Some two dozen executives from large corporations will be descending on Capitol Hill today to make the case against over-regulating derivatives. The “fly-in” is being organized in part by the U.S. Chamber of Commerce through a group called the Coalition for Derivatives End-Users, according to the Chamber’s Ryan McKee. Many corporations use derivatives to hedge against fluctuations in the price of their inputs—for example, an airline might sign a contract to lock in future fuel prices, thereby passing the risk along to someone else.
Recent headlines have offered hope that President Bush may yet do right by the victims of Hurricane Katrina. After the first days of shameful ineptitude, he secured more than $60 billion in relief, named somebody with actual disaster experience to head the Federal Emergency Management Agency (fema), and, rather uncharacteristically, admitted his administration made serious errors in the storm's immediate aftermath. But there is one reason to think the Bush administration hasn't learned from its past mistakes: its plan for housing the people that Katrina has rendered homeless.
Last July Clarence Thomas attended a private dinner in Washington with a handful of NAACP officials. This was shortly after he’d been nominated to the Supreme Court, and Thomas hoped to soften the antipathy of the black civil rights establishment toward him. Not a chance. He was soon trashed in public statements as a snake, a black copy of David Duke, “Bork in blackface,” and putty in the hands of his conservative white wife. Gary Franks, the first black Republican elected to the House of Representatives since 1932, got better treatment, but not much.