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"It's not that I'm so smart, it's just that I stay with problems longer." - Albert Einstein
I had the pleasure of meeting him a few times in Palm Springs, and he once attended a party my wife and I invited him to. A wonderful, friendly man. I hope his work can be seen for years to come. The epidoses of his show are a great legacy.
From "Super-Rich Irony" by Chrystia Freeland:
During the 2008 election, Obama received significantly more Wall Street money than McCain, for one very good reason: Wall Street trusted him and his egghead technocrat advisers to do whatever was necessary to prevent their world from imploding. And that’s exactly what they did. Geithner, Bernanke, Summers, and the rest of the Obama economic team threw everything they could at the markets: they were the liquidity provider of last resort, they took that role seriously, and they did exactly what was necessary to save the US — and, for that matter, the global — financial system. McCain, by contrast, never came across as being particularly competent on that front, treating the financial crisis more as an excuse for political stunts than as a serious existential threat.After 2009, however, Wall Street felt that the crisis was over.
Yes, unemployment was still unacceptably high, growth was unacceptably low, and the real economy was still struggling. But never mind that: Wall Street profits were enormous, corporate profits were hitting record highs, and bonus season was just around the corner. America’s financiers no longer needed Washington to save them from ruin; now all they wanted was for Washington to get out of the way, and to let them prosecute their profit-making strategies as aggressively as they wanted. And they were in no mood for gentle reminders from Washington that if it wasn’t for the public sector they’d all have been wiped out.
From a great article at the New York Times by Mark Lilla:
"Once upon a time there was a radical president who tried to remake American society through government action. In his first term he created a vast network of federal grants to state and local governments for social programs that cost billions. He set up an imposing agency to regulate air and water emissions, and another to regulate workers’ health and safety. Had Congress not stood in his way he would have gone much further. He tried to establish a guaranteed minimum income for all working families and, to top it off, proposed a national health plan that would have provided government insurance for low-income families, required employers to cover all their workers and set standards for private insurance. Thankfully for the country, his second term was cut short and his collectivist dreams were never realized. His name was Richard Nixon."
The full piece here.
Fascinating look at revisions made to Clinton's speech last night. Via BuzzFeed.
Reader thoughts via The Daily Beast:
There was a stanza that hit me very hard in former Secretary Rice's speech last night in Tampa:
Seen side by side today: Romney: Obama policies are "old" and "outdated. Obama declares support for gay marriage.