Wednesday, November 6, 2002

And then there's [still] the economy... [John Robb's Radio Weblog]: WSJ.  Inside the Fed, deflation is drawing a closer look.  In response, the Fed went all out with a large 0.5% rate cut this afternoon.   The Fed can go no lower.  It has stimulated us to the extent of its powers. Some would say (count me in that camp) that the Fed's actions to date have been akin to "pushing on a string."  Why?  The Fed's rate cuts alone weren't sufficient to reverse the slide.  The combination of 9/11, the stock market collapse, and corporate mismanagement proved to be too much.  It needed help from the administration to build consumer confidence, keep budgets in line, and stimulate the economy.  It didn't get that help.  In fact, the administration did the opposite. Now, the Fed's power is spent.  All that stands between us and a deflationary black hole is Bush and some luck. 1:24:43 PM    comment []  trackback []

Still more election perspectives: Different voting systems produce radically different results. The US system is probably worst of all. [Adam Curry: Adam Curry's Weblog] 1:13:31 PM    comment []  trackback []

Homo Lupus? The American Idol. If you think Germany is turning anti-American, pay attention to what happened last month when Bill Clinton visited Berlin. By Thomas L. Friedman. [New York Times: Opinion] If I've learned anything from living abroad, it's that while other nations often make fun of or scoff at America's naïve optimism, deep down they envy that optimism and rue the day we would give it up and adopt the tragic European view of history. 11:47:38 AM    comment []  trackback []

Perhaps an even worse lesson: This will be taken as a mandate for the continued unilaterism of the Bush administration. Most recently, population policy. (Who cares about China and India; if it tolerates abortion, we're agin' it.) Previously, the Kyoto climate change treaty. (Who cares about tree-huggers -- and coastal cities; if it slows oil revenue, we're agin' it.) And laying the groundwork on "defense" poplicy ten years ago, The Men Who Stole the Show. Message to the world: "You're either with us, or against us. But don't expect us to be with you...." 10:02:49 AM    comment []  trackback []

Here's the big lesson of this election: Slate: The Democratic Party has failed to sell the public a story... Sadly, not a big surprise, from a party that's been throwing elections for 30 years. Or, as my friend David puts it: Here's the letter I just sent to the Boston Globe: To the Editor: I'm sorry my symbolic vote helped elect Romney. Nope, I didn't vote for Stein. I saw that D on the ballot and, misty-eyed, voted for the radical vision of FDR and Truman -- a compassionate government that cared for working (and those who wish they were working..) people and enrolled voters in that sense of mission. Too late, I realized I was voting for their visionless, passionless inheritors: O'Brien, Finneran, Menino. No wonder an astonishing 47% voted to repeal the income tax: they no longer see how government can and must do what individuals can't: educate our kids, help those who are down, and care for our elders and the environment. While unemployed, I worked on my house and learned rotten wood looks sound on the surface but crumbles when touched. That's today's Democratic Party. We must rip out the dead wood and create a fresh 21st century Democratic vision. No wonder our kids are Greens: they have a clear, enrolling vision. And cousin Tomm, quite simply: The Democratic party does not have a clue. Issues, Issues every where and not a thing to do. 9:45:50 AM    comment []  trackback []