March 19, 2008
WASHINGTON--The Federal Reserve recently announced new measures to tackle the current financial crisis. They include helping J.P. Morgan Chase acquire Bear Stearns, lowering the discount rate and offering short-term loans to about 20 investment banks-- and they came only days after the government said it would inject $200 billion into the financial system. These are the latest steps taken by the U.S. government to solve a problem created in large measure by the government itself.
Hillary Slept There
So the National Archives finally released Hillary Clinton's daily schedules from her time as first lady, and here's the first thing that the "fabled" Brian Ross and the ABC News Investigative Unit have turned up: Hillary Clinton spent the night in the White House on the day her husband had oral sex with Monica Lewinsky, and may have actually been in the White House when it happened, according to records of her schedule released today by the National Archives. Good lord.
March 18, 2008
'A More Perfect Union'
“We the people, in order to form a more perfect union.” Two hundred and twenty one years ago, in a hall that still stands across the street, a group of men gathered and, with these simple words, launched America’s improbable experiment in democracy. Farmers and scholars; statesmen and patriots who had traveled across an ocean to escape tyranny and persecution finally made real their declaration of independence at a Philadelphia convention that lasted through the spring of 1787. The document they produced was eventually signed but ultimately unfinished. It was stained by this nation’s ori
Who's Your Daddy Now?
WASHINGTON--Never do I want to hear again from my conservative friends about how brilliant capitalists are, how much they deserve their seven-figure salaries, and how government should keep its hands off the private economy. The Wall Street titans have turned into a bunch of welfare clients. They are desperate to be bailed out by government from their own incompetence, and from the deregulatory regime for which they lobbied so hard.
The Right’s Man
Barack Obama recently raised eyebrows by stating that he would consider naming Republican Senator Chuck Hagel to be his Secretary of Defense. This type of bipartisan declaration gives warm fuzzies to many members of the foreign policy community who yearn for a bygone era when politics stopped at the water’s edge. (As far as I can tell, that era never really existed.) Nevertheless, the idea has merit and is worth exploring.
Obama’s Speech Was Brilliant, But--
Today, Barack Obama gave a brilliant, inspiring, intellectually supple speech--but one that may have done little to solve his festering problem with working class white Americans. It’s important to distinguish between these two dimensions of today’s remarkable address. Those who actually heard or read Obama’s entire speech will be reminded that he is a true intellectual--a talented writer and lyrical speaker. Is there another person in American politics capable of giving a speech so organic, so devoid of cant and cliche? Certainly not that pedestrian orator, Hillary Clinton.
On A Different Subject
The Supreme Court heard oral arguments today in District of Columbia v. Heller, the DC gun-ban case. The transcript is available here (pdf). Jan Crawford Greenburg has a nice summary of how it went. One thing the argument revealed is that Bob Novak's sources in the administration were either misinformed or engaging in wishful thinking: Solicitor General Paul Clement didn't back down from the position he took in his brief--namely, that the sweeping rationale adopted by the D.C.
The Developing Economic Consensus
Throughout the week, Clay Risen, the managing editor of Democracy, will be covering economic developments for us on The Plank. Two points of consensus seem to be emerging among the international finance community. The first is that the Fed's Bear Stearns bailout, impending rate cut, and bank lending program are nice thoughts, but that they can only go so far. With inflation looming, the Fed has only a narrow window for inflation cuts.
We reached out to several friends of the magazine to respond to Obama's big speech in Philadelphia today. Here's what John McWhorter, a senior fellow at the Manhattan Institute, had to say. In his speech in Philadelphia this morning, Barack Obama revealed that he is most definitely his own man. Those who have found Obama's statements of dissociation from his pastor Jeremiah Wright's statements a tad studious must now be satisfied. This time, Obama did not rest with incendiary and divisive--words which harbor potential toleration (i.e.
Watch The Republican Grassroots
Throughout the week, Clay Risen, the managing editor of Democracy, will be covering economic developments for us on The Plank. It's tempting for liberals, myself included, to look at the bad-news business-page headlines as good news for the Democrats' White House chances. McCain has already admitted that he doesn't know much about the economy, and his approach so far seems to be to take an even more hands-off approach to the market than Bush.