From Obama To Vanity Fair: Telling The Incorrect Story
Monday, August 11, 2008
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A recent Vanity Fair article, “ California together with Bust,” past times Michael Lewis attempts to blame the hard financial condition of many states together with municipalities on the costs of world pensions. The next passage is either the outcome of bad editing or ideological bias: “A prison theatre guard who started his career at the historic catamenia of 45 could retire afterward 5 years amongst a pension that really nearly equaled his old salary.” As a commenter writes inwards answer to this claim, “What formula is Mr. Lewis using to become far at this statement? The 3% @50 formula is the superlative formula used inwards California together with if a Guard made 150,000.00 a twelvemonth equally the base of operations salary used inwards calculating the pension it would operate out as: 150,000 x 3% x 5 years = 22,500.00 annual pension. Please. This is far from the "very nearly equaled his old salary".” Of course of didactics this correction is buried inwards the comments section, together with volition non hold upwards seen past times anyone who reads the article inwards print.
While Lewis’ article appears to hold upwards a balanced, neutral divulge on our financial crisis, it spends virtually no fourth dimension discussing how pensions were devastated past times the crash of the stock marketplace position inwards 2008-09 together with how states together with local governments accept been undermined past times the loss of taxation revenue related to the collapse of the housing bubble together with the crash of the markets. Like then many other stories discussing our economical situation, at that topographic point is no examine to explicate how illegal mortgages coupled amongst unsafe financial derivatives resulted inwards the loss of millions of jobs together with trillions of dollars of wealth.
Since the President together with other leaders accept failed to explicate to the American people how our economic scheme has been ravaged past times financial speculation, people directly believe that the drive of our problems are pensions, benefits, world employees, together with unions. Moreover, due to the fact that the President did non brand the culprits of our financial woes pay for their misdeeds, he helped to fuel the displacement of blame onto victims of the financial collapse.
Like Obama’s determination non to prosecute the perpetrators of our torture regime, the failure to concur large banks together with investors responsible results inwards a lack of “moral hazard,” which agency at that topographic point is no penalization for destructive behavior. With no 1 else to blame, the Right produced a populist Tea Party that blamed large authorities instead of too-big-too neglect banks.
Since the President knows that he has to heighten $1 billion to run for office, together with his Republican adversaries appear upwards the same issue, no 1 wants to mensuration on the toes of guilty investors. In a to a greater extent than rational world, nosotros would run across arrests together with huge fines, together with nosotros would also run across the displace to taxation investment profits at the same charge per unit of measurement equally earned income, Ina rational world, nosotros would also run across a financial transaction taxation to tedious the footstep of our global casino. Yet, instead, nosotros larn empty rhetoric together with utter virtually deficit reductions together with debt limits.
Let’s promise that the Occupy Wall Street actions plough into an effective national movements that tells the right floor together with provides the right solutions.
While Lewis’ article appears to hold upwards a balanced, neutral divulge on our financial crisis, it spends virtually no fourth dimension discussing how pensions were devastated past times the crash of the stock marketplace position inwards 2008-09 together with how states together with local governments accept been undermined past times the loss of taxation revenue related to the collapse of the housing bubble together with the crash of the markets. Like then many other stories discussing our economical situation, at that topographic point is no examine to explicate how illegal mortgages coupled amongst unsafe financial derivatives resulted inwards the loss of millions of jobs together with trillions of dollars of wealth.
Since the President together with other leaders accept failed to explicate to the American people how our economic scheme has been ravaged past times financial speculation, people directly believe that the drive of our problems are pensions, benefits, world employees, together with unions. Moreover, due to the fact that the President did non brand the culprits of our financial woes pay for their misdeeds, he helped to fuel the displacement of blame onto victims of the financial collapse.
Like Obama’s determination non to prosecute the perpetrators of our torture regime, the failure to concur large banks together with investors responsible results inwards a lack of “moral hazard,” which agency at that topographic point is no penalization for destructive behavior. With no 1 else to blame, the Right produced a populist Tea Party that blamed large authorities instead of too-big-too neglect banks.
Since the President knows that he has to heighten $1 billion to run for office, together with his Republican adversaries appear upwards the same issue, no 1 wants to mensuration on the toes of guilty investors. In a to a greater extent than rational world, nosotros would run across arrests together with huge fines, together with nosotros would also run across the displace to taxation investment profits at the same charge per unit of measurement equally earned income, Ina rational world, nosotros would also run across a financial transaction taxation to tedious the footstep of our global casino. Yet, instead, nosotros larn empty rhetoric together with utter virtually deficit reductions together with debt limits.
Let’s promise that the Occupy Wall Street actions plough into an effective national movements that tells the right floor together with provides the right solutions.