Palin-Mania: How Goldman Sachs Robbed Us While We Obsessed About Sarah Palin

I don't post with the aim of being contrarian, but lately I've found myself swimming against the tide of Democratic/progressive conventional wisdom. I questioned the strategy of elevating Rush Limbaugh's profile and engaging him from the White House podium; I criticized President Obama's Cairo speech for being tepid on women's rights; and I argued that two decades of unmitigated attacks against Hillary Clinton -- some clearly sexist -- should compel us to treat Sarah Palin like a human being, not a human piñata. Not surprisingly, I've encountered resistance to those posts in some quarters, ranging from well-reasoned arguments to the typical quota of mindless insults from online trolls. But the reaction to my Clinton/Palin piece was the most heated I've seen since early 2008, when I represented Hillary Clinton online and defended her on pro-Obama sites.

The main complaints about my Clinton/Palin post were: a) there is no equivalence between Clinton and Palin and I shouldn't draw one; and b) Palin deserves the harshest of criticism for her actions and I shouldn't defend her. Others rejected the sexism angle and said it was wrong to focus on women and ignore the treatment of male public figures.

The first two complaints are straw men. I drew no equivalence between Clinton's and Palin's accomplishments, ideals, character, etc. Nor did I argue that Palin should in any way be exempted from forceful criticism. In fact, I stated that Palin is "totally wrong on the issues" and that she lacked Clinton's character. Her attacks on Obama during the presidential campaign were deplorable. More recently, she had the audacity to allow her camp to take on a teenage boy while decrying attacks against her own family. Most importantly, Palin's political ideology is the polar opposite of mine. She stands for almost everything I fight against. As an unwavering Clinton advocate (and former advisor), I hardly need to be told that she is a far more disciplined, more thoughtful, and more accomplished person than Sarah Palin. I've known few people in my life with the intelligence, inner fortitude, humor and compassion of Hillary Clinton.

I did, however, compare Palin's humanity with Clinton's and implored my cohorts on the left to "avoid outright viciousness and mockery on a level that few of us could handle." I stand firmly by that point. We shouldn't forget our political opponents' humanity, nor should we stoop to cheap attacks, innuendo and ridicule when we have ample disagreements on substance. If I'm not mistaken, that's the Obama spirit. And it's smarter politically. Let's criticize Palin and debate her, let's point out her hypocrisy and bad ideas and muddled policies, but let's also maintain some sense of balance and proportion. It's one thing to direct the full force of our vitriol at Bush and Cheney when they ran America into the ground -- some political leaders deserve universal condemnation. But the massive outpouring of disdain directed at Palin seems disproportionate to her real power. If anything, it's empowering her.

Which brings me to the gender factor, the last point about Clinton/Palin before I address the other theme of this post. Here's my contention: what distinguishes Clinton/Palin attacks from coverage of male political figures is not just the obvious stuff like allusion to their looks, their family life, etc., but precisely the disproportionality I reference above, the facility and intensity of attacks, the lack of restraint. The coverage becomes a continuous frenzy, almost gleeful. That's the Clinton analogy. Slamming Hillary Clinton became a sport, people made careers out of it, cashed in with books about it. The impetus for my original post was that I'm seeing something similar develop with Palin, the same dehumanization, the same unfettered hatred, the same infinite appetite for anti-Palin commentary on both sides of the political divide. Is there a sexist component to all this? I believe so. Hence, the comparison between their treatment.

Now to my second point: the tsunami of negative Palin coverage would be better directed at the legions of evil people around the world, child molesters, killers and human rights abusers who are destroying lives as we speak. I'm not saying we shouldn't talk about Palin, I'm doing it here, but some of the oxygen sucked up by Palin-mania could go toward egregious human rights violations and violence around the globe, a topic desperately in need of more attention. I've written numerous posts making the case that there is a mystifying and distressing dearth of focus on the horrors committed against women and children every minute of every day in every corner of the planet: HERE, HERE, HERE & HERE.

Or how about spending more time discussing the brazen theft going on under our noses, the robbing of the poor to enrich the richest? How on earth is Palin a bigger topic of discussion than this, courtesy of Les Leopold:

I'm starting to wonder about the mental health of our nation when I read stuff like, "Analysts estimate that [Goldman Sachs] will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 an employee. Top producers stand to earn millions." (Update from Reuters: "That puts the average Goldman employee on pace to earn more than $900,000 this year. Chief Executive Lloyd Blankfein, senior officers and star traders will likely receive tens of millions of dollars.") Are we out of our minds? How can we sit by and let this happen?

In sum, after paying off TARP, Goldman Sachs is still in hock to us for $52.6 billion. No wonder they can pay $18 billion in compensation. Correct that: We're actually paying the $18 billion. Which brings us back to the problem of holding on to reality. When we bail out an entire sector to the tune of trillions of dollars, eliminate many of the competitors, make money available at near-zero percent interest rates, change accounting rules to make toxic assets appear less toxic for profit and loss purposes, and guarantee everyone's remaining assets -- after we've done all that, what does it mean to book a profit? What did Goldman Sachs actually do that was useful for society, after having helped to drive our economy off a cliff? And why aren't our elected leaders doing something about it?

And this, from Robert Reich:

Goldman's resurgence should send shivers down the backs of every hardworking American who has lost a large chunk of retirement savings in this economic debacle, as well as the millions who have lost their jobs. Why? Because Goldman's high-risk business model hasn't changed one bit from what it was before the implosion of Wall Street. Goldman is still wagering its capital and fueling giant bets with lots of borrowed money. While its rivals have pared back risks, Goldman has increased them. And its renewed success at this old game will only encourage other big banks to go back into it.

Goldman's greed is being rewarded at our expense while the media, punditocracy, and online commentariat rail against a soon to be ex-Governor of Alaska. Next time Palin writes an op-ed or makes an announcement, hopefully we put her in perspective, keep the reaction appropriately muted and stay focused on more significant things.

UPDATE: Watch this:

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Comments

[panamajohnny]

I''ve already posted about Goldman and my contempt for its insider status with the admiinistration. Now I'll defend Palin in one small way--though I never thought she was ready for prime time.
When Gibson asked Palin what was the Bush Doctrine, I wondered what the hell was he talking about. No friend of the Bushes, I nevertheless had never heard anything under that label and had no clue what he was referring to. What she should have done was to have said the same thing.

[Raco]

Brilliant post, Peter. This woman lost her bid for the Vice President almost 9 months ago. Goldman is a right here, right now insult to me and many others. Sarah Palin is just not an issue. She is a diversion, sucking the energy and focus out otherwise rational people.

[brt929]

"Sarah Palin is just not an issue. She is a diversion, sucking the energy and focus out otherwise rational people."

I agree, and it's time the press stop allowing Palin to control the dialog.

Ignore her, and let's get on with real problems.

[greyhawk69]

First of all, the only thing about this column that has any credibility at all, was the part about Goldman Sachs. As for Sarah Palin, she is ten times the better person than Hillary Clinton, and a thousand times superior to Obama.

As for Goldman Sachs, yes this loathesome company pocketed billions without paying any taxes. And, this same Wall Street Giant was a Huge Obama Supporter, and in fact contributed one million to his campaign in order to get Preferential Treatment from him and this congress which they have and continue to do so.

And, Goldman Sachs also has a Dog in the Green Dog and Pony Show that congress and Obama are pushing as well. Goldman-Sachs owns 10 percent of the Chicago Commodities House that is Dealing In The Carbon Tax Credits. That is all the Cap and Tax Green Bill is all about. It is about dealing on the market with Pollution Credits, as if Pollution was actually a commodity such as corn, oil, beans, etc. This should even show you Die Hard Leftist Liberals what a scoundrel that Obama, Al Gore, Nancy Pelosi and all these other scoundrels who are dominating our country truly are. Al Gore in only ten years has gone from being a mere millionaire worth around 5 million to a Scoundrel who now is worth over 100 million and he has done all this With His Green Scare Schemes. And, Nancy Pelosi is heavily invested in T. Boone Pickens.

[tangerinesong]

Outstanding post Peter Daou.

And on Palin? The more we RESIST, the more it PERSISTS.

[Matt7]

Goldman-Sachs -- Business as usual. Politician­s/corporat­e media have been using "slight of hand" to focus attention in one direction while playing tricks right before your eyes, since time immemorial; most effectively while obscuring the effects of wars vs hiding fiscal insolvency.

Palin -- To be honest, I think she generates so much emotion because of what she COULD have been / MIGHT have represented had she been qualified. Yet in her arrogance she bulldozes ahead despite her inadequacies, as if the rest of the world is deaf, blind and stupid. The GOP, so desperate for a champion, is willing to call wrong right, rather than speak the truth. (It ain't the wedding--it's the marriage, and this honeymoon is over).

Just as some conservatives get ticked off because affirmative action seemingly elevates unqualified individuals (in their view), Palin critics cringe at this "post turtle" being elevated to a position that's not only beyond her preparation, but one which could be potentially d*ngerous to America's security, safety, cohesion and prosperity.

Lastly, she started the "ugly ball" rolling with the personal attacks, name-calling and outright lies; even beyond what is generally considered "acceptable" during political campaigns. Cute and effective initially; but when the boomerang returned, she cried "foul" in her most vulnerable, feminine voice.

There's an old schoolyard saying, "if you're big enough to pass a lick, you're big enough to take one." Translation: run with the big dogs, or stay on the porch. [Not whine like a b . . . ]

[Vicks123]

Cap & Trade is the new "bubble" for GS to exploit at the expense of everyone else:

And instead of credit derivatives or oil futures or mortgage-backed CDOs, the new game in town, the next bubble, is in carbon credits — a booming trillion- dollar market that barely even exists yet, but will if the Democratic Party that it gave $4,452,585 to in the last election manages to push into existence a groundbreaking new commodities bubble, disguised as an "environmental plan," called cap-and-trade. The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government­-mandated. Goldman won't even have to rig the game. It will be rigged in advance.
http://www.rollingstone.com/politics/story/28816321/inside_the_great_american_bubble_machine/5

[jdfast]

When we obsess over M Jackson and the media is MJ 24/7 for a week or more then we are in very serious trouble as a nation. We care more about celebrity than whats really going on and so does our MSM. We have no more good investigative reporters and as long as they make money selling adds to cover MJ's funeral, the beat will go on. We get what we diserve. That gurggling sound is this country as we know it circling the toilet becasue of lazy uninformed voters, lazy media and the vocal minorities on both sides that get the press. Shame on us.

[oldgeek1]

I am missing the problem.

Goldman Sachs is conducting business, making money now and will pay back the Government, displaying competency getting over a horrible business condition.

Palin is doing what... oh quitting.

[tbrnotb]

Dig a liitle deeper under the shiny veneer of what Goldman Sachs is saying and explore just how they made this profit. Then ask why the credit markets that the TARP monies intended to loosen up are as tight as they were in November. Ya just can't listen to the PR anymore.

We have become an oligarchy...there was a revolution going on right under our noses. As we obcess over celebrity and sports, our country has become a corporation run by Wall Street, Big Mortgage, Big Pharma (taking any pills oldgeek1 that didn't exist in 1990?), Big Healthcare (designed now to make a profit). All at a price to the everyday citizen that we can no longer trust business to be anything but greedy.

There is no more any morals in the world of big business. They have sold their conscience for a few pieces of gold and a Lexus!

Unfortunately this is exactly what America wanted by listening to Ronnie Reagan tell us we were that shining city on the hill who have the right to charge up the credit cards and consume whatever we wanted. Well, the bill has come due and take a look at our country. Hope you don't get a debilitating disease or need an organ transplant, oldgeek1....they'll just kick you to the side of the road because it isn't cost effective to save your life.

Still missing the problem?

[suzc]

Well said!
"we obsess over celebrity and sports, our country has become a corporation run by Wall Street, Big Mortgage, Big Pharma"
Congress is of course owned by Big Money,
Eisenhower warned us of the military/ industrial complex
Perhaps we obsess over meaningless things because we cannot STOP Congress from enslaving us at the order of their masters. Elections no longer work.
Perhaps it's because media obsesses over the irrelevant, having itself become irrelevant when it stopped reporting and embraced a "celebrity status" instead.

[upbeatdem]

I agree with you about the Goldman Sachs situation. It is deplorable. I also agree with you that Palin's attacks on Obama during the election were deplorable. That is why I disagree with you that Palin should be treated with the same respect as Hillary Clinton. Palin's attacks were so vicious that they inspired people in her crowds to shout out dangerous threats to Obama. That is unforgiveable. Palin is uninformed, shallow, and otherwise unfit for high public office (including the job she currently holds and recently decided to ditch). However, this was never my main objection to her. If that were the whole story, I would agree with your premise. However, her viciousness has shown her to be a dangerous influence in a country filled with uninformed and easily swayed people. That is why, in my view, she is not entitled to be treated as a serious political figure.

[Hansharriet]

Why don't we concentrate on Goldman Sachs and their devoted servants, Tim Geithner and Larry Summers. Havning cleaned the deck of competition for Goldman Sachs and giving the free reign,they now hopefully will resign, leave the government and return to the private sector which they left, but continued to serve. They stole us blind, but this nation will overcome and rebuild the economy. Only let us get rid of the Goldman Sachs cronies.

[Thaencyder]

if I had known this was written by YOU I wouldn't have clicked on it.

[MacQ]

So why DO you all obsess about Sarah Palin so much?

[TJCole]

I hope people have been watching The Frontline Series the Ascent of Money it's been great...

Last night was terrific...well done try to see the rerun of it...!

We have blown a great opportunity to reform our out of control corrupt banking culture...!

We rewarded them for their villainy and put them above, We the People...!

[K.J. Dwyer - Huffpost Blogger]

Hillary was pilloried by the Right as a means of diverting attention from her seriousness as a stateswoman, because they could not meaningfully attack her on the issues.

The difference with Palin is that she is from first to last a cartoon. It is so glaring that to not call attention to it would be to cede to her a legitimacy that she simply does not deserve. To simply attack her on the issues is not enough. If, as John Kerry does in a recent answer to her Op-Ed in the WaPo, we continue referring to her as Gov. Palin and address her as if she is a serious politician with serious ideas worthy of including her in the political dialogue, that "respect" gives her a legitimacy that will be very difficult to contest in 2012.

http://www.huffingtonpost.com/kj-dwyer/a-shudder-of-recognition_b_131753.html

Regarding letting our eye off of Goldman Sachs; that can hardly be placed at the feet of Palin-bashing. The two are mutually exclusive. There are enough journalists, economists and politicians, not to mention media outlets, to address the bail-out fiasco.

If there is blame to be had for the egregiousness of the corporate rip-off masquerading as TARP and other government backed protections and schemes, it is now shared by the Obama administration whose choice of Geithner furthered the initial mistakes of Paulson and the Bush administration.

Conflating "Palin-bashing" with ignoring the "corporate debacle" fogs both issues.

[JoeSchmuk]

Nice rebut.

[Doogle]

To K.J. Dwyer,

I agree with you completely. My thoughts exactly. Palin is nothing more than a cartoon pushed by a corporate-owned media that, in my opinion, is not doing the job it should, by diverting the attention of the American public so that they don't pay attention to corruption being pulled by the protected banksters. I do not agree with the writer that the American public obsesses over this ignorant, incompetent, media-sucking woman. The American public does not want the palin, jackson, sanford crap constantly spewed at them by the TV, radio, and print media.

Media in this country is a disgrace. Their job is to inform the public. They do not do their job. There is an occasional expose like the C Street congressmen by Rachel Maddow, or another occasional expose by Olbermann. I do like Bill Moyers. I love Jeremy Scahill, and Matt Taibbi. Although, I wish Matt would develop a style other than tongue-in-cheek when he writes on the very important work that he does.

Anyhow, no I don't believe the American public wants the crap forced on them by what is still called the media in this country. Every one of you, do your damn job!

[wishfor]

I will not comment on Palin.
I will however support the comments on Blankfein and obscene profits of Goldman Sachs due to that company's influence with the financial branches of our government. First, Goldman (and other banks) received "bailouts" that came with the responsibility of helping with foreclosures and with the obligation to support the rebuilding and expansion of viable new businesses. Instead they gave back the borrowed money which was used to buy new banks and to raise the salaries of already overpaid executives.
The Obama administration has been sadly influenced by individuals with direct ties to Goldman such as Paulson, Summers, Geithner and (even) Bernanke. The best way to fight back against this suspect collusion is by pushing Congress to represent its citizens honestly.

[zizyphus]

Maybe Goldman Sachs should pay their fair share of taxes on that ill-gotten loot.

[JoeSchmuk]

Yea, and while you're at it, make sure to get 'em on their parking tickets. That'll teach em.