And now for something different
Ta-Nehisi Coates, a blogger for The Atlantic, has been running a Friday poetry feature. Intriguing, thought provoking, and worth a visit.
Ta-Nehisi Coates, a blogger for The Atlantic, has been running a Friday poetry feature. Intriguing, thought provoking, and worth a visit.
Election Day is the day we Americans congratulate ourselves on the robustness of our democracy, the day the world's democratically elected leaders and dictators alike congratulate the President-elect and pledge to move forward. For at least a week or so, hope and bipartisanship reign. (Well, sometimes.)
But any two-bit dictator can hold elections. Even Zimbabwe held elections.
No, the real celebration of American democracy is Inauguration Day. For more than two hundred years, through wars, political scandals, brutally partisan campaigns and national tragedies, outgoing Presidents have seen their successors sworn in, and have quietly slipped back into their roles as mere citizens.
On January 20, 2009, George W. Bush will do the same.
When you vote today (you are voting, right?), be nice to the poll workers. Poll work involves long hours, grumpy people, and brain-crushing tedium for not very much money. In spite of that, most of the poll workers I've encountered are genuinely trying to do a good job, and our democracy couldn't function without them.
From Megan McArdle at The Atlantic, an extensive reading list for those seeking a better understanding of the current financial crisis.
Full disclosure: I've only read a handful of these myself.
Barack Obama was born in 1961.
James Meredith, the first black student at the University of Mississippi, enrolled in 1962 with the help of 5,000 federal troops.
Martin Luther King delivered his "I Have a Dream" speech in 1963. Equality was only a dream at that point, as the Civil Rights Act and the Voting Rights Act weren't passed until 1964 and 1965, respectively. The 24th Amendment, prohibiting poll taxes in federal elections, was ratified in 1964.
In 1967, when the Supreme Court struck down laws banning interracial marriage, such laws still existed in sixteen states.
Just over forty years later, the son of such a marriage is the Democratic Party's nominee and a strong favorite to become the next president of the United States.
Win or lose, it's a historic moment. Don't forget to vote.
(Vote early if you can. Turnout is likely to shatter all records, so be prepared for long lines.)
The old saying "never pick a fight with a man who buys ink by the barrel," still holds. Press coverage of John McCain has become steadily more unfavorable since a senior adviser attacked the New York Times.
Now, attributing the negative coverage to McCain's attacks on the press is a bit simplistic. In the same period, McCain's poll numbers have dropped, he has attacked Obama, and the economic news has been uniformly bad, all of which might lead to negative coverage. Still, attacking the press for reporting unflattering facts (i.e. doing its job) is unlikely to improve your coverage.
Over in China, we're seeing a textbook demonstration of the importance of the rule of law and the need for government to guide the market's invisible hand. We're also seeing why government can't be trusted to supply that guidance on its own.
Milk producers -- either individual dairies or processing plants or both, it's not yet clear -- diluted milk with water, then added melamine to make the protein content look better than it was. Rather than being confined to a few rogue producers, this practice apparently took place on a massive scale and over an extended period of time.
Meanwhile, the government regulatory apparatus was either absent or corrupt, or both. Some of the largest offenders were exempt from government inspections under a self-regulation program. When children started getting sick, some of the suspicious products were recalled by individual companies, though without any explanation of the underlying problem or any coordinated effort to inform the public. Inquiries were suppressed in the runup to the Beijing Olympics. The whole mess came to light only when a foreign investor started to worry about its own liability -- after deferring to its Chinese partner for weeks -- and informed New Zealand's government.
There are episodes like this in America's past, too. They are why the FDA and the USDA exist. It's unfair to suggest, as some commentators have, that the Chinese people are any less ethical than anyone else. The problem is that there is no way for the ethical Average Wen to hold the unethical minority accountable. No whistleblower protections, no aggressive personal injury lawyers, no elected officials accountable to the people. When a major embarrassment like this happens, accountability is imposed from the top down -- I'm sure a good number of midlevel bureaucrats will lose their jobs or their lives over this -- but the emphasis is on containing the embarrassment, not fixing the underlying problem. Bottom up accountability would go a long way to reducing the frequency and severity of such incidents.
When is a company too big to fail?
That's one of the critical questions in the current credit mess. The Wall Street Journal explains how the decision to let Lehman Brothers fail turned out to be disastrously wrong.
It was wrong because it turns out that no one knows which investors have exposure to which financial instruments. Including the investors themselves. It's something like a financial butterfly effect: a subprime loan defaulting in Cleveland can cause a storm in Hong Kong.
That appears to be the logic behind the Treasury plan's focus on the underlying assets. If the bond secured by that subprime loan doesn't default -- or if the default is absorbed by the taxpayers -- then the damage to holders of related securities can be contained. We hope. Since no one knows how the various assets are connected, no one knows who the ultimate winners and losers will be.
(Wall Street Journal links; subscription required.)
Another campaign season, another chance for charges of "elitism" to fly back and forth. Let's leave aside for the moment the fact that the word has no meaning if Lady Lynn Forester de Rothschild can use it to describe anyone. And let's skip over the question of why mediocrity is more acceptable in a president than in, say, a surgeon or an airline pilot. Would you want a doctor who bragged about being last in his class at med school?
Instead, I'd like to look at the idea that attending a top school necessarily hangs that red 'E' around your neck. I can't say what the Ivies are like, but I did go to MIT, where any notion of one's personal specialness lasts about as long as it takes for the grades on the first exam to come back. Most MIT students were near the top of their high school class. Most will be merely average at MIT. Far from reinforcing arrogance, my time there was a four year lesson in humility.
Do some people come out of top-tier schools convinced that they are God's gift to the world? Of course. But would those people be any less arrogant if they'd floated through a less challenging program with fewer intellectual peers? Somehow I doubt it.