Spitzer's Loss is Wall Street's Gain

Tell me again: Why should we get all worked up over the revelation that the New York governor paid for sex? Will it bring back to life the eight U.S. soldiers killed in Iraq that same day in a war that makes no sense and has cost this nation trillions in future debt? Will it save those millions of homes that hardworking folks all over the country are losing because of financial industry shenanigans that Eliot Spitzer, as much as anyone, attempted to halt? Perhaps it provides some insight into why oil has risen to $108 a barrel, benefiting most of all the oil sheiks whom our taxpayer-supported military has kept in power?

Sure, the guy, by his own admission, is quite pathetic in all those small, squirrelly ways that have messed up the lives of other grand public figures before him, but why is an all-too-human sin, amply predicted in early Scripture, getting all this incredible media play as some sort of shocking event? The answer is that, while having precious little to do with serious corruption in public life, it does have a great deal to do with stoking flagging newspaper sales and television ratings.

The sad truth is that reporting on major corruption, say, the rationalizations of a president who has authorized torture, doesn't cut it as a marketing bonanza. Just days before this grand exposé, the president vetoed a bill banning torture, and instead of being greeted with horrified disgust, the president's deep denigration of this nation's presumed ideals was met with a vast public yawn. Torture, unlike paid sex, doesn't have legs as a news story.

Sex sells, and frankly it would seem far more exploitative for the news media to pimp this tale to the public than anything that VIP escort service did with the pitiable governor. His behavior was not really any more wretched than messing around with a young and vulnerable White House intern who didn't even get paid for her efforts, yet Bill Clinton survived that one, whereas Spitzer was presumed dead on the arrival of this "news." The New York Times, which editorially has supported the candidacy of Hillary Clinton, whose vast White House experience clearly did not include corralling her husband, now editorializes contemptuously about Spitzer's betrayal of the public trust as well as about his exploitation of his "ashen-faced" wife, who, like Hillary, stood by her man.

The media consensus from the opening salvo was that Spitzer must resign and he will be thrown to the dogs, which is unfortunate because, like Clinton, he has done much valuable work in the public interest, and the outrage over this personal dereliction, tawdry in the extreme, is excessive. I certainly never wanted Clinton to resign, let alone be impeached, but why is Spitzer's paying for sex more disgraceful than ripping it off? Yes, Spitzer allegedly broke a law that shouldn't be on the books, and his resignation in disgrace is inevitable, but it bothers me that George W. Bush and Dick Cheney remain in office despite having violated enormously more serious laws.

Frankly, I don't care what any of these politicians do in their personal lives as long as the practice is consensual, and the thousands of dollars that exchanged hands in this case would provide a presumption that the lady in question was indeed a willing partner in this commercial transaction. True, Spitzer is an outrageous hypocrite for having prosecuted others caught in what should not be considered criminal behavior, but since when is hypocrisy on the part of a politician, particularly as to sex, so shocking?

I wouldn't have written this column had I not read the Wall Street Journal's Page 1 news story headlined "Wall Street Cheers as Its Nemesis Plunges Into Crisis." The article begins with the crowing statement "It's Schadenfreude time on Wall Street" and goes on to quote those whom Spitzer went after over what should be considered the criminal greed that has predominated on Wall Street. It was Spitzer, as much as anyone, who sounded the alarm on the subprime mortgage crisis, the obscene payouts to CEOs who defrauded their shareholders and the other financial scandals that have brought the U.S. economy to its knees.

The best rule of thumb these days is that ordinary Americans should be mightily depressed over any news that Wall Street hustlers cheer, for they have been exposed as a dangerous pack of scoundrels quite willing to rob decent, hardworking people of their homes. And of course no one on Wall Street ever paid for sex.

Comments

[Durango]

A thought.

Did they have warrants for the original wiretap on Spitzer?

Or is he an example of why we need to give amnesty to the phone companies?

[ellasfan]

There's only one problem with your arguement, Mr. Scheer. Please refer to today's (3/13/08) NYTimes piece by Nicholas Kristoff. Prostitution is not and never has been a "victimless" crime. It's not a piffling issue. Look at the sex trafficking going on all over the world. This is an enormous hidden cancer in our society which needs to be faced and addressed, not minimized and brushed off. Let's really look at the problem, beginning now. Other countries have done so, why can't we?

[Enzo]

"The sad truth is that reporting on major corruption, say, the rationalizations of a president who has authorized torture, doesn't cut it as a marketing bonanza. Just days before this grand exposé, the president vetoed a bill banning torture, and instead of being greeted with horrified disgust, the president's deep denigration of this nation's presumed ideals was met with a vast public yawn. Torture, unlike paid sex, doesn't have legs as a news story."

After seven years of Bush's irgnorance, instupidity, criminal incompetence, criminality and giddy insanity, what's left for him to do that would be considered newsworthy?

We may have to wait until he attacks Iran, Bob.

God, it's going to be a relief when this clown gets off centre stage.

[JBS]

I can't help but wonder at the coincidence of the Spitzer story being leaked to the news media at almost the exact hour Admiral Fallon, a major stumbling block for the Bush/Cheney plan to attack Iran, was being forced out as Commader of Central Command.

Is this perhaps another Orange Alert distraction to obfuscate the administration's headlong rush to start WW3?

[PADDYWHACK]

Right on----those crooks are dancing and snorting and hiring hookers and we are being forcibly sodomized.Christmas came early for Grasso et al.

[NABNYC]

This unfortunate demise of Spitzer is probably a good reminder of why we need to focus on principles and policies, not personalities. Whoever the candidate or politician, and regardless of how brave, pure and committed we may think he or she is, we need to stay focused on the programs we want enacted, laws we want passed, and policies we want changed.

I hope Obama wins. But regardless of who wins, it's a long time from now through January of 2009 and a lot of people will die in Iraq by then because most of the politicians in the Democratic party are too cowardly to take meaningful steps to end this war. Clinton and Obama both speak vaguely about programs to "begin" withdrawing troops after they are in office, assuming they are elected, but I'll bet if it was their kid who was going to die in iraq in March, April, in June July or August of this year, they would be acting now and decisively and with great courage to do everything they could to end this war.

For those who are available, various groups including Move-On will be holding end-the-war demonstrations around the country next Wednesday, 3/19 (Five Year Anniversary: what is that? Paper?).

I'm sorry to see Spitzer brought down. But I'm much more sorry that the greedy lying thieving wall street criminals will take this as a sign for them to resume destruction of our economy, line their pockets, burn incriminating documents, loot pillage and burn without consequence.

Does it strike anyone else as disgusting that the AG selected by Bush, Feinstein and Schumer has refused to enforce the law against anyone in the criminal Bush Regime and instead has spent our tax dollars eavesdropping on the sex lives of Democrats. Thanks again Diane and Chuck. Good job.

[Durango]

The first thing that came to my mind was:Is this linked to the Federal Attorney scandal?

Did they discover Spitzer in the midst of an investigation or did they target Spitzer first and then that led to the prostitution ring.

And why wouldn't that suprise me? Because these political hacks in the Bush Administration would stop at nothing to rid America of it's real enemies . . . Democrats.

Is anyone asking this question?

[JBS]

Is this a diversion to distract the nation from the impact of Admiral Fallon's dismissal?

[research]

One step closer to war with Iran.

[PatrickWalker]

Could be, but could this also be an Georgia governor repeat? Can't unseat them at the ballot box, so abuse government power on your behalf.

[RaiderGreg]

tdid they target Spitzer first ??

the answer is too obvious. Dershewitzh (can't spell the scoundrel's name) was Sphincter's mentor in the Ivy League and he defended him, saying on NPR yesterday that yes, he was targeted----of course his bank was spying on him. Withdrawing A few $1000's don't usually lead to this. He alienated too many powerful people.

also, hank Greenberg, the financial journalist, said on MSNBC this morning that he heard a certain Kenneth Langone--Wall Street investor and former head of NYStock exchange-- say during an interview yesterday that he knows someone who, at a post office in line behind the Gov, had seen him buying money orders for hookers . Greenberg said that was the strangest thing he had ever heard--Imagine two men of this stature standing in a postoffice, one (the governor) buying money orders worth $1000's. After much scepticsm, they finally replayed the tape to prove Langone had said it , and then all the pundants concluded that private investigators must have been following Spitzer trying to dig up dirt like this and that's where Lonagone got the story...

[ld]

Great post, as usual!

Could I go off topic slightly? The FED and the Bush aministration took advantage of the Spitzer and Mississippi primary stories to announce a $200 billion bailout of Wall Street and the bankers in which taxpayers will assume the cost of many bad mortgages. These mortgages are security for the "loans" - really giveaways - to big financial institutions. That means the taxpayers now own these mortgages. If you get a chance, that would be a great story to resurrect and document in a few days when it might get more coverage.

[NicoleAnonymous]

The problem is that although Spitzer acted like a badass with those guys and threatened them, the reality is that nothing really changed. They didn't suddenly stop lying or cheating. He also accepted small fines for some of the people instead of jail time so they knew they could do it again and wouldn't risk going to prison.

Also once he became governor he agreed with Bloomberg that "overregulation" was detrimental to financial institutions.

[darker]

Americans punish SEX but NOT CORRUPTION?
Sex is bad but corruption is --OKAY? Why?

Are Republicans EXEMPT FROM INVESTIGATION?
What's all the FBI, CIA WIRETAPPING all about?
Why are middle-income Americans paying for a FOR PROFIT Iraq invasion that benefits
the "nanny state for the rich & corporate welfare queens" liek Big Oil, war profiteers and Cheney's CORRUPT Halliburton Corp.?

It's time for CORRUPT guys like JOE BRUNO to be swarmed by media and INVESTIGATED BY F.B.I. for his chronic CORRUPTION.

CORRUPT power-guys "on-the-take" for decades, like Joe Bruno who has siphoned out our tax money--WHY is he still boss in ALBANY NY?
How stupid are we?

NYState Legislature's CORRUPT JOE BRUNO shoud go next.

Enough of Bruno's manipulations, posing as the FAKE "innocent farm boy" and his lies and corruption. Bruno has been at his nasty game long enough. He has paralyzed the NYState Legislature for many years.

It's time for Bruno to go. The FBI should INVESTIGATE Bruno's corrupt practices. Or are Republicans EXEMPT FROM INVESTIGATION? What's all the WIRETAPPING all about?
Getting DIRT on everybody else?

The spotlight has been focused on Spitzer, but now it's time to
refocus on JOE BRUNO whose time is way past "over" in the NYS Legislature.

The Spitzer debacle should NOT DISTRACT us from the CORRUPTION we need to oust in Albany NY LEGISLATURE.

[tililek]

Like you I don't care about his Or anybody's) sex life, I'm more interested in the corruption from Wall Street and how I, as a tax payer is, or should be aware.

Why don't news people understand that these distractions aren't wanted, how it affects us citizens is of far greater concern - and that doesn't even merit a line.

[Conservativeslayer]

Well it seems the ony way we could get impeachment of Bush and Cheney, is if they get caught with some hookers. Then the media might generate the coverage necessary to arouse the sleeping American pubilc. But then I remember that male prostitute/"reporter" Jeff Gannon visited the White House hundreds of times, even when no news conferences where being held, and that got no media coverage. So if a male prostitute visiting the white house. Doens't make reporters ask some questions, like who's he visiting? Then I think nothing is going to make them.

[writeaway]

Where was the outrage regarding the rape charges from the young woman who testified before Congress recently about being Gang raped in Iraq by employees of Halliburton/KBR. No big headlines, no none ending cable tv coverage. The fact that the Department of Justice and the Defense Department made no real effort to determine the truth and prosecute those responsible. Where is the "moral" outrage by Republicans?

[PADDYWHACK]

Hey slayer,you don't think..............................naahhhh.

[cheshyre]

This is the first reasonable posting I've read on Spitzer. Only a hypocrite would say Spitzer has to leave because of hypocrisy. What's with these complaints he wasn't nice enough to the economic rapists he pursued that everyone else was too corrupt to prosecute? And now those same economic rapists are rejoicing along with the holier-than-thou finger pointers. America still has a puritanical heart and to the Puritan heart war is holy and sex is evil. To which I can only say: speak for yourself.

[rbenjamin]

Beg to differ. Spitzer has done some great work for the public , but the perhaps the very best thing he ever did was to set the proper example and resign. Break the public trust, you leave and you leave quickly. It's called personal accountability and their is precious little of it in our culture. Spitizer may not truly believe them, but I take his words at face value...politics is ultimately about policy, not personalities. The politics bar just got nudged a wee bit higher.

[RogerHWerner]

Scheer is right on target with his assessment of this situation. Spitzer's crime is really much ado about nothing. He broke laws and the laws regarding prostitution shouldn't be on the books. He conducted financial transactions that were of questionable legality and since he was the one who helped establish these laws and the software that permits money to be tracked, he's guilty of stupidity (perhaps a more serious issue that breaking the laws he did). Add up all of Spitzer's "crimes" and they pale in comparison to those committed by Bush/Cheney but the majority of citizen and the media can't bring themselves to call Bush/Cheney criminals. The media in this country has become a shill for the corporate-driven status quo based on free markets, globalization, and the rubric liberal democracy, which is neither liberal of democrat. It remains to be seen whether the citizens of the US can reclaim their government and Spitzer departure is of little consequence to this larger issue.

[kylie]

It is a well-timed "Story" that helped take the sting out of Clinton's loss(another one) in Mississippi, the loss of lives of eight American troops in Iraq in just several days, the resignation of Admiral Falon(a well-admired critic of Iraq and the Bush plan to war with Iran), and who knows what else the Republicans covered-up..

Timing!

[SGO]

Is it me, or does citizen Scheer attract a higher calibre of comment? Following this thread is like reading James Ellroy.

[Hufffan]

Priorities in the media are so unbalanced. We always say "corporate Mainstream Media". It's just so obvious that "Corporate Wall Street" and Corporate MSM" are one.
To watch Spitzer crash and burn and Wall Street double-digit up is equal to and one story.

They are both bastions of prostitution.
Watching helocopters follow Spitzers SUV is like watching the OJ SUV years ago.