Progressive Democratic Gentleman

Listening to the political news, the use of three words bothers me: gentleman, democratic, and progressive.

My complaint about "gentleman" is not so much political, but general usage. Gentleman used to mean a man who was polite, educated, well-dressed, and generally a decent sort of chap. Today it seems to be used like the word "alleged" to give the benefit of the doubt to criminals, and to avoid libel suits against the news media. So, we hear them talk about a serial murderer, saying that the "gentleman" might be moved to a new prison. Part of the misuse is intentional because "gentleman" conjures up an image of a past time in which most people were much kinder and more thoughtful than they are today, So, they undermine that image by associating "gentleman" with the worst kind of things today.

A year or two ago the Republicans started referring to the Democratic Party as the Democrat Party, presumably because it has a coarser, more grating sound, but also perhaps because "Democratic" called up better images of democratic government in the Athenian tradition, than "Democrat" which in the US generally means a person who is Democratic politician or supporter. However, "Democrat" is a noun, while "Democratic" is an adjective. So, it's grammatically incorrect, but the main appeal for the Republicans is probably that it sounds harsher and thus it's easier to make "Democrat Party" sound insulting.

Finally, I don't like the term Progressive. To me the Progressive movement is something that happened in the first half of the twentieth century, limited to unions, social reform, etc. On the other hand, "liberal" is a term that again goes back to the ancient Greeks. It speaks of freedom; we have (or used to have) "liberal" education. Liberal speaks of freedom, of issues that are important to every civilization, while progressive is more economic and limited to certain mundale issues, times and places. I much prefer being a Liberal than a Progressive.

To the extent that the Democratic Party tries to make me a Progressive, rather than a Liberal, I feel less like a gentleman.

Government Fails in Banking Crisis

One of government's main functions is to provide security for its citizens in the form of police, courts, military defense, etc. It has failed to do this in the banking crisis. Government did ameliorate the crisis by preventing a depression era scenario where many major banks fail. The banks not only did not fail, they recovered quickly and their chieftains are making millions. On the financial side, government worked.

On the police side, government failed. Not one of the culprits responsible for bringing America to its knees has suffered any criminal prosecution. Just recently the criminal case was dropped against Angelo Mozillo, the head of Countrywide, and one of the worst offenders in the sub-prime mortgage banking meltdown. Apparently his old company, now part of bank of America, is still the object of a civil suit by some of the people who lost millions because of his actions, but the government says everything he did is okay.

This partly due to government corruption. The banks lobbied heavily for little or no regulation, and continue to do so. The main policing organization, the SEC, failed miserably under its chairman Christopher Cox, who should be criminally libel for his failure, but of course is not. The public seems more upset about his failure to catch Bernie Madoff than about his failure to prevent the worst financial crisis since the Depression. Of course, Congress got paid well by the banks' lobbyists to keep any laws from interfering with the banks evil deeds.

I like the book All the Devils Are Here because it criticizes many of the major players in the financial crisis for doing bad things. It doesn't take the position that "bad things happened," but nobody was responsible. People were responsible, and many of them continue to hold positions of power, including Lloyd Blankfein at Goldman Sachs and Jamie Dimon at J.P. Morgan Chase. The Morgans and the Rockefellers must be saddened that someone of Dimon's low moral integrity has dragged the names of their institutions through the mud.

Fiscal Policy A Shambles

American fiscal policy is in total disarray. Taxes are too low; spending is too high. Spending should be more stimulative and less for old people. Social Security and Medicare need to be reformed, in particular to be more to incomes, both on the taxing and paying ends. Rich people pay a much smaller amount of their earnings into Social Security and end up getting too much when they retire. Medicare takes care of the elderly, but until the recent health care reform, there was no general program to take care of workers. Congress is totally ignoring this problem. They pat themselves on the back if they cut a million dollars from education or the Pentagon budget.

Meanwhile, the Fed is pursuing a serious monetary policy with no help from Congress. Congress just criticizes the Fed's quantitative easing program (QE2), while doing nothing itself. If we get out of this recession it will be largely thanks to the Fed. Ironically, the Fed, which is usually seen to be the friend of the big banks, has turned out to be much more of a friend to ordinary people than Congress has.

Companies, Not Fed to Blame

On Bloomberg, David Malpass says the Fed is failing because the Fed in giving money to US business by keeping interest rates low, but US business is investing in Asia. So, the Fed is just giving American money to Asia. Although there is truth in this, I would say the problem is American business that doesn't support America. CEOs and other senior executives of “American” companies outsource American jobs to China and India. The CEOs get rich by destroying American workers.