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This is just a portion of an article by Paul Craig Roberts, former university professor, Wall Street Journal editor, and assistant secretary of the U.S. Treasury. His latest book, How the Economy Was Lost: The War of the Worlds
My heart sank with every paragraph, as each point was identified, explained, and sank in. It’s like having a game of charades replaced by a set of progressively more informative bullet points with snapshots from your families’ lives appended.
I would love to poke holes in it and identify it as political propaganda, but I have seen, first-hand, too much of what’s described unfold. This is so much worse than accepting the previous, prevalent belief that we would never be able attain our parents’ generation’s standard of living.
Doomed by the Myths of Free Trade
How the Economy was LostBy PAUL CRAIG ROBERTS
The American economy has gone away. It is not coming back until free trade myths are buried six feet under.
...The demise of America’s productive economy left the US economy dependent on finance, in which the US remained dominant because the dollar is the reserve currency. With the departure of factories, finance went in new directions. Mortgages, which were once held in the portfolios of the issuer, were securitized. Individual mortgage debts were combined into a “security.” The next step was to strip out the interest payments to the mortgages and sell them as derivatives, thus creating a third debt instrument based on the original mortgages.
In pursuit of ever more profits, financial institutions began betting on the success and failure of various debt instruments and by implication on firms. They bought and sold collateral debt swaps. A buyer pays a premium to a seller for a swap to guarantee an asset’s value. If an asset “insured” by a swap falls in value, the seller of the swap is supposed to make the owner of the swap whole. The purchaser of a swap is not required to own the asset in order to contract for a guarantee of its value. Therefore, as many people could purchase as many swaps as they wished on the same asset. Thus, the total value of the swaps greatly exceeds the value of the assets.*
The next step is for holders of the swaps to short the asset in order to drive down its value and collect the guarantee. As the issuers of swaps were not required to reserve against them, and as there is no limit to the number of swaps, the payouts could easily exceed the net worth of the issuer.
This was the most shameful and most mindless form of speculation. Gamblers were betting hands that they could not cover. The US regulators fled their posts. The American financial institutions abandoned all integrity. As a consequence, American financial institutions and rating agencies are trusted nowhere on earth.
The US government should never have used billions of taxpayers’ dollars to pay off swap bets as it did when it bailed out the insurance company AIG. This was a stunning waste of a vast sum of money. The federal government should declare all swap agreements to be fraudulent contracts, except for a single swap held by the owner of the asset. Simply wiping out these fraudulent contracts would remove the bulk of the vast overhang of “troubled” assets that threaten financial markets.
The billions of taxpayers’ dollars spent buying up subprime derivatives were also wasted. The government did not need to spend one dime. All government needed to do was to suspend the mark-to-market rule. This simple act would have removed the solvency threat to financial institutions by allowing them to keep the derivatives at book value until financial institutions could ascertain their true values and write them down over time.
Taxpayers, equity owners, and the credit standing of the US government are being ruined by financial shysters who are manipulating to their own advantage the government’s commitment to mark-to-market and to the “sanctity of contracts.” Multi-trillion dollar “bailouts” and bank nationalization are the result of the government’s inability to respond intelligently.
Two more simple acts would have completed the rescue without costing the taxpayers one dollar: an announcement from the Federal Reserve that it will be lender of last resort to all depository institutions including money market funds, and an announcement reinstating the uptick rule.
The uptick rule was suspended or repealed a couple of years ago in order to permit hedge funds and shyster speculators to rip-off American equity owners. The rule prevented short-selling any stock that did not move up in price during the previous day. In other words, speculators could not make money at others’ expense by ganging up on a stock and short-selling it day after day.
As a former Treasury official, I am amazed that the US government, in the midst of the worst financial crises ever, is content for short-selling to drive down the asset prices that the government is trying to support. No bailout or stimulus plan has any hope until the uptick rule is reinstated…
I love this guy. “George D. Lundberg MD, is former Editor in Chief of Medscape, eMedicine, and the Journal of the American Medical Association. He’s now President and Chair of the Board of The Lundberg Institute.” And has been married to my mom for twenty-six years.
How to Rein in Medical Costs, RIGHT NOW
By GEORGE LUNDBERGAmerican health care costs will never be controlled until most physicians are no longer paid fees for specific services…Fee-for-service incentives are a key reason why at least 30% of the $2.5 trillion expended annually for American health care is unnecessary. Eliminating that waste could save $750 billion annually with no harm to patient outcomes.
So, what can we in the USA do RIGHT NOW to begin to cut health care costs? [Read more]
I can’t believe it, but am so very glad the decision was made.
CNN’s chief medical correspondent, Dr. Sanjay Gupta, has withdrawn his name from consideration for surgeon general, the network and the White House announced Thursday afternoon… Farrell said he’s been told Gupta had misgivings about both the pay-cut he would have to take and the fact that he might be reporting to two high-level bosses… As surgeon general, Gupta would make about $153,000, according to public information on federal salaries. It’s unclear what Gupta’s contracts are currently worth, but the surgeon general salary would be considerably less.
May I remind you that there is a groundswell of support for Dr. George Lundberg to be appointed Surgeon General. I know for a fact that he cares more about public health than the pay cut, and that he’d probably like to have as few as two high-level bosses for a change.
How you can help:
- Join the FaceBook group, DR. GEORGE LUNDBERG FOR SURGEON GENERAL
- Sign the PETITION TO PRESIDENT BARACK OBAMA TO APPOINT DR. GEORGE D. LUNDBERG AS OUR NEXT US SURGEON GENERAL
Perhaps for the first time in recent history we believe that our Surgeon General’s first task is to use the “bully pulpit” of that position to help remoralize American Medicine in the following three areas. These three issues transcend any particular important scientific public-health topic per se like smoking, obesity, mental health, HIV/AIDS and many other worthy topics. But these core issues must be addressed first and foremost before any worthy scientific pubic health issue can be addressed effectively. So we urge our new Surgeon General to address the following upon entering the position.
1) Affordable health Insurance for all American Citizens.
2) Rebuilding Trust in our Federal Agencies that are Responsible for our Public Heath.
3) Wanton Overuse of Potentially Dangerous Medicines and Medical Technology – While the uninsured don’t receive basic medical care the insured (most of us) receive too many potentially dangerous medical interventions.
Dr George Lundberg not only is a consummate public health scientist who knows public health issues, he strongly embraces the above three priorities in words and deeds.
I can personally attest to that.
Critical Condition has posted a call to sign a petition to to President Obama to appoint Dr. George D. Lundberg as our next Surgeon General. As you may recall, Dr. Lundberg is my stepfather, and a damn good one. He is also a giant among men, and is by all objective standards, supremely qualified for the job.
Critical Condition’s mission is “to stimulate a meaningful, civil dialogue on the multidimensional crisis in US health care. We will draw attention to the existence of crisis, clarifying the nature of the crisis, and offering solutions. No nation on the planet has completely solved the health care delivery dilemma. US and multinational vested interests are not moving fast enough to address the depth and breadth of the US crises. More incrementalism is a formula for failure. Posts to Critical Condition will be evidence based.”
An excerpt from the call to action (full text in the extended entry and through the link):
On January 6, 2009 TV news giant CNN announced that Dr. Sanjay Gupta, CNN’s Chief Medical Reporter, had been offered and accepted the offer by then President Elect Barack Obama to become our nation’s next US Surgeon General.
Respectfully, the signers of this petition, as both health care professionals and many thinking US citizens from all walks of life believe that the appointment of Dr. Gupta would be both a mistake and a very serious lost opportunity for this historic administration and for our nation. Conversely, we strongly recommend that Dr. George Lundberg would be an ideal appointment to this office in these times of unparalleled challenge…
Quite frankly, in short, we need a man or woman of gravitas, moral fiber and substance – not a sexy media star, flitting from one opportunistic subject to another, apparently tied to vested interests- for this venerable office of US Surgeon General
PLEASE HELP DR. GEORGE LUNDBERG BECOME OUR NEXT US SURGEON GENERAL BY SIGNING THE PETITION BELOW AND PLEASE PASS THE PETITION ON THE OTHERS OF LIKE MIND.
Click here to sign the petition
Thanks,
Dr. Rick Lippin
Southampton,Pa
This is a comment I left this morning in response to the post entitled Dr. George Lundberg for Surgeon General by Brian Keppler of The Health Care Blog. Needless to say, this is a burning issue, and one that is near and dear to my heart as anyone who had been reading for a while will know!
Disclosure: I am Dr. Lundberg’s stepdaughter.
I have watched my stepfather’s career from the inside for over twenty-five years, and can say that everything that has been said about his professional life carries over to his personal life (not that I will say more about his personal life. I still want to be invited to dinner.). He is, bar none, the best role model for anyone who cares about the nation’s health care, or for their own. He has integrity, a very long view, an infallible moral compass, and an ability to look at matters objectively and see a solution that simply staggers.
He is acutely aware of what’s wrong with the health care system (oxymoron?) and bore frustrated witness to my being unable to obtain health insurance when the company I worked for shut down and ceased COBRA premiums. For nearly a year, I struggled to pay for care as a single (unemployed) mother of three while searching for coverage, which was ultimately granted through HIPPA via an absurdly circuitous route. If this can happen to me, with my knowledge and resources and contacts, it can happen to ANYONE. Just a case in point.
As a family member I may be biased, but I can assure you that there is pure transparency to this man. What you see is what you get, and that is quite a lot and not to be overlooked at this particular time, with this particular administration.
Read Severed Trust. Google his career. Do what you must, but do not let this one get away.
Here is the excerpt that stated his case so well:
The report that Mr. Obama’s Surgeon General choice might be neurosurgeon and CNN medical correspondent Dr. Sanjay Gupta produced an upwelling of strong opinion, particularly in the medical community. Some argued that Dr. Gupta has clearly demonstrated his abilities as an able communicator.
But others said that Gupta lacks the experience, seriousness and focus on public health. (I can’t help thinking that anyone who has achieved working neurosurgeon and national TV commentator status is pretty capable and serious, demeanor notwithstanding.)
And so it is that on Facebook, that Dr. Richard Lippin, a longtime Preventive Medicine physician based in Pennsylvania, has posted a letter he sent to President Obama and Secretary Daschle, urging the consideration of Dr. George Lundberg for Surgeon General.
The header reads: “We need a physician with the gravitas and the moral credentials and authority to use this bully pulpit position to speak for science and values based priority public health issues for all Americans. Dr. George Lundberg fits the bill.”
The letter provides a brief bio of Dr. Lundberg, the brilliantly eclectic, progressive, Alabama-born, down-to-earth physician who has been a visible mainstay of American medicine for decades. Dr. Lippin doesn’t mention Dr. Lundberg’s landmark 2002 book on American health care and reform, Severed Trust. (The title alone provides a lot of insight into Dr. Lundberg’s view of the world.)
But Dr. Lippin does believe the Surgeon General choice is about healing both America and American medicine, He writes, “we have a genuine crisis on many levels in US Medicine. Also we need desperately for the medical profession to regain its moral and ethical foundations and furthermore we also need medical leaders who must regain the trust of the American Public which has been dangerously eroded.
I agree with Dr. Lippin that those are the tasks, and I agree that Dr. Lundberg is a terrifically suitable candidate. Over many years, I have developed a warm friendship with him. It is impossible to not be bowled over by his range and grasp of issues, and by his unswerving willingness to stand clearly and openly for approaches that are tied to evidence and reason. The ultimate critical thinker, his judgments are founded most closely to merit, possibility and an unshakable belief in the correctness of the pursuit of excellence in health.
He is also bold and politically savvy. You don’t become the longest running Editor-in-Chief of the Journal of the American Medical Association (until he got politically at odds with them) and then build Medscape into the most widely read Web resource for clinicians worldwide unless you can continuously strike the delicate balances between science, sensibility and moral imperatives among your peers. Read more…
I am so proud to be Dr. George Lundberg’s stepdaughter. It took many years for me to realize the extent of his influence and the impact growing up with him has had on the formation of my values and integrity. It has been my great, good fortune to have a brilliant union such as mom and George’s as an example of a solid marriage, of what people can accomplish and can do to care for family and friends. Never is an argument made in our house without a valid, researched basis, there is no assumption that we know everything about anything but confidence that with enough scientifically sound research, we can be sure enough.
George is a mentor, husband to my mother, and the most transparent, most generous man I know and humble to boot, considering his accomplishments. I have to pinch myself when we’re all doing dishes and taking out the garbage together. He’s such a normal guy, and yet I know that if anyone can make dramatic improvements to public health in America, he can. Please join the Facebook group, DR. GEORGE LUNDBERG FOR SURGEON GENERAL. We need more than a young communicator. We need experience, gravitas, and someone with vision and the long view.
Below is a letter to President Obama and Sen. Tom Daschle sent by Richard A. Lippin MD urging our new President to appoint Dr. George Lundberg to the post of US Surgeon General.
To President Barack Obama and Former Senator Tom Daschle
Dear President Obama and Former Senator Tom Daschle-
As a physician leader in the medical specialty Preventive Medicine for 30 plus years I am writing this open e-letter to you to strongly urge you to consider George D. Lundberg, MD as our nations next US Surgeon General.
My letter relates to the distinctly unique qualifications that Dr Lundberg would bring to this important position and to express my views about the position itself since various previous administrations have held variable views on how to define the activities of the position itself. And the “power of personality” of some of our best US Surgeon Generals has influenced the perception of the role.
Dr. Lundberg, as you may know, is one of the most well known and highly regarded physicians in the world especially as it relates to stewardship over medical publications and information. As Editor- in-Chief of the Journal of the American Medical Association’s journal, commonly known as JAMA, between 1982-1999, the most widely read medical journal in the world, Dr Lundberg earned the respect of a worldwide readership of JAMA
In 1999 he then went onto becoming Editor-in-Chief of MEDSCAPE, the leading source of online health information and education for physicians thus establishing himself as genuine pioneer in e-medicine work a trend he recognized very early and began at the AMA. He currently holds that position and has been dubbed “Online HealthCare’s Medicine Man” by The Industry Standard.
Also Dr Lundberg has had extensive experience in effectively utilizing his public speaking and well honed communication skills in addressing both professional and public audiences live and in all categories of the electronic media.
Dr. Lundberg also worked in the fields of tropical medicine and served in the US Army during the Vietnam War leaving as a Lieutenant Colonel after 11years of service. Dr. Lundberg’s major professional interests are toxicology, violence, communication, physician behavior, strategic management and health system reform representing especially outstanding intellectual interests that could be applied successfully to serving as our nation’s Surgeon General.
For more detailed information on Dr. Lundberg I am very pleased to attach both his formal Curriculum Vitae (CV) and an easy to read impressive recent biography.
Regarding the position of US Surgeon General itself I could think of fewer times in our nation’s history which requires a moral leadership voice for science and values based medicine that the present.
Mr President Elect and Senator Daschle – All agree we have a genuine crisis on many levels in US Medicine. Also we need desperately for the medical profession to regain its moral and ethical foundations and furthermore we also need medical leaders who must regain the trust of the American Public which has been dangerously eroded.
In the tradition of many former Surgeon’s General’s who achieved greatness many of whom Dr. Lundberg knew or knows personally, I believe Dr. George Lundberg has the proven experience and gravitas to be our best choice for this important job
While I respect the importance of communication and media skills in the position of US Surgeon General there is a far greater opportunity for you here to appoint someone to this post who, in addition to possessing the requisite communication skills, will assist you in your long and courageous journey to truly heal American Medicine.
We also can slowly but necessarily regain the respect and reputation that American Medicine once enjoyed both as a scientific and ethical global leader in the Profession and Enterprise of Medicine.
I will be circulating this open letter for other leaders to endorse Dr. Lundberg to further make the case for this outstanding choice.
Thank you for your consideration of this very fine physician leader.
Sincerely,
Richard A. Lippin MDSouthampton, Pa
ralippin@aol.com
Politics
- Putting eyeliner on an angry rhino in a phone booth.
- Being the love toy of a Greek Army Battalion.
- With the election in sight just a week away, spending hours helping your child write a biography on one of the candidates. On your computer.
PoliticsI think I’m going to throw up my French Dip from Pluto’s. I’m so ashamed to be from Ohio. I never thought I’d say that. But this scares me.
You gotta love this guy. I’ve been doing this for six years, and in that time Matthew Baldwin, author of Defective Yeti, never changed his site design, never lost the funny, and I am always sucked in even though he doesn’t update all that often. I just stopped by and read the best line of the entire campaign, from his liveblogging notes on the October 7 presidential debate:
6:25: McCain gets a question from the Internet. This is the most email he’s ever received!
Once again, I predict that McCain’s secretary, should he become elected, will become the most powerful person in the world. The smart candidate will lose and then offer to answer the phones and man the computer.
Politics
PoliticsWell, thank God we got that cleared up.
BY JAMES GORDON MEEK
DAILY NEWS WASHINGTON BUREAUTuesday, September 30th 2008, 5:21 PM
WASHINGTON - When Russian bombers approach American airspace and U.S. Air Force fighters are scrambled, Sarah Palin’s phone doesn’t ring.The Alaska governor has no command authority over the guardians of U.S. airspace despite her recent suggestion otherwise.
“She doesn’t have any role in that process,” Air Force Maj. Allen Herritage, spokesman for the Alaska North American Aerospace Defense Command, told the Daily News.
“The authority to launch and respond to a Russian incursion lies with the Alaska NORAD Region commander” - Air Force Lt. Gen. Dana Atkins, he said.
Palin said last week that her foreign policy experience includes facing the Russians.
“It’s very important when you consider even national security issues with Russia, as Putin rears his head and comes into the airspace of the United States of America - where do they go? It’s Alaska,” Palin told CBS’ Katie Couric.
“It is from Alaska that we send those out to make sure that an eye is being kept on this very powerful nation,” she said.
Moscow’s bombers have skirted Alaskan airspace 20 times, thugh they have not violated it, during Palin’s governorship, officials said.
When F-15 and F-22 interceptors scrambled from Elmendorf Air Force Base in Anchorage in response, John McCain’s running mate was not speed-dialed with the news.
“The commander does not call the governor,” Herritage said.
I went to my kids’ school on Friday to watch the Student Council candidate speeches in the cafeteria just before elections took place in the classrooms. There were about sixty kids up there, and nearly half of them were campaign managers, I kid you not. Maybe three of them had to fly solo, but everyone else had a manager to warm up the crowd, hold placards, shout slogans, and make introductions.
My third grader was stumping for a VP candidate. He filed into the cafeteria looking like Forrest Gump, wearing a blue checked button-down shirt with the top button done and the front of his hair slicked down with Daddy’s gel. He definitely took his job seriously. His candidate wore sweats, but hey, I’ve seen more surprising things in an election. He gave a concise speech, stressing that his candidate was not running just for the sake of running; he was running because there were four things he wanted to accomplish. “One, blah, blah, Two, blah, blah…” and so on. I don’t remember what the four things were, but I liked him immediately for his confident and organized delivery. Of course, he can pull anything off so long there are numbered parts to it. “Mom, there were at least eight things that went wrong today.” “I don’t like sharing a room with my brother for three reasons. Well, probably more, but here are the three main ones.” He always responds to the counting threat. “One… TWO…” Boom. Compliance. Maybe he should have run for VP. His candidate said he wanted a cleaner school, and said it in about four different ways, but I didn’t buy it.
There was every type of candidate you could imagine, and it only confirmed for me that children are largely formed by the age of six, and if you squint, you’ll catch a glimpse of the grownups they’ll become. I was proud of everyone who got up there and made pitches, clutching scraps of paper for reference. They faced down the entire third, fourth, and fifth grade classes, plus a couple dozen parents with cameras, video cameras, and a quiet sense of awe. And a few giggles.
Of course, it didn’t help that I was sitting directly behind one of my favorite dads, who was sitting behind my oldest son. As soon as our third grader finished his introduction speech, our fifth grader turned around and whispered, “I wrote that!” Not surprised, but impressed that he knew to number things to help his brother succeed. There were no teleprompters—though some of the kids could have used one—which was appropriate given that I just coughed up a four hundred dollar check for three “Classroom donations.” I would have written a strongly worded letter to the PTA about fiscal priorities.
For the most part, they stayed on topic and stuck to the basics. The Treasurer candidates all loved math. One or two said they were GOOD at math, which I though was a clever distinction. All of them said they were trustworthy, according to the first law of politics: never advertise your criminal predilections. That’s what the press is for. And tattletales.
The VP and Presidential candidates cared deeply about our school. They wanted to go green. They wanted to go greener than green. Because green is good. Someone must have read them the principal’s message in this month’s newsletter, in which she proclaimed her support for green projects. I think she will get her green.
One candidate promised better lunches. Another promised longer recesses. Two or three others promised cleaner grounds, admonishing everyone to pick up after themselves so that our school could be clean. And green. There was a little girl who lost the mom vote with her determination to make every parent turn off car engines during pickups and drop offs, and send healthy lunches that come in completely recyclable packaging. One campaign manager, in a brilliant move during her candidate’s speech, quietly walked over to a plastic water bottle on the floor in front of another kid’s chair, picked it up, and carried it to the recycling bin before resuming her post behind her candidate. I wanted to stand up and applaud. Savvvvy.
There were a few candidates with female managers, and I’m usually not one to point out gender differences in school, but there was an awful lot of “Vote for my candidate because she’s nice, and fun, and loves the school.” One pointed out that her candidate was pretty AND popular. I don’t think she won, but it was nice to know that grade school elections aren’t so different than the national ones, though they are a lot more innocent.
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