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Sidney Blumenthal on How Lincoln Played the Political Game to Win - Newsweek and The Da... - 2 views

  • While the political Lincoln may be difficult for us to acknowledge at a time when politics and partisan commitments are widely denigrated, Lincoln’s presidency demonstrates that partisanship and political ruthlessness can be used to advance the highest ideals. And there were no clearer cases than during his 1864 battle for reelection (without which the slave-owning South would almost certainly have triumphed) and subsequent effort to pass the 13th Amendment, which at long last purged slavery from the Constitution. In the end, Lincoln became the master of events because he was the master of politics.
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David Stockman: Mitt Romney and the Bain Drain - Newsweek and The Daily Beast - 1 views

  • Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.
  • Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.
  • Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case
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  • Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.
  • That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.
  • So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.
  • In truth, LBOs are capitalism’s natural undertakers—vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.
  • Accordingly, Bain’s returns on the overwhelming bulk of the deals—67 out of 77—were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Investor profits amounted to a prosaic 0.7X the original investment on these deals and, based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period.
  • having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate
  • Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.
  • When Romney opened the doors to Bain Capital in 1984, the S&P 500 stood at 160. By the time he answered the call to duty in Salt Lake City in early 1999, it had gone parabolic and reached 1270. This meant that had a modern Rip Van Winkle bought the S&P 500 index and held it through the 15 years in question, the annual return (with dividends) would have been a spectacular 17 percent. Bain did considerably better, of course, but the reason wasn’t business acumen.
  • The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.
  • The Wall Street Journal examined 77 significant deals completed during that period based on fundraising documents from Bain, and the results are a perfect illustration of bull-market asymmetry. Overall, Bain generated an impressive $2.5 billion in investor gains on $1.1 billion in investments. But 10 of Bain’s deals accounted for 75 percent of the investor profits.
  • The secret was leverage, luck, inside baseball, and the peculiar asymmetrical dynamics of the leveraged gambling carried on by private-equity shops. LBO funds are invested as equity at the bottom of a company’s capital structure, which means that the lenders who provide 80 to 90 percent of the capital have no recourse to the private-equity sponsor if deals go bust. Accordingly, LBO funds can lose 1X (one times) their money on failed deals, but make 10X or even 50X on the occasional “home run.” During a period of rising markets, expanding valuation multiples, and abundant credit, the opportunity to “average up” the home runs with the 1X losses is considerable; it can generate a spectacular portfolio outcome.
  • By contrast, the 10 home runs generated profits of $1.8 billion on investments of only $250 million, yielding a spectacular return of 7X investment. Yet it is this handful of home runs that both make the Romney investment legend and also seal the indictment: they show that Bain Capital was a vehicle for leveraged speculation that was gifted immeasurably by the Greenspan bubble. It was a fortunate place where leverage got lucky, not a higher form of capitalist endeavor or training school for presidential aspirants.
  • The startling fact is that four of the 10 Bain Capital home runs ended up in bankruptcy, and for an obvious reason: Bain got its money out at the top of the Greenspan boom in the late 1990s and then these companies hit the wall during the 2000-02 downturn, weighed down by the massive load of debt Bain had bequeathed them. In fact, nearly $600 million, or one third of the profits earned by the home-run companies, had been extracted from the hide of these four eventual debt zombies.
  • The bankruptcy forced the closure of about 250—or 40 percent—of the company’s stores and the loss of about 5,000 jobs. Yet the moral of the Stage Stores saga is not simply that in this instance Bain Capital was a jobs destroyer, not a jobs creator. The larger point is that it is actually a tale of Wall Street speculators toying with Main Street properties in defiance of sound finance—an anti-Schumpeterian project that used state-subsidized debt to milk cash from stores that would not have otherwise survived on the free market.
  • Ironically, the businesses and jobs that Staples eliminated were the office-supply counterparts of the cracker-box stores selling shoes, shirts, and dresses that Bain kept on artificial life-support at Stage Stores Inc. At length, Wal-Mart eliminated these jobs and replaced them with back-of–the-store automation and front-end part-timers, as did Staples, which now has 40,000 part-time employees out of its approximate 90,000 total head count. The pointless exercise of counting jobs won and lost owing to these epochal shifts on the free market is obviously irrelevant to the job of being president, but the fact that Bain made $15 million from the winner and $175 million from the loser is evidence that it did not make a fortune all on its own. It had considerable help from the Easy Button at the Fed.
  • The lesson is that LBOs are just another legal (and risky) way for speculators to make money, but they are dangerous because when they fail, they leave needless economic disruption and job losses in their wake. That’s why LBOs would be rare in an honest free market—it’s only cheap debt, interest deductions, and ludicrously low capital-gains taxes that artifically fuel them.
  • The larger point is that Romney’s personal experience in the nation’s financial casinos is no mark against his character or competence. I’ve made money and lost it and know what it is like to be judged. But that experience doesn’t translate into answers on the great public issues before the nation, either. The Romney campaign’s feckless narrative that private equity generates real economic efficiency and societal wealth is dead wrong.
  • The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.
  • In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.
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The First World War: the war that changed us all - Telegraph - 1 views

  • It will not take much to involve Britons in the centenary of the First World War – fascination with the war has never been greater
  • There are sociological reasons for the continuing memory of the First World War that go beyond the overwhelming sadness at so many lives cut short. The war marked the beginning of the modern age; and its shock waves are still being felt today in our social and political structures, our economy and our technology.
  • Much of the poignancy of the First World War comes from the transformation of mood over its four years
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  • n that long, hot summer of 1914 when the world fell apart, Britain was at the peak of its fortunes, with London the capital of a world empire
  • It is invidious to look for a silver lining to such an unadulterated catastrophe as the First World War – particularly since, as the Prime Minister pointed out yesterday, it also unleashed the evil forces of Bolshevism and Nazism. Still, as is often the case, conflict led to political and social reform for much of the population; and not just for the millions of soldiers who had never been abroad before they were sent to the Front
  • It was no coincidence that the Representation of the People Act, enfranchising property-owning women over the age of 30, was passed in February 1918; nor that the Eligibility of Women Act was passed in the same month as the Armistice, allowing women to be elected to Parliament. After a war that had seen the violent death of thousands of women serving their country, it would have been perverse to deny them the vote.
  • In 1914, British home ownership patterns had barely changed since feudal times: only 10 per cent of the 7.75 million households belonged to owner-occupiers; the rest were owned by private landlords. After the Homes Fit for Heroes election of December 1918, and the 1919 Housing Act, a million council houses were built over the next two decades. By 1938, the number of owner occupiers had rocketed to 3.75 million out of 11.75 million households.
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Campaigns Mine Personal Lives to Get Out Vote - NYTimes.com - 0 views

  • Strategists affiliated with the Obama and Romney campaigns say they have access to information about the personal lives of voters at a scale never before imagined. And they are using that data to try to influence voting habits — in effect, to train voters to go to the polls through subtle cues, rewards and threats in a manner akin to the marketing efforts of credit card companies and big-box retailers.
  • In the weeks before Election Day, millions of voters will hear from callers with surprisingly detailed knowledge of their lives. These callers — friends of friends or long-lost work colleagues — will identify themselves as volunteers for the campaigns or independent political groups. The callers will be guided by scripts and call lists compiled by people — or computers — with access to details like whether voters may have visited pornography Web sites, have homes in foreclosure, are more prone to drink Michelob Ultra than Corona or have gay friends or enjoy expensive vacations.
  • “You don’t want your analytical efforts to be obvious because voters get creeped out,” said a Romney campaign official who was not authorized to speak to a reporter. “A lot of what we’re doing is behind the scenes.”
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  • however, consultants to both campaigns said they had bought demographic data from companies that study details like voters’ shopping histories, gambling tendencies, interest in get-rich-quick schemes, dating preferences and financial problems. The campaigns themselves, according to campaign employees, have examined voters’ online exchanges and social networks to see what they care about and whom they know. They have also authorized tests to see if, say, a phone call from a distant cousin or a new friend would be more likely to prompt the urge to cast a ballot.
  • The campaigns have planted software known as cookies on voters’ computers to see if they frequent evangelical or erotic Web sites for clues to their moral perspectives. Voters who visit religious Web sites might be greeted with religion-friendly messages when they return to mittromney.com or barackobama.com. The campaigns’ consultants have run experiments to determine if embarrassing someone for not voting by sending letters to their neighbors or posting their voting histories online is effective.
  • “I’ve had half-a-dozen conversations with third parties who are wondering if this is the year to start shaming,” said one consultant who works closely with Democratic organizations. “Obama can’t do it. But the ‘super PACs’ are anonymous. They don’t have to put anything on the flier to let the voter know who to blame.”
  • Officials at both campaigns say the most insightful data remains the basics: a voter’s party affiliation, voting history, basic information like age and race, and preferences gleaned from one-on-one conversations with volunteers. But more subtle data mining has helped the Obama campaign learn that their supporters often eat at Red Lobster, shop at Burlington Coat Factory and listen to smooth jazz. Romney backers are more likely to drink Samuel Adams beer, eat at Olive Garden and watch college football.
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A Tragic Sense of Life: Remembering Two Great Historians - Benjamin Schwarz - The Atlantic - 0 views

  • Within five days of each other, the English speaking world's two greatest historians to have emerged from the Marxist tradition have died: Eugene Genovese, on September 26, and Eric Hobsbawm
  • I esteemed their formality of manners and dress, and their contempt for what is in fact an apolitical lifestyle progressivism. This form of progressivism, as they keenly understood, amounts to an embrace of the unlimited autonomy of individual desire, and as such is a product of -- and serves the interest of -- an unrestrained and socially corrosive capitalism.
  • Genovese has doggedly pursued the truth for as long as necessary and regardless of its ramifications. His ultimate ambition has been to write the definitive study of southern slaveholders
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  • Roll, Jordan, Roll, the most insightful book ever written about American slaves and the most lasting work of American historical scholarship since the Second World War.
  • the authors illuminate in their characteristically energetic prose the myriad ways in which the master-slave relationship "permeated the lives and thought" not merely of elite slaveholders but of their whole society. In doing so they elucidate the master class's deeply learned relationship to Christianity and to history (especially classical culture), which in turn highlights th
  • it provides significant and powerful support to the now academically unfashionable argument that the antebellum North and South were separate cultures with divergent political, economic, moral, and religious values; a work of searching historical anthropology, it reveals a profoundly alien society and culture.
  • to indict the authors for what is now called insensitivity (and they will be so indicted) is to ignore the psychological acuity and tragic sensibility that they bring to their subject. In defining the slaveholders' peculiar characteristics and world view, the Genoveses dissect the graciousness and generosity, the noblesse oblige and courage, the frankness and sense of ease, that were entirely common. Nevertheless, they are at pains to show that slaveholding wasn't a flaw in an otherwise admirable makeup but was intrinsic to that makeup--that is, they make plain that the admirable grew out of the loathsome
  • they open their book with Santayana's remark "The necessity of rejecting and destroying some things that are beautiful is the deepest curse of existence." True, they convincingly argue that a paternalist ethos often mitigated slavery; they reveal that the master class internalized Christian and chivalric values, which, they chillingly write, made its members "less dangerous human beings"; they demonstrate that in defending the peculiar institution southern theologians consistently bested their northern opponents in biblical exegeses (the Old Testament patriarchs owned slaves, Jesus didn't condemn slavery, and Paul and other New Testament writers sanctioned it); they show that slaveholders subscribed to "a code that made the ultimate test of a gentleman the humane treatment of his slaves"
  • They repeatedly dismiss as "psychologically naïve" the notion that slaveholders (able, though not licensed, to give free rein to their tempers and impulses) would invariably treat their slaves well because it was in their pecuniary interest to do so.
  • as Christians the slaveholders acknowledged that men are weak and sinful creatures who if given absolute power will abuse it. Because slavery perforce granted masters such power, the Bible, although it didn't condemn slavery, did condemn the sins that grew inevitably from it
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The Self-Destruction of the 1 Percent - NYTimes.com - 1 views

  • Daron Acemoglu and James A. Robinson, in their book “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” as an illustration of their thesis that what separates successful states from failed ones is whether their governing institutions are inclusive or extractive.
  • Extractive states are controlled by ruling elites whose objective is to extract as much wealth as they can from the rest of society. Inclusive states give everyone access to economic opportunity; often, greater inclusiveness creates more prosperity, which creates an incentive for ever greater inclusiveness.
  • public policy has exacerbated rather than mitigated these trends
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  • Even as the winner-take-all economy has enriched those at the very top, their tax burden has lightened. Tolerance for high executive compensation has increased, even as the legal powers of unions have been weakened and an intellectual case against them has been relentlessly advanced by plutocrat-financed think tanks. In the 1950s, the marginal income tax rate for those at the top of the distribution soared above 90 percent, a figure that today makes even Democrats flinch. Meanwhile, of the 400 richest taxpayers in 2009, 6 paid no federal income tax at all, and 27 paid 10 percent or less. None paid more than 35 percent.
  • Educational attainment, which created the American middle class, is no longer rising. The super-elite lavishes unlimited resources on its children, while public schools are starved of funding. This is the new Serrata. An elite education is increasingly available only to those already at the top.
  • America’s Serrata also takes a more explicit form: the tilting of the economic rules in favor of those at the top.
  • The first is to channel the state’s scarce resources in their own direction
  • Exhibit A is the bipartisan, $700 billion rescue of Wall Street in 2008. Exhibit B is the crony recovery. The economists Emmanuel Saez and Thomas Piketty found that 93 percent of the income gains from the 2009-10 recovery went to the top 1 percent of taxpayers. The top 0.01 percent captured 37 percent of these additional earnings, gaining an average of $4.2 million per household.
  • The second manifestation of crony capitalism is more direct: the tax perks, trade protections and government subsidies that companies and sectors secure for themselves.
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The Jewish Progressive Super PAC Behind 'Wake The F*** Up' | TPM2012 - 1 views

  • one small super PAC has been generating impressive amounts of attention by focusing almost exclusively on online videos.
  • Their most recent video features the aforementioned Jackson urging a family of 2008 Obama supporters via storybook rhyme to “wake the f*** up!” and volunteer again. It’s garnered 1.5 million views on YouTube and likely much more via an embedded Yahoo version where it first debuted.
  • Written by the bestselling author of Go the F*** to Sleep, Adam Mansbach, and directed by Boaz Yakin (Remember The Titans), the short film contains all the hallmarks of JCER’s viral formula. Well known actor + obscenity + progressive message = Internet hit.
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  • I think that video was successful because we didnt just go for the profanity or shock value but we actually told a story for our target audience: Obama voters who are less enthusastic this year,” Moore said. “There are not only a lot of web videos — literally millions — that don’t get traction, but a lot with celebrities.”
  • Moore estimates their total spending this cycle will top out between $300,000 and $400,000.
  • They also produce fewer videos, banking on just a handful of high production value clips to carry the day. But they are consistent. Their last big video before the “Wake The F*** Up,” an awareness campaign about voter ID laws, scored well over 2 million hits on YouTube as well.
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Study Finds That the Number of Protestant Americans Is Declining - NYTimes.com - 0 views

  • For the first time since researchers began tracking the religious identity of Americans, fewer than half said they were Protestants, a steep decline from 40 years ago when Protestant churches claimed the loyalty of more than two-thirds of the population.
  • it was not just liberal mainline Protestants, like Methodists or Episcopalians, who abandoned their faith, but also more conservative evangelical and “born again” Protestants. The losses were among white Protestants
  • When they leave, instead of switching churches, they join the growing ranks who do not identify with any religion. Nearly one in five Americans say they are atheist, agnostic or “nothing in particular.”
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  • more than one-third of those ages 18 to 22 are religiously unaffiliated.
  • The “Nones,” as they are called, now make up the nation’s second-largest religious grouping
  • The largest single faith group is Catholics, who make up about 22 percent of the population. Their numbers have held steady, mostly because an influx of immigrants
  • “The significant majority of the religiously unaffiliated tend to be left-leaning, tend to support the Democratic Party, support gay marriage and environmental causes,”
  • it is not clear that Americans are necessarily moving toward the European model. The Pew report found that even among Americans who claimed no religion, few qualified as purely secular. Two-thirds say they still believe in God, and one-fifth say they pray every day. Only 12 percent of the religiously unaffiliated group said they were atheists and 17 percent agnostic.
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Is There a Constitution in This Text? - NYTimes.com - 0 views

  • “The written Constitution cannot work as intended without something outside of it — America’s unwritten Constitution — to fill its gaps and stabilize its meaning.” The meaning of the “inside” — the text’s literal words—cannot be specified independently of the “outside” — the set of assumptions and values that hangs over the enterprise and gives the deeds and words that occur within it shape and point. The text may not enumerate those assumptions and values, but, explains Amar, they “go without saying,” and because they go without saying the words that are said receive their meaning from them. “The unwritten Constitution … helps make sense of the text,” a sense that would not be available if an interpreter were confined to a “clause-bound literalism.”
  • Explicitness, it turns out, is not a possible human achievement, which is no big deal because communication and understanding do not require it.What they do require is a grasp of the enterprise within which a particular utterance or writing is encountered.
  • The unwritten principles that preside over constitutional interpretation should not be thought of as items in a list; they are, rather, part and parcel of a general project — the implementation of American-style democracy — that is not defined and limited by the implications and considerations it gives rise to.
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  • we have unwritten constitutions in every area of our discursive life. Whether it is the law, or higher education, or politics, or shop talk, or domestic interactions, utterances and writings are meaningful only against the background of a set of assumptions they do not contain. Textualism is not only a nonstarter in constitutional interpretation; it is a nonstarter everywhere.
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Any Good News for Obama Must Be a Conspiracy - Politics - The Atlantic Wire - 0 views

  • For most of his presidency, the unemployment rate has been held up as the biggest piece of evidence that President Obama is a failure. When the news came today that it's finally dropped below the level the it was at when he took office, it only took minutes for the doubters to assume the entire enterprise is nothing but a lie.
  • It seems that there is a certain brand of conservatives that is so determined to deny the president the credit for any good news, that they no longer believe good news is even possible. Rather than argue that the change in unemployment might be in spite of, not because of, the president's policies—a perfectly defensible stance—they insist that the change is not even happening. From there, it's not a huge leap to believing that the news is not just wrong, but a deliberate fabrication.
  • this inherent distrust seems to premeate every corner of the Obama record. Rather then argue that the President is out of touch with most Americans, some must go further and insist that he is not an American at all. Increased Democratic turnout sways the election? Voter fraud. Miscounting the size of a crowds at public events? The media is bending over backwards for their favorite liberal. Convention events canceled due to the weather? The National Weather Service does what they're told. The Chief Justice of the Supreme Court decides a tough case in the President's favor? He was blackmailed.
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Visiting Ancient Egypt, Virtually - NYTimes.com - 0 views

  • a relatively new discipline known as the digital humanities — in which long-lost civilizations can be recreated as virtual interfaces, and personal testimony from wars, disasters and revolutions can come together in interactive databases.
  • “Suddenly we went from using the computer as a powerful tool to the rise of the Web as a public space, which brought with it the possibility of creating new media, and new forms of scholarly practice,”
  • the explosion of technological change has transformed the nature of scholarship — and of universities — in ways we are only beginning to understand. “An archive is no longer a bunch of things; it’s a place where we can do things,” he said.
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Obama Outclassed by GOP Nonentity - Clive Crook - The Atlantic - 0 views

  • The president was stammering and hesitant, and frequently looked out of his depth. Romney's performance wasn't brilliant, just good, but that made it brilliant relative to expectations. The greater shock, amplifying Romney's success, was that Obama was so bad.
  • Again and again, he missed open goals. He let Romney say that he, Romney, would take better care of entitlements than Obama would. Incredible. He watched as his attack on Romney's tax proposal kept bouncing off, until he looked feeble for repeating it. Why on earth didn't he force Romney to say which deductions would be removed to pay for the lower rates? He let Romney boast about his Massachusetts health care plan and in the same breath denounce Obamacare (to all intents and purposes, the same policy). Romney's argument about letting states be laboratories is tactically clever, and there's something to it, but surely Obama could have asked why Romney doesn't at least advocate Romneycare to the rest of the country. The president remembered to criticize insurance companies but (unless I missed it) forgot to mention that Obamacare is mainly about covering 50 million people who, you know, don't have health insurance. He let Romney attack him for failing to cut deals with the GOP, as though Republicans would have compromised if only they'd been talked to politely. In response, Obama meekly referred to Republican intransigence, but threw the comment away. That was a chance to lay the blame for paralysis in Washington on Romney's party, where it mostly belongs. And what about the 47 percent--about moochers, dependents, people whom Romney won't ever convince to be responsible, this nation of parasites? Hardly worth mentioning, I suppose.
  • All debates should be moderated this way. Step back and let the candidates argue with each other. It's revealing, much as Obama on this occasion may regret it.
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  • Surely Democrats don't think the president needed the protection of a moderator to get his points across. He had all the time in the world. CNN says he was at the microphone for longer than Romney. It's just that he made such poor use of it.
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When Growth Outpaces Happiness - NYTimes.com - 1 views

  • As the recent riots at a Foxconn factory in northern China demonstrate, growth alone, even at sustained, spectacular rates, has not produced the kind of life satisfaction crucial to a stable society — an experience that shows how critically important good jobs and a strong social safety net are to people’s happiness.
  • Starting in 1990, as China moved to a free-market economy, real per-capita consumption and gross domestic product doubled, then doubled again. Most households now have at least one color TV. Refrigerators and washing machines — rare before 1990 — are common in cities.
  • What explains the “U” at a time of unprecedented economic growth?
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  • most policy makers would confidently predict that a fourfold increase in a people’s material living standard would make them considerably happier.
  • Although the rate of layoffs dropped considerably in the early 2000s and unemployment started falling, Chinese people’s concerns about jobs and safety-net benefits persisted.
  • Yet there is no evidence that the Chinese people are, on average, any happier, according to an analysis of survey data that colleagues and I conducted. If anything, they are less satisfied than in 1990, and the burden of decreasing satisfaction has fallen hardest on the bottom third of the population in wealth. Satisfaction among Chinese in even the upper third has risen only moderately.
  • The transition to a more private economy in the 1990s abruptly overturned the iron rice bowl.
  • Before free-market reforms kicked in, most urban Chinese workers enjoyed what was called an “iron rice bowl”: permanent jobs and an extensive employer-provided safety net, which included subsidized food, housing, health care, child care, pensions and jobs for grown children. Life satisfaction during this period among urban Chinese, despite their much lower levels of income, was almost as high as in the developed world.
  • Evidence of a fraying social safety net is indicated by the decline in self-reported health among the bottom third: those reporting that their health was good or very good dropped to 44 percent, compared with 54 percent in 1990.
  • China’s transition has been similar in several respects to the transitions of countries in Central and Eastern Europe, for which we have similar life-satisfaction data.
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    Foxconn- this is the company (largest of its kind in the world) that had to install nets around a factory not too long ago to prevent perpetual suicides by the workers.
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What Your Beer Says About Your Politics - Hotline On Call - 1 views

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    according to this chart, i would be a high-turnout democrat...
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E-Notes: American Exceptionalism… Exposed - 0 views

  • exceptionalism, a concept that is not sui generis, not very old, and not even American in conception, has come to serve as code for the American Civil Religion that dare not speak its name.
  • far from believing their nation to be an exception to the rules of nature governing other men and nations, they both hoped their example would transform the whole world and feared that a lack of republican virtue would doom their experiment. In neither case would Americans stand apart from the rest of the human race.
  • the principal reason to banish the term from historical discourse is that the icky, polysyllabic, Latinate moniker did not even exist until the mid-20th century! No Puritan colonist, no founding Patriot, no Civil War statesman, no 19th century poet, pastor, or propagandist employed the word.
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  • If it just means that Americans have believed their country is special, then (as a British skeptic writes) there is “nothing exceptional about this exceptionalism. All great nations cherish national myths.”[1] If it means that the U.S.A. was exceptionally virtuous given its precocious dedication to civil and religious liberty, equality, justice, prosperity, social mobility, and peace and harmony with all nations, then ipso facto the U.S.A. is exceptionally vicious for falling so short of those ideals. If the term means rather that Americans are somehow exempted from the laws of entropy governing other nations—that (as Bismarck reportedly quipped) “God has a special providence for fools, drunks, and the United States of America”—then such exceptionalism can only be proven sub specie aeternitatis. Indeed, the very illusion that a nation is under divine dispensation may perversely inspire the pride that goeth before a fall (“thou shalt not tempt the Lord thy God”) or the many bad ends to which reckless adolescents are prone. Finally, if American Exceptionalism means that its power, values, and “indispensable” status render the United States exempt from the rules of behavior it makes and enforces on other nations, then enemies, neutrals, and allies alike are sure to push back.
  • he concluded that “these distortions should not blind us to the valid elements in the theory of exceptionalism.... America represents, as I have stressed above, the naked embodiment of the most dynamic elements of modern Western history
  • it was probably just a matter of time before somebody turned the Stalinist term of derision into a patriotic badge of honor and ait stamped it over all of American history. As it happened, that somebody was Max Lerner, a former editor of The Nation turned Cold War liberal and author of the one-thousand page America as a Civilization (1957).
  • Exceptionalism dovetailed perfectly with a new orthodoxy among political scientists that extolled what Harvard professor Louis Hartz called America’s Liberal Tradition.
  • the idea of an America set apart by Providence and endowed with a special mission to reform (not to say redeem) the whole human race dovetailed perfectly with the political rhetoric needed to rally Americans to lead the Free World in what amounted to a “holy war” against “godless Communism.”
  • Those were the years when the “Judaeo-Christian tradition” became a civilizational motto
  • how come computerized word-searches show that references to American Exceptionalism exploded—literally from hundreds to tens of thousands—only after the Cold War was over?
  • Those were the years when presidential rhetoric became steeped in what sociologist Robert Bellah called “God-Talk,”
  • the Cold War was over, globalization and multiculturalism were the new trends, and American identity got contested as never before. What made exceptionalist rhetoric ubiquitous was the fact it was now contested
  • the myth of American Exceptionalism, ironically inspired by Roman Catholics and Marxists, entered our lexicon as historical gloss for the campaign to persuade a skeptical, war-weary people that global commitments such as the UN, Truman Doctrine, and NATO were not really a break with tradition, but a fulfillment of the nation’s hoariest, holiest calling.
  • As early as 1630, Massachusetts Governor John Winthrop implored his people ‘to Consider that wee shall be as a Citty upon a Hill, the eies of all people are uppon us.’”[12] I took for granted that my teachers and textbooks were right when they traced our national identity back to the Puritans beginning with Winthrop’s Model of Christian Charity. Composed on board the ship Arbella bound for the New World, it seemed the elegant spiritual companion to the Pilgrims’ Mayflower Compact.
  • he borrowed a New Testament image when he imagined New England as a city on a hill called to inspire the whole human race by its example.
  • the dogged literary excavations of historian Richard Gamble have now exposed it as myth. It turns out that Winthrop’s manuscript, far from serving as keynote address of the American pageant, was either unknown or forgotten until it turned up in the family archives in 1809. Donated to the New York Historical Society, it slept for another three decades before publication in a Massachusetts collection of colonial documents in 1838
  • The famous “City on a Hill” passage appears in the Sermon on the Mount as one in a list of metaphors Jesus uses to describe his disciples. He speaks of them as the salt of the earth, the light of the world, a city on a hill, and a lamp not hidden under a bushel. The passage served as text for many a sermon preached by colonial divines, not least Jonathan Edwards. But those pastors were quoting the Bible to make theological points to Christian audiences; none was quoting Winthrop to make political points to American audiences. What has been lost “in the fierce crossfire of the battle to define the American identity,” Gamble writes, is “the story not of how the metaphor helped make America what it is today but the story of how America helped make the metaphor what it never was.”
  • not even the Puritans were “impelled by a unique or exceptional American impulse. On the contrary, they were products of European education, European culture, European piety, and they were engaged in a great European quarrel.
  • Americans have always been tempted to think that because they live in God’s Country they must be God’s Elect. Such faith has its uses, for instance to motivate a free and disparate people to rally and sacrifice in times of crisis. But it verges on idolatry from the standpoint of Biblical religion and—if exploited for partisan purposes—verges on heresy from the standpoint of civil religion.
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Behind Spain's turmoil lies a cronyism that stifles the young and ambitious | John Carl... - 0 views

  • the Spanish are not inherently idle; the labour market in Spain does not sufficiently reward talent and hard work. The Spanish disease that both these young men said they had fled was "amiguismo" –"friendism" – a system where one gets ahead by who one knows.
  • I recently asked a boss at a well-known Spanish company what percentage of the 300 or so middle-class staff under him did their jobs to the best of their abilities. Despondent, he replied: "The number is low." The deeper sin lies in an institutionalised Spanish system where both the financial and moral incentives to work well are undercut by the perception that if you do not know the right people there is little point in giving the best of yourself at work.
  • Where does all this come from?
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  • Going to school in Spain is a pretty deadly business. The emphasis is all on learning by rote. Creativity and curiosity are not part of the package. School is not, remotely, fun. Work, the idea is instilled ominously early on, cannot be much fun either.
  • For my cousin, as for so many Spaniards, work is a necessary evil, a nuisance to be dispensed with as briskly as possible before turning to the serious business of life – drinking, nibbling tapas, hanging out with friends until the small hours.
  • Now that the bubble has burst, people's approach to work matters a great deal. The brightest, the boldest or the most restless young people go abroad for money and fulfilment; the rest, half of whom are unemployed, stay at home – baffled, desperate, increasingly angry, kicking out at government and being kicked back.
  • What's needed if Spain is not to sink gradually back into a sort of bucolic, early 20th-century Mediterranean poverty is a revolution across the board in attitudes to work. Like it or not, the system has to be overhauled and replaced by one where the rules are fair and merit is rewarded. Everywhere.
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The World We're Actually Living In - NYTimes.com - 0 views

  • there is a reason President Obama is leading on national security, and it was apparent in his U.N. speech last week, which showed a president who understands that we really do live in a more complex world today — and that saying so is not a cop-out. It’s a road map
  • Rather than really thinking afresh about the world, Romney has chosen instead to go with the same old G.O.P. bacon and eggs — that the Democrats are toothless wimps who won’t stand up to our foes or for our values, that the Republicans are tough and that it is 1989 all over again. That is, America stands astride the globe with unrivaled power to bend the world our way, and the only thing missing is a president with “will.” The only thing missing is a president who is ready to simultaneously confront Russia, bash China, tell Iraqis we’re not leaving their country, snub the Muslim world by outsourcing our Arab-Israel policy to the prime minister of Israel, green light Israel to bomb Iran — and raise the defense budget while cutting taxes and eliminating the deficit. It’s all “attitude” — without a hint at how we could possibly do all these contradictory things at once, or the simplest acknowledgment that two wars and a giant tax cut under George W. Bush has limited our ability to do even half of them.
  • Add it all up and it’s a world in which America will have greater responsibility (because our European and Japanese allies are now economically enfeebled) and fewer resources (because we have to cut the defense budget) to manage a more complex set of actors (because so many of the states we have to deal with now are new democracies with power emanating from their people not just one man — like Egypt — or failing states like Pakistan) where our leverage on other major powers is limited (because Russia’s massive oil and gas income gives it great independence and any war we’d want to fight in Asia we’d have to borrow the money from China).
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  • This complexity doesn’t argue for isolationism. It argues for using our power judiciously and in a nuanced fashion
  • So we’re having no debate about how to extricate ourselves from our biggest foreign policy mess and a cartoon debate — “I’m tough; he’s not” — about everything else. In that sense, foreign policy is a lot like domestic policy. The morning after the election, we will face a huge “cliff”: how to deal with Afghanistan, Iran and Syria, without guidance from the candidates or a mandate from voters.
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Hotter than Paul Ryan: Candidates Ignore an Arctic Disaster : The New Yorker - 1 views

  • the National Snow and Ice Data Center, in Boulder, Colorado, announced that the Arctic sea ice had reached a new low. The sea ice shrinks in the summer and grows again during winter’s long polar night. It usually reaches its minimum extent in mid-September. On September 16, 2012, the N.S.I.D.C. reported, the sea ice covered 1.3 million square miles. This was just half of its average extent during the nineteen-eighties and nineties, and nearly twenty per cent less than its extent in 2007, the previous record-low year.
  • It would be difficult to overstate the significance of this development. We are now seeing changes occur in a matter of years that, in the normal geological scheme of things, should take thousands, even millions of times longer than that. On the basis of the 2012 melt season, one of the world’s leading experts on the Arctic ice cap, Peter Wadhams, of Cambridge University, has predicted that the Arctic Ocean will be entirely ice-free in summer by 2016. Since open water absorbs sunlight, while ice tends to reflect it, this will accelerate global warming. Meanwhile, recent research suggests that the melting of the Arctic ice cap will have, and indeed is probably already having, a profound effect on the U.S. and Europe, making extreme weather events much more likely. As Jennifer Francis, a scientist at Rutgers, observed recently in a conference call with reporters, the loss of sea ice changes the dynamics of the entire system: “It’s like having a new energy source for the atmosphere.”
  • You might have thought that with the Arctic melting, the U.S. in the midst of what will almost certainly be the warmest year on record, and more than sixty per cent of the lower forty-eight states experiencing “moderate to exceptional” drought, at least one of the candidates would feel compelled to speak out about the issue. If that’s the case, though, you probably live in a different country.
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  • Representative Paul Ryan’s fitness routine—he’s a big fan of what’s known as the P90X workout plan—has received three times as much television coverage as the ice loss
  • “President Obama promised to begin to slow the rise of the oceans,” Romney declared in his convention speech in Tampa, pausing here to give the audience time to chuckle, “and to heal the planet. My promise is to help you and your family.
  • Obama at least got exercised enough to point out, in his convention speech, that “climate change is not a hoax.”
  • But that was as far as he was willing to go: no more grandiose claims about actually taking action.
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Poll: Obama surges ahead among Catholic voters - The Washington Post - 0 views

  • President Obama’s support among Catholic voters has surged since June, according to a new poll, despite a summer that included the Catholic bishops’ religious freedom campaign and the naming of Rep. Paul Ryan, a Catholic, as the GOP’s vice-presidential candidate.
  • On June 17, Obama held a slight edge over Mitt Romney among Catholics (49-47 percent), according to the Pew Research Center. Since then, Obama has surged ahead, and now leads 54-39 percent, according to a Pew poll conducted on Sept. 16.
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How Hawkish Are Americans? | History News Network - 1 views

  • a nationwide opinion survey just released as a report (Foreign Policy in the New Millennium) by the highly-respected Chicago Council on Global Affairs. Conducted in late May and early June 2012, the survey resulted in some striking findings.
  • most Americans are quite disillusioned with the Iraq and Afghanistan wars of the past decade. Asked about these conflicts, 67 percent of respondents said they had not been worth fighting. Indeed, 69 percent said that, despite the war in Afghanistan, the United States was no safer from terrorism.
  • Eighty-two percent of those surveyed favored bringing U.S. troops home from Afghanistan by 2014 or by an earlier date. Majorities also opposed maintaining long-term military bases in either country. And 71 percent agreed that “the experience of the Iraq war should make nations more cautious about using military force to deal with rogue states.”
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  • a small majority (53 percent) thought that maintaining superior military power was a “very important goal.” But this response was down by 14 points from 2002. Furthermore, to accomplish deficit reduction, 68 percent of respondents favored cutting U.S. spending on the military -- up 10 points from 2010.
  • “As they increasingly seek to cut back on foreign expenditures and avoid military entanglement whenever possible, Americans are broadly supportive of nonmilitary forms of international engagement and problem solving.” These range from “diplomacy, alliances, and international treaties to economic aid and decision making through the UN.”
  • 84 percent of respondents favored the comprehensive nuclear test ban treaty (still unratified by the U.S. Senate), 70 percent favored the International Criminal Court treaty (from which the United States was withdrawn by President George W. Bush), and 67 percent favored a treaty to cope with climate change by limiting greenhouse gas emissions. When asked about China, a nation frequently criticized by U.S. pundits and politicians alike, 69 percent of respondents believed that the United States should engage in friendly cooperation with that country.
  • The Chicago Council survey found that 56 percent of respondents agreed that, when dealing with international problems, the United States should be “more willing to make decisions within the United Nations,” even if that meant that the United States would not always get its way.
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