Word: rosenberg
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Some mutual funds trade in pairs, though their performance has been spotty. The Laudus Rosenberg, GMA Gabelli and Franklin U.S. long-short funds and Phoenix Market Neutral sometimes give the pairs game a spin. But, says Dan McNeela, an analyst at the fund-research firm Morningstar, "these kinds of funds tend to have above-average expenses...
Enter the New Democrat Network, which began life in 1996 as a political action committee--that is, a group able to raise money and donate it to candidates. It was led by a From and Joe Lieberman protege named Simon Rosenberg who, at age 40, is a generation younger than From and markedly less combative. Until this year, the NDN was regarded, accurately, as a DLC clone. But a serious rift has opened between the two groups. "There's a debate in the New Democratic world about where we are going," Rosenberg told me diplomatically. "And if it's true...
...Rosenberg says the rift is more style than substance. From says it's about Howard Dean. "Simon jumped on the Dean bandwagon and abandoned the New Democratic movement because he wanted to be a player," From says, making the dispute public for the first time. "Dean didn't work out and now I guess he's trying the next thing...
...didn't support Dean's candidacy or agree with him on many issues," Rosenberg says, "but I appreciated how he did what he did. I also thought it was time for New Democrats to declare victory in the intellectual wars and make peace with the party infrastructure." In fact, Rosenberg's group continues to give financial support to New Democratic candidates in places like Oklahoma and South Dakota, where the traditional Democratic message doesn't work very well. But he has also reached out to the more adventurous liberals in the mainstream party--groups like MoveOn.org and bloggers like Daily...
...which has endeared Rosenberg to the Democratic establishment. "The NDN is spectacular, very cutting edge," says a party leader. "The DLC is a pain in the ass." For his part, Al From accurately points out that John Kerry has adopted New Dem positions on many issues--positions that became acceptable to liberal Democrats only after the DLC fought for them. And there is a certain sadness in seeing so creative a battler as Al From marginalized. The Democratic Party needs him. But perhaps not this year...