What will the next big disruption for newspapers be? iPods and iTunes bolstered the music industry, and Amazon's ebooks launched the digital book business. This begs the question: What’s next for newspapers?
Economy & Budget
In my last column, I opposed the potential nomination of Lawrence Summers to be the next chairman of the Federal Reserve Board.
America does not need a Fed Chairman who embodies the revolving door between Washington and Wall Street. And now the jury has spoken on the matter of Fabrice Tourre, the very young multimillionaire from Goldman Sachs who called himself "Fabulous Fab" and has now been convicted of fraud.
Anybody notice the case of this junior Goldman Sachs employee involved the highest-ranking official charged by the SEC after the financial scandals, as the statute of limitations soon expires for his superiors?
There is a new group in town – that's ready to take the country over the cliff.
I am not talking about the Tea Party members of the House — the Michele Bachmanns, Steve Kings and Joe Wilsons, and 50 or so others who are members of the Tea Party Caucus. I am talking about the Senate, the greatest deliberative body.
In recent remarks that were stunning and profound, Pope Francis harshly criticized what he called "the cult of money" and condemned what he called the "dictatorship" of economies that are socially unjust and morally unfair.
These remarks, reported in The Daily Telegraph and highlighted on the Drudge Report (but not in major American media) suggest a papacy with the potential to transform the global economic and financial debate.
Most recent popes, including Pope John Paul II and Pope Benedict, raised the same issues that Francis dramatized this week. What makes the Holy Father different today is that he views economic and social injustice as a defining, and possibly THE defining, theme of is papacy.
Nothing makes my blood boil more rapidly than blatant dishonesty. So, imagine my reaction when I read the President Obama's statement promising to veto the version of the Full, Faith and Credit Act that passed 221-207 Thursday in the House of Representatives.
As stories spread about airline passengers waiting extra hours because of furloughs imposed by the sequester, and as monthly job reports begin to show the jobs-destroying impact of the sequester increasing, it is time to cancel the sequester.
The Washington Post reports that President Obama is pushing banks to make home loans for people who currently don’t qualify. Haven’t we been living in this bad movie for the past six years?
Obama’s idea is a Groundhog Day-like sequel where the government compels a now quasi-nationalized lending industry to give loans to people who have a history of not repaying debt. Because many of those loans are not repaid, the banks inevitably need to be bailed out by the taxpayers, and the very same government that demanded the loans be made then blames the lenders for making them. This is not conjecture; it is the history of the housing bubble and collapse.
Recently, residents in all 50 states have registered secession requests from the federal government. Sixteen states are studying the creation of their own currencies. States have taken their own initiatives on gun control, abortion, the National Defense Authorization Act and other issues. Lakota Indians in The Dakotas have declared their own republic and so have a band of Vermonters. And Texas wants its gold back from the Fed. What happened?
With all the talk of fiscal cliff, sequestration, the continuing resolution, and raising the debt ceiling (again), I’ve yet to hear any politician on either side of the aisle focus on government waste.
It is fact that both parties so egregiously waste money that they come to blows and hurt family paychecks when they could be looking at ways to save that would benefit everyone.
Republicans need to focus their fire on spending, spending and spending.
President Obama is vulnerable and exposed and can be taken down over
this issue. His recent drop in polling can be directly attributed to his
spirited opposition to the sequester cuts.
Ever since Obama succeeded in raising taxes, he has been left naked and unprotected on his opposition to spending cuts. No longer can he deflect proposals to curb the massive federal spending and debt by saying that we should first try to raise taxes on the rich. Now that he has had his way, he’s lost his cover.