Category Archives: Politics

The Corporate Sky-box Administration – March 2003

Bush showed a bit of independent activism in his first eight months, then came the war. The only outside interest shown since 9/11 was when the Enron revelations threatened his sponsoring corporate chieftains. Enron demonstrated how the management of many publicly held companies had become corrupted by an orgy of bonuses and options. Corporate heads needed to cut short the resulting reform movement. They awakened Bush from his war fixation and distaste for new proposals. He announced support for, first a limited restriction on the ability to cash in shares received in 401K plans, and, second, against a plan to penalize management that makes off with huge option awards only to see their stock crash. Bush’s efforts are an attempt to limit reform to something his mentors can swallow, although they have already reneged on the company stock holding time limitation. The Enron situation has the potential to correct the accounting problem and the excessive option awards that led to the cheating. Bush is trying to short circuit reform by putting soft proposals on the table.

An American Aristocracy? – March 2003

In trying to figure out why George W. Bush bothers me so, I may have found the answer in the book, Founding Brothers. Adams and Jefferson had years of correspondence after retirement and in discussing the differences between the U.S. and Europe they got into an argument over aristocracy. Both believed that superior people must provide leadership, but Adams leaned toward the idea that ability was inherited and Jefferson thought the cream would rise to the top in a free society regardless of inheritance. Of course, Jefferson’s view is the heart of democracy and it made this country, but in their day the ability of a common man to rise from nothing had not yet been demonstrated.

Saddam – Running Cover For Dick? – February 2003

Free flowing propaganda about the pressing need to get Saddam, in which kernels of truth are built into wild imaginings as to his intent, worries Americans, and frightens the rest of the world. It took me a while and some study, but I am leaning to the idea that kicking out Saddam is the right move, that he really is dangerous, and that Iraq is a reasonable next step in the war on terror. The case is plenty good enough not to have been spoiled with exaggerated rhetoric. The American public could easily have been convinced, and, more significantly, foreign support was there for the asking, by making a straightforward case, as father Bush did in 1990, instead of sounding off like spoiled brats and bashing anyone offering resistance.

Enron – January 2001

This chapter was written long before the Enron debacle came to light, in fact it is about the inevitability of Enrons because of wholesale cheating to boost reported earnings. Enron was not the exception, it was the rule. Enron undoubtedly passed the line and broke accounting rules, but the majority of publicly held companies push as close to the line as possible in order to enhance reported earnings. Arthur Anderson, its auditor, is not a rotten apple, all the major accounting firms aid and abet the process of overstating earnings.

Inauguration Commentary – January 2001

The new president is greeted with glee by comedians, but his presidency may be a watershed event. Bush Jr, to a greater extent than any predecessor, is the man of business. Reagan was all for the free market, but he was an idealist able to believe wacky ideas like voodoo economics and star wars. He never followed through on reducing the size of government. Father Bush, we forget so soon, was seen as an empty man lacking idealism. He was a competent administrator who saw the need for reducing the deficit and lost Republican support by raising taxes. Unfortunately, he had harped on no tax increases to get elected and going back on his word created the impression that Bush senior did not stand for anything.