. To quote a friend, 'this isn't a good look.']
[Michelle Norris did point out during the program that the Obama campaign backed off of that a little as time moved on from when he first made the prophetic statement in November of 2007. The big pronouncement had some finer print attached.]
And no more do we see a haze of finer print than with the economic stimulus plan, in which words are being added faster, by all players, Democrat and Republican, than dollars to the national debt. As evidenced by Mr. Gregory's interview with Dr. Larry Summers, Director of the National Economic Council, the answers do not come easy if at all because it is still perfectly clear that no one has the answers. Dr. Summers, saying the the Bush tax cuts needed to expire, was easily tripped up by the use of Mr. Gregory's use of the devil's advocate tactic. He commented that we could not afford the Bush tax cuts, but we could afford tax cuts for the middle class? His answer that we will afford what we can now simply was not enough.
Granted, Dr. Summers, is not as articulate as his boss, but he should be able to explain that the tax burden on Americans is disproportionate and that is one of the reasons why the Bush tax cuts need not be renewed. He did confirm that the President does now receive a daily economic briefing along with the daily national security briefing, but what does it say? There are politicians like today's guest John Boehner who believe the $825 billion is too much but there are also economists who say it's too little - by about a couple of trillion. And then there is Paul Krugman of Princeton University and The New York Times who says that every day we wait is another hole shot in the side of the boat. Is that what it says because that's all we hear. The one point that Dr. Summers was dead on correct was the irony of the situation - that the last Republican Administration who are all about free market brought us to this point in which the government has to bail out the financial industry.
This irony... well, take a look at my notes on the statements of Rep. Boehner:
[Government spending that won't work...
Can't borrow and spend to improve the economy..
Educational spending is not going to help the economy...
Size and spending of the stimulus - we (Republicans) don't think it's going to work
Banking Crisis - We need an exit strategy from tarp...
We (Republicans) need him to succeed - America needs him to succeed]
President Obama says big, profound stimulus by the Government, but Government spending will not work. We can not borrow and spend but that is exactly what we're doing due to the Bush Administration. Educational spending is going to help the economy, but we could recruit more teachers, build schools and make it affordable for people to afford college. People would be inclined to apply for loans, which the banks need to give to stimulate the economy. Mr. Boehner speaking on behalf of Republicans in Congress said that they will vote no because they see it as wasteful government spending. With all that said, Republicans still want him to succeed while playing obstructionist.
But the Republicans are so emasculated that they are what The Weekly Standard's Stephen Hayes referred to as one of the smaller boats who may be given some leverage in the overall discussion. The reality of that rhetoric is that they won't.
[Note on the Transcript: I waited to post because I wanted to check something from the transcript. On the last page, page 5, I noticed that between many of the guests answers, the moderator Mr. Gregory say 'right' repeatedly coming across quite disingenuous. To quote a friend, 'this isn't a good look.']
Sunday, January 18, 2009
1.18.09: Three Days Out
Two thoughts come to mind from today's Meet The Press. One, the climate has changed for politicians in Washington and boy, are they desperate, especially the Republicans. The banality here, three days out, is that President-Elect Obama embodies change, however he has certainly kept everyone, the press and politicians alike, off balance by reaching out to all sides and that's significant in and of itself.
But a sense of desperation on so many levels is ever pervasive as evidenced alone by the President-Elect's appointments. In today's interview with Rahm Emmanuel, Mr. Obama's chief of staff, easily swatted away questions of Mr. Timothy Geithner's appointment to Treasury. The wake of ruin from the past eight years, Republicans are truly emasculated. Despite the nominee not paying his taxes completely, Republican politicians still heartily endorse him. Mr. Emmanuel said to David Gregory that it was a mistake, a flap, and that he is still the man for the job. The man to run the IRS didn't pay his taxes... Remember those days when nominees were tossed for having illegal immigrates under employment? Those days are over. The question was easily swatted away and because of the absence of any Republican dissent, why get combative? Mr. Gregory certainly did not.
While we're on appointments, the hearings for Mrs. Clinton (State Dept.) and Mr. Holder (Justice Dept.), to the chagrin of the press, did not produce the fireworks most thought were coming. Democratic politicians, as everyone knows, have a reputation of when being in a position of power on an issue, usually cower and let the other side get it's way. Are the Republicans the new Democrats? They could have used all that pent up hatred of all things Clinton (recall impeachment) and hammered these two nominees. Nothing close came to fruition.
As with all political discussions these days, Mr. Gregory outlined the 2008 bailout numbers (see below) and with the Obama stimulus package included, our last year's tab in $2 trillion.
Eight Hundred, twenty-five billion dollars of which is being proposed by the Obama Administration (It's officially too early to use this phrase, but so what - we're three days out) and most economists on both sides of the aisle agree that it is necessary as Mr. Emmanuel pointed. However, it's not enough. Mr. Emmanuel stated that it would create 3 million jobs, but that's not enough either. What we societally haven't yet to comprehend is the dynamic of derivatives and how they have created a black hole of debt. Solvency is going to cost a lot more than $2 trillion. As much as we need change, we're doing everything to keep things the same.
And what tepid objection has been put forth by Rep. John Boehner of Ohio with regard to the stimulus was appropriately addressed by Mr. Emmanuel when he said to David Gregory that "I find it ironic, since one of the questions and the criticism about the deficit spending is coming from people who actually in a period of time in the last eight years were responsible for policies that left America farther behind in, in, in the sense of deep, deep red."
With that said, the today's panel (NBC's Tom Brokaw, The New York Times' David Brooks, presidential historian Doris Kearns Goodwin, PBS's Tavis Smiley and NBC's Chuck Todd) agreed that what we're facing is unprecedented and as Mr. Brooks said, Mr. Obama is 'guessing' but he has to, the best that he can. In fact, David Brooks made a few good points today, maybe because he seemed quite humbled by the dinner he had with the President-Elect earlier in the week.
Mr. Brooks said that through Mr. Obama, we're seeing an independence from ideology. Eloquent in its brevity, but the truth is that this independence is simply a byproduct of the wilderness that we've been thrust into as a country. The Emancipation Proclamation placed this country at the edge of the Wilderness - looking through it, past it. We are at the edge of the Wilderness again, be it for much less noble reasons this time, but the comparisons between Lincoln and Obama are more than appropriate. They both have a way of capturing the moment, using their 'emotional intelligence' as Ms. Goodwin put it to see past the trees.
Well, we're at the frontier so pack up only what you can carry as the start of the journey is just three days out.
But a sense of desperation on so many levels is ever pervasive as evidenced alone by the President-Elect's appointments. In today's interview with Rahm Emmanuel, Mr. Obama's chief of staff, easily swatted away questions of Mr. Timothy Geithner's appointment to Treasury. The wake of ruin from the past eight years, Republicans are truly emasculated. Despite the nominee not paying his taxes completely, Republican politicians still heartily endorse him. Mr. Emmanuel said to David Gregory that it was a mistake, a flap, and that he is still the man for the job. The man to run the IRS didn't pay his taxes... Remember those days when nominees were tossed for having illegal immigrates under employment? Those days are over. The question was easily swatted away and because of the absence of any Republican dissent, why get combative? Mr. Gregory certainly did not.
While we're on appointments, the hearings for Mrs. Clinton (State Dept.) and Mr. Holder (Justice Dept.), to the chagrin of the press, did not produce the fireworks most thought were coming. Democratic politicians, as everyone knows, have a reputation of when being in a position of power on an issue, usually cower and let the other side get it's way. Are the Republicans the new Democrats? They could have used all that pent up hatred of all things Clinton (recall impeachment) and hammered these two nominees. Nothing close came to fruition.
As with all political discussions these days, Mr. Gregory outlined the 2008 bailout numbers (see below) and with the Obama stimulus package included, our last year's tab in $2 trillion.
Eight Hundred, twenty-five billion dollars of which is being proposed by the Obama Administration (It's officially too early to use this phrase, but so what - we're three days out) and most economists on both sides of the aisle agree that it is necessary as Mr. Emmanuel pointed. However, it's not enough. Mr. Emmanuel stated that it would create 3 million jobs, but that's not enough either. What we societally haven't yet to comprehend is the dynamic of derivatives and how they have created a black hole of debt. Solvency is going to cost a lot more than $2 trillion. As much as we need change, we're doing everything to keep things the same.
And what tepid objection has been put forth by Rep. John Boehner of Ohio with regard to the stimulus was appropriately addressed by Mr. Emmanuel when he said to David Gregory that "I find it ironic, since one of the questions and the criticism about the deficit spending is coming from people who actually in a period of time in the last eight years were responsible for policies that left America farther behind in, in, in the sense of deep, deep red."
With that said, the today's panel (NBC's Tom Brokaw, The New York Times' David Brooks, presidential historian Doris Kearns Goodwin, PBS's Tavis Smiley and NBC's Chuck Todd) agreed that what we're facing is unprecedented and as Mr. Brooks said, Mr. Obama is 'guessing' but he has to, the best that he can. In fact, David Brooks made a few good points today, maybe because he seemed quite humbled by the dinner he had with the President-Elect earlier in the week.
Mr. Brooks said that through Mr. Obama, we're seeing an independence from ideology. Eloquent in its brevity, but the truth is that this independence is simply a byproduct of the wilderness that we've been thrust into as a country. The Emancipation Proclamation placed this country at the edge of the Wilderness - looking through it, past it. We are at the edge of the Wilderness again, be it for much less noble reasons this time, but the comparisons between Lincoln and Obama are more than appropriate. They both have a way of capturing the moment, using their 'emotional intelligence' as Ms. Goodwin put it to see past the trees.
Well, we're at the frontier so pack up only what you can carry as the start of the journey is just three days out.
Sunday, January 04, 2009
1.4.09: Fine, the New Year...
We don't want to be a total downer in our first post of 2009 but we can only write 'fine' in reference to the new year and this MTP week for all the obvious reasons - the economy, 2 wars, and a fresh Israeli assault on the Palestinians in Gaza - not quite the best circumstances for holiday cheer. Unfortunately, we can not say that today's exclusive with Senate Majority Harry Reid of Nevada was any sort of Alka-Seltzer for our political hangover. Make no mistake, if we haven't been perfectly clear in prior posts, let's make it crystal here now. This column does not endorse Senator Reid as majority leader of the Democratic Party in Senate one iota. Today's interview is exhibit A for this new prosecution.
First, credit should be given to Mr. Gregory for justifiably hammering Mr. Reid on a number of things starting with the appointment of Roland Burris by the embattled Governor of Illinois, Rod Blagojevich. Just listening to Senator Reid, you get the sense of an absence of sound judgement or power of persuasion. Now granted, the Governor, who is not yet under indictment, can still appointment someone to fill the seat, but that the national Democratic caucus, of which Senator Reid is a key power broker, has not used it's full leverage to curtail these shenanigans by this rogue governor, speaks directly to the impotency of the Democratic Party when it comes to getting tough. Isn't that what we want - tough but fair?
Mr. Reid cited a law that goes back 'generations' that the congress can reject a member, they can 'do whatever we want,' he said. We, the public, don't need a law citation to know that Congress will do whatever it wants. They have pretty much established that for some time.
Throughout the entire interview, Senator did not give one firm definitive answer, instead choosing the 'nuanced,' dance-around-like retorts that Americans have come to loathe. It is this kind of bullshit, frankly, that needs to be eliminated. Senator Reid had said that in his estimation the war [in Iraq] is lost and the surge has done nothing. When pressed on this by Mr. Gregrory, he said that General Petraeus said that the war can not be won militarily. Senator Reid went on to say that he and General Petraeus said the same thing in different ways. That is absolutely not what Senator Reid meant at the time and for him to back pedal and parry is that exact quality that we do not need in our leaders. If he had just said that, at the time, that was the outlook of the war and now, thank God, that's not the case, wouldn't you respect him more? Great leaders can admit they were mistaken as long as they show that they have learned from those mistakes and don't repeat them.
Simply put, Senator Reid is exasperating as a Majority Leader. With regard to the Illinois political mess, he summed it up saying that there is always room for negotiating. Yes, that's true, but negotiating is one thing, continually bending over is another.
At the top of the program, Mr. Gregory spoke to Richard Engel, NBC's chief foreign correspondent, from Israel about the situation on the ground there and that's where the panel discussion picked up with The Atlantic's Jeffrey Goldberg, BBC World News America's Katty Kay, Al-Arabiya's Hisham Melhem, NBC's Andrea Mitchell and The New York Times' David Sanger.
One of the key points from the panel, made by Katty Kay specifically, is that at the center of it all is Iran and it's goal of being the definitive power in the region. Hamas, like Hezbollah, is empowered by Iran, but since there is no government who has effective leverage over Iran, what is done instead are the attempts to cut off the terrorist tentacles. No one wants to deal with Iran directly, but that is exactly what must be done in conjunction with stopping instigating rocket assaults into Israel by Hamas. Indirect talks and bellicose statements with Iran no longer suffice.
Another key point is that Israel, the United States, and their allies must take advantage of the fact the moderate Arab governments are simply tired of Hamas and their actions. This must be propagated to the Arab public, and this is what will truly change the dynamic. With constant protests across Arab streets, nothing will change the status quo.
Also, going back to Senator Reid for a moment, in reference to Israeli ground assault, he used the hypothetical that if Canada were firing missiles from Vancouver into Seattle, the United States would do everything to stop it. This column's reaction is this: stop with the hypotheticals, especially one like this that is ridiculous. Say what you mean... Do you support what Israel is doing or not? If so, say so... period.
Lastly, if a tenable situation can be created, in which and Hamas would be forced to create a job, an infrastructure development, a medical facility for its people as the Palestinian Authority in the West Bank wants to start accomplishing, then desired results would come. If Hamas fails at this, as this column suspects, then the Arab public themselves will make a change. Hamas hasn't proven in the slightest that they, as an elected entity, can provide the basic needs for its citizenry. They can blame embargos, but if they had the needs of their people truly put first, they would do what they can to get them lifted.
First, credit should be given to Mr. Gregory for justifiably hammering Mr. Reid on a number of things starting with the appointment of Roland Burris by the embattled Governor of Illinois, Rod Blagojevich. Just listening to Senator Reid, you get the sense of an absence of sound judgement or power of persuasion. Now granted, the Governor, who is not yet under indictment, can still appointment someone to fill the seat, but that the national Democratic caucus, of which Senator Reid is a key power broker, has not used it's full leverage to curtail these shenanigans by this rogue governor, speaks directly to the impotency of the Democratic Party when it comes to getting tough. Isn't that what we want - tough but fair?
Mr. Reid cited a law that goes back 'generations' that the congress can reject a member, they can 'do whatever we want,' he said. We, the public, don't need a law citation to know that Congress will do whatever it wants. They have pretty much established that for some time.
Throughout the entire interview, Senator did not give one firm definitive answer, instead choosing the 'nuanced,' dance-around-like retorts that Americans have come to loathe. It is this kind of bullshit, frankly, that needs to be eliminated. Senator Reid had said that in his estimation the war [in Iraq] is lost and the surge has done nothing. When pressed on this by Mr. Gregrory, he said that General Petraeus said that the war can not be won militarily. Senator Reid went on to say that he and General Petraeus said the same thing in different ways. That is absolutely not what Senator Reid meant at the time and for him to back pedal and parry is that exact quality that we do not need in our leaders. If he had just said that, at the time, that was the outlook of the war and now, thank God, that's not the case, wouldn't you respect him more? Great leaders can admit they were mistaken as long as they show that they have learned from those mistakes and don't repeat them.
Simply put, Senator Reid is exasperating as a Majority Leader. With regard to the Illinois political mess, he summed it up saying that there is always room for negotiating. Yes, that's true, but negotiating is one thing, continually bending over is another.
At the top of the program, Mr. Gregory spoke to Richard Engel, NBC's chief foreign correspondent, from Israel about the situation on the ground there and that's where the panel discussion picked up with The Atlantic's Jeffrey Goldberg, BBC World News America's Katty Kay, Al-Arabiya's Hisham Melhem, NBC's Andrea Mitchell and The New York Times' David Sanger.
One of the key points from the panel, made by Katty Kay specifically, is that at the center of it all is Iran and it's goal of being the definitive power in the region. Hamas, like Hezbollah, is empowered by Iran, but since there is no government who has effective leverage over Iran, what is done instead are the attempts to cut off the terrorist tentacles. No one wants to deal with Iran directly, but that is exactly what must be done in conjunction with stopping instigating rocket assaults into Israel by Hamas. Indirect talks and bellicose statements with Iran no longer suffice.
Another key point is that Israel, the United States, and their allies must take advantage of the fact the moderate Arab governments are simply tired of Hamas and their actions. This must be propagated to the Arab public, and this is what will truly change the dynamic. With constant protests across Arab streets, nothing will change the status quo.
Also, going back to Senator Reid for a moment, in reference to Israeli ground assault, he used the hypothetical that if Canada were firing missiles from Vancouver into Seattle, the United States would do everything to stop it. This column's reaction is this: stop with the hypotheticals, especially one like this that is ridiculous. Say what you mean... Do you support what Israel is doing or not? If so, say so... period.
Lastly, if a tenable situation can be created, in which and Hamas would be forced to create a job, an infrastructure development, a medical facility for its people as the Palestinian Authority in the West Bank wants to start accomplishing, then desired results would come. If Hamas fails at this, as this column suspects, then the Arab public themselves will make a change. Hamas hasn't proven in the slightest that they, as an elected entity, can provide the basic needs for its citizenry. They can blame embargos, but if they had the needs of their people truly put first, they would do what they can to get them lifted.
Sunday, December 14, 2008
12.14.08: A New Era
First thing today, we would like to congratulate David Gregory on becoming the moderator of MTP and we wish him long success, thus a new era begins for the program.
However, it's going to be the same old story for a while - economic gloom and all the talk to fix it. For good measure, political scandal takes politicians' eyes off the ball and that's where today's program began. Mr. Gregory spoke with Illinois Attorney General Lisa Madigan (D) and Lt. Gov. Pat Quinn (D) about Embroiled Illinois Governor Rod Blagojevich. The new moderator asked the attorney general with regard to her statements if there was some political motivation on her part. It's one of those questions that carries no merit but has to be asked, it's like the new standard in network interviewing.
With all the talk from the two guests mentioned above and then NBC's Political Director, Chuck Todd, and Chicago Sun-Times' Mary Mitchell after them, there's a simple bottom line to this entire drama. Governor Blagojevich is unable to see through his prime directive of the office he still holds, which is to serve the people of his statement. At this point, whether he is indicted or exonerated, he will remain unable to fulfill this duty. Therefore, step down immediately and if he can not see to himself to do that, remove him. Period.
Given the ensuing roundtable discussion with regard to the automotive bailout and the general economy, the above is (and here's a gross understatement) counterproductive is every way.
The aforementioned roundtable consisted of Gov. Jennifer Granholm (D-MI), Fmr. Gov. Mitt Romney (R-MA), Fmr. Hewlett-Packard CEO Carly Fiorina, Wal-Mart President & CEO Lee Scott, and Google CEO Eric Schmidt. With the exception of Carly Fiorina, it was an interesting mix of opinions and perspectives. And make no mistake, the reason that we single out Carly Fiorina, former CEO of Hewlett-Packard, is because she slashed thousands of jobs and left the company is tremendous debt then collected the proverbial golden parachute... She said that because states have different, or more attractive as the case may be, business taxes that companies located simply based on that. To a small extent, that's true, but it sure helps in Alabama, for example, when Senator Richard Shelby manages $800 million+ in financial incentives for foreign auto to locate in his state. And now he is putting their interest ahead of America's interest. Her insights prove shallow.
Of course Gov. Granholm is going to defend the assistance to the auto industry - she's the governor of Michigan for Christ's sake, but her reasoning like everyone else's is steeped in common sense. In this economic state, we can not let the American auto industry go down. Her point that the tax burden would be far more costly to the American people than the bailout. The unemployment filing alone would be inside body shot. Too many job loses and the ripple effect... Well, let's just say that the ripples would be big enough to surf. Now here's the exchange between Governor Romney, former Presidential candidate, and Mr. Gregory:
GOV. ROMNEY: Well, I, I am glad to see that the proposal that was made by the chief executives of the Big Three didn't get accepted. They basically came to Washington saying, "Give us, give us a check so we can continue to fund business as usual." Look...
MR. GREGORY: Fourteen billion dollars is what they were, what they were...
GOV. ROMNEY: Well, and originally they wanted a lot more than that.
MR. GREGORY: Right.
GOV. ROMNEY: And I'm glad to see there was some progress made over the, the ensuing weeks. But, frankly, I think all Americans agree that we want a domestic automobile manufacturing sector. We don't want to see this go away.
There is a contradict in what he said, he is glad they didn't get the money, but doesn't want to see the auto industry go away... hmmm. Or should we sharply parse words and interpret "All Americans" does not include him? Mr. Romney's economic perspective comes from extraordinary long-term wealth, which has long seen him separated from the economic mainstream. Does he truly understand the struggle out there?
Maybe it's quite a populace post we written today, at least one more overt than usual, but the focus is all too obvious. It's painful for us to write BECAUSE it's so obvious. Why do we need to write it. But speaking of populace, two valuable perspective manifested themselves through two CEOs - Lee Scott of Wal-Mart and Eric Schmidt of Google. These two companies are modern American touchstones for business, Wal-mart as the pre-eminent retailer and Google proving itself essential to the web.
However, Wal-Mart is our economic existential dilemma. Generally, Americans dislike the business practices that Wal-Mart instills, from worker healthcare benefits and wages to trying to influence how their employees should vote. But Americans also like the low prices that Wal-Mart offers and that's why they go there. What was most impressive was the research Mr. Scott mentioned. For example, he discussed "Wal-Mart Moms" family eating habits, knowing how much they consume, but also the amount of leftovers they're eating. And you worry about someone knowing your social security number? Wal-mart's staked out in your refrigerator! (Please indulge our small bit of humor.)
But let's leave this week's column with this quote from Mr. Eric Schmidt. Fittingly, it is the CEO of Google who would state that, "This is not a time to be self-serving and that America can innovate its way out of anything." It's time to stop just talking...
However, it's going to be the same old story for a while - economic gloom and all the talk to fix it. For good measure, political scandal takes politicians' eyes off the ball and that's where today's program began. Mr. Gregory spoke with Illinois Attorney General Lisa Madigan (D) and Lt. Gov. Pat Quinn (D) about Embroiled Illinois Governor Rod Blagojevich. The new moderator asked the attorney general with regard to her statements if there was some political motivation on her part. It's one of those questions that carries no merit but has to be asked, it's like the new standard in network interviewing.
With all the talk from the two guests mentioned above and then NBC's Political Director, Chuck Todd, and Chicago Sun-Times' Mary Mitchell after them, there's a simple bottom line to this entire drama. Governor Blagojevich is unable to see through his prime directive of the office he still holds, which is to serve the people of his statement. At this point, whether he is indicted or exonerated, he will remain unable to fulfill this duty. Therefore, step down immediately and if he can not see to himself to do that, remove him. Period.
Given the ensuing roundtable discussion with regard to the automotive bailout and the general economy, the above is (and here's a gross understatement) counterproductive is every way.
The aforementioned roundtable consisted of Gov. Jennifer Granholm (D-MI), Fmr. Gov. Mitt Romney (R-MA), Fmr. Hewlett-Packard CEO Carly Fiorina, Wal-Mart President & CEO Lee Scott, and Google CEO Eric Schmidt. With the exception of Carly Fiorina, it was an interesting mix of opinions and perspectives. And make no mistake, the reason that we single out Carly Fiorina, former CEO of Hewlett-Packard, is because she slashed thousands of jobs and left the company is tremendous debt then collected the proverbial golden parachute... She said that because states have different, or more attractive as the case may be, business taxes that companies located simply based on that. To a small extent, that's true, but it sure helps in Alabama, for example, when Senator Richard Shelby manages $800 million+ in financial incentives for foreign auto to locate in his state. And now he is putting their interest ahead of America's interest. Her insights prove shallow.
Of course Gov. Granholm is going to defend the assistance to the auto industry - she's the governor of Michigan for Christ's sake, but her reasoning like everyone else's is steeped in common sense. In this economic state, we can not let the American auto industry go down. Her point that the tax burden would be far more costly to the American people than the bailout. The unemployment filing alone would be inside body shot. Too many job loses and the ripple effect... Well, let's just say that the ripples would be big enough to surf. Now here's the exchange between Governor Romney, former Presidential candidate, and Mr. Gregory:
GOV. ROMNEY: Well, I, I am glad to see that the proposal that was made by the chief executives of the Big Three didn't get accepted. They basically came to Washington saying, "Give us, give us a check so we can continue to fund business as usual." Look...
MR. GREGORY: Fourteen billion dollars is what they were, what they were...
GOV. ROMNEY: Well, and originally they wanted a lot more than that.
MR. GREGORY: Right.
GOV. ROMNEY: And I'm glad to see there was some progress made over the, the ensuing weeks. But, frankly, I think all Americans agree that we want a domestic automobile manufacturing sector. We don't want to see this go away.
There is a contradict in what he said, he is glad they didn't get the money, but doesn't want to see the auto industry go away... hmmm. Or should we sharply parse words and interpret "All Americans" does not include him? Mr. Romney's economic perspective comes from extraordinary long-term wealth, which has long seen him separated from the economic mainstream. Does he truly understand the struggle out there?
Maybe it's quite a populace post we written today, at least one more overt than usual, but the focus is all too obvious. It's painful for us to write BECAUSE it's so obvious. Why do we need to write it. But speaking of populace, two valuable perspective manifested themselves through two CEOs - Lee Scott of Wal-Mart and Eric Schmidt of Google. These two companies are modern American touchstones for business, Wal-mart as the pre-eminent retailer and Google proving itself essential to the web.
However, Wal-Mart is our economic existential dilemma. Generally, Americans dislike the business practices that Wal-Mart instills, from worker healthcare benefits and wages to trying to influence how their employees should vote. But Americans also like the low prices that Wal-Mart offers and that's why they go there. What was most impressive was the research Mr. Scott mentioned. For example, he discussed "Wal-Mart Moms" family eating habits, knowing how much they consume, but also the amount of leftovers they're eating. And you worry about someone knowing your social security number? Wal-mart's staked out in your refrigerator! (Please indulge our small bit of humor.)
But let's leave this week's column with this quote from Mr. Eric Schmidt. Fittingly, it is the CEO of Google who would state that, "This is not a time to be self-serving and that America can innovate its way out of anything." It's time to stop just talking...
Monday, December 08, 2008
12.8.08: New York Times Article on David Gregory
Just in case your interested....
Big Shoes that can't be filled, but Mr. Gregory is tasked with keeping up the ratings lead. And one more comment with regard to yesterday's post - The reason this column did prefer Mr. Todd was that he is more inviting a personality to the average viewer, but ratings numbers demand that the executives go with a more solid interviewer.
http://www.nytimes.com/2008/12/08/business/media/08talk.html?scp=3&sq=Meet%20The%20Press&st=cse
‘Meet the Press’ Changes, and Hopes Its Rank Won’t
By BILL CARTER
NBC News used the occasion of an appearance by President-elect Barack Obama on “Meet the Press” on Sunday to make official its appointment of David Gregory as the next permanent moderator of that venerable political discussion program.
The news of Mr. Gregory’s selection had leaked out in reports last week. On Sunday, Tom Brokaw, who became interim host in June after the sudden death of Tim Russert, said that he would step down. Mr. Gregory’s first program will be next week.
Mr. Russert had lifted “Meet the Press” to a long period of dominance among the Sunday morning shows, establishing himself in the process as perhaps the most formidable interviewer on television.
In a telephone interview, Mr. Gregory, who is 38, acknowledged that the task before him was challenging. “I’m honored,” he said. “I feel humbled and very excited. I’m not nervous or apprehensive about it, but it is daunting.”
The change comes as the Washington power-broker lineup is about to be recast with the arrival of the Obama administration. Calling this “a critically important time for the country,” Mr. Brokaw said on Sunday’s program that “more people are paying attention” to the weekly network Sunday programs than at any time since 1968.
That combination of factors has NBC’s competitors anticipating an opportunity to alter the dynamics of Sunday morning talk.
George Stephanopoulos, the face of ABC’s program “This Week,” said he saw genuine opportunity in the changeover, though he said, “There’s no question that ‘Meet the Press’ is a powerful brand.”
It is the oldest program on television, and like other programs started by NBC in the medium’s early days — “Today” and “The Tonight Show” — “Meet the Press” is a television institution. Still, it is hardly invulnerable. In the 1980s, ABC’s “This Week” dominated for a decade.
Mr. Russert reversed that, first by persuading NBC to expand “Meet the Press” to an hour to match “This Week,” then by ratcheting up the intensity of the interviews. But now NBC’s competitors see an opening.
“I think the post-Russert era begins now,” said Chris Wallace, the host of “Fox News Sunday.”
This year, NBC has averaged about 4.5 million viewers on its Sunday morning show, “This Week” about 3.4 million, and CBS’s “Face the Nation,” hosted by Bob Schieffer, about 3.1 million.
“Fox News Sunday” on the Fox network has about 1.6 million viewers, but that number jumps to about 3 million when the program is repeated in the evening on the Fox News Channel. The other cable entrant in the competition, CNN, is also about to make a change, with John King set to take over its “Late Edition” Sunday morning program soon from its host, Wolf Blitzer.
Maintaining the dominant position Mr. Russert established is clearly an important consideration. Steve Capus, the president of NBC News, said that he was most interested in the program sustaining a reputation for “tough but fair” interviews.
Mr. Gregory said that he felt “the great sense of purpose in the program.”
Under his new contract, he will continue to have a presence on “Today,” serving as the regular substitute host for Matt Lauer. But he will give up his interview program on NBC’s all-news cable channel, MSNBC.
NBC also extended the contract of Betsy Fischer, the executive producer of “Meet the Press,” who attended American University in Washington at the same time as Mr. Gregory.
None of the programs have ambitious plans to shake up the format. Ms. Fischer said any changes under Mr. Gregory would be “gradual and seamless.”
There isn’t much you can do differently with a program based on a face-to-face interview. The competition is generally not over how the programs are put together but who the guests are.
Some competitors suggest that Mr. Stephanopoulos may have an advantage because he worked in a Democratic administration populated by many names that are making a comeback.
“George obviously does have close relationships with people from the Clinton White House,” Mr. Wallace said. Mr. Stephanopoulos said, “I’m going to draw on every relationship I have.”
Mr. Schieffer, host of “Face the Nation,” recalled that Mr. Russert considered himself “the curator of a national treasure” and added that he had always been impressed with Mr. Gregory’s talents. “Tim is irreplaceable,” Mr. Schieffer said, “but somebody has to do it.”
Mr. Gregory, the new curator, will be under considerable pressure — and scrutiny. Mr. Stephanopoulos pointed out that “Brokaw is handing David about a one-million-viewer lead.”
Mr. Schieffer said, “It’s going to be tough competition. I wish David the best — and I’m going to try to beat his brains out.”
Big Shoes that can't be filled, but Mr. Gregory is tasked with keeping up the ratings lead. And one more comment with regard to yesterday's post - The reason this column did prefer Mr. Todd was that he is more inviting a personality to the average viewer, but ratings numbers demand that the executives go with a more solid interviewer.
http://www.nytimes.com/2008/12/08/business/media/08talk.html?scp=3&sq=Meet%20The%20Press&st=cse
‘Meet the Press’ Changes, and Hopes Its Rank Won’t
By BILL CARTER
NBC News used the occasion of an appearance by President-elect Barack Obama on “Meet the Press” on Sunday to make official its appointment of David Gregory as the next permanent moderator of that venerable political discussion program.
The news of Mr. Gregory’s selection had leaked out in reports last week. On Sunday, Tom Brokaw, who became interim host in June after the sudden death of Tim Russert, said that he would step down. Mr. Gregory’s first program will be next week.
Mr. Russert had lifted “Meet the Press” to a long period of dominance among the Sunday morning shows, establishing himself in the process as perhaps the most formidable interviewer on television.
In a telephone interview, Mr. Gregory, who is 38, acknowledged that the task before him was challenging. “I’m honored,” he said. “I feel humbled and very excited. I’m not nervous or apprehensive about it, but it is daunting.”
The change comes as the Washington power-broker lineup is about to be recast with the arrival of the Obama administration. Calling this “a critically important time for the country,” Mr. Brokaw said on Sunday’s program that “more people are paying attention” to the weekly network Sunday programs than at any time since 1968.
That combination of factors has NBC’s competitors anticipating an opportunity to alter the dynamics of Sunday morning talk.
George Stephanopoulos, the face of ABC’s program “This Week,” said he saw genuine opportunity in the changeover, though he said, “There’s no question that ‘Meet the Press’ is a powerful brand.”
It is the oldest program on television, and like other programs started by NBC in the medium’s early days — “Today” and “The Tonight Show” — “Meet the Press” is a television institution. Still, it is hardly invulnerable. In the 1980s, ABC’s “This Week” dominated for a decade.
Mr. Russert reversed that, first by persuading NBC to expand “Meet the Press” to an hour to match “This Week,” then by ratcheting up the intensity of the interviews. But now NBC’s competitors see an opening.
“I think the post-Russert era begins now,” said Chris Wallace, the host of “Fox News Sunday.”
This year, NBC has averaged about 4.5 million viewers on its Sunday morning show, “This Week” about 3.4 million, and CBS’s “Face the Nation,” hosted by Bob Schieffer, about 3.1 million.
“Fox News Sunday” on the Fox network has about 1.6 million viewers, but that number jumps to about 3 million when the program is repeated in the evening on the Fox News Channel. The other cable entrant in the competition, CNN, is also about to make a change, with John King set to take over its “Late Edition” Sunday morning program soon from its host, Wolf Blitzer.
Maintaining the dominant position Mr. Russert established is clearly an important consideration. Steve Capus, the president of NBC News, said that he was most interested in the program sustaining a reputation for “tough but fair” interviews.
Mr. Gregory said that he felt “the great sense of purpose in the program.”
Under his new contract, he will continue to have a presence on “Today,” serving as the regular substitute host for Matt Lauer. But he will give up his interview program on NBC’s all-news cable channel, MSNBC.
NBC also extended the contract of Betsy Fischer, the executive producer of “Meet the Press,” who attended American University in Washington at the same time as Mr. Gregory.
None of the programs have ambitious plans to shake up the format. Ms. Fischer said any changes under Mr. Gregory would be “gradual and seamless.”
There isn’t much you can do differently with a program based on a face-to-face interview. The competition is generally not over how the programs are put together but who the guests are.
Some competitors suggest that Mr. Stephanopoulos may have an advantage because he worked in a Democratic administration populated by many names that are making a comeback.
“George obviously does have close relationships with people from the Clinton White House,” Mr. Wallace said. Mr. Stephanopoulos said, “I’m going to draw on every relationship I have.”
Mr. Schieffer, host of “Face the Nation,” recalled that Mr. Russert considered himself “the curator of a national treasure” and added that he had always been impressed with Mr. Gregory’s talents. “Tim is irreplaceable,” Mr. Schieffer said, “but somebody has to do it.”
Mr. Gregory, the new curator, will be under considerable pressure — and scrutiny. Mr. Stephanopoulos pointed out that “Brokaw is handing David about a one-million-viewer lead.”
Mr. Schieffer said, “It’s going to be tough competition. I wish David the best — and I’m going to try to beat his brains out.”
Subscribe to:
Posts (Atom)