Posts Tagged ‘revolving door’

Oligarchy and the revolving door

October 7, 2016

There are two kinds of revolving doors between business and government.   The first is when people come from the world of business, usually temporarily, to make policy in government.

I don’t think this is necessarily wrong.  If you are making policy on a complicated field, such as finance, you want people who know something about the subject, and often as not that will that will be people who earn a living in that field.

Joseph P. Kennedy Sr. was a stock market speculator in the 1920s, trading on inside information and manipulating the market.   But when he became the first chairman of the U.S. Securities and Exchange Commission (1932-1935), he outlawed this practices.   His experience made him a better regulator.

The second is when government regulators and policy-makers plan to move on to jobs in the industries they regulate and make policy for.

Neil Barofsky, who was special inspector general in charge of the oversight of the Troubled Asset Relief Program (TARP) from 2008 through 2011, wrote about how he was warned that he would make himself unemployable by being too zealous about doing his job, but that he might have a good post-government career if he toned town his reports.

He said he always realizing that doing his job was incompatible with a future job in finance or a higher federal appointment.  He is now a law school professor.  He is an exception.

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The passing scene – August 21, 2015

August 21, 2015

Our infant mortality rate is a national embarrassment by Christopher Ingraham for the Washington Post.  Hat tip to the Mahablog.

The phony unprincipled war on Planned Parenthood by Mary Sanchez of the Kansas City Star (via the Baltimore Sun)

The American infant mortality rate is the highest among developed nations.  The infants of rich Americans have as good a chance of survival as children anywhere in the world, but in the United States, like in countries such as Austria and Finland, the survival rate of children of poor, uneducated parents is much less.

Also, the United States has the same maternal mortality rate as Hungary and Iran.  People who are pro-life and pro-choice ought to agree that something should be done about this.

President Jimmy Carter’s amazing last wish by Sarah Kliff and Dylan Matthews for Vice news.

The Carter Center has nearly eradicated a horrible disease called Guinea worm, which was prevalent in Africa, by promoting common-sense public health measures.  President Carter’s last wish, expressed in his press conference on his brain cancer, is to follow through to eradicate the Guinea worm entirely.

Finland considers basic income to reform welfare system by Maija Unkuri for BBC News.

Finland is experimenting with a pilot project to guarantee everyone a basic minimum income regardless of whether they are employed or not.  It will be very interesting to see how this works out.

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Who’s in charge of U.S. financial policy?

December 12, 2014

goldman_sachs_obama_administration_3-14-12Via Ed Driscoll

I think this chart provides as good an explanation as any as to why the Obama administration does not prosecute individual bankers for financial fraud, does not propose breaking up the “too big to fail” institutions and protects bankers from the consequences of risky speculation.