Category: The Opinionsphere

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Barack Obama Health care Political Philosophy Politics The Opinionsphere

What Do Matt Yglesias, Ezra Klein, and Che Guevera Have in Common?

[digg-reddit-me] Answer: Not much.

But Democracy in America’s anonymous blogger seems to think that some of liberal bloggers Ezra Klein’s and Matt Yglesias’s recent posts suggest a new and profound (indeed revolutionary) disenchantment with our means of governance. DiA cites Klein who recently wrote:

[Health care] like climate change, is a litmus test for our government. Both are serious, foreseeable and solvable threats to our society. One threatens to bankrupt the country. The other threatens irreversible damage to the planet we live on. Responding to such threats is the test of a political system. And our system will fail it. We will not avert catastrophic climate change. We will not protect ourselves from health-care inflation.

Yglesias recently wrote this post I’ve noted before explaining how our current media-political system can be manipulated so easily by people acting in bad faith – and how that leads to bad policy outcomes.

DiA tries to summarize this generation of pundits and policy wonks – led by Klein and Yglesias:

Mr Klein exemplifies the generation of young left-leaning policy wonks, journalists and activists who have been formed politically by the reaction against Bush-era conservatism, and for whom the Obama presidency represents the first experience of wielding political power. Like Mr Klein, many of these young progressives are fundamentally moderate, process-oriented wonks who, long before the Obama campaign even began, had accepted that the pragmatic limitations of real-world American politics rule out any utopian, or even first-best, solutions to most public-policy problems. They have happily dedicated themselves to figuring out what kinds of reform are possible within the constraints of corporate and interest-group lobbying, ideological and partisan divisions, and America’s kludgey, creaking 220-year-old machinery of government.

But now, DiA suggests, they have abandoned this moderation and want a revolution – that they have become disillusioned about our media-political processes due to Obama’s lack of success.

Certainly, Klein and Yglesias are extremely critical of the processes by which policy is created and by which the public views and understands policy debates. They believe that this system is broken. But both believed this before Barack Obama’s recent troubles – as Yglesias himself pointed out in response to DiA.

What DiA is missing is that reformists (towards both the right and left, but here I will look only at the left) have long been extremely critical of our media-political process works. Just two days ago, in The American Prospect, executive editor Mark Schmitt wrote:

[T]he idea that America’s “existing democratic institutions are strong enough to deliver accountability ” flies in the face of all observed reality. For at least eight years, those institutions consistently failed to deliver accountability, and the Department of Justice and courts likewise failed to punish some of the greatest abuses of power in our history…

As Al Gore wrote in his book describing The Assault on Reason:

American democracy is now in danger—not from any one set of ideas, but from unprecedented changes in the environment within which ideas either live and spread, or wither and die. I do not mean the physical environment; I mean what is called the public sphere, or the marketplace of ideas.

It is simply no longer possible to ignore the strangeness of our public discourse. I know I am not alone in feeling that something has gone fundamentally wrong.

Or look at Lawrence Lessig’s lecture on Corruption – which eloquently makes the case for “disinterestedness” as one of America’s key founding principles which has been since lost. Read Glenn Greenwald’s blog – which constantly points out the deep and serious faults in our media-political processes. Obama himself made a number of these arguments. Virtually every intellectual reformist has a “theory of what’s wrong” – and what none of them seem to disagree with is that something is wrong.

While in other times, reformers may have focused more on accomplishing something regarding important issues – temperance, Wall Street greed, environmental issues, discrimination – today, the central problem facing reformers is how to reform the system itself. This is the essence of the reform movement today – from Obama to Gore, Lessig to Yglesias, Klein to van Heuvel.

Reformers have presented compelling critiques of how the media presents issues; of how Congress deals with issues; of how long-term problems such as an increasing number of uninsured, spiraling health care costs, climate change, copyright expansion, and many others are ignored or marginalized because any attempt to address these issues involves significant obstacles and risks in the present for an uncertain future benefit. One of the key beliefs that makes reformers reformers today is their understanding that America’s political system is broken and that our traditional democratic institutions just aren’t up to the job of managing serious and difficult areas and making rational, long-term decisions when the payoff only comes after policy-makers are out of office.

This idea was the basis of my post yesterday discussing Obama’s focus on outsourcing authority to independent, technocratic institutions as a way of getting around our broken media-political system.

Continue reading “What Do Matt Yglesias, Ezra Klein, and Che Guevera Have in Common?”

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Politics The Opinionsphere

Glenn Greenwald’s Ideological Wind Tunnel

Michael Massing for the New York Review of Books has quite an interesting piece on blogging – specifically focusing on left-leaning political bloggers. This obviously involve discussing Glenn Greenwald – and Massing seems to have a similar reaction to his work. Though I cite Greenwald favorably quite often – I also ridicule him probably more than any other writer – especially when I read him too often.  (See for example, my piece entitled “Glenn Greenwald uses hyperbole the way other writers use punctuation;” or ” Greenwald’s rhetorical tics;” or “Psychoanalyzing Glenn Greenwald.”)  Here’s Massing’s mixed review:

In so vigilantly watching over the press, Greenwald has performed an invaluable service. But his posts have a downside. Absorbing the full force of his arguments and dutifully following his corroborating links, I felt myself drawn into an ideological wind tunnel, with the relentless gusts of opinion and analysis gradually wearing me down. After reading his harsh denunciations of Obama’s decision not to release the latest batch of torture photos, I began to lose sight of the persuasive arguments that other commentators have made in support of the President’s position. As well-argued and provocative as I found many of Greenwald’s postings, they often seem oblivious to the practical considerations policymakers must contend with.

[Image by Cushing Memorial Library Archives, Texas A&M licensed under Creative Commons.]

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Health care Politics The Opinionsphere

Best Line of the Week

Goes to Ezra Klein describing Peter Orszag’s response to the Congressional Budget Office’s analysis of IMAC:

That paragraph reads a bit like a very angry Data trying to hurt Spock’s feelings.

Categories
Barack Obama Liberalism Libertarianism Political Philosophy Politics The Bush Legacy The Opinionsphere

The Libertarian-Democratic Alliance Will Survive

[digg-reddit-me]Jon Henke over at The Next Right scoffs now at Markos Moulitsas’s prediction – a few years back – of “an emerging brand of ‘libertarian Democrats.'” Henke makes two mistakes in his scoff: first, he equates the tea bagging movement with libertarianism; and second, he is extrapolating from the immediate post-election dynamics to more general party dynamics in the future.

In the first, he is certainly right that the Tea Bagging movement has adopted libertarian themes and rhetoric – and there are certainly libertarians among this group. But there are also many right-wingers of other sorts. And if the Tea Baggers truly were outraged by government spending, they had eight years to get excited before Obama took office. The Tea Bagging movement is an odd combination of right-wingers angry with Obama using libertarian rhetoric and libertarians who are fed up with everyone in American politics except Ron Paul. But I’d be pretty certain that the majority of people at these rallies decrying socialism and government interference also join in the right-wing’s attempts to demonize Obama for his modest steps in reining in the national security state.  Henke – in equating the Tea Bagging movement and libertarianism does libertarians a rather severe disservice.

Second, it was inevitable that the libertarians that were part of the anti-Bush coalition would not fit so well into the pro-Obama coalition, despite their support for Obama over McCain in 2008. It was always clear that Obama would not move fast enough on national security matters – and would not even attempt to go far enough for libertarians – and that Obama’s domestic agenda, especially health care, goes against libertarian principles. That said, there are significant areas of agreement between libertarians, progressives, and liberals – and these are considerably stronger than those between right-wingers, Republicans and libertarians. On economic matters, the Republican Party has done very little to embrace free market reforms – instead, embracing a form of crony capitalism; on national security issues, the party has embraced every accoutrement of a police state; on spending, Republicans have been far more fiscally irresponsible; on social issues, the Republican Party has abandoned libertarian principles and embraced a christianist platform. The Democratic Party – on the other hand – is for reigning in the police state (though not enough); and on social issues, it often sides with libertarians; on economics and spending, this gets more complicated. Obama’s positions do seem at first glance to be exactly what libertarianism stands against – but if I’m right about what Obama is doing – that he is adapting the Democratic Party and liberalism to a market-state in which the state seeks to provide the maximum opportunity to its citizens rather than providing for them (as socialist, Communist, and post-New Deal American capitalist states did), then the Democratic Party’s economic platform will be less of a threat to libertarian values and the party will be more or less aligned with the libertarians on every issue.

These first years of Obama’s presidency were always going to strain the libertarian-Democratic alliance. But it seems the long term trends favor this alliance.

[Image by Brian Buchanan licensed under Creative Commons.]

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Barack Obama Criticism Politics The Opinionsphere

Stop ObamaCare Before Obama Murders Your Comatose Wife and Infant Daughter!

[digg-reddit-me]I received an email this morning from Townhall.com entitled, “ObamaCare Equals Government Funded Euthanasia” with the above image. I’m sort of curious why they couldn’t have just shown a picture of Obama with a gun to the baby’s head. It would have been more effective at getting their message across. But then again, they might be concerned about losing the white male gun owner vote – ’cause after all, its hard to maintain that Obama is both a liberal pansy (who’s the next Hitler and therefore is going to take away your guns) and that he carries a Glock around so he can take out any infants he sees.

But I take this email to demonstrate that the right is now stepping up its blizzard of lies about the Democratic health care reform bill over the August recess. Here’s some context for the photo:

Everyone knows that nationalized healthcare is a terrible idea but everyday we unearth even more awful details in what is in the proposed government-run plan.

A nation of Terri Schiavos with a National Euthanasia Bill?

In 2005, a COURT ordered the removal of a feeding Tube from Terri Schiavo. It outraged a nation. If the Government takes over health care, bureaucrats will decide who lives and dies in America. In the name of “creating efficiencies,” they will delay – or deny – treatment to critically ill patients because it costs too much.

We will have a NATION of Terri Schiavo’s, with a faceless Federal Bureaucracy pulling the plug instead of a Court.!

Sound crazy? It happens every day in Great Britain.

You can STOP what will in effect be government sponsored euthanasia in America if you ACT NOW.

If you care about the Sanctity of Life, the proposed Government Takeover of Health Care is an attack on your values.

It’s quite interesting that Town Hall would bring up Terri Schiavo – the pinnacle of right-wing overreach that helped alienate libertarians from the Republican camp – and that led the public to near unprecedented levels of agreement over the matter. 62% of Americans favored removing the feeding tube – and 82% of Americans believed that Congress and the President should have stayed out of the matter. Yet Town Hall – speaking only to its base – sees Schiavo as a rallying cry. And not just to their base – they claim that the removal of the feeding tube, “outraged a nation.” I wonder what it accomplishes to lie to your base and tell them that they are the real majority, aside from radicalizing them and alienating them from the American system.

But getting back to the substance of what they are claiming, they bring up a repeated right-wing canard – that:

If the Government takes over health care, bureaucrats will decide who lives and dies in America. In the name of “creating efficiencies,” they will delay – or deny – treatment to critically ill patients because it costs too much.

So many inaccuracies – as, to start, the Democratic health care reform doesn’t lead the government to take over health care. At worst, it would lead to a government-provided health insurance. And any health insurance – private or public – will deny treatment on occasion due to expense. The problem with our status quo is that rationing occurs both by cost – depending on what insurance plan you have and by health insurance company bureacrats whose job it is to deny as many treatments as possible and/or to rescind your policy if they can’t deny the treatments. That sounds a lot less like rationing and more like a war that health insurance companies are waging against the sick of America – a war in which their goal is to maximize their profits regardless of the cost to society or their paying customers.

As to the Democratic health care reforms endorsing government-funded abortion and euthanasia, I truly wonder who actually buys this load of crap. Clearly, it is an attempt by Town Hall to manufacture outrage – but who is stupid enough to believe this? Too many people, I’m sure.

Edit: On reddit, criswell improves the image, writing:

Man, look at his eyes! Obama sure hates that baby!

That pic is all kinds of win…. But it could be better… It may be too subtle for your average American… It needs… something….. Hmmmm….

Continue reading “Stop ObamaCare Before Obama Murders Your Comatose Wife and Infant Daughter!”
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Barack Obama Health care Politics The Opinionsphere

Health Care Reform: Choice and Security

[digg-reddit-me]There’s been a lot of commentary and puzzlement in the opinionsphere about exactly how Obama is trying to sell his health care reform. Part of the problem is that our system is messy – and Obama does not feel it is feasible to try to start anew. So, instead, Obama is seeking to accomplish two goals with his reform: to “bend the curve” of overall spending on health care; and to provide some form of health insurance to those Americans without it. The problem is that each of these problems seem to be inherent parts of our status quo – as the health insurance industry has sought to drive down medical costs not by incentivizing cheaper effective treatments as in most industries, but by purging the sick from its coverage. Ezra Klein describes this business model most vividly:

Private insurance is a bit like a fire department that turns a profit by letting buildings burn down.

But, as medical professionals swear an oath to provide aid to those who need it, hospital emergency rooms and the government then are forced to pick up the slack. Thus, the health insurance model does not reduce the cost of health care but merely pushes these costs onto the rest of us. This is at least part of the reason America pays about $6,500 more for health care per person – as David Leonhardt writes:

We may not be aware of this stealth $6,500 health care tax, but if you take a moment to think, it makes sense. Over the last 20 years, health costs have soared, and incomes have grown painfully slowly. The two trends are directly connected: employers had to spend more money on benefits, leaving less for raises.

In exchange for the $6,500 tax, we receive many things. We get cutting-edge research and heroic surgeries. But we also get fabulous amounts of waste — bureaucratic and medical.

One thing we don’t get is better health than other rich countries…

This isn’t the only thing causing health care costs to rise so quickly – but it is the most obviously flawed compenent of our system and one of the drivers of the escalating costs and declining level of care. And it is very unclear what benefits – if any – our health insurance model provides. It is an industry which seems designed purely to create profits for a select few and disburse costs to the population at large.

Obama has done rather well in making this case – in attacking the status quo. But the question is: What is he offering? Matt Yglesias suggested, “Health care security” and I think that’s about right. Obama expressed the same idea:

Reform is about every American who has ever feared that they may lose their coverage…

At the same time, as Ezra Klein points out, most people are currently satisfied with their health care – and want more choices rather than less. Klein suggests:

The answer, put simply, is that you don’t institute rapid change. You don’t take what people have. But you give them the option to trade up to something better. As the theory goes, if the current system really is so inefficient, and your alternative really is so much better, then the lure of lower costs and better quality will persuade Americans to switch to the new system of their own accord.

The policies to address these issues are there – in some form in the plans being discussed. The measures that deal with these should be strengthened. And the positive case for health care reform should be simple, always repeated the words choice and security:

Health Care Reform: Delivering Security and Choice to the Middle Class

[Image by dmason licensed under Creative Commons.]

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Barack Obama Health care Politics The Opinionsphere

A Leap of Faith on Health Care

[digg-reddit-me]Last week, Matt Yglesias explained how the relationship between Congress, the media, and the public doesn’t often lead to positive policy results. His these is that a policy idea do not become popular and then receive bipartisan support and those presidents who support such ideas then succeed; instead, the observing affects the observed: if an idea is promoted by the president at the head of one party and is supported by at least some of his opposition party then the media conveys this in such a way that the idea becomes popular; if instead his opponents remain solidly opposed, the idea is seen as overreach. It was this insight that allowed Bill Clinton to bounce back after his defeat on health care in 1993/1994. The plan was solid enough – but failed, among other reasons, because the Republicans solidly opposed it and were able to peel off a few Democrats. The public thus assumed that the health care plan was a bad thing, that it was a result of Clinton’s liberal overreach. Clinton, to his credit learned from this defeat and subsequently exploited this dynamic by consistently peeling off a few Republicans for the rest of his initiatives – or sometimes siding with them more substantially – and thus accomplished things as he needed to in order to save his presidency. The problem is that Clinton’s approach often hurt the Democratic party – and resulted in many small initiatives at a time when there were festering problems that needed to be dealt with.

Obama has tried to be the un-Clinton on this and other issues. Clinton was often seen to be insincere in reaching out to the Republicans – but he helped the class of 1994 pass a significant part of their agenda. Obama has taken pains to appear sincere, but has been more interested in ideas of his own – including incorporating Republican ideas into his proposals. While Bill Clinton had started out happy with partisan victories, but then gradually came to see how the above dynamic could be used to protect himself, and became a proponent of bipartisanship, Obama started out trying to reach out to Republicans, but has become disillusioned with bipartisanship as he saw how the necessity of it gave inordinate power to a few Republicans to derail his agenda.

All of this creates a situation which Jonathan Chait over at The New Republic‘s Plank describes:

Democrats simply have to accept that health care reform is going to be polling badly when they vote on it. There’s no mechanism in the current media configuration that would allow them to convey the details of the plan in a positive way without getting overrun by negative process stories. It’s just not possible. What they have to focus on is which alternative is likely to make them better off: reform passing or reform failing. It’s an easy call, which is why I think reform will pass.

But it’s a bit depressing that the actual merit of a policy has little to nothing to do with whether or not it will pass. I agree with Chait that health care reform will pass – and it will be substantial – because the Democrats know they must just take that leap of faith and trust the president (or whoever the architect of this health care bill ends up being). It’s an easy choice between whether each representative wants to survive together, or hang separately.

[Image by ClickFlashPhotos licensed under Creative Commons.]

Categories
Barack Obama Criticism Health care Politics The Opinionsphere

The Federal Reserve, Henry Gates, Popular Policies, Health Care, Krugman on Cap and Trade, and High Times

1. Down with the Fed! William Greider suggests we “dismantle the temple” that is the Federal Reserve in a piece this week. Greider is not only one of my favorite authors and one of the best writers on economics, he is also one of the foremost experts on the Federal Reserve. They key problem for Greider is that the Federal Reserve is an essentially anti-democratic institution:

The Federal Reserve is the black hole of our democracy – the crucial contradiction that keeps the people and their representatives from having any voice in these most important public policies.

Ezra Klein gives the piece a symapthetic audience, but then explains his reservations:

[F]or a period of time, Ben Bernanke ran our economy under a monetarist’s version of martial law. And the really problematic thing is that it probably worked. It may be all that saved us. You could argue that in the absence of the Federal Reserve, Congress would have been a whole lot more aggressive and responsible because Bernanke wouldn’t have been there to backstop them. But would you really want to bet the U.S. economy on it?

2. Sanity on the Henry Gates Controversy. Jacob Sullum in Reason‘s Hit ‘n’ Run blog gives what I think to be the essential take-away from the Gates fiasco:

[E]ven if we accept the facts as presented by Crowley, it’s clear he abused his authority, whether or not the color of Gates’ skin had anything to do with it.

Let’s say Gates did initially refuse to show his ID (an unsurprising response from an innocent man confronted by police in his own home). Let’s say he immediately accused Crowley of racism, raised his voice, and behaved in a “tumultuous” fashion. Let’s say he overreacted. So what? By Crowley’s own account, he arrested Gates for dissing him.

3. The Appearance of Bipartisanship Creates Popularity. Matt Yglesias has an interesting piece exploring the difference between how the media treats the relationship between public opinon, Congress, and policy issues and how that relationship actually works.

4. Imitation is the Sincerest Form of Flattery. Ezra Klein points out that one passage from Obama’s speech Wednesday night seemed to be taking arguments directly from articles by Steven Pearlstein and David Leonhardt this week that got a lot of traction in the blogosphere. Both columns are worth reading even independent of their apparent influence on the Obama administration’s tactics.

5. Krugman on Cap and Trade Speculation. Paul Krugman takes on doubters encouraged by Matt Taibbi’s piece describing cap-and-trade as a giant scheme:

The solution to climate change must rely to an important extent on market mechanisms — it’s too complex an issue to deal with using command-and-control. That means accepting that some people will make money out of trading — and that yes, sometimes trading will go bad. So? We’ve got a planet at stake; it’s crazy to cut off our future to spite Goldman Sachs’s face.

6. A Laid-back Beat. Lastly, I came across this song in an episode of the British series Skins this week:

[Photo by me.]

Categories
Barack Obama National Security Politics The Opinionsphere The War on Terrorism

Sick of all this naivete about Obama

[digg-reddit-me]I’m sick of all this naivete about Obama.

And no, I’m not talking about those who moon over him and who believe he can do no wrong. I’m talking about those who now are on their high horse acting betrayed because Obama isn’t doing what they want.

Specifically I’m talking about this and this.

The problem as I see it is simple: under Bush, many critics of the power grab that was Bush’s War on Terror rallied together against him – and in 2008, many of them rallied around Obama. In working for a common cause they seemed to forget that between them they had some pretty serious disagreements.

For example, on one hand, there were those who I’m going to label progressives and/or libertarians who believed that the proper response to terrorism was law enforcement and believed the term “war” was inappropriate and who opposed:

  • the illegal war for oil against Iraq;
  • the warrantless wiretapping that violated the Constitutional protections of the Fourth Amendment;
  • any form of indefinite detention;
  • torture;
  • the practice of rendition (from Bill Clinton to its expansion under Bush);
  • the state secrets privilege.

Also, progressives opposed:

  • the practice of targeted killing;
  • the flouting of international law.

And then there were the liberals who believed that “war” was the correct term for the nation’s struggle against terrorism, but who opposed:

  • the “dumb war” against Iraq – on the basis of the fact that it would hurt our interests;
  • the defiance of the FISA statute that limited the power of the executive branch;
  • indefinite detention at the sole discretion of the executive;
  • torture;
  • the expanded rendition program under George W. Bush;
  • the overuse of the state secrets privilege.

Also, liberals opposed:

  • the use of signing statements to eviscerate laws passed by Congress;
  • the defiance (even denial) of the checks and balances between the branches of government.

The liberals and progressives/libertarians agreed that they needed to oppose Bush’s power grab. They disagreed though on the proper response to terrorism.

Obama, being a politician, did not seek to emphasize these differences among those who supported him. He finessed the issues by stating the liberal positions strongly – but at the same time, he made no secret of the fact that he was a liberal instead of a progressive.

Obama has made his positions clear. As he said in the campaign:

Just because the President misrepresents our enemies does not mean we do not have them. The terrorists are at war with us…When I am President, we will wage the war that has to be won, with a comprehensive strategy with five elements: getting out of Iraq and on to the right battlefield in Afghanistan and Pakistan; developing the capabilities and partnerships we need to take out the terrorists and the world’s most deadly weapons; engaging the world to dry up support for terror and extremism; restoring our values; and securing a more resilient homeland.

He has since maintained that he believes we are “at war” with Al Qaeda:

Now let me be clear: we are indeed at war with al Qaeda and its affiliates. We do need to update our institutions to deal with this threat. But we must do so with an abiding confidence in the rule of law and due process; in checks and balances and accountability.

On Iraq, he famously said:

I don’t oppose all wars… What I am opposed to is a dumb war. What I am opposed to is a rash war.

When Obama voted for the FISA compromise, he did so on the grounds that the program was needed. He explained that he had opposed it because Bush had enacted it in defiance of the Congress and established law:

The exclusivity provision makes it clear to any President or telecommunications company that no law supersedes the authority of the FISA court. In a dangerous world, government must have the authority to collect the intelligence we need to protect the American people. But in a free society, that authority cannot be unlimited.

Obama has repeatedly stated that he opposed indefinite detention at the whim of the executive – but did not say he was opposed to it in every form.

In our constitutional system, prolonged detention should not be the decision of any one man. If and when we determine that the United States must hold individuals to keep them from carrying out an act of war, we will do so within a system that involves judicial and congressional oversight.

On rendition and torture, Obama has kept his word. On state secrets, he has not so far.

This isn’t to say that progressives and libertarians shouldn’t criticize Obama – but on most of these issues Obama has been clear and consistent. And given the reasonable alternatives, it’s hard to see who was a better candidate. (Though I can already see the comments about Ron Paul being written.)

The fact is: Obama is a significant improvement over Bush – and the changes he has made and is making are significant. It matters whether or not there is a check on the executive branch; it matters whether or not we have a president who does not flagrantly disregard the law. That’s not a reason to give up what you believe – to keep pushing the civil libertarian case against Obama.

But at least be honest about it.

Categories
Financial Crisis Foreign Policy Politics The Media The Opinionsphere

Sympathizing with AIG, Peace with Islamists, Senator Al Franken, Jay-Z, the Newest Lost Generation, and the Future of Journalism

1. Sympathizing with AIG. Michael Lewis has another piece plumbing the depths of the financial crisis. Except this time he is somewhat strangely sympathetic to AIG. His piece is a useful counter to Matt Taibbi’s angry screed on the same subject – but the lack of outrage in Lewis’s piece is discomfiting – like a writer who begins to sympathize with his serial killer subject. Still – worth reading – as Lewis concludes:

And yet the A.I.G. F.P. traders left behind, much as they despise him personally, refuse to believe Cassano was engaged in any kind of fraud. The problem is that they knew him. And they believe that his crime was not mere legal fraudulence but the deeper kind: a need for subservience in others and an unwillingness to acknowledge his own weaknesses. “When he said that he could not envision losses, that we wouldn’t lose a dime, I am positive that he believed that,” says one of the traders. The problem with Joe Cassano wasn’t that he knew he was wrong. It was that it was too important to him that he be right. More than anything, Joe Cassano wanted to be one of Wall Street’s big shots. He wound up being its perfect customer.

2. Peace With the Islamists. Amr Hamzawy and Jeffrey Christiansen have a thought-provoking, and somewhat discomfiting piece, in Foreign Policy suggesting that America make peace with non-violent Islamist groups – pointing out that many of them actually rely on America’s support for democracy for their success in a region of the world dependent on America and filled with dictatorships, and pointing out the signs that many of these groups are open to such a peace offer.

3. Senator Al Franken. John Colapinto profiles Al Franken in a typically humorous and in-depth New Yorker piece. More important than the piece is that this man is a Senator. Congratulations Senator Franken.

4. Jay-Z, Hegemon. Marc Lynch has written a few pieces this week applying principles of hegemony in international relations to Jay-Z and how he maintains power in the hip hop world – including specifically how he is responding to The Game’s recent attacks on him.

5. Europe’s Newest Lost Generation. Annie Lowrey discusses the problems that are facing Europe’s youth.

6. Shirsky on the Future of Journalism. Clay Shirsky has an excellent post over at Cato Unbound discussing without really predicting the future of journalism. As always with Shirky, thought-provoking and worth the read. He makes a point that I have been ruminating about in a number of posts recently (here and here) – that:

[J]ournalism is about more than dissemination of news; it’s about the creation of shared awareness.

In my posts, I labeled this “shared awareness” the “conventional wisdom.”

[Image by me.]