Wednesday, March 25, 2009

The Here and the Now of the Land of the Space of Today

Thought I might post a few Jurassic thoughts on our current Finnegans Wake-like national situation....

I think we're all liable now and then to point out the flaws in both political parties – one thing to consider, though, from a somewhat Aristotelian classificatory principle, is that all forms of government have problems "proper" to them. In the case of a republic like ours, certain amounts of short-sightedness, jockeying for position and influence, demagogic nonsense, and insider corruption are part of the beast. We might as well remind ourselves that there's no point in demanding that our pols adhere to impossible ideals of pure and disinterested government. It's good and even necessary to have ideals, but nobody is likely to live up to them anytime soon, if ever. (Wilde said that a map without utopia isn't worth looking at. As usual, "the Oscar" was right.)

It might be prudent to look at our form of government, then, somewhat in the manner of a biologist studying a wild animal – the critter may have some health issues (old wounds, pathologies, and such), but the question is, can said critter function well enough to get by and even thrive? If so, it's doing just fine. What many people seem to find frightening about the present is the possibility that we have indeed come close to the point of our form's demise. The near collapse of the financial system is a potential death blow to democratic rule. You can't have capitalism or democracy without a fair amount of stability, and we have been looking shaky in recent months.

Anyhow, I believe we can remain viable if we begin to deal with the simple facts that 1) we have been acting as if capitalism were a god-sent system rather than an imperfect vehicle for the satisfaction of unending human desire and 2) we want to denounce government and yet receive all sorts of good things from it, for which we expect to pay little or nothing. I'd like to keep the good things and add health care and improved education to their number, but we can't do all of it by borrowing trillions from China and elsewhere for unending decades. The only reason we get away with it, I suspect, is that everybody else is too afraid of us to let us suffer the consequences of our foolishness. (And of course those consequences would hit them, too.) And now we end up having to shell out astonishing amounts to the players in our broken financial sector. It's daunting, but we have tremendous potential and can get through this mess. President Obama's insistence on moving forward with some "big-ticket" initiatives makes a lot of sense: it's part of setting our house in order, arranging our priorities. We need to make our decision for Christ, so to speak, and figure out what really matters to us. If we can do that, the politicians will – after their messy fashion – follow suit.

Those who say that spending our way out of a depression/recession is irresponsible make a little point and miss a much larger one. We are already "through the looking-glass." To suppose that fiscal restraint will spur a return to normalcy is to suppose too much: if "the market" rights itself by its own means, it may do so in a fashion that does fundamental, unsustainable violence to those who are subject to its operations. Systems can be fiendishly viable while millions who depend on them go without: think "private health insurance." Allowing the economy to go into free-fall could yet render all talk about "returning to normalcy" pointless. Evidently, the ultra-conservatives who keep prating about fiscal restraint can't wrap their minds around this danger, mostly because they think whatever the market dictates must be right.

9 comments:

  1. Great post and good points. Go here to read Matt Taibbi's piece on AIG and feel your hair catch fire.

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  2. Thank you, Bloggingdino, for this erudite and balanced perspective.

    The current debate reminds me of the anxiety felt by neophyte parents when they bring their gurgling infant home for the first time and consult those newly purchased self-help books on child rearing … fretting over how to be the most perfect parents. Oh my!

    The wise old psychologist would say: “Relax. Stop fussing. You don’t need to be perfect parents, just good enough.

    President Obama’s message has been clear and consistent: “Relax, an economic stimulus need not be perfect, just good enough.” I sometimes think President Obama is the only adult voice in Washington these days.

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  3. I am still reeling from being called 'obtuse' on another blog!

    I have decided that Barack Obama is about the most sane human being I have ever seen in any political office.

    But from blogging I have found alot of people who believe that either God or our founding fathers gave us capitalism and we have to return to our roots....

    It scares me most of the time but I do find sanity in posts like this....

    Now, when do we start rolling heads? :)

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  4. Thanks for the fine responses all. Had a look at Taibbi's article -- yes, he paints up AIG good: he picks up on the salient point that all these scams and frauds are not accidental or "bad luck": these schmucks are doing precisely what big money players do when nobody's looking over their shoulders: they game the system, find ways to defraud the unwary, stack government agencies with shills, and engage in practices so divorce from authentic economic activity (I mean real people making real stuff, buying and selling real goods, etc.) that disaster is bound to result. Unregulated capitalism tends to rapaciousness and monopoly.

    A thought on why the bonuses have sparked so much anger, whether justified in individual cases or not: the public is picking up on the fact that certain people are being rewarded not because of anything they've done but rather because of who they are. They have all the perks of an aristocracy--and not the best kind of aristocracy. Nope -- they're more like the "game-preserving dukes" Thomas Carlyle raged at in his 1843 Past and Present.

    Finally, yes, Barack is eminently sane, isn't he? I don't expect miracles from him, but I am very thankful that the people have at least chosen a bright, thoughtful, even-keeled and well-intentioned person to run the "gubmint" at such a difficult time.

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  5. Damn! I was waiting for TAO to post something I disagreed with so I could call him obtuse.

    Good post Bloggingdino. I have nothing to add to what you said.

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  6. TAO: I am still reeling from being called 'obtuse' on another blog!

    I encounter worse vituperation that that, my friend, which makes it difficult to invite dialogue from the other side and hold a civil conversation. Even when I try, a retinue of trolls will stalk you and ruin the conversation. I find myself needing lots of recovery time before engaging in outreach again.

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  7. Shaw, about that Taibbi article, although I agree with the main conclusions, and might even be inclined to turn up the heat a bit higher, it left me with reservations.

    First, where I agree: The arrogance and tone-deafness of these Wall Streeters is palpable and real, and we are well within our rights to be angry. When the savings, pensions, and retirements of millions of good hard-working people are wiped out in a single bubble, it is tantamount to soul-murder, and there is nothing more sad than to see a 90+ year old man bagging groceries because his annuity funds vanished.

    One key point: Taibbi mentions Joseph Cassano, a former employee of Drexel Burnham Lambert – the junk bond super-merchant. This connection explained and surprised at the same time. It explains a continuing culture of chicanery that has been extant on Wall Street for decades. It surprises because one would think the hucksters would be cleaned out of the system - never to return.

    In fact, here is a radical idea. Like doctors, lawyers, and other professionals, perhaps financial service professionals should be required to pass some form of licensing or certification as a condition of employment. If they screw up, they lose their license to practise and are forced to seek other work. Consider it as a form of malpractice prevention.

    The Cassano connection suggests that the same hucksters get recycled back into the system … thus giving continuity to the culture of chicanery …when they should be purged.

    Now my reservations: Taibbi’s story is seriously flawed. Examples. “a pudgy, balding Brooklyn College grad with beady eyes and way too much forehead … a greedy little turd …

    This is the language of incitement that compromises the credibility of an otherwise timely article. I could make the argument that there is a crisis in journalism almost on a par with everything else these days. There is a tendency not to report the news, but to editorialize it.

    The language of incitement offends me. It scares me. We should not be engaging in mob journalism.

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  8. Personally, I would rather be called the Anti Christ....but that is probably related to being obtuse....

    Right now I am studying the Republican "Budget"...the one with NO numbers....

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  9. I've been away for a few days - still dealing with a very sick relative so I'm trying to catch up.
    Bloggingdino, a refreshingly realistic perspective!
    Yes, we are going to have to spend money to stimulate our flagging economy and not all the money will be spent well. Mistakes will be made, mostly because this is such a unique situation.
    We need to listen and read carefully all proposals, get behind what we think is the best plan(s) and then make sure re communicate with our elected representatives. For too long the pols have been running their own show based mostly on their relationships with various lobbists - it's time to push them back into the service of the people.

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