Today's top story informs us that Wall Street has roared back and that major firms have gone on something of a hiring spree. So, relax everyone: Manufacturing and construction continue to flag, state budget deficits necessitate slashes in all manner of public services from education to environmental protection to public safety, and even LeBron James had to accept a pay cut to relocate to South Florida--but the investment banks who brought you the great recession seem to be doing just fine.
Which may or may not come as consolation to politicians from both parties who voted for the Troubled Asset Relief Program (TARP) who now find themselves targeted for their largesse. Both Democratic and Republican congressional candidates are on the defensive as constituents express anger at their votes to bail out the banks. Interestingly, according to most economists, the TARP legislation did exactly what it was supposed to do: It stabilized the financial system. Furthermore, in the end, the government didn't have to spend all the money it has earmarked for the program, and the money that was disbursed has since been repaid with interest.
We had no great enthusiasm for the program. It seems, however, odd to punish politicians for taking a largely successful action, one which--since the money has been repaid--seems to have had no lasting ill effects. What troubles us is not that people are angry about the fact that fatcats received bailouts--that we can understand. We worry, though, when abstract anger is whipped into moblike frenzy. If you think the bailout was wrong on principle, then by all means, throw the bastards out--but make sure you do it for principle and not because the end result was bad. It seems like it wasn't.
How about a bailout for Haiti? Half a year has passed since a massive earthquake devastated Port-au-Prince, and just a small fraction of the displaced have settled into permanent housing. A line of tents has been erected on a highway median--to reach the latrines requires dodging through traffic. But remember: Goldman Sachs is doing OK.
On the lighter side of the news, we can look forward to the day when flesh and blood teachers will be obsolete. Researchers in the field of artificial intelligence are making great strides in the realm of education. The big breakthrough has come at UC San Diego, where a teacherbot named RUBI conducts Finnish lessons for elementary school children. We don't know why the programmers opted for Finnish as the language of choice--maybe because it has a lot of 'K' sounds, and K's are funny. Still, if you hear of any jobs that might be good for technologically-displaced writing instructors, keep us in mind.
Finally, we were pleased to read that black South Africans hold no grudges when it comes to soccer. Many of those formerly subject to apartheid were willing to put aside years of racism, repression, and violence in order to root for the Dutch national team in today's World Cup final. It seems that sports can build bridges that history may have torn down. It gives us hope that Cleveland and Miami may one day be able to coexist peacefully. We can dream, can't we?
First: The TAPP which gave money to the banks but none to the people. It was a Bush idea which means it was given no thought and therefore did no good for anyone except those who didn't need it.
ReplyDeleteSecond: Haiti which is so terminally corrupt that it doesn't matter how much money or aid we pour into it, none of it is getting to the people who need it anyway. It is, in short, the TAPP program overseas
Third: Since we seem intent on making EDUCATION obsolete from kindergarten up, what does it matter if those NOT supplying are, as well.
Finally: How about if we take the inspiring story of South African futboll and make it into a movie? We can replace Futboll with Rugby (more violent), replace any real South Africans with Morgan Freeman and Matt Damon, and call it... Nah, nobody'd care!