Monthly Archives: May 2018

Fair Seas and Following Wind John McCain

William K. Black
May 15, 2018     Bloomington, MN

As a savings and loan regulator, on April 9, 1987, I experienced Senator John McCain at his very worst.  He, and his four Senate colleagues, collectively, the “Keating Five,” pressured my colleagues and me to withdraw our recommendation that our agency place Charles Keating’s Lincoln Savings and Loan into conservatorship.  Keating was looting Lincoln Savings and would soon defraud thousands of widows.  Lincoln Savings became the most expensive failure because the combination of the ‘Keating Five’ and Speaker of the House James Wright, Jr. successfully intimidated the new leadership of our regulatory agency.  The cowardly new leadership team refused even to consider our conservatorship recommendation and took the unprecedented action of removing our regulatory jurisdiction over Lincoln Savings.  Senator McCain and his colleagues acted badly for poor reasons and caused grave harm.  Senator McCain has said that his actions on behalf of Keating caused him greater pain than his North Vietnamese torturers.

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Why America is not a Country-Club

By J.D. ALT

Everyone knows how a country-club works: Members pay dues, and the dues are used to pay for the expenses of running the country-club—maintenance and improvements, kitchen and service staff, golf-course mowing and landscaping, etc. Sometimes a big expense comes along (like putting a new roof on the main club-house) and the cash-flow from the monthly, or annual, dues isn’t enough to cover the one-time cost. In that case, the club would take out a bank-loan to pay for the new roof and the dues would then service the loan. It might be necessary, under those circumstances, to raise the dues to ensure that while the loan is being serviced the kitchen and dining services continue and the golf-greens are manicured. There would likely be a vote by a board of club-directors to determine if a due-increase was necessary.

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Cenk and Young Turks Team: Your Deficit Hawkery is Unrealistic and Stands in the Way of Progressive Change

By Michael Hoexter, Ph.D.

[The Young Turks (TYTNetwork) is an online news network that has a wide reach among mostly progressives and independents in the United States with viewership in the hundreds of thousands of unique visitors per day and over 2 million views per day.  Cenk Uygur is its founder, CEO, and leading on-camera commentator.]

Dear Cenk, John Iadarola, Ana Kasparian, and the Young Turks Team,

I’m a Young Turks subscriber, member, and a longtime fan of your coverage of politics.  I think you have provided a consistent and detailed perspective on the failures of our political system, consistent criticism of both US major political parties as well as the alarming emergence of Trump and Trumpist/GOP neo-authoritarianism.  I think your instincts for analyzing political personalities is grounded in keen and accurate observation of people and political forces.  You also rarely shy away from criticizing both the Democratic and Republican Establishments, which distinguishes you from the “liberal” mainstream media.  You have been also very good at analyzing some of the biases of mainstream media against progressives and against change that most Americans want.  You are a consistent, principled, and very much needed independent voice that I often wish was heard more widely.

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Framing a Job Guarantee

By J.D. ALT

Note: This essay was first posted on realprogressivesusa.com

Now that progressive leaders (Bernie Sanders, Kirsten Gillibrand and Corey Booker) have placed a proposed “Job Guarantee” program onto the mainstream political stage, it is essential they begin explaining the proposal’s underpinning macro-economic logic. Otherwise they lay themselves, and the proposal itself, wide open to scathing public ridicule—as exemplified by a recent Megan McArdle op-ed in the Washington Post (“A federal job for everyone?” April 25, 2018). But what should they be saying by way of explaining?

Perhaps a point-by-point response to Ms. McArdle’s arguments is a way to begin. First, her title itself is an intentionally misleading—and pejorative—portrayal of the proposal. The Job Guarantee (JG) program will use federal dollars to pay wages, but few (if any) of the wage earners would become part of a federal bureaucracy that most Americans believe is already over-bloated and inefficient. Think instead of all the private doctors and nurses paid federal dollars to provide health-care services to Medicaid and Medicare patients; think of all the private enterprise farmers, food-processors and distributors who are paid federal dollars to implement the SNAP (food-stamp) program; think of the millions of private defense contractor employees who build ships, planes, and missiles. Ms. McArdle is being disingenuous in planting the idea that everyone who is paid with federal dollars is a federal employee; it’s an idea that immediately discredits the JG program, and it should be proactively discredited itself.

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