Commentary
On Second Thought
Conventional Wisdom proved on the money yesterday when Barack Obama announced Joe Biden was his choice as the Democratic party’s candidate for vice president. Biden is a safe choice a) because as a two-time candidate for president he has been exhaustively vetted and his weaknesses are well-known, b) his thirty years as a Senator and foreign policy expert gives him a gravitas that many feel Obama lacks, and, perhaps most importantly, c) Biden is a proven counter-puncher who is not shy about engaging in the kind of attack that Obama has at least pretended to be above, so far. Once elected, God willing, there is also the potential for Biden to serve as the President’s consigliere, an indispensible role that can aid in the early success of the Obama administration. The most recent Democratic administrations of Jimmy Carter and Bill Clinton stumbled seriously out of the gate largely due to an inability (or unwillingness) to build coalitions with Congress. Earlier, I expressed the hope that Obama would make a bolder choice, such as Colin Powell, as a demonstration of his committment to a new kind of politics. But Biden may be the best of both worlds; a good partner during the election who will effectively balance the ticket as well as seerving as a savvy and experienced vice president after the inauguration who has Obama’s full faith and confidence. The polls are tightening but you have to feel good about the chances for the Democrats. First of all, people who would never vote for Obama, because of his politics, inexperience or color, most certainly have already made up their minds. The next seventy days are about reaching the undecideds (and getting your supporters motivated enough to actually vote). Biden is a good choice in this regard, reassuring to the Hillary Clinton supporters and undecideds. But the veep choice rarely makes much of a difference. It will still be Obama’s job to close the deal with the voters. As expected, the campaign has grown uglier this past week as McCain made some ill-advised comments regarding the definition of wealthy as $5 million and up and, of course, failing to have an answer to the quesstion of how many homes he owns. His camp has fired back that attacks on McCain’s wealth reflected a repudiation of the Obama pledge to run a clean campaign (though McCain has been questioning Obama’s patriotism and arguably started this mudslinging himself), declared the gloves are off and went after Obama for his “million dollar home’ purchased with the help of “convicted felon” Tony Rezko. But have no doubt that the Obama camp is comfortable in this arena. If the candidates are judged by their own words then McCain’s flubs and misstatements will only reinforce his own vulnerabilities. And it is only a matter of time before somebody brings up McCain’s connection to the Keating scandal in the 1980s. McCain was sanctioned for his ties to savings and loan mogul Charles Keating and his commitment to campaign […]
Aug 24th, 2008 by Ted Bobrow
Only Hours Away
Barack Obama hasn’t publicly announced his choice for vice president yet. I know because his campaign has ensured me that I will be the first to hear. Me and the millions of others who have texted “VP” to 62262 (OBAMA). Chances are good that he will make the announcement in the next 18 hours since The World is expecting his choice to join him at a rally in Springfield, Illinois on Saturday. So this is my last chance to share my thoughts on the Big Choice. The conventional wisdom has lined up behind Sen. Joe Biden of Delaware, who has the Washington experience and foreign policy credentials that some say are holes in the Obama resume that need to be filled. Personally, I believe Biden would be a disappointing choice because he is too safe. Granted, he’s run for president twice so his negatives are well-known and manageable. But the trouble is that he doesn’t bring anything that would energize the campaign. Obama knows this choice will be analyzed and dissected more than anything he has said or done so far in the campaign. That includes his remarks about the bitterness of the working class and even his choice of pastor. His choice needs to affirm his campaign theme of change and I don’t think Biden fits the bill. I look for someone older and more experienced but not from the list of usual suspects. Here is my list of eye-openers, holy-cows, and who-would-have-thoughts: First of all, there’s Jim Webb, a first-term Senator from Virginia. CW has focused on the Commonwealth’s Gov. Tim Kaine as more likely but look at what Webb brings; decorated war hero (sound familiar?), experience at the Pentagon as an Assistant Secretary of Defense and Secretary of the Army, and a Republican who switched sides to become one of the most-outspoken critics of George Bush. Obama could do worse. You have to believe that Obama is seriously considering a Republican or at least someone with a strong record of working across the aisle. While he has pledged to bring a bipartisan approach to his administration, many independents and Republicans don’t see very much to suggest that in his record. How do you think they’d feel if Olympia Snowe, a moderate Republican who has served on the Armed Services, Finance and Intelligence committees? She has earned the respect of leaders of both parties by developing a keen ability to craft legislative compromise without sacrificing principle. But the 800 pound gorilla of long shots has got to be Colin Powell. Can you imagine? The incredibly highly regarded career military man was dissed big time by the Bush administration. He’s made no secret of his regret about taking cooked evidence to the United Nations to make the case for war. What better way to restore his reputation than as a member of the administration whose greatest challenge will be cleaning up the mess that occurred on his watch? Powell has said he’s not interested but come on. When a […]
Aug 23rd, 2008 by Ted Bobrow
Eye of the Beholder
Maybe you heard that Marie Claire magazine has opined that Milwaukee is one sexy city. Apparently, our rocking lakefront and neighborhood festivals suggest that we know how to have a good time. I won’t argue with that though the magazine didn’t bother to send anyone here to check it out. You gotta wonder if we’d have still merited the honor if a reporter had actually visited and seen the sweaty beer bellies hanging over the cutoff shorts and the hairy necks and backs. And I don’t even want to think about the guys. I kid, I kid! I love Milwaukee and today it’s a happening town. The reconstruction of the Marquette Interchange is officially declared completed today, under budget and ahead of schedule! To policy wonks like me, that’s sexy! And, of course, today is the long awaited unveiling of the Bronze Fonz sculpture along the riverfront (across from the Pabst Theater on Wells) intended to cash in on the nostalgia for Happy Days, the popular television show of the ‘70s. Henry Winkler (the Fonz), Anson Williams (Potsie), and Cindy Williams (Shirley of Laverne and Shirley) are expected to appear at the festivities. Visitors will be treated to a little harmless fun (not to mention free custard) and a good time should be had by all. There is no truth to the rumor that Mike Brenner has rented a plane to pull a banner declaring that “Milwaukee Has Jumped the Shark.” The diminutive sculpture may make you wonder what all the fuss has been about. Meanwhile, enjoy the rest of the summer, y’all. Middle of August and it hasn’t reached 90 yet. Now that’s sexy!
Aug 19th, 2008 by Ted Bobrow
Scary Movie 3???
Well it’s the dog days of August but things are anything but slow in the world of politics. As many of you may be aware, there is a presidential election coming up in November and once again it’s time to exercise our constitutional right and have a say in what direction we want our country to go. And once again I believe the right choice is obvious. And once again I have that ominous feeling that our marvelous but sometimes wacky country could very easily elect the wrong guy and continue us on a path of boneheaded policies and misguided diplomatic and military high jinks that will lead to dangerous and deadly conflicts around the world, a worsening economy home and abroad, increased polarization between the haves and the have nots, and a continued diminishment of our personal freedoms ranging from reproductive choice to habeas corpus. There is, to coin a phrase, hope. Barack Obama is a superb candidate who is connecting with voters in ways we have not seen since the two Kennedy campaigns of the ‘60s. He draws unprecedented crowds everywhere he goes, not because he is a vacuous celebrity, but because he combines a command of the issues with the ability to present common sense solutions that connect with the average citizen. But, just like in the Lord of the Rings trilogy and other great struggles from history and literature, powerful forces are gathering to oppose the champion of the people. This may prove to be a nasty and difficult election with Obama’s opponents resorting to attacks and innuendoes that appeal to the baser sides of our hearts and minds. It may get ugly; very, very ugly. But don’t panic or despair. Organize and participate. Let’s not let this year’s election send the wrong person to 1600 Pennsylvania Avenue. What we need here in this country is nothing less than a People’s Revolution in which the disenfranchised rise up and assert themselves not through violence or conflict but by voting and participating in the electoral process. Barack Obama’s campaign is calling on the people of Wisconsin to stand up and be counted. A new office will be opened here in Milwaukee at 744 N. 4th Street (Wells) on August 20 beginning at 5 pm and everyone is invited. Wisconsin is in play and there is something wonderfully exciting and energizing about living in a so-called swing state. The McCain camp is not taking Wisconsin for granted either and if that’s the way you swing, then by all means go out and support your candidate. But as we’ve learned over and over the last eight years, Elections Matter. Register, Volunteer, Have Your Voice Heard, and above all, VOTE. It’s really, really important.
Aug 15th, 2008 by Ted Bobrow
Mavericks and leaders
There are only three paths in life for a free spirit: lazy dreamer, maverick and leader. Of course there’s a fourth option, and one that many attempt – some to the end of their days – avoidance of embracing one’s true nature. The strongest of these reassure themselves that they’re “doing the right thing” by attaining middle management status so their kids can have the opportunities they didn’t (though I believe this is a myth, and that foregoing your own fulfillment sets a terrible example). Others spend their lives bouncing from job to job, looking for that magical situation in which they can finally be happy. But for those who recognize their own nature and acknowledge its calling, none of the choices are easy (assuming the absence of a trust fund). Lazy dreamer is the most attractive option for the young. Life is simple: when you have ten bucks, you get three beers at your corner bar. You might have a guitar, or a cat, or a collection of first edition Raymond Carver hardbacks – things you cherish not for their material value, but because they’re special to you. You’re probably satisfactorily under-employed somewhere that offers a flexible schedule. Your friends are artists and activists, and collectively you reinforce each others’ belief in simple pleasures and the evils of material enslavement. It’s a good life for awhile, and some folks keep with it all of their days. For others, there comes a time – typically in one’s late 20s or early 30s – when la vie bohème loses its charm. You may want to set up house with your baby, you might be tired of being broke all the time or perhaps you’re simply sick of hearing that you’re a chronic fuck-up. At this disheartening fork in the road, there are two paths: the aforementioned denial of your nature (at least temporarily) or the reinvention of yourself as a maverick. Mavericks are the mythic darlings of American culture. They work tirelessly in pursuit of their personal goals while bowing to no man; they are the innovators, the self-made millionaires, the rock stars. They don’t punch a time clock. For hard-working free spirits, this is probably the best life imaginable. It’s helpful to have an in-demand business skill you can hone into a personal empire, but even if you don’t you can dedicate yourself to becoming a skilled artisan and make a nice living while maintaining your independence. One thing not taught in maverick school, though, is the catch: the successful ones will find themselves at another fork in the road, and they’ll have to make a choice: to stay free and accept the limits of the one-man band, or to build something larger than one person can achieve. It’s the very definition of irony. While mavericks enjoy (immensely, really) widespread fraternity with other mavericks, with the people for whom they provide services and with any envious joe they find on a barstool at 5:30 on a Friday night with their […]
Jul 1st, 2008 by Jon Anne Willow
Calatrava’s Wings Get Clipped in NY
Santiago Calatrava’s design for the Milwaukee Art Museum’s Quadracci Pavilion (known to most locals as simply The Calatrava) has had an unquestionably transformative effect on our city’s urban landscape. This super-modern, sleek structure helped catapult Milwaukee into the new century. Though not of Milwaukee, Calatrava lent his brilliance, prestige and audacity to our city and we’ve embraced his design as the symbol of how we present ourselves to the world. It was only a matter of time before another high-profile Calatrava project usurped our unique relationship with the architect. His design for the new transit center at the site of the decimated World Trade Center promises to take Calatrava’s fame up a notch and supplant MAM’s position as the highest profile example of his work in this country. So perhaps Milwaukeeans will be excused for feeling a bit of schaudenfrade at the cost overruns and artistic compromises that the New York project is facing. These challenges will be familiar to those who have followed Calatrava’s career and the chances are good that the result will still be spectacular. Only time will tell, of course. But the guy sure knows how to get your attention. Avert your eyes at your own risk.
Jul 1st, 2008 by Ted Bobrow
After the Deluge
The good news is that nobody appears to have died as a result of the cataclysmic amount of water that fell from the sky on Wisconsin since Friday. So it may be hyperbole to compare this weekend’s natural disaster with the horrible devastation caused by Hurricane Katrina in 2005 as well as the tsunami, the cyclone and the earthquake that took untold thousands of lives around the world in recent memory. But seeing homes collapse in a matter of seconds and hearing people weep that all of their worldly possessions were lost brought to mind the overwhelming force of nature that is common to all of these events. The other theme that connects these disasters is the important role that government plays to anticipate these catastrophes to the extent possible and move quickly and effectively to direct resources to help the people affected and to restore the services necessary to return lives to normal. In a perfect world politics would have no place following such disasters. Certainly, everyone can agree that this is a basic function of government regardless of party or political persuasion. But this is not a perfect world as the image broadcast by ABC World News Tonight last night of Gov. Jim Doyle speaking in Oak Creek with Milwaukee County Executive Scott Walker by his side made perfectly clear. Walker’s commitment to shrinking government may be popular on election day but it doesn’t do much good when citizens are desperately in need of help. For Walker to nod in agreement as Doyle called attention to how the rains destroyed property from the Mississippi River to Lake Wisconsin took an amazing amount of gall. Walker has been an outspoken advocate of privatizing government services to the extent that he is open to the suggestion to transfer everything that the county does to local and state agencies and private contractors. Why don’t we just bring in the infamous Mike Brown to manage this cleanup? Brown, you will recall, was President Bush’s appointee to head the federal Emergency Management Agency which was such a phenomenal failure following Katrina. It is important to note that FEMA was an extraordinarily effective agency under President Clinton. Bush came into office pledging to restore dignity to The White House. If only. Under his leadership we have witnessed travesties foreign and domestic. While Republicans made much of Clinton’s personal peccadilloes and his propensity to let contributors bunk in the Lincoln Bedroom, who doesn’t pine for the days when our federal government took its responsibilities seriously? Just today a new report is out detailing how Bush officials bent over to accommodate uberlobbyist, and now convicted felon, Jack Abramoff. They say Wisconsin is a critical swing state and that both Sen. McCain and Sen. Obama will be fighting tooth and nail for our 11 electoral votes. They say McCain will be struggling to distance himself from the current occupant at 1600 Pennsylvania Avenue. But what are we to think when he comes to town and Scott Walker […]
Jun 10th, 2008 by Ted Bobrow
The Big Dog Proved to be an Albatross
It’s over. Sooner or later, Hillary Clinton will suspend her campaign and throw her support behind Barack Obama. And when she does, it will be fairly obvious that a major part of her campaign’s failure was due to our nation’s 42nd president. Certainly, Bill Clinton’s efforts on her behalf left room for improvement though few would have predicted it would be so. President Clinton is widely perceived as the Democratic Party’s most effective campaigner in recent history. But, his missteps and flubs in support of Hillary’s campaign suggest that he ain’t so hot at being second fiddle. It may infuriate Hillary supporters that Bill proved to be such a liability but the irony is indisputable. Some who knew her in college and law school saw a remarkable woman with the potential to rise to the highest level of leadership. She spent decades holding her personal ambitions in check while assisting with his exceptional rise to power and she redefined the role of a political spouse. His ultimate retirement from the White House gave her a unique platform to launch her own political career. Yet this path proved to have its downside. Bill Clinton left office extraordinarily popular at home and abroad. But his years as president are not remembered nostalgically by everyone. You have to go back to FDR to find a Democrat who angered Republicans to the extent that Bill Clinton did. And, of course, the personal failings that, rightly or wrongly, lead to his impeachment were an embarrassment and disappointment to many Americans regardless of party. Clinton loyalists will argue that it is unfair to hang his difficulties, real and perceived, on Hillary. But how could you not? One of George W. Bush’s first acts as president was to completely renovate the Oval Office. The implication was that the shenanigans of the previous occupant required a housecleaning of epic proportions. Unfortunately, his legacy left a metaphorical stain on his wife’s presidential aspirations that proved fatal. But this should not be viewed as Hillary Clinton’s obituary. She has twice won election as New York’s junior senator and she has proved to be an effective and accomplished legislator. With the Democrats in charge of Congress and, hopefully, occupying the White House, Hillary Clinton should play a critical role to enact the policies she believes in. Many of her supporters, craving a woman president, feel this may have been the last, best chance they are likely to see in their lifetimes. But there are many, many women in the leadership pipeline and the taboo of a president in a pantsuit has been broken. Nancy Pelosi and Condoleeza Rice are among the top officeholders to ascend to the presidency should something happen to Bush and Cheney and both presidential candidates are expected to consider women as running mates. Women who established their political careers, at least partly, in the wake of their husband’s success often have asterisks attached to their legacies. Hillary Clinton has already demonstrated her exceptional talents in government and […]
Jun 4th, 2008 by Ted Bobrow
Faster than the speed of time
I don’t know anyone who doesn’t waste at least a little thinking space over how much time speeds up as we age. The phenomenon has spawned numerous mathematical theories and countless arguments about physiology and environment that keep mathematicians and social scientists eternally butting heads in the halls of academia. In real life, the passage of time manifests itself as an increasingly kaleidoscopic sense of memory and the feeling that summer gets shorter every year. After all, when you’re six and you only have linear memories from maybe the last three years, an 11-week summer vacation is effectively 7% of your whole life. At 40, 7% is 145 weeks, or almost three years. That’s quite a difference. For ongoing, in-depth exploration of time acceleration theory, I suggest having a bunch of kids and spreading their ages out over as many years as you can. My sample is rather small for this model: I have five kids aged 10 to 18, with nieces and nephews expanding the data set to the ages of 5 to 21. My research has nothing to do with the kids’ perception of time, but with my own. I can’t keep up with how often these kids are metamorphosing, while my own growth has slowed to a barely evolutionary crawl. Two years ago my oldest daughter Alex was a high school junior looking forward to her 16th birthday, feeling like she had the world by the ass. This morning she probably got up early in the south side apartment she shares with her boyfriend, let the dog out and took the bus to her cashier job. She’s figuring herself out, and for now she just wants to work and live on her own. At this time in 2006, my son Harrison was having a hell of a time understanding that he wasn’t the center of the universe (partly my fault, for sure). Since then, he’s been through a slew of changes that could erode the emotional security of any man, but he seems more grounded than a lot of people I know, kid or adult. Savannah just reached the delightful age of 14, complete with all the age-appropriate trappings, and Jesse is starting to smell like puberty is not far off. But right now it’s Cassidy who amazes me the most. When I met Cass she was freshly 14, and the family member everyone was afraid of provoking. Known for her dark bursts of temper, she kept to herself a lot, painting her nails black and staring moodily into space for hours on end. As I was getting to know her siblings, I found some way to bond with each of them, but Cassidy was a pissed-off Cheshire Cat to me. I even lowered myself to her engagement style once or twice, to my great personal mortification. But in the thick of what I think back on as “the dark times,” Cass started sitting in the kitchen while I cooked, slicing vegetables for sauce and helping out […]
Jun 2nd, 2008 by Jon Anne Willow
Les Paul, Mike Cudahy and the Rise of the Uber Geezers
The Wizard of Waukesha is bringing his act to Milwaukee’s Pabst Theatre in June! If you don’t know the significance of that sentence then you don’t know the history of rock and roll. Les Paul, who turns 93 on June 9th, grew up in Waukesha and is probably more responsible for the popular music of our time than anyone. He is credited with inventing the design of the modern electric guitar and introducing recording techniques that revolutionized the music industry. So it shouldn’t come as a surprise that when a group of Paul devotees came to Michael Cudahy with a plan to create a Paul tribute at Discovery World, the planets seemed to align. I started this column as a tribute to some extraordinary graybeards among us and this breaking news about Paul’s upcoming concert just gave me a new lede. While so many of us in Milwaukee pout about the leadership vacuum on our local scene, a handful of wealthy and accomplished elders are stepping up to the plate. First and foremost, idiosyncratic and irascible Michael Cudahy has been coming to the rescue of various struggling institutions in the city for years. Take a look at his profile in the March, 2007 issue of Milwaukee Magazine by Kurt Chandler. The man was born into one of this town’s most prestigious families but he dropped out of school and seemed destined to become the black sheep of the Cudahy clan. His story gives a 20th Century Midwestern twist to a legendary Shakespearean tale. This Prince Hal ne’er-do-well eventually launched a medical electronics firm that earned him a fortune. Ever since selling Marquette Electronics to GE, Cudahy has been dedicated to giving away millions. The Medical College of Wisconsin, MSOE, the YMCA and the Boys and Girls Clubs of Greater Milwaukee all benefited from his largesse. But Cudahy isn’t the type to just write checks. He took over the Pabst Theater, brilliantly restored it and established it as the city’s most magnificent entertainment venue. Anyone who visits Discovery World, the city’s outstanding science museum, soon realizes what an impact Michael Cudahy has had. While the building’s glorious design resulted from a conflict between the philanthropist, the neighboring Milwaukee Art Museum and city planners, the spectacular facility is a living testament to Cudahy’s vision and commitment to this region. At 84, Cudahy isn’t the oldest benefactor on the local scene. That honor probably goes to Joseph Zilber a wealthy 90-year-old developer who is engaged on a spending spree to kickstart a Milwaukee Renaissance. He stepped up to the plate when the WE Energies-sponsored proposal to redevelop the Pabst City site was rejected by the Common Council. While that project is still very much a work-in-progress, Zilber has invited criticism by replacing the Pabst sign with one featuring his name and attaching a tacky video billboard to one of the buildings. But Zilber has also announced plans to bankroll a new initiative to address the poverty and other challenges facing Milwaukee to the […]
May 23rd, 2008 by Ted Bobrow
One Tough Filly
One thing you gotta say about Hillary Clinton; there’s nothing brittle about this filly. Sen. Clinton made a visit to the car racing capital of the world in the days leading up the Indiana primary but the Kentucky Derby was the most prestigious sports event of the week. The derby is called the most exciting two minutes in sports and this year it lived up to its reputation. The competitive race stayed close for most of the mile and a quarter though Big Brown closed strong and finished well ahead of Eight Belles, the filly who ran second. Unfortunately, tragedy struck soon after the race was over when the runner up’s two front legs buckled under her leaving the beautiful animal incapacitated. She was quickly euthanized and the resulting sadness contrasted sharply with the festive pageantry (not to mention excessive inebriation) associated with the derby. I’ll leave it to others who know more about the sport to wonder if horseracing is cruel and inhumane. The only time I ever actually visited a horse track, I witnessed the legendary battle between Affirmed and Alydar at Belmont when the two ran the entire distance nose-to-nose culminating in Affirmed’s narrow victory and the sport’s last Triple Crown. That was 30 years ago. Elections are often referred to as races but when they drag on and on it’s difficult to see any parallel with anything associated with speed. Even a marathon concludes in a few hours while this election seems interminable. But it’s clear that this nominating process is rounding the clubhouse turn and the finish line is in sight. Way back in March, following Hillary Clinton’s tepid performance on Super Tuesday, I wondered how long she would continue fighting for the Democratic Party’s nomination given how dramatically she was being outperformed by Barack Obama. I felt then, as I do now, that she was entitled to stay in the race as long as Obama was still short of the delegate count needed to secure the nomination. But it is becoming increasingly clear that her chances of winning are exceedingly small and that the longer the competition continues, the more likely it is that irreparable damage will be done to the Democrats chances of winning in the fall. None of this can be lost on Sen. Clinton who is unquestionably as smart as anyone on today’s political stage. She has made mistakes before, including the horrendously managed attempt to pass comprehensive health care reform in her husband’s first term and the overly cautious frontrunner campaign she ran leading up to her third place finish in Iowa way back in January. To her credit, however, she usually learns from her mistakes. Following the health care debacle, Clinton (and her husband) learned the importance of reaching out to build coalitions. And since Iowa, Clinton has appeared energized and combative, shedding her wonky nature for a more populist and confrontational style. Her support across the nation is wide and deep and it is important that this contest […]
May 8th, 2008 by Ted Bobrow
No more gilding the lily
“To gild refined gold, to paint the lily… is wasteful and ridiculous excess.” —Shakespeare, from King John (1595): This morning my son and I were planning his 10th birthday party. I live in East Town Tosa, a neighborhood that straddles the border between affluent aspirations and working class reality. His first few years of school, in the early 2000s, I was frequently faced with extravagant birthday parties and gift-giving that felt like either intense competition between parents or the setting of an unhealthy precedent. Of course, everyone’s intentions were good, but it still bugged me. So each year when Harry’s turn to “celebrate” came, I sent a note to parents asking that he not receive gifts in excess of $20 and informing them that we would not open presents at the party, but would send thank-you’s afterward. To my surprise, a few parents whispered their approval in my ear, though just a few took up the call. Harry’s parties get great reviews – we’ve done a backyard campout, a day at Miller Beach, an all-night Star Wars movie-thon (complete with light saber battles in the living room) and my favorite – inviting three boys over to pick up all the sticks in my yard, then burning them in the fire pit while roasting marshmallows. Two for one, everybody wins! And here’s what you don’t see at his get-togethers: boys comparing the gifts they brought; begging for more tokens when they run out first; crying quiet tears in the back seat because they didn’t win a big prize at the arcade. The reason is simple: contentment truly is more about imagination than money. And Harry’s story is a metaphor for what I see all around me these days. Over the last decade, so many fools (yeah, I said it) have spent up their available credit simply because they could, blindly swallowing fantasy stories about an ever-expanding economy and America’s lifestyle entitlement. They believed it was okay to pay way too much for a house because interest rates were low; they justified gas-guzzling, expensive-to-insure, high-payment vehicles for the flimsiest of reasons, which in fact came down to no more than, “It’s shiny and I want it like an Oompa Loompa – now.” At the same time, over 40 million citizens were without health insurance and 13 million children were living below the poverty line. If put to the question, only the most megalomaniacal of conservative thinkers could believe the situation was good for the future of the nation. It just goes to show another apparent deficiency in our education system: the lack of emphasis on cautionary tales. The Panic of 1893, the 1907 Bankers Panic (the 4th in 34 years), the Crash of 1929, the Great Depression, the 1973 oil crisis, the 1979 energy crisis, the 1990 oil crisis leading to the Gulf War, five recessions in less than 30 years. The list is incomplete, but long enough to establish a pattern: We rise, we fall. As individuals we don’t control market […]
May 1st, 2008 by Jon Anne Willow
