With the NBA season approaching the half-way mark, Celtic fans have been squirming as a team that once rashly promised to win 72 games has now been treading water for several weeks (5-8 since Christmas Day, when they stood an impressive 23-5).
This Friday in Atlanta has become a surprising test -- the Celtics need a win to avoid a four-game sweep at the hands of the Hawks. Although the Cs can point to absence of C Kevin Garnett as a big reason why the defense has been shaky recently, in reality, the Celts' swoon started even before Garnett went down.
Another team that has been slumping lately has been the Lakers. The defending champs looked great early, reaching a high-water record of 28-6 before slipping and losing 5 of their last 10.
But while the Celtics can point to Garnett's legs, the Lakers have a more troubling problem: going on the road. (In fairness, Ron Artest and Andrew Bynum are both "day-to-day". But then again, aren't we all, Mr. Costello?)
The Lakers have played the fewest road games in the NBA, save only the SA Spurs. (Actually, both the Spurs and Lakers have played 17 'true' road games, as the Lakers played the Clippers (as a visitor) once this season so far.) And in addition to playing few road games, the LAL have won very few as well -- just 10-8 so far.
The Lakers are at the White House this afternoon, being feted by POTUS for their championship last spring. But with five more road games on their current East Coast trip -- and coming off a statement loss in Cleveland on Thursday night, Sunday's game in the new Boston Garden will take on significance for both teams: the Lakers to prove that they can beat elite teams on the road.
The Celtics just have to show that they are still worthy -- or healthy enough -- for the 'elite' label.
Showing posts with label 2008. Show all posts
Showing posts with label 2008. Show all posts
Monday, January 25, 2010
Thursday, February 19, 2009
Game On
Ten days ago, in the midst of the debate over the stimulus, Peggy Noonan -- the poet laureate of the GOP-in-exile -- wrote: "[Obama's] political mistake, which in retrospect we will see as huge, is that he remoralized the Republicans. He let them back in the game."
With the perspective of just a few days' time, Noonan's words ring true, but for a different reason. It's still a game. And GOP is still treating it as such.
Continuing a pattern that put the final bullet in McCain's presidential campaign in the fall, Republicans sense the fiscal crisis, and jump in with a gimmick. McCain himself suspending his campaign to rush to Washington on the eve of the first debate, then reversing his course. John Thune's stack of dollar bills. Eric Cantor's use of Aerosmith's "Back in the Saddle" (subsequently revoked by the band.)
And finally, a roll call on the stimulus that found just three Republican Senators -- moderates all -- against 176 Members of Congress and 38 Senators all voting "No."
The result: a GOP that is in favor, at least institutionally, of continued bad news on the economy. Newly-elected RNC Chair Michale Steele said:
And to think that Pres. Obama was criticized for talking down the economy last week.
But once upon a time, the GOP was all for supporting the U.S.A., right or wrong. In 2007 (and perhaps unfairly), then-candidate John McCain did not pull any punches when he criticized those Democrats who opposed the Surge:
And the Game Goes On.
With the perspective of just a few days' time, Noonan's words ring true, but for a different reason. It's still a game. And GOP is still treating it as such.
Continuing a pattern that put the final bullet in McCain's presidential campaign in the fall, Republicans sense the fiscal crisis, and jump in with a gimmick. McCain himself suspending his campaign to rush to Washington on the eve of the first debate, then reversing his course. John Thune's stack of dollar bills. Eric Cantor's use of Aerosmith's "Back in the Saddle" (subsequently revoked by the band.)
And finally, a roll call on the stimulus that found just three Republican Senators -- moderates all -- against 176 Members of Congress and 38 Senators all voting "No."
The result: a GOP that is in favor, at least institutionally, of continued bad news on the economy. Newly-elected RNC Chair Michale Steele said:
“I’m telling the party leadership around the country, don’t believe the hype,” he said. “There will be a slight uptick, it will flat-line, and it will continue to go down.”That's great, Mr. Chairman. Welcome to the Great Depression II.
And to think that Pres. Obama was criticized for talking down the economy last week.
But once upon a time, the GOP was all for supporting the U.S.A., right or wrong. In 2007 (and perhaps unfairly), then-candidate John McCain did not pull any punches when he criticized those Democrats who opposed the Surge:
"I watched with regret as the House of Representatives voted to deny our troops the support necessary to carry out their new mission. Democratic leaders smiled and cheered as the last votes were counted. What were they celebrating? Defeat? Surrender? In Iraq, only our enemies were cheering. A defeat for the United States is a cause for mourning not celebrating."Unless, of course, GOP seats are at risk.
And the Game Goes On.
Monday, February 2, 2009
Pulling the Thread

One loose end from President Obama's Inaugural Address: the mysterious quote that George Washington ordered read to the troops.
So let us mark this day with remembrance of who we are and how far we have traveled. In the year of America's birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river. The capital was abandoned. The enemy was advancing. The snow was stained with blood. At the moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words to be read to the people:In 1776, Washington and the Continental Army had abandoned New York (and Philadelphia) and near the Delaware River ("the shores of an icy river"). Thomas Paine, who was in camp, began writing (at Washington's invitation) a series of papers that became "The Crisis."
'Let it be told to the future world...that in the depth of winter, when nothing but hope and virtue could survive... that the city and the country, alarmed at one common danger, came forth to meet [it].'
The first of these papers (from which the above quote was taken) was published in Philadelphia on December 19th. Less than a week later, Washington and his men climbed into wooden boats, rowed across the Delaware, and surprised the Hessian mercenaries at Trenton, a moment captured (and turned iconographic) by painter Emanuel Leutze.
But it should come as no surprise to learn that previous presidents -- and in particular, Abraham Lincoln -- have made reference to the Delaware Crossing.
On his way to his Inaugural, Lincoln took a whistle-stop tour down the eastern seaboard (a trip repeated, in part, by Obama and VP Joe Biden last month). While in Trenton, Lincoln spoke to the New Jersey State Senate, saying:
May I be pardoned if, upon this occasion, I mention that away back in my childhood, the earliest days of my being able to read, I got hold of a small book, such a one as few of the younger members have ever seen, Weem's Life of Washington. I remember all the accounts there given of the battle fields and struggles for the liberties of the country, and none fixed themselves upon my imagination so deeply as the struggle here at Trenton, New-Jersey. The crossing of the river; the contest with the Hessians; the great hardships endured at that time, all fixed themselves on my memory more than any single revolutionary event; and you all know, for you have all been boys, how these early impressions last longer than any others. I recollect thinking then, boy even though I was, that there must been something more than common that those men struggled for; that something even more than National Independence; that something that held out a great promise to all the people of the world to all time to come; I am exceedingly anxious that this Union, the Constitution, and the liberties of the people shall be perpetuated in according with the original idea for which that struggle was made, and I shall be most happy indeed if I shall be an humble instrument in the hands of the Almighty, and of this, his almost chosen people, for perpetuating the object of that great struggle.
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Friday, December 5, 2008
Angler vs. Backseat

"Angler" is Vice President Dick Cheney's current Secret Service codename. (It is also the title of Bart Gelman's new book on Cheney.)
When he was Chief-of-Staff to Gerald Ford, his codename was "Backseat." His background -- a staffer at the highest level -- has given him an unprecedented ability to manipulate the White House staffing process. And his unprecedented access to a President who disdains details (according to Gelman's account.)
"Backseat" spent his formative years learning the ways of bureaucratic Washington: major policy decisions effected well below the "principal" (cabinet) or "POTUS" (Presidential) level; controlling a meeting by controlling the agenda; inserting allies throughout government to insure timely information is being reported back; and 'reaching down' through the layers of government to see real, raw information -- direct and unfiltered. (This last modus operandi was not limited to Iraqi or al Queda intelligence.)
As "Angler", Cheney was able to taking staffing to the next level. Unlike staff -- or even Cabinet principals -- the vice president cannot be fired. Further, Cheney scheduled regular lunches with 43, without any other staff; such unfettered access is the holy grail of White House personnel.
As "Angler", Cheney also removed himself -- and his thinking -- from political calculations. Gellman shows only one example of politics playing a role in Cheney's actions, and even that -- the use of the Klamath River for irrigation -- was more by accident. Cheney's Western-sensibility, and instinctive opposition to federal governmental intervention, ended up being good local politics in Oregon. But such political ramifications were by accident -- Gellman makes it clear that the politics were often the last thing from Cheney's mind.
Perhaps it is this element of "Angler" that is most interesting and surprising. For a person a heartbeat away from the peak of political power, Vice President Cheney seemingly spends no time thinking about politics. Indeed, highly political initiatives -- like funding for faith-based programs or No Child Left Behind -- are ignored by "Angler." The ultimate political insider has been transformed into a constitutional officer who rarely, if ever, considers grubby day-to-day politics.
November Jobs Numbers
The Department of Labor announced this morning that the November payrolls were down by more than 530,000. While economists expected job losses to be significant, the reality far exceeded consensus expectations of 320,000.
Reaction to the news (as compiled by the WSJ) was very negative:
Or else welcome to the Great Depression II.
Reaction to the news (as compiled by the WSJ) was very negative:
History tells that once the labor market weakens as much as it has in the past several months, job-shedding takes on a life of its own and tends to persist for a long while. We expect labor market conditions to be dreadful for many months to come... -- Joshua Shapiro, MFR
This was much worse than was expected and represents wholesale capitulation. The threat of a widespread depression is now real and present. –Peter Morici, University of MarylandThe traditional view is that job losses gradually build, and therefore the sharp break (60% over the expected number) is a terrible sign. But at the risk of being too contrarian, one has to wonder whether in a world of cable news and 24-hour information accessibility, sharp cuts in jobs may get us to a bottom faster. Employers saw the market meltdowns of September and October, and made decisions to act decisively in November, before the holiday season.
Or else welcome to the Great Depression II.
Thursday, December 4, 2008
Are You Ready for Some...College Football Playoff?
Head-Coach-Elect Barack Obama wants a college football playoff system. This Saturday he (and the rest of the country) will get a preview of what such a system would look like in the SEC Championship Game.
#1 (AP/BCS) Alabama plays #2(AP)/#4(BCS) Florida. The winner advances to the BCS title game.
Since a late September loss to surprising Ole Miss, Florida has been -- with all due respect to Oklahoma -- the hottest team in the country, winners of eight in a row.
Florida has rolled to a combined score of 414-97, although Coach Urban Meyer's team did roll up scores on Arkansas (5-7), Kentucky (6-6), Vandy (6-6), and The Citadel (4-8 in I-AA).
But if you just look at the four ranked teams in that eight game streak -- #4 (at the time) LSU, #6 Georgia, #25 South Carolina, and #20 Florida State, the Gators still rolled by a combined 201-52.
That's an average score -- against ranked opponents -- of 50-13.
Wonder if Coach Meyer ever regrets not taking the Notre Dame job?
#1 (AP/BCS) Alabama plays #2(AP)/#4(BCS) Florida. The winner advances to the BCS title game.
Since a late September loss to surprising Ole Miss, Florida has been -- with all due respect to Oklahoma -- the hottest team in the country, winners of eight in a row.
Florida has rolled to a combined score of 414-97, although Coach Urban Meyer's team did roll up scores on Arkansas (5-7), Kentucky (6-6), Vandy (6-6), and The Citadel (4-8 in I-AA).
But if you just look at the four ranked teams in that eight game streak -- #4 (at the time) LSU, #6 Georgia, #25 South Carolina, and #20 Florida State, the Gators still rolled by a combined 201-52.
That's an average score -- against ranked opponents -- of 50-13.
Wonder if Coach Meyer ever regrets not taking the Notre Dame job?
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Wednesday, December 3, 2008
Wake Up the Echoes???
The controversy swirling around Notre Dame football coach Charlie Weis seems to be about to be resolved as unconfirmed reports out of South Bend indicate that the fourth year coach will be given at least one more season.
But the real question is not who would replace Charlie Weis, but what are reasonable expectations for Notre Dame football in the modern era? Or put another way, when did the downward slide begin?
If you are looking for the "Last Night of the Notre Dame Dynasty," you might try November 20, 1993.
On that day, up-and-comer (at the time) -- and the only other I-A Catholic football team -- Boston College went into South Bend and shocked the #1-ranked Irish in the final game of the regular season. It was also the first time BC had beaten Notre Dame.
While ND did win the Cotton Bowl that year (24-21, over Texas A&M, played on January 1, 1994), it was their last bowl win; Notre Dame has never won a Bowl Game in the BCS era, and the bowl losing streak is now at 9.
While Lou Holtz had a record of 100-30-2 overall at ND (.765 winning percentage), his record after November 20, 1993, was 24-11-1, 0.666.
After Holtz came Bob Davie (35-25, .583), Ty Willingham (21-15, also .583), interim coach Kent Baer (0-1), and now Weis (28-21, .571).
Overall, since that fateful BC game: 108-73-1, or .593 winning percentage over a decade and a half. 1-9 in bowl games, no wins since that 1994 Cotton Bowl.
ND's record in the 15 years preceding the BC Game (which included the Gerry Faust years): 122-51-3, .693 winning percentage. 5-4 in bowl games.
As Weis "mentor" Bill Parcells once said, "You are what your record says you are."
Notre Dame has lost 6 straight to Boston College.
But the real question is not who would replace Charlie Weis, but what are reasonable expectations for Notre Dame football in the modern era? Or put another way, when did the downward slide begin?
If you are looking for the "Last Night of the Notre Dame Dynasty," you might try November 20, 1993.
On that day, up-and-comer (at the time) -- and the only other I-A Catholic football team -- Boston College went into South Bend and shocked the #1-ranked Irish in the final game of the regular season. It was also the first time BC had beaten Notre Dame.
While ND did win the Cotton Bowl that year (24-21, over Texas A&M, played on January 1, 1994), it was their last bowl win; Notre Dame has never won a Bowl Game in the BCS era, and the bowl losing streak is now at 9.
While Lou Holtz had a record of 100-30-2 overall at ND (.765 winning percentage), his record after November 20, 1993, was 24-11-1, 0.666.
After Holtz came Bob Davie (35-25, .583), Ty Willingham (21-15, also .583), interim coach Kent Baer (0-1), and now Weis (28-21, .571).
Overall, since that fateful BC game: 108-73-1, or .593 winning percentage over a decade and a half. 1-9 in bowl games, no wins since that 1994 Cotton Bowl.
ND's record in the 15 years preceding the BC Game (which included the Gerry Faust years): 122-51-3, .693 winning percentage. 5-4 in bowl games.
As Weis "mentor" Bill Parcells once said, "You are what your record says you are."
Notre Dame has lost 6 straight to Boston College.
Tuesday, November 11, 2008
Who's In Charge?
The first trip by Barack Obama to the White House yesterday undoubtedly was intended by President George W. Bush as a way to show stability in a time of uncertainty and indicate to the world that the transition will be accomplished without -- to choose a word made popular in the post-election write-ups -- "drama."
Yet Obama was just a few minutes from the West Gate when word leaked that 43 and 44 had clashed over whether part of the TARP money -- the $700B allocated in the midst of the financial crisis -- could be accessed by the struggling auto industry. (Bush apparently is demanding a free-trade pact with Colombia as the price of the TARP Detroit bail-out. Somewhere, Mark Penn sighs.)
There may be some wisdom for the Obama team to study the transition efforts of FDR in 1932. Just a few weeks after defeating Herbert Hoover, FDR traveled to Washington at Hoover's request to hear about Hoover's plan to deal with the news (delivered shortly after the election) that France and Britain might default on their WWI debts.
But unlike Obama, who apparently pressed Bush on policy matters, FDR did not engage. He came to Washington to "be informed on pending matters" not make any decisions, despite Hoover's requests. The war debt was Hoover's baby, FDR later told advisers. He also refused an entreaty from Hoover in mid-December to become involved with the US position on the World Economic Council.
FDR did however, apparently offered to be named Secretary of State during the waning days of the Hoover Administration, with the intent that he would become acting President if Hoover and his VP (Charles Curtis) resigned. Hoover, needless to say, did not take up his offer.
In a final transition note, FDR almost did not survive to take office. On February 15, 1933, FDR gave a speech in Miami's Bayfront Park together with Chicago Mayor Anton Cermak. Giuseppe Zangara fired a pistol at FDR, but managed to hit five others, including Cermak, who was shaking hands with FDR at the time. Overruling the Secret Service, FDR had his car reversed and transported Cermak to the hospital, where he died several weeks later.
Zangara was executed by the State of Florida in the electric chair thirty-three days after the shooting.
Yet Obama was just a few minutes from the West Gate when word leaked that 43 and 44 had clashed over whether part of the TARP money -- the $700B allocated in the midst of the financial crisis -- could be accessed by the struggling auto industry. (Bush apparently is demanding a free-trade pact with Colombia as the price of the TARP Detroit bail-out. Somewhere, Mark Penn sighs.)
There may be some wisdom for the Obama team to study the transition efforts of FDR in 1932. Just a few weeks after defeating Herbert Hoover, FDR traveled to Washington at Hoover's request to hear about Hoover's plan to deal with the news (delivered shortly after the election) that France and Britain might default on their WWI debts.
But unlike Obama, who apparently pressed Bush on policy matters, FDR did not engage. He came to Washington to "be informed on pending matters" not make any decisions, despite Hoover's requests. The war debt was Hoover's baby, FDR later told advisers. He also refused an entreaty from Hoover in mid-December to become involved with the US position on the World Economic Council.
FDR did however, apparently offered to be named Secretary of State during the waning days of the Hoover Administration, with the intent that he would become acting President if Hoover and his VP (Charles Curtis) resigned. Hoover, needless to say, did not take up his offer.
In a final transition note, FDR almost did not survive to take office. On February 15, 1933, FDR gave a speech in Miami's Bayfront Park together with Chicago Mayor Anton Cermak. Giuseppe Zangara fired a pistol at FDR, but managed to hit five others, including Cermak, who was shaking hands with FDR at the time. Overruling the Secret Service, FDR had his car reversed and transported Cermak to the hospital, where he died several weeks later.
Zangara was executed by the State of Florida in the electric chair thirty-three days after the shooting.
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Monday, November 3, 2008
What a Difference Four Years Makes
It's worth remembering, on the eve of the election, that just four years ago, President Bush didn't recognize Barack Obama's name, according to the New Yorker:
[Congresswoman] Jan Schakowsky [spoke] about a recent visit she had made to the White House with a congressional delegation. On her way out, she said, President Bush noticed her “Obama” button. “He jumped back, almost literally,” she said. “And I knew what he was thinking. So I reassured him it was Obama, with a ‘b.’ And I explained who he was. The President said, ‘Well, I don’t know him.’ So I just said, ‘You will.’ ”
Tuesday, October 21, 2008
World Series Champs and Hall of Famers (2001 - 2007)
(All likely or possible HOFers.)
2007 - Boston Red Sox (OF Manny Ramirez (on Bill James' HOF Monitor, 208 out of 100), P Curt Schilling (171/100))
2006 - St. Louis Cardinals (1B Albert Pujols (189/100), Mgr. Tony LaRussa)
2005 - Chicago White Sox
2004 - Boston Red Sox (P Pedro Martinez (202/100), Ramirez, Schilling)
2003 - Florida Marlins (C Pudge Rodriguez (228/100))
2002 - Anaheim Angels (P Troy Percival (86/100))
2001 - Arizona Diamondbacks (Schilling, P Randy Johnson (322/100))
Projected HOFers = 11, out of 6 WS Championship teams = 1.8 HOF/WS
Note: DH Frank Thomas played 34G for 2005 CHW; did not play in WS.
2007 - Boston Red Sox (OF Manny Ramirez (on Bill James' HOF Monitor, 208 out of 100), P Curt Schilling (171/100))
2006 - St. Louis Cardinals (1B Albert Pujols (189/100), Mgr. Tony LaRussa)
2005 - Chicago White Sox
2004 - Boston Red Sox (P Pedro Martinez (202/100), Ramirez, Schilling)
2003 - Florida Marlins (C Pudge Rodriguez (228/100))
2002 - Anaheim Angels (P Troy Percival (86/100))
2001 - Arizona Diamondbacks (Schilling, P Randy Johnson (322/100))
Projected HOFers = 11, out of 6 WS Championship teams = 1.8 HOF/WS
Note: DH Frank Thomas played 34G for 2005 CHW; did not play in WS.
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Tuesday, October 14, 2008
'Peace with Honor'
With the unraveling of the McCain campaign almost complete (Intrade currently gives Obama a 77% likelihood of becoming the next President), it may be time for the final act of McCain's political life: peace with honor.
McCain's bounce over the summer was attributed to the addition of Steve Schmidt and other veterans of the Bush White House. But last week, after focusing much of their time and energy targeting Obama's associations with former 1960s terrorist William Ayers, McCain did not bring up Ayers' name at the town-hall debate in St. Louis, causing many to question its relevance.(*)
Schmidt's rise came at the apparent expense of long-time McCain advisor Rick Davis; others cast aside who had been with the Arizona during the dark days of the summer of 2007, when he was broke and left for dead by the GOP, include Mark Salter.
Salter has been McCain chief writer (of speeches) and ghost-writer (of books) for a number of years. He helped McCain develop the effective narrative of his life -- that he learned to love his country while a prisoner overseas -- and has been said to "'channel John McCain's voice.'"
Salter, more than anyone except perhaps Cindy McCain, has helped create John McCain's maverick -- and bi-partisan -- brand, which has been lost in the fall campaign. And it may fall to Salter to discuss quietly with McCain that the last few weeks of the campaign may be best spent trying to rehabilitate an image that the national press, at least, has spent much of the last few weeks criticizing at length.
A positive 'close' may allow McCain to claw back a few of the swing states -- all of which appear to be tipping Democratic -- and help the bottom of the Republican ticket that now fears an overwhelming, and filibuster-proof majority in both Houses.
Mark Salter, tell John McCain: it's time.
(*-Note that McCain claimed today that it is "probably ensured" that McCain will raise the name in this week's debate. But with the nation focusing on economic issues, it is still not clear what relevance -- or resonance -- Ayers will have with undecided voters.)
McCain's bounce over the summer was attributed to the addition of Steve Schmidt and other veterans of the Bush White House. But last week, after focusing much of their time and energy targeting Obama's associations with former 1960s terrorist William Ayers, McCain did not bring up Ayers' name at the town-hall debate in St. Louis, causing many to question its relevance.(*)
Schmidt's rise came at the apparent expense of long-time McCain advisor Rick Davis; others cast aside who had been with the Arizona during the dark days of the summer of 2007, when he was broke and left for dead by the GOP, include Mark Salter.
Salter has been McCain chief writer (of speeches) and ghost-writer (of books) for a number of years. He helped McCain develop the effective narrative of his life -- that he learned to love his country while a prisoner overseas -- and has been said to "'channel John McCain's voice.'"
Salter, more than anyone except perhaps Cindy McCain, has helped create John McCain's maverick -- and bi-partisan -- brand, which has been lost in the fall campaign. And it may fall to Salter to discuss quietly with McCain that the last few weeks of the campaign may be best spent trying to rehabilitate an image that the national press, at least, has spent much of the last few weeks criticizing at length.
A positive 'close' may allow McCain to claw back a few of the swing states -- all of which appear to be tipping Democratic -- and help the bottom of the Republican ticket that now fears an overwhelming, and filibuster-proof majority in both Houses.
Mark Salter, tell John McCain: it's time.
(*-Note that McCain claimed today that it is "probably ensured" that McCain will raise the name in this week's debate. But with the nation focusing on economic issues, it is still not clear what relevance -- or resonance -- Ayers will have with undecided voters.)
Friday, October 10, 2008
Tuesday, September 30, 2008
1907
With the defeat of the 'Bailout Bill' in Congress yesterday, one can't help but think of the Panic of 1907, which occurred almost 100 years ago.
In 1907, horse-drawn carriages and 'special' trains were state-of-the-art. But while financial markets change, the core elements of a panic remain the same: financial innovation runs ahead of regulation; a short-squeeze; interlocking and connected financial institutions, resulting in a domino-effect of falling institutions; the spread of the contagion; and then, most dangerously, a run on previously-healthy banks.
The 1907 Panic was stemmed on the evening of November 2-3, when JP Morgan famously locked a number of presidents of trust companies (which were the financial innovations of the day, as derivatives and credit-default swaps are today) in his library; they were not 'released' until they all agreed to subscribe to a $25M loan for the Trust Company of America, an otherwise healthy institution that was facing a run. And like in 1907, it is collective action -- individuals acting against their own personal short-term interests for the good of all -- that can stem a panic.
The House vote yesterday was a political version of the 'Prisoner's Dilemma.' The bill would help everyone, but it was in many member's interest to have been able to vote against an unpopular bill. But once it became clear that the House Republicans were not near the 100 votes that Speaker Pelosi wanted, Democrats were not going to pass a bill with little or no GOP support.
The good news, if any, is that the lessons of 1907 still hold; the meeting in Morgan's library was not the first time that "Pierpont" had tried to stem the tide. More than a week earlier, on October 23rd, 1907, Morgan had summoned the trust presidents to his office and urged them to help TCA; but at that time, they were still more concerned about their own cash position, and Morgan had trouble raising $10M. (A week later, it required considerably more money -- $25M -- to stop the run on TCA.)
And as the contagion spread throughout the stock market, Morgan had to inveigh upon then-President Teddy Roosevelt to allow the takeover of Tennessee Coal, Iron & Railroad by US Steel. Roosevelt was known as a 'trust buster', so politically he was contradicting his well-established position. But TR did what was needed to be done, and so avoided (in his words later) "a panic and general industrial smashup at this time."
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Thursday, September 18, 2008
With the Volume Down?!?
Gov. Sarah Palin was asked last night by Sean Hannity whether she had seen Tina Fey's portrayal of her on last weekend's Saturday Night Live:
Isn't this the moral equivalent of then-Governor Bill Clinton's statement in 1992: "When I was in England, I experimented with marijuana a time or two, and didn't like it. I didn't inhale and I didn't try it again."
HANNITY: One last question that I didn't ask you: Did you watch Tina Fey on "Saturday Night Live"?Watching SNL with the volume down?!?!?
PALIN: I watched with the volume all the way down and I thought it was hilarious, she was spot on.
HANNITY: Do you think you could play her one day?
PALIN: Oh absolutely. It was hilarious. Again, I didn't hear a word she said, but the visual was spot on.
Isn't this the moral equivalent of then-Governor Bill Clinton's statement in 1992: "When I was in England, I experimented with marijuana a time or two, and didn't like it. I didn't inhale and I didn't try it again."
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Tuesday, September 16, 2008
Electing FDR
With shadows from 1929 appearing -- seemingly -- on the business (and front) pages every day, it is perhaps instructive to look back at the true "Great Depression", and the election held in 1932. (It is worth noting that there appears to be an increase in interest in the FDR era in pop culture at this time as well, from AMC's "Mad Men" and the "Hobo Code" to John McCain's memories of Pearl Harbor in his RNC Nomination Speech.)
Donald Ritchie's "Electing FDR: The New Deal Campaign of 1932" begins with the rise of Herbert Hoover, self-made man, shortly after the turn of the century. By the end of the First World War, Hoover (then just 43 years old) was entrusted with the Food Administration, and had become a national figure. By 1920, some Washington wags were discussing a potential Hoover-FDR ticket on the Democratic side; Hoover demurred, and eventually declared himself a Republican. (It was interesting to learn that Hoover and Roosevelt were social acquaintances.)
By 1927, Hoover helped organize relief for the Mississippi River flood (the previous 'big one' that was referenced during Hurricane Katrina), and became the GOP nominee in 1928. Facing Al Smith, the New York Governor and first Catholic to head a party ticket, Hoover won with the promise of a "chicken in every pot, a car in every garage."
Four years later, promises of the "Hoover economy" had collapsed into the bitterness of "Hoovervilles" and "Hoover blankets" (newspapers). But he was relieved when FDR won the Democratic nomination in Chicago (holding off a challenge from his former mentor, Al Smith); Hoover felt that FDR would not be a tough opponent.
FDR for his part did not underestimate the incumbent, although Hoover did not campaign vigorously (employing the Rose Garden strategy) until very near the end. Moreover events moved against Hoover: a "Bonus March" of WWI veterans was broken up -- albeit over Hoover's orders for non-violence -- by calvary commanded by Douglas MacArthur (with assistance from Dwight D. Eisenhower). Public opinion -- which incredibly seemed split evenly between FDR and Hoover, although polling was in its infancy -- began to move against the sitting President.
In the end, the country was ready to turn to a fresh leader (although one with a familiar name). FDR tallied 22.8M votes against just 15.7M for Hoover.
The transition, which lasted through March, when FDR was sworn in, was marked by a near assassination (in Miami, when Chicago Mayor Anton Cermak was struck and eventually died; the assassin was convicted and executed within 33 days after the shooting); and increasing tension between former associates Hoover and FDR.
Although the Depression would linger for much of the rest of the 1930s, the country was clearly headed in a new direction. Hoover's reluctant campaigning and bad luck (as evidenced by the Bonus March), combined with the crushing economic climate, made the result a foregone conclusion (in retrospect).
But the backstory -- and the personal relationship between the two combatants -- made the re-telling an interesting one, especially given the current business headlines.
Here's What Mitt Thinks...
We wondered a few days ago what Mitt Romney would think of the current McCain/Palin Campaign efforts to distort Obama's record (and for that matter, to obfuscate some of the weaker points of Palin's record).
[Apparently clip was from earlier in the year; we still don't know what Mitt thinks...apologies for any confusion]
[Apparently clip was from earlier in the year; we still don't know what Mitt thinks...apologies for any confusion]
Wednesday, September 10, 2008
A Week in Politics
A week ago today, Sarah Palin had yet to speak to the GOP Convention, and the markets were predicting that there was a 15% chance that she would not make it on the ticket through November.
A week later, there's few who thinks she's coming off the ticket, and the market for Obama winning the Presidency has dropped from about 60% likelihood to 49.A week can be a long time in politics.
Inside Mitt's Mind
The news this morning is that the McCain/Palin campaign has apparently released a new ad accusing Barack Obama as having a single educational legislative accomplishment: that of passing "legislation to teach 'comprehensive sex education' to kindergartners. Learning about sex before learning to read?"
The Obama campaign reacted swiftly, and accused the McCain campaign of being dishonorable:
In late January, with his campaign in trouble, Romney was buried in Florida when McCain took a Romney quote about setting timetables in Iraq and twisted its meaning by changing the context. Here's the Romney quote:
At the time, the mainstream media didn't pay much attention to what McCain was engaged in; after all, as George W. Bush famously told McCain himself in 2000 (when McCain was being smeared for his adopted daughter from Bangladesh), it's just 'politics.'
McCain's 2000 experience may have changed him, like Richard Nixon's experience in Illinois and Texas did in 1960. When the "new Nixon" got another change -- in 1968 and 1972 -- he left nothing to chance.
Wonder what Mitt thinks.
The Obama campaign reacted swiftly, and accused the McCain campaign of being dishonorable:
It is shameful and downright perverse for the McCain campaign to use a bill that was written to protect young children from sexual predators as a recycled and discredited political attack against a father of two young girls - a position that his friend Mitt Romney also holds. Last week, John McCain told Time magazine he couldn't define what honor was. Now we know why.Smearing an opponent is not honorable, but it's not the first time that McCain has done so in this cycle.
In late January, with his campaign in trouble, Romney was buried in Florida when McCain took a Romney quote about setting timetables in Iraq and twisted its meaning by changing the context. Here's the Romney quote:
But during the primary season, McCain seized on the single word "timetable" and claimed that by discussing 'timetables', even in private (with Iraq PM Maliki), Romney was part of the defeatist crowd that was against the Surge:
[T]he president and Prime Minister al-Maliki have to have a series of timetables and milestones that they speak about. But those shouldn’t be for public pronouncement. You don’t want the enemy to understand how long they have to wait in the weeds until you’re going to be gone. You want to have a series of things you want to see accomplished in terms of the strength of the Iraqi military and the Iraqi police, and the leadership of the Iraqi government.
Governor Romney obviously said there had to be, “timetables,” although they had to be secret because we weren’t going to tell the enemy when we were leaving. I mean, that’s — that’s just a fact. And if we’d have done that, as the Democrats and some Republicans wanted to do, we would’ve lost that surge and al-Qaeda would be celebrating a victory over the United States of America.To be sure, Romney was in trouble already, having lost Iowa and New Hampshire; but a win in Florida would have put him back on the map, and McCain's distortions helped seal his fate.
At the time, the mainstream media didn't pay much attention to what McCain was engaged in; after all, as George W. Bush famously told McCain himself in 2000 (when McCain was being smeared for his adopted daughter from Bangladesh), it's just 'politics.'
McCain's 2000 experience may have changed him, like Richard Nixon's experience in Illinois and Texas did in 1960. When the "new Nixon" got another change -- in 1968 and 1972 -- he left nothing to chance.
Wonder what Mitt thinks.
Wednesday, June 11, 2008
Not About "Revenge", Exactly...
The loss of the Democratic nomination has probably not yet set in for Hillary Clinton, and she is likely looking at a period of 'decompression' or worse.
As George McGovern responded to Walter Mondale's question of when a presidential defeat 'stops hurting': "When it happens, I'll let you know."
While Hillary's psyche may take some time to heal, the Clintons are apparently still focusing on who 'betrayed' them during the primary battle. Terry McAuliffe insists that it's not about 'revenge', but rather just keeping track of who helped you and who didn't.
Thank goodness all those fears of reprisals in the event that Hillary squeaked out the nomination (and/or the presidency) were unfounded.
As George McGovern responded to Walter Mondale's question of when a presidential defeat 'stops hurting': "When it happens, I'll let you know."
While Hillary's psyche may take some time to heal, the Clintons are apparently still focusing on who 'betrayed' them during the primary battle. Terry McAuliffe insists that it's not about 'revenge', but rather just keeping track of who helped you and who didn't.
Thank goodness all those fears of reprisals in the event that Hillary squeaked out the nomination (and/or the presidency) were unfounded.
Friday, June 6, 2008
Never a Doubt
Celtics fans should be heartened by last night's win in Game One, especially when one considers that the Cs gave the Lakers every opportunity to steal a win (and home court advantage). Consider these plays:
* With 3 minutes left in the third quarter, on a two-on-one fastbreak, Ray Allen (who has spent the last four weeks throwing his aging body into any opposing player to try and get himself to the free throw line to 'grind' his way out of a shooting slump by manufacturing points), decided to try an around-the-back pass rather than challenge his nemesis, Kobe.
* After doing his best to shoot the Cs out of the game with several brutal attempts in crunch time (including the previous possession), Sam Cassell decided to become a pass-first guy with 0:02 left on the shot clock and 7 minutes left.
* Despite a decided rebound advantage, the Cs gave up two key offensive rebounds in the fourth quarter to Pau Gausol (one with 6:11 left and the Cs clinging to a 4 point advantage, the other a minute later, with the deficit at 6).
* Two separate back-court violations -- which get called once per leap year in the NBA -- both of which may have been influenced by the large icon of the Larry O'Brien NBA Championship Trophy which was laid down over the centerline area:
-- In the first quarter, the Lakers' Pau Gausol was called for a back-court violation, although the replay showed that the call should not have been made.
-- In the fourth with 9 minutes left, KG saved a bad pass by taking off just short of the center-court line; although replays confirmed the (non)-call, it easily could have been whistled. The Cs ended up converting on the broken play.
* Ray Allen missed only his 5th foul shot of the entire playoffs (he's shooting 92.9%) with 2:33 left.
Despite all this, and a general lack of ability to 'score the basketball' in the fourth quarter on the part of the Cs, the Lakers couldn't close the deal. As Kobe said after the game, it was a "nice little kick in the ass."
Stay classy, Kobe.
And we'll see you on Sunday, for a game that has now become a 'must-win' for...the Lakers.
With the 2-3-2 format, which is unique for any team sport (excepting baseball, where the home court is not nearly as important as in basketball or hockey), the pressure on the visiting team to 'steal' a game on the road in the first two games is enormous.
With almost no chance to win the Series if they return to Boston for Game 6 with a 2-3 deficit, the Lakers have to either win Game Two, or else win three games in a row in LA (Games 3, 4, and 5).
We'll see if Kobe can convert the bunnies.
* With 3 minutes left in the third quarter, on a two-on-one fastbreak, Ray Allen (who has spent the last four weeks throwing his aging body into any opposing player to try and get himself to the free throw line to 'grind' his way out of a shooting slump by manufacturing points), decided to try an around-the-back pass rather than challenge his nemesis, Kobe.
* After doing his best to shoot the Cs out of the game with several brutal attempts in crunch time (including the previous possession), Sam Cassell decided to become a pass-first guy with 0:02 left on the shot clock and 7 minutes left.
* Despite a decided rebound advantage, the Cs gave up two key offensive rebounds in the fourth quarter to Pau Gausol (one with 6:11 left and the Cs clinging to a 4 point advantage, the other a minute later, with the deficit at 6).
* Two separate back-court violations -- which get called once per leap year in the NBA -- both of which may have been influenced by the large icon of the Larry O'Brien NBA Championship Trophy which was laid down over the centerline area:
-- In the first quarter, the Lakers' Pau Gausol was called for a back-court violation, although the replay showed that the call should not have been made.
-- In the fourth with 9 minutes left, KG saved a bad pass by taking off just short of the center-court line; although replays confirmed the (non)-call, it easily could have been whistled. The Cs ended up converting on the broken play.
* Ray Allen missed only his 5th foul shot of the entire playoffs (he's shooting 92.9%) with 2:33 left.
Despite all this, and a general lack of ability to 'score the basketball' in the fourth quarter on the part of the Cs, the Lakers couldn't close the deal. As Kobe said after the game, it was a "nice little kick in the ass."
Stay classy, Kobe.
And we'll see you on Sunday, for a game that has now become a 'must-win' for...the Lakers.
With the 2-3-2 format, which is unique for any team sport (excepting baseball, where the home court is not nearly as important as in basketball or hockey), the pressure on the visiting team to 'steal' a game on the road in the first two games is enormous.
With almost no chance to win the Series if they return to Boston for Game 6 with a 2-3 deficit, the Lakers have to either win Game Two, or else win three games in a row in LA (Games 3, 4, and 5).
We'll see if Kobe can convert the bunnies.
Labels:
2008,
Celtics,
Los Angeles,
NBA
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