Since news broke about JP Morgan’s multi-billion dollar black eye a few weeks back, we’ve pretty thoroughly rehearsed the arguments against too big to fail and too big to manage, both of which apply to JP Morgan even more obviously now than they did beforehand. This morning, a former administration official well-versed in these matters suggested another indication of JP Morgan’s excessive girth: too big to hedge.
The latest potential Republican presidential contender is Indiana Governor Mitch Daniels. I wrote about Daniels back when he ran the Office of Management and Budget under George W. Bush, where his task was to use pseudo-populist demagoguery to deflect from the administration's disastrous fiscal record: The man Bush has deputized to explain this state of affairs to the American public is Mitchell G. Daniels, director of the Office of Management and Budget. One of Daniels's favorite techniques is to preface his views on macroeconomic policy by pointing out that he is a country bumpkin.
I've been railing at the establishment's insistence on acting as if voters are driven purely by ideological preference -- as if 10% unemployment has nothing to do with the current voter mood. Offering his rebuttal is David Brooks: Many Democrats, as always, are caught in their insular liberal information loop. They think the polls are bad simply because the economy is bad. They tell each other health care is unpopular because the people aren’t sophisticated enough to understand it.
Both China and the USA during 1976 look to their own body politic, and not much at broad world vistas. Yet from different starting-points. We focus on who the next President will be and now the list is pruned to two. But the election issues are as hard to sight as corks on a choppy sea. In China it is the personnel stakes that are elusive. The issues being debated under the orange tiles of Peking's palaces are, on the other hand, clearer than usual. And the "what" may be as momentous for China's future as the "who." Glimpse six items that reflect what is controversial in China.