Friday, July 12, 2002

William Saletan's Harken Hypocrisy compares Bush on Monday, July 8, to Bush on Tuesday, July 9, showing how he contradicts himself and expects us not to notice. Saletan's conclusion is eloquent and devastatingly simple: Bush was elected on a promise to end the contradiction between presidential rhetoric and presidential rationalization. So far, all he's done is change the subject from sex to money. Whether Bush was actually elected at all is still debatable, as far as I'm concerned, but otherwise, Saletan is absolutely right: Bush is not delivering what he promised. Of course, that should surprise no one. What also shouldn't be surprising is the fact that somehow the media and politicians can whip up more moral indignation and righteous anger over sex scandals than they can over money scandals. I wonder if this is because the Repubs are just better manipulators of public opinion (playing the "morals" card on sex is always a winner for them), or if perhaps it's simply that we all second-guess ourselves before getting angry at greed, since we're all greedy, too. Oh, and then there's the fact that media organizations are probably less eager to pounce on corporate fraud and corruption since they are themselves fraudulent and corrupt corporations. Sigh... 1:52:58 PM

Craig's Booknotes from the last couple of days has some great coverage of the whole pot calling the kettle black business as Bush and Co. pretend to crack down on corporate crime. But this isn't just about crooked corporations or politicians. There's a structural problem here: the U.S. simply relies too heavily on the stock market to take care of people in their old age. For example, a friend of mine makes $40-50k/year and has been contributing to her 401k plan every month for many years. She told me yesterday that she lost nearly $5,000 in the last quarter, and the fund has been losing value more or less steadily for the last two years. That matches my own experience w/my meager retirement accounts. And, of course, stock people always say that you have to be patient w/stocks, that over time they will increase in value, yadda, yadda, yadda. Fine. That's great. But I don't think we should have to gamble with our life savings and play the odds in the hope that we'll be lucky enough to retire when the market's up. What's happening to people who are reaching retirement age right now? Not to mention the employees of these corrupt and soon-to-be bankrupt companies like Enron and Worldcom -- what about them? You might see this as something of a leap, but what all this corruption on Wall Street shows more than anything is that we need a national health care and retirement system that's funded by corporate taxes, not by stock dividends. If people's health care and retirement money came out of corporate profits via taxes, when companies like Enron crashed and burned their employees wouldn't be left high and dry -- they'd already be taken care of. Social Security on steroids. It's time. 8:32:12 AM