The Romance of Realism
May 04, 2012
Eisenhower in War and Peace By Jean Edward Smith (Random House, 950 pp., $40) The histories we write say as much about our own times as about those we study. The current polarization in Washington has prompted a nostalgia for parties that were less ideologically uniform and more prone to compromise. Fashionable “pragmatism” has similarly infected thinking about foreign policy, as the fallout from the Iraq war lingers in the air a decade on.
The Higher Education Monopoly is Crumbling As We Speak
March 13, 2012
In the last years of the nineteenth century, Charles Dow created an index of 12 leading industrial companies. Almost none of them exist today. While General Electric remains an industrial giant, the U.S. Leather Company, American Cotton Oil, and others have long since disappeared into bankruptcy or consolidation. Today, the Dow Jones includes giant corporations that hadn’t even been created when Ronald Reagan first sat in the Oval Office.
In Defense of Dick Vitale
March 11, 2012
When I was 18, I met ESPN announcer Dick Vitale on a flight to Charlottesville, Virginia. The photo I had taken with him that day is still, years later, proudly displayed in my apartment. The reason is simple: I absolutely, unapologetically love Dick Vitale. It’s safe to say that many, maybe even most, sports fans would deem this opinion crazy.
Idaho's Mormons, Vermont's 17-Year-Olds, North Dakota's Dirty Tricks: A Super Tuesday Primer
February 29, 2012
Ohio Delegates at stake: 66 The Buckeye State is considered by many to be Super Tuesday’s most important prize. Peter Brown, assistant director of the Quinnipiac Polling Institute, said that Ohio matters so much “because it is so representative of the rest of the country.” A Feb. 27 Quinnipiac poll had Santorum up over Romney 36-29 in the state, but the former Pennsylvania senator failed to qualify for the ballot in three of Ohio’s 16 Congressional districts, which will automatically deny him the nine delegates to be won from those districts.
How Much Does 2012 Matter?
February 20, 2012
In honor of Presidents’ Day, it’s worth taking up a thought-provoking piece by Yale political scientist David Mayhew that ran in Sunday’s Washington Post, which attempts to get beyond the quadrennial hyperbole of candidates claiming that the election they are running in is the “most important ever” and to ask the question: how should one assess which elections are, in fact, the most important ever? I’ll let you read the piece to arrive at Mayhew’s rankings of the years that were most consequential of all, which are hard to disagree with (hint: they involved slavery and depression).
The Mobility Myth
February 08, 2012
When Americans express indifference about the problem of unequal incomes, it’s usually because they see the United States as a land of boundless opportunity. Sure, you’ll hear it said, our country has pretty big income disparities compared with Western Europe. And sure, those disparities have been widening in recent decades. But stark economic inequality is the price we pay for living in a dynamic economy with avenues to advancement that the class-bound Old World can only dream about.
How SOPA Could Have Hindered Our Democracy Promotion Efforts
January 21, 2012
When the House’s Stop Online Piracy Act (SOPA) and the Senate’s PROTECT IP Act (PIPA) were put on hold late this week, many had cause to celebrate, including Internet companies, free speech advocates, and the millions who signed petitions against the bills.
January 06, 2012
Akhil Amar of Yale Law School and I have a piece today proposing a way to fix the troublesome recess appointments.
Is Inequality Necessary?
December 20, 2011
My friend Charles Lane, former editor of the New Republic and now a Washington Post editorialist, didn't like President Obama's speech about income inequality ("Obama's Simplistic View of Income Inequality"). What Obama fails to grasp, Lane writes, is that there's a trade-off between economic growth and economic redistribution. He cites in support of this point the late Yale economist Arthur Okun's book Equality and Efficiency: The Big Tradeoff, published in 1975, in which Okun argues that at some point economic redistribution undermines economic growth.
A Former Treasury Adviser On How To Really Fix Wall Street
December 17, 2011
Any serious program for Wall Street reform should start with two words: “term out.” “Terming out” is a financial term of art, but its meaning is easily grasped. It simply means funding your business with long-term financing instead of short-term IOUs. To a far greater extent than is commonly understood, our financial sector funds its operations with extremely short-term borrowings. These IOUs must be paid back in a day, a week, or a month. By contrast, termed-out financial firms shun borrowings that come due in less than a year.