Sarah Palin on how to improve Canada

The Canada Press reports that when Sarah Palin goes on a book-signing tour in Canada, no one is allowed to ask her any questions. But someone named Mary Walsh nonetheless asked a Palin for a comment. Here's what she got:

Palin strolled over, looking down on Walsh and her crew to tell them that "Canada needs to dismantle its public health-care system and allow private enterprise to get involved and turn a profit." "Basically, she said government should stop doing the work that private enterprise should do," Walsh said.
And Palin's new book is full of strange claims, according to Andrew Sullivan.

Continue ReadingSarah Palin on how to improve Canada

William K. Black: It’s time for real economic reform

We are a nation in severe crisis. According to William K. Black, a white-collar criminologist, President Obama doesn't deserve any more of our patience:

The Obama administration promoted Bush's architects of the financial disaster and demands that we hail them as heroes. President Bush was ridiculed for saying: "Brownie, you're doing a heck of a job." FEMA administrator Michael Brown stood by while Hurricane Katrina reduced a single large city to ruin. Geithner and Bernanke stood by while scores of large cities were devastated.
Black offer much more than criticism. He offers ten opportunities for digging us out of this mess. It will be difficult to attain any of these while the banks own Congress, but we need to dig deeply an somehow find the political will. Here are two of Black's points that stand out to me:
Can the Wrecking Crew. Fire the senior leaders of Bush's and Clinton's financial Wrecking Crews and stopping treating them as financial experts. President Obama should not reappoint Bernanke as Fed Chairman. He should dismiss Geithner and Summers and cease to take any advise from Rubin. Replace them with the Reconstruction Crew -- people with a track record of getting things right and being effective economists, regulators, and prosecutors . . . End "too big to fail." These banks are "systemically dangerous institutions" (SDIs). They should not be allowed to grow. They should be shrunk to the point that they no longer pose systemic risk, and they should be subject to vigorous regulation while shrinking. They are too big to manage and too big to regulate. They are ticking time bombs that will cause recurrent global crises as long as they are SDIs.
Here are some of Black's other suggestions. I agree with all of them whole-heartedly: - We need to provide the FBI with 1,000 more specialized white-collar crime investigators. - No more executive compensation looting. - Kill TARP and PPIP. ("Use the funds to help honest homeowners that would otherwise lose their homes because of predatory loan terms.") - Make the Federal Reserve System public. - Defeat any proposal to make the Fed the "Uberregulator." - Create a robust "Consumer Financial Product Agency. - End the waste of long-term unemployment (Instead, of paying them to do nothing, pay them to do public works) Consider, also, Black's Five Fatal Flaws of Finance.

Continue ReadingWilliam K. Black: It’s time for real economic reform

Life is real

After a business meeting in Boston last week, I had two extra hours before I needed to head to the airport. I decided to visit a few historical sites on foot by following Boston’s “Freedom Trail.” At one end of the trail is the “Old North Church,” from which the patriots displayed two lanterns to give warning that the British were about to attack “by sea.” As I was approaching the Old North Church, I had an odd thought: The Old North Church really exists. It’s not just part of a concocted story like Harry Potter. You can walk up and touch the bricks and feel the history in your fingertips. You can trace the history of the church through hundreds of authentic letters and other writings. You can say with great confidence that the Old North Church played a real-life role the Revolutionary War. Because I am a lawyer and a writer, I spend a lot of time thinking of abstract ideas. For that reason, I often need to remind myself about some of the many parts of life that really happened. Maybe I also need to remind myself that some things are really real because entertainment has become such a central part of our lives. When Americans get together, they often bond by discussing television shows and movies. These works of fictions are so often discussed that they seem to rise to the level of "facts." But our world mostly depends on real events that dramatically affect our lives. On the flight back home from Boston, I started thinking of some of the other amazing things that actually play critical roles in our lives. They aren’t just stories in history books or science books. For instance, World War II really occurred. It wasn’t just a movie. There are cemeteries filled with the bodies of the soldiers that died in that war. Consider also, the importance of large-scale immigration to the United States over the past centuries. Without that mass movement of people to the United States, most of us wouldn’t have been born. The scale and the details of many real life events are more amazing than anything any fiction writer could conjure up. Here are some other important facts that I am generally amazed at whenever I take the time to remind myself that these aren't simply stories: * The Greeks really built an extraordinary civilization, as did the Maya and the Egyptian. These aren't just yarns spun by museums and authors. * We’re floating in space and there are stars under our feet too. * The sun is a giant furnace that really does light and heat the earth, and someday the sun won’t exist. * The universe is expanding in rapidly in such a way as to suggest a Big Bang, which was a time when there was no Earth and no living things. * Human beings are animals, and we run in large flocks. 40% of our DNA matches the DNA of lettuce. * All living things are related. * We don’t have any credible users’ manual for living life on earth. * We are far from rational beings. * Despite its unfathomable complexity, including the fact that it is constituted of many billions of cells, the human body works. * Almost all human cognition is subconscious and it is driven largely by emotions, addictions and instincts. * There really are 7 billion people on our planet and we are rapidly exhausting the planet’s resources. I often need to remind myself of these things. I get too distracted by day-to-day aspects of my life, which causes me to take all too many things for granted. Thus, I need to remind myself that much of the world around us is really real, not just a story. This is almost embarrassing to admit, but I often enrich my life by consciously acknowledging the obvious.

Continue ReadingLife is real

When do the prosecutions begin?

In the St. Louis alternative newspaper, The Riverfront Times, James Lieber sizes up the prosecutions now underway for the economic collapse. Oh, wait. There aren't any prosecutions:

As it stands now, there is only one federal prosecution related to the credit crash and bailout cycle, and it was begun by the Bush administration's Justice Department in June 2008. Not that there aren't culprits. Bernie Madoff and other accused Ponzi schemers like Allen Stanford are mere pickpockets compared with Wall Street's institutional buccaneers, who so far have carted off up to $12.7 trillion — that's nearly equal to the entire gross domestic product. They've multiplied their booty with billions in subsidies and a flood of derivatives — some of them merely old soured wine in new bottles. Today's pirates are sailing away from the light regulatory scrutiny that apparently will continue in our benighted, weakened, financially top-heavy and bubble-addicted economy. [Former regulator William] Black says Obama's current efforts are doomed to fail — and, in a twist, it's for lack of trying. "There is not a single successful regulator giving him advice," Black notes.
I've posted about William Black previously. Lieber describes him as follows: "a Ph.D. criminologist and lead lawyer at the Office of Thrift Supervision, who helped steer the brilliant federal effort that cleaned up the S&L industry and won more than 1,000 felony convictions of senior insiders while recovering millions of their ill-gotten dollars." Black is someone to whom Obama should be listening. He states that there are two reasons why there aren't vigorous ongoing prosecutions resulting from this collapse 1) "It's difficult to prosecute others for securities fraud if you condoned the deals to begin with," and
2) Obama administration lacks the will. Obama was the candidate most preferred by Wall Street and he has surrounded himself with lackeys for big finance, including not only Lawrence Summers and Tim Geithner, but also Attorney General Eric Holder, who has made it clear that white collar crime is something which he'd rather not prosecute. Keep in mind that "Wall Street's institutional buccaneers [have] so far have carted off up to $12.7 trillion, and that in 2008, In 2008 American households lost 18 percent of their wealth. Why aren't there more prosecutions? There's no good reason. This is an excellent in-depth article. The title: "No Justice: We've bailed out the banks. When do we go after the crooks behind our financial collapse?"

Continue ReadingWhen do the prosecutions begin?

Hungry Ghosts

I recently came out of an emotional bad spell - emerging from it felt a lot like hitting the surface after you've been underwater just a little too long. This spell of anxiety/fear/depression/whatever it was taught me more than usual because it happened smack dab after I had a really awesome year business wise. I was on a high. Things were so good I had to go buy a suit so I could go to Las Vegas and get an award for being so awesome. That is important to note not because getting an award is important (but it is kind of cool, right?) but because of what happened after the award. Intellectually I knew that all the activity I had in the funnel would end, and I'd be back in building mode. I knew it and even tried to prepare myself for the letdown. My business is cyclical - I know that. And I like building mode. Building mode is how one gets to closing mode. I just had a run of especially good fortune and my building mode was a distant memory, which I knew was not such a great thing for me. In the midst of my crazy happy frenetic good luck mode, I tried to prepare for what would come after the constant activity of balancing all the stuff in the hopper died down. I know how I can be - I get squirrley sometimes, so I tried to prepare. There is a saying: "Trying lets us fail with honor." I failed. I'm not sure I had any honor, either. "I woke up one morning and I was scared. Not just a little scared, either. I was in full-on panic mode. I remember thinking, "Dammit, Lisa, this is exactly what you worked to prevent." Yep it sure was. In my defense, I had a crazy end of September/October. We had family in from out of town (stressful), my Mom had spine surgery (surprisingly stressful), the foster greyhound we rescued need to be carried up and down our stairs in order to go outside (it takes both of us - constantly coordinating schedules is stressful), I bought a car (consumerism is, for me, fraught with drama, tension and guilt - stressful, but I sure like the car) and Ginger decided to feng shui our bedroom. Not only was I going through something hard, I had to do it with our bed facing a new and opposite wall. Things like that do bad things to me. I spent an entire sleepless night focused on whether the bed facing the other direction was symbolic of me never closing another deal. During that mental wrestling match I started doubting my employ-ability (I only have one suit!!) and by morning I had tearfully decided my only option was to make this thing work or I'd end up living in a paper box. I went to bed scared, I woke up panicked and I think Ginger wanted to throttle me (I wanted to throttle me). [more . . . ]

Continue ReadingHungry Ghosts