Word: fails
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Republicans are now using Landrieu as a scapegoat to mount an attack on the ethics of Democrats, but they fail to see that Landrieu is actually a moderate trying to protect her constituency. In the new media age of sound bites, the idea of a “new Louisiana purchase’’ is more potent than trying to explain an anomaly in the Medicaid system to the body politic. It’s worth remembering, though, that the Louisiana Purchase wasn’t so bad for America...
...Wall Street? By facing the music now. Toughen up borrowing requirements by banks. Increase oversight, especially when it comes to regulating derivatives. Perhaps enact a 21st century version of Glass-Steagall. And don't allow any institution to become too big to fail. Does that mean some countries may get ahead of us in terms of financial innovation? Sure, but so what? For much of this decade, both England and Iceland were considered friendlier to capital markets than the U.S. England is now threadbare; Iceland is bankrupt...
...author for his brilliant articulation of what California really is. Despite the famed smog and legendary congestion, innovators find it easier to breathe and flourish in that state than anywhere else on earth. I was delighted that the article noted California's unique attitude to those who try and fail. A pat on the back for trying and having someone tell you to chalk it up to experience is much more likely to promote another, perhaps better, attempt than the scorn that failure usually attracts elsewhere. Robert James-Herbert, Ruse, Australia...
Capitalism didn't fail us, publishing heir Forbes and his co-author argue. We failed capitalism by getting in its way. As if we're the ones who created the sleazy subprime mortgages and exotic derivatives (graded phony AAA by real capitalists) that blew up the system. It's the standard Forbes canon: government and taxes bad; rich people good. The pair dutifully round up free-market evangelists from Smith to Hayek to Friedman to support their apologia but fail to add any real insight. Capitalism works, all right, but not like this...
...been almost three months since General McChrystal reported to Obama that U.S. efforts in Afghanistan would fail if 40,000 additional troops were not deployed there. McChrystal’s experience as the commander of the military’s clandestine service has given him expert insight into how insurgencies operate—this background adds additional legitimacy to his request, which the President must take very seriously...