| Page 249

Does ABC News Want To Torpedo Hillary Clinton’s Chance To Become Secretary of State?

Posted on November 21, 2008 by Mike Bock

You’ve got to wonder if someone at ABC News wants to undermine the possibility that Hillary Clinton’s might become Barack Obama’s Secretary of State. On ABC last night in prime time the famous video of Bill Clinton was once again shown of Bill wagging his finger and saying, “I did not have sex with that woman …” The video clip was played on ABC Evening News with Charlie Gibson as part of a longer story.

The Clinton video appeared as part of a story about the pro golfer J.P. Hayes. This golfer did a remarkable thing that speaks volumes about his character. Hayes reported a technical breach of rules known only to himself. And, for his honesty he had to pay a price. His action effectively disqualified him from the PGA tour.

This story about J.P. Hayes is a great story, because it is a great parable about character and it challenges listeners, particularly fellow golfers, to imagine, “In the same predicament, what would I do?” The point of ABC showing Bill Clinton wagging his finger and telling his infamous lie, I guess, was to show how character impacts behavior. But ABC in this story didn’t include video of George W. Bush telling any of his whoppers.

I’m not a Bill Clinton fan, and I opposed Hilary’s quest for the Democrat’s nomination for president, mainly because of the Bill factor. It is the Bill factor, if anything, that will torpedo the possibility of Hillary being named Secretary of State. So, the conspiracy theorist is me makes me wonder who made the editorial decision to include the Bill Clinton wagging finger video at this point, and if this action was specifically designed to bring the Bill factor to prominence.

Bill Clinton is a sharp mind and has detailed understanding of world politics. He made an heroic effort at the end of his administration to broker a new deal between the Palestinians and Israel, and, by many reports, came close to closing the deal, before running out of time. I imagine he is anxious to renew the effort, and if he could help his wife broker a deal, it would be quite a feather in both their caps. Bill Clinton, I believe, could be a huge asset in helping to negotiate an Israel / Palestinian accord that would successfully produce a two nation reality.

Of course, not everybody wants a two nation state to emerge, and, instead, envision a quite different future for the middle east, and for Israel. I’ve got to wonder if there is a contingent who is seeking to block Hillary’s ascent to the position of Secretary of State because they fear that Hillary, with Bill’s help, might actually become too effective, might succeed too much — particularly in matters that will impact Israel.

It is my prediction that if given the chance, Hillary will make a great Secretary of State and will do so, in part, because Bill Clinton will do everything in his power to help her be successful. Why wouldn’t he?

For ABC News to show the video once again of Bill wagging his finger to me seems overdone and unnecessary. In its timing and in its context, it seems likely to me, ABC’s actions is part of a deliberate campaign to derail Hillary’s chance to become Secretary of State. There could be a lot of possible motives to do so.

Posted in M Bock, Opinion | Leave a comment

Where Did That $10 Trillion Go?

Posted on November 20, 2008 by Mike Bock

Scary economic news. This report says, “Wall Street in on track for its worst year since 1931, and that $10 trillion has been lost in the market — since its peak in October, 2007….The Dow Jones industrial average plunged 5.1 percent and closed below the 8,000 mark for the first time since March 2003. The market is now down 43.5 percent from a high point hit a little more than a year ago.”

Deflation is the latest fear that is depressing the market. The New York Times says, “While most consumers might welcome the idea that things are getting cheaper, deflation is an economists’ nightmare. It was a hallmark of the Depression and Japan’s so-called lost decade in the 1990s …Analysts say a sustained decline in consumer prices would be terrible for the economy. Businesses that cut prices to attract buyers are likely to have to lay off workers as well. They may also have little left over to pay lenders or shareholders. … Prices are falling outside the United States too. Consumer prices declined in Britain, France, Germany and elsewhere in Europe in October, and prices were flat in September in Japan, which has fought deflation on and off for nearly two decades. “

Posted in Special Reports | 1 Comment

Paul Krugman Gives Two Reason He Supports Bailout of Auto Companies

Posted on November 16, 2008 by Mike Bock

It was interesting this morning to see George Will confidently put forth an economic theory — only to have his theory be immediately contradicted by a Nobel winning economist. Ouch. Will probably still thinks he is right.

The discussion happened on the George Stephanoupolis program on ABC between Stephanoupolis and Cokie Roberts, Sam Donaldson, George Will, and Paul Krugman.

George Will’s theory of why the depression became the great depression is that government intervention prevented the markets from working. Krugman disagreed and said it was the collapse of the financial system that was at fault, and it was an increase in taxes, along with a policy of balancing the budget that Roosevelt imposed in 1937. Wow. I need to go back and study my history.

Krugman said that only an enormous government public project — World War 2 — eventually turned the economy around.

About the question of bailing out the auto companies, Krugman said that if the question had been asked in 1999, when the economy was strong, his advice would have been to allow the auto companies to go bankrupt — chapter 11. The companies would have continued to operate on borrowed capital and under the bankruptcy rules, they would be required to undergo major restructuring.

Krugman says that because of the bad state of the overall economy he reluctantly favors a government bailout of the auto industry. He gives two reasons:

The credit lines normally available to the auto companies are now frozen, so a Chapter 11, bankruptcy, would quickly turn into a chapter 7, liquidation. Such a liquidation would mean that over one million jobs would evaporate.
And so, the net result to the economy would be a negative stimulus, and in the terrible slump we are in, a negative stimulus is the last thing we should be engineering.