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Debate Tuesday: Mumbai and Gambling (Internet & Wall Street)

December 2, 2008

Today I discuss with Republican strategist Mike Lane the massacre in Mumbai. I suspect we’ll mostly agree on the horrific nature of the tragedy, our solidarity with the people of India, and the need to crack down on terrorist bases in Pakistan.
Then we’ll move on to discuss “credit derivative swaps,” the unregulated gambling by the financial services corporations on Wall Street that I believe is the root cause of our current economic meltdown.
I will argue for strict government regulation and oversight of the credit rating agencies that gave failed securities their highest rating of AAA. I will also advocate for new laws to match the individual salaries and bonuses of corporate executives to the fortunes of their companies by banning golden parachutes and giving new powers to shareholders to remove incompetent managers so as to protect free-market incentives over the greedy disincentives that led to this crisis.
The goal, as always, is to prevent people from gambling with other people’s money. The current system of “heads, Wall Street gamblers get billions; tails, taxpayers lose billions” has got to stop.
Meanwhile I’m quite certain that Mike — who like a typical Republican, usually opposes Government regulation — will still unearth some reason to blame everything on the Democrats. Don’t think he can? You watch and see.

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  • Robt December 1, 2008 1:38 pm

    Does Mike Lane feel that the U.S. Gov’t should be there to assist and protect American corporations in foriegn lands? To make things stable and secure that these companies can continue to move out of the U.S.?

  • Robt December 1, 2008 1:36 pm

    In your preshow statement you say, Mike Lane will typically advance the republican status quo of Gov’t involvement.
    Excuse me for saying, Mike has never fully taken that position. As well as any republican. They use Gov’t regulation or derugulation more than Dems use Gov’t to regulate.
    Mike just wants Gov’t to do things for certain Americans and the rest of America are not of concern.
    The republican quick acceptance of Wall Street bail outs VS Gov’t loans to the American auto industry. You know because of those evil anti company union workers.
    Please ask Mike if you have time,
    Why did the Auto industry Executives release information regarding the workers benefits cost of appx $2,000 to each auto sold to pay for those workers?
    Does it make a difference when purchasing a $40,000 vehicle, if it is $42,000 instead?
    Most of all, How much cost is added to each vehicle sales price to cover all the executive bonus, perks, vacations, more bonus, private jets,executive expenditure allowances, gifting of shares,etc.
    Does Mike have any figures of the cost added to each auto sold support the Executives alone ?
    If Executive pay was taxed at a very higher rate. Would it discourage companies from extreme exec pay(s) and cause more investment of that money into the business?

  • Humpty-Dumpty Salvation Army December 1, 2008 10:02 am

    OK–men–the first giant egg goes around FoxNews

  • Cosmic Defense System December 1, 2008 9:59 am

    A Spiritual Response to Terrorism
    With your thoughts, you can help build a system of spiritual quarantine for terrorists and would-be terrorists.
    You don’t have to know who they are. The Creator does.
    Just do this.
    For a minimum of five minutes every day, meditate in the following way:
    Pray that anyone even thinking of committing a terrorist act, anywhere in the world, be surrounded by a huge golden egg.
    The eggshell is made of the spiritual equivalent of titanium. It is impenetrable. Any malevolent, hateful or violent thought that emanates from the mind of the terrorist cannot get past the confines of the eggshell. Before the violent thought can turn into violent action, it is stopped by the force of this meditative field.
    Energetically, the terrorist is quarantined.
    On the inside of the egg, see a shower of golden Light pouring from the eggshell into the heart and mind of the terrorist. Pray for your lost brother. See him or her being healed by the force of divine Love, wrapped in the arms of angels, reminded of who he truly is.
    Five minutes. Every day. Tell everyone you know.
    by Marianne Williamson