Charlie Rose

tartufe  12/18/2008 10:19 PM Report

A passing thought. Look at this guy. What are the odds that he's ever worn a blister in honest hourly labor? Held a shovel beyond the confines of his gated community? Isn't inwardly repulsed by his own domestics? Decrying the recent regulation limiting conditions for raising credit card interest to 30%? Had a school loan? Ridden a Greyhound bus?

tartufe  12/18/2008 10:05 PM Report

Agree with Mr Potter. The appointment of Ms Shapiro as SEC head has already been decried as being too weak. Exactly what we don't need in the extant corruption running amok - a la subprime, now Madoff.

Can really expect no better. Shapiro doubtlessly hand picked because of her perceived weakness by Baracks advisors Robert Rubin of Citigroup, and Larry Summers et al. These titans of predation probably responsible for the credit card legislative gimmick to disallow raising interest rates because of performance on ANY debt - even when it's perfect with the raising institution. It isn't effective till 2010. By then they'll sneak legislation thru rescinding the current one. Even if they don't the relief is needed NOW.

All hedge fund and big NY bank CEO's should be tried for "Crimes against humanity," a la the Hague or world court. Their jury should consist of those with no known address and subsisting under a bridge. The first round should also include the venal lawmakers and politicos complicit in the exploitation of human frailty under this Crimes against humanity rubric.

The biggest enablers (that are ironically the purported repairers of the system) are (from the top) Henry Paulson, Ben Bernanke, Bush (of course), the last 3-4 CEO's of Citigroup (influential in lobbying exploitive legislation), et al. The first three for the biggest heist in history under the guise of helping mortgagees and instead bailed out their hedge fund brethren.

It is only hoped that Citigroup et al were heavily invested in Mr Madoff's Ponzi scheme. Such poetic justice could only be devised by the gods of equity that have of late abandoned the lesser mortals.

carl13tan  12/18/2008 08:21 PM Report

I was a bit stupefied by MR. Porter's remark that there needs to be more representation of business interest on present-Elect Obama's cabinet. Didn't the finical sector of the business and free market system get us into this mess. Perhaps the "business secter" should sit on the bench while some more ethical and systemically thoughtful get a chance to play ball. If the business sector is our "star" player, then they should learn that if they don't play fair and as a member of the national "team" then they are not really stars. As dean Smith says if everything is life and death then you'll die a lot of times. SO "BUSINESS" TAKE A BACK SEAT AND TAKE THE COTTON OUT OF YOUR EARS AND PUT IT IN YOUR MOUTH!. Maybe some socially conscious regulation and government over site really can work.

Carl Potter

REMant  12/18/2008 12:10 AM Report

Our higher education isn't terrible, but it could certainly be better, and the problem is not access, rather that too many students are admitted who can't even cope with high school work, while the rest are hardly of Ivy League caliber. He needs perhaps a teaching sabbatical at a middling state college. I don't, however, disagree with his general point-of-view, except that stealing the rest of the world's talent is not exactly in keeping with the rest of it, anymore than free trade hypocrisy. Like most business-types he seems not to understand monetary economics at all, and I would guess that no more than a couple of hours in the MBA course are devoted to it. My feeling is that business gurus are a dime-a-dozen, much like their counterparts in education, and of about as much use. The US, btw, cannot be a Japan, Korea or China, because those countries are where they are largely because they have been selling to us. Other countries now have to develop their own mkts.

tartufe  12/17/2008 06:00 PM Report

Mr. Porter sees US capitalism meeting its challenges via education and its ‘immediate’ response to the current financial crises.

Firstly, someone in the next administration needs to begin thinking about the global good instead of our parochial self interest - which long term will be served along with better geopolitical relations. Kissinger touched on it more in relation to diplomacy and militarily than economically. Our farm subsidies that make it impossible for third world subsistence farmers to compete.

Secondly, the world has been bloodied from the lack of adults running our financial system. And it would be encouraged and relieved if they (the children) were brought to account. Not for retribution so much as justice and (restored?) integrity. The moral hazard potential would be mitigated as well.

The flagrant pillaging of our treasury to largely bailout hedge funds and investment banks that devised, developed and promoted the scamming financial instruments (starting with collateralized debt obligations et al) to begin with is anathema and totally counterproductive, contrary to the propaganda. The small(er) banks were and are keeping commerce running - honestly without resorting to scams and chicanery.

Bernard Madoff (as in made-off with your money- too easy I know) is another example of why the world should look elsewhere for financial security. Our deregulated system is too vulnerable to the egregious greed so easily entered by the “entitled wise-guys” in our system. This Paeans scheme is also having a world-wide affect. The world and us would be reinforced with an immediate meaningful investigation into the top financial institutions as well as government officials - elected and appointed. The collusion and conspiracy is on a traitorous scale. Osaka bin Laden is outdone as far as financial damage.

Manipulation and repeal of laws, Glass-Steagall et al should be thoroughly scrutinized. All sponsors of enabling legislation that resulted in the predatory exploitation (of human frailty and otherwise) should be publicly and thoroughly examined and investigated. A special FBI task force should be established. The SEC and FDIC should also set out on their own investigations. The SEC is suspect itself however. They and Madoff and doubtless Rubin et al as well are in bed a la a carnal orgy of financial duplicity.

The investigative reach should not exclude anyone involved in government and perhaps even need inclusion all the more as they are that much more damaging. Henry Paulson is singular in this regard. His initial three-page proposal should have been the first alarm. Bernanke is potentially culpable as well. (As well as Bush but I’m already in fairy land far enough.) Barney Frank has already claimed Paulson is ‘ignoring’ (I prefer breaking) the law (by not buying mtgs, but bailing out hedge funds).

The point is that we’ve allowed the biggest heist in history without a whimper. To not even put the financial manipulators on trial sends the wrong signal - ‘it will happen again.’ (Is that how Hitler got started?) All the ‘god-likes-me, and doggone it I deserve’ entitlement wise-guys (a la Paulson, Bernanke, Rubin et al - CEOs of all big banks and hedge funds for openers should be put on notice. Publicly so the world can applaud. Alas, only in my dreams - but in a fair and just world . . . .(?)

JohnGelles  12/17/2008 05:44 PM Report

Michael Porter stressed competition more than cooperation as the needed national attribute if we are to prevail in the coming multipolar systems.

I would stress cooperation. Competition appears to be a universal attribute of all peoples-- especially those from continental size nations.

Moreover, if we are to cooperate, we need more diagrammatic means of defining probabilistic models we attempt to use to gain agreement from other great nations. Text and human memory (not illustrated to other minds) is failing to find new ways to arrive at win-win solutions.