Tag Archives: Obama

Controlling Gambling by Wall St and the Big Banks – Bad for Business?

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Anti-Wall St Does Not Mean Anti-Business

President Obama’s proposals to break up the “too large to fail” mega banks and otherwise reapply the Glass Steagall Act to the financial sector has predictably brought loud complaints that this is populist and anti-business. Even the rhetoric of the reporters and expert talking heads reflects a general bias that anything that we might do to prevent a re-occurrence of last year’s global financial meltdown is anti-business.

How Is It Anti-Business To…. or

Is the New Rule of Banking, “Privatize profits, but socialize losses (risk)”?

As a business person and a citizen I have to point out that having a sector of our economy that caused so much damage to the rest of the economy and citizens continue to conduct themselves in a fashion that is likely to cause a repeat breakdown is not a good state of affairs. How is it anti-business to want to control the gambling addictions of the financial services sector? How is it anti-business to prevent banks and other financial firms to become so large that they can place another call on the the nation’s treasury to bail them out because they indulge another round of gambling with other people’s money through dangerous leveraging? How is it anti-business to want the banking system to perform their primary function that is necessary to make the economy run, that is to take in deposits and make loans? Or, to capture this in a current diddy, we have an economy where for the financial services sector they follow this unique rule of crony capitalism, “Privatize profits, but socialize losses (risk)”. Continue reading →

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Remarks on President Obama’s Speech on Accepting The Nobel Peace Prize in Oslo 12/10/2009

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President Obama’s speech on accepting the Nobel Peace Prize on December 10, 2009 has generally been reviewed in the US with much glow about its rhetorical heights and appreciation of its depth of thought. I did not watch Obama give this speech. Instead, I turned to the text which I could read at my leisure and without the speechifying fireworks that Obama has clearly mastered.

Although I seem stuck in a reflexive backward glance towards the eight disastrous years of Bush II whenever I evaluate Obama. I am still amazed at the enormous moral and practical abyss we fell through in those years. Obama brushing his teeth in the morning is reassuring in contrast. Nevertheless,  it is worth looking a bit more closely at what Obama did and did not say here. Much has been said of his straight forward assertion that violence is necessary and even useful in a world inhabited by human beings who seem almost genetically predisposed to killing each other off. And, with the invocation of Martin Luther King and the discussion of just war theory, he covers well worn territory, though it is cheering to have a sitting US President talk in this fashion.

There is much to applaud in Obama’s speech: control of nuclear weapons, assertion of human and civil rights, multilaterialism in conflict resolution and enforcement, denial of religion as a justification  for oppression of others.

But, we come to a significant claim, one that the US government has asserted for my entire lifetime,  and which the US media and populace would support:  “Whatever the mistakes we have made, the plain fact is this: the United States of America has helped underwrite global security for more than six decades with the blood of our citizens and the strength of our arms.” And, Obama continues with the summary moral claim that underlies this assertion, “We have borne this burden not because we seek to impose our will. We have done so out of enlightened self-interest – because we seek a better future for our children and grandchildren, and we believe that their lives will be better if other peoples’ children and grandchildren can live in freedom and prosperity.” Continue reading →

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Whither the American Empire?

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Americans do not like to use the word “empire” in reference to the country’s role in the world. Our Presidents uniformly role out rhetoric that sounds just like Obama’s. Here is a paragraph from his Inaugural speech:

And so, to all the other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born, know that America is a friend of each nation, and every man, woman and child who seeks a future of peace and dignity.  And we are ready to lead once more.

This is heart warming.  But, turning to some of the facts on the ground, as the generals and policy wonks like to say, we have to note that in justus_vs_world-miltary-spending the military dimension alone, there is solid evidence that there is an American empire.

For instance, the US defense budget is not just the largest in the world, our military spending is larger that nearly all of the other countries in the world combined at 48%. See the graph to the left. 1

Are we really spending all of this money for “defense”? Or is it something else that comes closer to empire that is consuming these resources?

Perhaps another statistic will suggest something further of the scope of our empire. Lets look at the enormous, and growing, array of military bases covering the globe. As the Pentagon’s Base Structure Report shows, we have over 750 military bases outside of the US. Leaving aside our bases throughout Europe, Japan, South Korea, and various islands, new bases are being added in Africa and Central Asia as this is written.


  1. The image borrowed without permission from the Center for Arms Control and Non-Proliferation http://www.armscontrolcenter.org/policy/securityspending/articles/fy09_dod_request_global/ [↩]
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Pondering at the Food Coop

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So, here I am having coffee and my favorite lunch, a toasted bagel with peanut butter thinking about the approaching election. Finally this will conclude what has been an overly long campaign, but one with enormous pleasures. Assuming that Obama is not just a curiosity to all those throngs at his campaign events, we will have a President who seems bright, competent, and level-headed with an adequate level if toughness. I don’t expect the kinds of policy directions I would like to see. But, after the last eight years, really the last eleven years, just having a competent President not mired in malevolent Millennial daydreams will be a step forward.

Though I am concerned that the present problems facing us may be beyond the present political system to navigate let alone solve.

Just to mention one. Our overseas empire with almost 800 military bases (see the Base Structure Report from the Pentagon for the data) on every continent proves Eisenhower’s point about the military industrial complex, though in truth this confirms what he is said to have wanted to say, “the military-industrial-Congressional complex”. This monster that consumes almost a trillion $s every year (my calculation includes the Pentagon, CIA, NSA, Energy, and other secret intelligence/military enterprises along with the budgets for the War on Drugs and Homeland Security) continues to grow with no evidence that our security is actually improving. To the contrary, it appears that in some quarters our security may be significantly diminished.

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