Friday News Roundup - Hour 1

Friday News Roundup - Hour 1

A panel of journalists join Diane for analysis of the week's top national news stories: Eight Republican candidates clashed in the Iowa presidential debate last night; the Dow moved 400 points on four straight days for the first time in history; and congressional leaders picked members of the new deficit “supercommittee.”

Republican candidates came out swinging against each other and President Obama in their third debate last night. Aides to Texas Governor Rick Perry confirmed he will enter the race, while the other eight GOP candidates will be tested in Iowa’s straw poll. House minority leader Pelosi filled in the final three slots on the deficit supercommittee. The Fed promised to keep interest rates near zero for the next two years. And, for the first time in its 115-year history, the Dow Jones Industrial Average moved by more than 400 points for four consecutive days. A panel of journalists join Diane for analysis of the week's top national news stories.

Guests

Naftali Bendavid

national correspondent, The Wall Street Journal.

Sheryl Gay Stolberg

Washington correspondent, The New York Times.

Susan Page

Washington bureau chief for USA Today.

Friday News Roundup Video

The panelists talk about whether the newly formed deficit supercommittee is likely to reach a consensus in the coming months:

Comments

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and the cites for previous comment. cause unlike ecgberht, I prefer to be right and show proof than to practice mis-statist policies.

THE MARKETS: BONDS; Treasury Is Planning to Borrow to Cover Cost of Tax Rebates
By JONATHAN FUERBRINGER
Published: July 31, 2001
http://www.nytimes.com/2001/07/31/business/the-markets-bonds-treasury-is...

Nothing Like Big Deficits To Hearten Bond Traders
By JONATHAN FUERBRINGER
Published: February 05, 2003
"Only two years ago, the Federal Reserve chairman, Alan Greenspan, voiced his fears that the government was in danger of building up such big budget surpluses that the Treasury market could dry up. Washington might have no choice, he warned, but to put its extra money into buying up corporate stocks and bonds."
http://www.nytimes.com/2003/02/05/business/nothing-like-big-deficits-to-...

http://www.nytimes.com/2003/04/20/weekinreview/the-nation-true-cost-of-h...

http://www.nytimes.com/2001/05/03/business/markets-market-place-some-big...

August 16, 2011 - 8:16 am

"and the cites for previous comment. cause unlike ecgberht, I prefer to be right and show proof than to practice mis-statist policies."
First, government publications and the NY Times do not constitute "proof" except in your alternate reality.
Second, your response was WAY more than 10 words and still hasn't answered the simplest of questions. Instead of guessing what I "meant" by my question, or launchig into a Clinton kiss-ass/Bush-bash session, just ... answer ... the ... question.
Why was it necessary to raise the debt ceiling? Again, I can answer in 10 words or less. You can't seem to do it four or five lengthy posts.
And finally, "Republicans wont have as much incentive to run up the debt".
Over 40% (and growing) of the nation's budget is owing to social justice programs started and enlarged by Democrats since 1930.

August 16, 2011 - 10:31 am

ecgberht-
Are you joking? Answer a question in 10 words is your idea of a discussion or proof of being right. That is an infantile form of argument or brilliant red herring for idiots. But it is not an honorable way to treat others. (if this is an obscure reference to Hillel answering a question on one foot, it is still as childish and against contrary to Hillel's response to the question)

And if showing articles with direct quotes from primary sources and numerous citations of law and govt. reports somehow are not worthy, what is in an online discussion? You do not seem to know anything about arguments at all. Fortunately, perhaps someone who cares about these issues can read my comments and cites as you seem indefatigable when it comes to re-stating misstatements or misconstruing the few real ones.

Yes, around 40% and growing part of the nation's budget is owing to social insurance programs. And that fact has saved millions of lives and made the economy stronger than otherwise and allow for strong entrepreneurship. And since people need income and health guaranteed especially as they retire, these insurance programs have been run extremely efficiently. And a private sector insurance version even with heavy guarantees on payouts, would be less efficient for 100% coverage. And anything less than 100% is inhumane, and understanding that, we as a society will have to pay the bill (instead of borrowing the same money from the wealthy and needlessly going into debt).

So in ten words or more, be decent and truthful next time.

Daniel

August 16, 2011 - 11:29 am

I take that to mean, "no I cannot answer the question in 10 words or less". It has nothing to do with "honor" or "red herring" or "infantile argument". What it has to do with is an ability to boil the most complex issues down to simple principles. That's a sign of intelligence. Think e=mc2.
"perhaps someone who cares about these issues can read my comments and cites". Another fantasy of yours. Trust me, bubala, ain't nobody reading this but you and me.
The rest of this is your opinion on fiscal policy and how the people's money should be spent. Like my granny said, "opinions are like ass holes. Everybody's got one".

Why was it necessary to raise the debt ceiling?

August 16, 2011 - 11:41 am

In honor of Hillel and Einstein, please first tell me in 10 works or less,
"Why was it necessary to raise the debt ceiling?" And then let me, poor disciple of yours, try and master this arcane form of rhetoric, somehow left out of the classics.

You go first and in ten words or less....

waiting...

waiting...

August 16, 2011 - 11:48 am

waiting ecgberht, hapless king of great britain, ally to the pope,

what is this e=mc2 equivalent for the debt ceiling?

August 16, 2011 - 11:52 am

ecgberht, or egbert,

please what is the answer to your quiz? I might even agree and give you credit (of course, I won't cite it if it every gets published in a journal).

waiting...

waiting...

August 16, 2011 - 12:09 pm

hmmmm. time is ticking. I will give you 100 minutes to respond. That is at least 10 minutes per precious word. If only I knew that 10 word statements were equivalent to considered and ponderous academic exercises with endless endnotes.

yes, I realize you are sooooo brilliant --- ten words or less, the sound bite on steroids. Those 15 second clips of politicians are way to long allowing for more than 50 words. This could be the beginning of the a new debate form for Republicans: only 10 words per answer.

waiting...

waiting....

August 16, 2011 - 12:14 pm

still waiting... don't worry e. you still have 70 minutes to jot down those 10 words.

while we wait, lets hear from your e=mc2 hero, Albert Einstein.

"I am an adherent of the ideal of democracy, although I well know the weaknesses of the democratic form of government. Social equality and economic protection of the individual appeared to me always as the important communal aims of the state. Although I am a typical loner in daily life, my consciousness of belonging to the invisible community of those who strive for truth, beauty, and justice has preserved me from feeling isolated."

- Albert Einstein, The World As I See It (1949)

Wow, I see why ecgberht is an admirer of Einstein.

waiting....

August 16, 2011 - 12:48 pm

"Why was it necessary to raise the debt ceiling?"
Because the Federal Government spends more than it takes in.

Nothing to do with "honor" or "red herring" or "infantile argument".
A simple concept that you don't get. Now put that obvious answer, which you weren't able to come up with, in the context of my post from 12:09 yesterday and the downgrade from S&P.
The FG spends more than it takes in. The fact that the debt ceiling needed to be increased (and the Federal debt has increased about 40% in the past 2 1/2 years) says that the trend shows no sign of slowing down. Now you speak of, "the untruth that us bonds wont be paid back". I think this simpleton notion comes from the idea that "it is unthinkable that the US would ever default". A lot of people hold that view. I love this country. It's the greatest in history. But every great country that has fallen has fallen due to poor fiscal policy. And it doesn't mean that we are immune from the same fiscal mistakes. Here is an important lesson for you; some may think, when they look at the U.S. that America and default could never be in the same sentence. When money men look at the U.S., they see it differently. They see it in terms of dollars and cents, in terms of fiscal soundness - just like a bank does when it decides whether to make you that mortgage loan or not. So if you think that the concepts of America and default create cognitive dissonance for you, the take away lesson from the downgrade is; Money men don't care. Print that out and stick it on your mirror and look at it every day. It's an important idea. They are completely dispassionate. Money men don't care - about anything but our ability to pay back our loans and remain fiscally sound. As great as this country is and was, to them that assurance is not set in stone.

August 16, 2011 - 12:50 pm

That is lesson 1 and is enough for you to try to absorb for today, so I am going to drop off this merry-go-round for now. If you wish, you can have the last word. If a tree falls in the forrest and there is no one to hear, does it make a sound?

August 16, 2011 - 12:51 pm

Poor ecgberht, despite being aware of Baran and packet switching, a comment left on the Internet is not tree falling in a forest, never to be heard. Just click on http://tinyurl.com/ecgberhtondrshow to read any and all of his (or her) comments on this site (or use the search). Eventually the comments will hit the Internet Archive or similar system. I sometimes check on my first web site started 16 years ago.

After Bill Maher on his show expressed disdain for Internet political chats on his RealTime show, I decided to take the plunge again to see if it was still so bad. Having written and studied online politics for a couple decades, I assumed he was right. Of course there are some listservs that can be quite good, but based on perusals of CNN and WAMU, Maher was right. I tried to engage with clearly one of the most knowledgeable on the chat, but I did not feel we ever had an interaction that improved either of our arguments.

I think that very little meeting of the minds happen, and definitely no synthesis of ideas. And new ideas outside of conspiracy theories seem few and far between. What I most dislike is that the DRSHOW does little to help provide primers for each topic (though the lack of them is the norm). ecgberht and I competed to explain things. Obviously, I thought that mine were correct, but since there is no neutral party to officiate, nothing seemed to change. I did try and look up ecgberht's assertions and did find one thing I didn't know or had forgotten about Barney Frank, but often they were unsupportable or essentially opinions.

cont.

August 17, 2011 - 5:38 pm

...cont. from http://thedianerehmshow.org/shows/2011-08-12/friday-news-roundup-hour-1?...

The value of Internet chats seem to be more of an outlet for the best and worst of our collective concerns. It was hard to avoid being pigeonholed which serves as a short cut for dismissing what the other person said -- you are a right wing nut vs. you are a statist, liberal, etc. But that us vs. them also helps to point out what a person associates with.

What did impress me most about ecgberht was his second to last comment which lays out his underlying concern. I wonder sometimes how many chatters are shills for advocacy groups, but ecgberht seems very authentic and heartfelt. I certainly agreed with his last concern with the long term health of the US economy which is very different from the Norquist/Koch/AEI folks interest in the top tier only.

What I think is also missing what the goals/ends of each person. Clearly the means to the ends usually are explained, but not what the ends really are, usually ill-defined as economic growth generally or what is "better." If I believe that every retired person must be supported without needing to beg or suffer in silence, and the other might be willing to let "undeserving" or ill-prepared suffer as a result of some form of fate especially if helping them all would bring the rest of society down. But without sketching out this and other goals, often the chatters never can more logically work on or compromise on the means.

Thanks to ecgberht for engaging at all. I think that online chats need to have better tools to allow for constructive conversations.
Daniel Bennett
Washington, DC

August 17, 2011 - 6:14 pm

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