ROBERT GATES: We Have Lost The Ability To Execute Even The Basic Functions Of Government

  x You have successfully emailed the post.

There were bitter comments from another ex-senior official as Robert Gates slammed contemporary politics in a speech at the Constitution Center (via WashPo).

I do believe that we are now in uncharted waters when it comes to the dysfunction in our political system—and it is no longer a joking matter. It appears that as a result of several long-building, polarizing trends in American politics and culture, we have lost the ability to execute even the basic functions of government, much less solve the most difficult and divisive problems facing the country. Thus, I am more concerned than I have ever been about the state of American governance.

America became polarized due to redistricting, a series of "wave elections" and the news media. Now "compromise" has become a dirty word.

Indeed, “compromise” has become a dirty word—too often synonymous with a lack of principles or “selling out.” Yet, our entire system of government has depended upon compromise. The Constitution itself is a bundle of compromises. Critical ideas and progress in our history often have come from thinkers and ideologues on both the left and the right. But, for the most part, the laws and policies that ultimately implement the best of those ideas have come from the vital political center, and usually as the result of compromise.

Read the full speech at the Constitution Center.

Please follow Politics on Twitter and Facebook.
Follow Gus Lubin on Twitter.
Ask Gus A Question >

x

To embed this post, copy the code below and paste into your website or blog.

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Did Robert Reich Just Admit To Smoking Weed With Bill Clinton?

Former Labor Secretary Robert Reich is currently taking questions from anyone on Reddit.

It's really awesome.

Check out this response to a question about his relationship with Bill Clinton:

"I've known him since he was 22. At Oxford, as grad students, we didn't inhale together."

We're assuming that "didn't inhale" is a euphemism.

Check out the full conversation here. We'll post more highlights momentarily.

UPDATE (6:21 PM): More nuggets of Reich from Reddit:

"We can't get true financial reform until we constrain Wall Street's vast reservoir of money from corrupting our democracy. In fact, we can't get much reform anywhere -- health care, energy, defense, etc. -- without limiting the effects of big money in politics. (That's why I agreed to become chair of an organization called "Common Cause," a citizen's group dedicated to getting money out of politics.)"

Asked whether Obama has consulted "progressive economists":

"Krugman and I met with him last January. Joe Stiglitz was also at that meeting. Haven't heard from the President since then."

Asked for the "single most important piece of advice you would give young voters":

"Try to avoid cynicism about politics, government, and all the major institutions of our democracy. (That may be hard at a time like this, but if you're cynical at your age, you'll be wasted by the time you're mine.) Best way to educate yourselves is to read my books (my books are the kind of books that once you put them down you can't pick them up), read the NYT every day, and read the Wall Street Journal's editorial and oped pages so you learn the opposite of what's truthful."

Asked to suggest a "counterpoint" to his own books:

"Almost anything by Milton Friedman. He's rigorous and intellectually honest, and comes out at a very different place from me -- mainly because we start from different premises about human nature and the meaning of a good society."

Asked how he would approach this economy:

"I'd increase marginal taxes on the wealthy -- not only to help bring down the long-term debt and deficit but also to restore some balance to our society. It can't be healthy when CEOs are takiing home 300 times what average workers are taking home (40 years ago it was closer to 30 times)."

"I'd revive the Depression-era Works Progress Administration and Civilian Conservation Corp, to hire the long-term unemployed -- put them to work rebuilding our crumbling highways, ports, bridges, school buildings, parks, playgrounds."

Asked about taxes rates on the wealthy:

"I fear it's mostly due to the greater and greater political potency of the very rich. Their money is now flooding politics. Blame the Supreme Court's grotesque 'Citizens United v. FEC' decision, combined with lax enforcement of election laws."

Go ask him a question!

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Robert Shiller Talks About The Substantial Downside For Equities

  x You have successfully emailed the post.

Robert Shiller joined Consuelo Mack on WealthTrack this past weekend to discuss the ongoing problems in the economy. Shiller of course is notable for having predicted both the Nasdaq bubble and the housing bubble. He remains one of the few academics who understands how markets and the broader economy relate to one another.

In this interview Shiller explains why he believes the psyche of the investing class and the general economic participants are being negatively impacted by the economic malaise. He refers to it as a positive feedback loop that is very difficult to reverse. In equities, Shiller makes some rather alarming comments. He says the current volatility is not healthy and could very well be preceding a “substantial” decline in equities. He makes no firm predictions, but he maintains that the current fragile environment could result in major downside.

He explains why equities still appear expensive, why housing is likely to remain under pressure, why the general economy is likely to suffer a continuing malaise and why TIPS are his favorite investment currently:

Please follow Money Game on Twitter and Facebook.

x

To embed this post, copy the code below and paste into your website or blog.

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.