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09 February 2010

Hatchet Job on Menendez

In a front-page article by Damian Paletta in the February 8, 2010 Wall Street Journal, the News Corp. has violated its usually circumspect news reporting editorial slant of its most trusted journalistic vehicle to imply political misbehavior by a Democratic Senator, Robert Menendez of New Jersey. The article charges Menendez with overstepping normal constituent service practice by advocating a decision by the Federal Reserve Board that would favor the business interests of some of his election campaign supporters.

But Mr. Paletta concluded his report by stating, “Some lawmakers have pushed for bailout funds or special consideration for home-state banks. They typically describe the effort as constituent service.” Well, who are those lawmakers? Are they Democrats or Republicans? Banks are certainly entitled to seek help from their congressmen in dealing with the federal government. Perhaps Mr. Menendez used excessively enthusiastic language in his letter on behalf of the home-state bankers he tried to help. I would like to know in how many cases those other lawmakers also indulged in unrestrained regulator-baiting.

Calling out Senator Menendez for exceeding the bounds of constituent service is fair only if compared to the frequency with which all elected officials do the same in order to preserve their jobs.

02 February 2010

Stein’s Law
David Sanger wrote an illuminating piece in the New York Times on 2 February 2010. He reported on the dilemma of the Obama Administration in having to withstand the costs of ending the country’s recession while preserving our preeminence as the world’s leading political power. He concluded that Obama’s best hope is that things always eventually come to an end—a principle apparently espoused by Herbert Stein.

Stein's Law is a flimsy scaffold on which to build hope for economic (or geopolitical) recovery. How about reforming the way we run our social system? Politics should never have become a profession for those who need to earn a living. Just like artists, the poeple who govern us should have day jobs.

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