President Obama not only expended his own "political capital" by pushing for fast-track but that of the Democratic Party too. He had a clear choice: either side with workers, environmentalists, consumers, and progressives -- or side with Wall Street, Big Pharma, Wal-Mart, and the Koch Brothers.
Any TV news organization would rather cover a train wreck than an on-time arrival at the station. But CNBC's constant denigration of the equity market begs a question: why on earth would the cable network do their level best day in and day out to scare viewers out of the markets that they covers?
Some opponents of the Marketplace Fairness Act are falsely calling the measure a new tax, when the bill only requires that Internet retailers collect sales tax already owed by their customers under current law.
So let's connect the dots here. Governor Romney finds the whole speech, even when taken in context, to be "even more disconcerting." To my mind, the speech is little more than common sense to anyone who lives in the real world and is honest about how a business actually works.
We're screwed. That's as good a place to start this post as any. Congress and the Administration have been co-opted -- bought and paid for. Financial regulation is a joke and fraud is a business model and seen as standard operating procedure.
A firm's failure should not matter to anyone but its management, employees, shareholders and creditors. But better regulation will not suffice for us to fix this. Only breaking up the big banks will work.
There are plenty of media dopes for Obama to deal with, to say nothing of their audiences. All these media outlets feature loudmouths with big megaphones, and a lack of decency or any allegiance to facts.