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12.7.2002 9:55 PM Larry Kudlow writes that Paul O'Neill got fired because he couldn't sell a tax plan that he didn't believe in. Kudlow goes on:
"No Tears for O'Neill" [via Power Line] Sean Hackbarth | 9:40 PM Right Wing News remembers Pearl Harbor. Sean Hackbarth | 9:11 PM Out of all the books that make the NY Times Book Review's list of notable nonfiction, I read only two--Warrior Politics and What Went Wrong? The world-famous TAM Book Awards will be coming in a few weeks so you know what the best nonfiction of 2002 really was. "Notable Books 2002" Sean Hackbarth | 12:34 AM Big econ news! Paul O'Neill and Lawrence Lindsey both got the boot. O'Neill was most well known for hob knobbing with Bono in Africa while the stock market was in a free fall and the economy sputtered. Lindsey may have been a good economic adviser during Bush's campaign, but that didn't translate into anything effective in the White House. Former Goldman Sachs head, Stephen Friedman appears to be Lindsey's replacement. As for Treasury Secretary, Bush is said to have a name, but that hasn't leaked out yet. Some names that have come up include Stanford economist Michael Boskin (not familar with him), Commerce Secretary Donald Evans, ex-Congressman Bill Archer, ex-Senator Phil Gramm (won't take it because he wants to make a little money in the private sector), Gerald Parsky (never heard of him), Charles Schwab (interesting pro-investor class choice), NYSE chairman Richard Grasso, Trade Representative Robert Zoellick, Rep. Dick Armey (great tax cut advocate), Steve Forbes (tax cut obsessed, but in a good way), and UBS PaineWebber head Joseph Grano. O'Neill's problem was that he was an invisible Treasury Secretary. He wasn't visible pushing for Bush's tax cut. He wasn't making waves on news programs advocating grand tax reforms. He wasn't on CNBC reassuring investors that tax cuts with time would bring about economic recovery or that the economy wasn't as dreadful as many say. Part of it was political. I'm sure the White House didn't want O'Neill to speak too loudly about eliminating the corporate income tax. Another part was O'Neill's personality. He formerly ran Alcoa. While running it fine, he was absolutely invisible to 95% of Americans. O'Neill didn't seem to mind the anonimity and brought that to the Treasury Department. O'Neill wasn't a Bob Rubin or even a Larry Summers (and he's an academic economist). William Saletan is right in calling that "show business." A Minnesota economist sees the personel changes as selling a plan. The Bush economic approach won't change "because I don't think these guys were making the calls." Here's Brad DeLong's criteria for an effective Treasury Secretary:
The public trusts Bush. They trust him with fighting the Islamist War, and they trust him to do his best with the economy. If Bush were to stay the course and not make any changes, the public would have seen this as Bush not making an effort. Democrats would go after Bush for caring more about stuff overseas than in the U.S. By firing O'Neill and Lindsey, it sends a signal that Bush is concerned and is willing to try new things to get the economy moving faster. If it doesn't work, at least Bush can say that he wasn't standing still. If outside events (war, terrorism, or a general world economic downturn) are perceived to be the reason for continued economic sluggishness, he could survive politically. That all depends on the public's trust in Bush to do his best for the country. As for a replacement, it should be someone who's sound on economic policy, and is willing to talk loudly and often. My first choice is Larry Kudlow even if that means he has to leave his great CNBC show. Heck, I'd even think about his co-host James Cramer. Brad DeLong likes Martin Feldstein. So do I because he knows so much about the importance of tax policy. "Speculation Begins on Replacement for Treasury Secretary" "Bush Eyes Former Goldman Exec for Economic Job" Sean Hackbarth | 12.6.2002 11:37 PM The USS Paul Hamilton collided with an Iranian oil vessel in the Persian Gulf. The only damage was a hole in the Paul Hamilton above the water line. The destroyer is in the same class as the USS Cole which was attacked by al-Qaeda two years ago. Sean Hackbarth | 11:25 PM Rep. Kathleen Harris (R-FL) as been named as an assistant whip. She is "one of [the] very few first-term members of Congress who will be included in the whip teams." The Left conspriacy nuts will be all over this. In exchange for helping Bush win Florida in 2000, Harris gets a jump start to Congressional power. "Katherine Harris Named Assistant Majority Whip in Congress" Sean Hackbarth | 12:14 AM Happy B-Day Strom! "Strom Thurmond Turns 100 Years Old Thursday" Sean Hackbarth | 12:08 AM Bravo to German tax protesters. They're sending Chancellor Gerhard Schroeder the shirt off their backs in opposition to new taxes. "Taxed Germans Having Shirty Xmas" Sean Hackbarth | 12:00 AM I know I'm a little behind, but TIPS is dead. "Feds' Spying Plan Fades to Black" Sean Hackbarth | 12.5.2002 11:41 PM Is it the sign of addiction to have to visit a grand opening of a Krispy Kreme? I will be in Brookfield, WI on the 10th. Sean Hackbarth | 11:07 PM Ok, so the world doesn't like us as much as it used to. Until I see the waiting lists of people who want to emigrate into the U.S. drop to zero, or nations dropping out of the Islamist War and joining the enemy, I won't be very worried. Let's delve into this story a little bit. 83% of Turks oppose using their military bases to launch attacks into Iraq. That's fear of a Kurd nation rising from a broken Iraq. Americans find nuclear weapons to be a major threat, while foreigners see AIDS, disease, pollution, ethnic strife, crime, and corruption to be serious problems. This isn't shocking since the U.S. has done a better job than the rest of the world at solving those problems. If you have AIDS or any other disease, you're better off in the U.S. We have little ethnic strife (we would call them hate crimes), have an ever-improving environment, and besides a few outrageous corporate fraud cases have little corruption. Compared to other places on earth, the U.S. is a shining city on a hill. Here's a nugget that irritates me:
It's easy for these countries to hate Saddam, but not support toppling him. The U.S. will do the heavy lifting when war breaks out. It's easy to be in opposition when you don't think you're the No. 1 target of radical Islam, and when another country's men and women will die instead of your own. But so as to not make it appear that I'm a typical cowboy American who doesn't appreciate foreign policy, I offer this suggestion to the State Department. Since only 6% of Egyptians support the U.S., how about not sending them their $2 billion in aid next year. We don't need to financially support a country that doesn't appreciate us. Cut them off, and then do a poll. "U.S. Losing Popularity in World" Sean Hackbarth | 10:41 PM Al Sharpton is positioning himself for a Presidential run by blasting Bill Clinton. He told the Washington Times,
He then gave a speech in Salt Lake City calling for $250 billion over five years on "infrastructure revamping." Sharpton thinks it "would infuse the private sector with jobs and money." It certainly would be full of pork barrel projects. "Sharpton Raps Clinton for Election Losses" Sean Hackbarth | 10:10 PM Modern art and the Culture of Death have combined into something gruesome. "Suicide Mistaken for Art Performance" Sean Hackbarth | 12.4.2002 4:01 AM Daniel Pipes delivers a strong accusation to the current administration and previous ones. He claims the Saudis have paid off past and present administrations to protect the close Saudi-American relationship.
Pipes is accusing the Bush and past administrations of taking bribes. Such serious charges require some evidence. Pipes doesn't provide any in his article. "Government for Sale [to the Saudis]" Sean Hackbarth | 12.3.2002 12:59 AM Be wary of Brazil's president-elect Lula. Fidel Castro sent him a box of cigars for winning the election and told him he would be attending his inauguration. "UPI hears ..." Sean Hackbarth | 12:47 AM The U.S. officially presented to the WTO its proposal to end tariffs on industrial goods. The response was mixed. Australia, Singapore and New Zealand approved it, but developing nations like India called it "clearly unfair." "Mixed WTO Reaction to U.S. Zero Tariff Bid" Sean Hackbarth | 12.2.2002 3:52 PM Rush Limbaugh on why there isn't a liberal version of him:
It would be tough for a liberal radio yapper to say why our health care system should be run the same way as the post office. Sean Hackbarth | 2:46 PM Maybe John DiIulio just has sour grapes. How can he claim that "There is no precedent in any modern White House for what is going on in this one: a complete lack of a policy apparatus. What you've got is everything, and I mean everything, being run by the political arm"? Doesn't he recall the Clinton administration? That White House was so concerned about politics that cruise missile attacks "happened" at great times to divert attention from Bill's peccadillos. "White House Faith-Based Adviser Turns on Rove; Claims all Decisions are Politicized" UPDATE: Dilulio denies the quotes attributed to him. He told Fox News, "I regret any and all misimpressions. In this season of fellowship and forgiveness, I pray the same." "DiIulio Denies Making Critical Comments of the White House" [via Instapundit] ANOTHER UPDATE: Drudge has posted a memo from John DiIulio to the Esquire writer, Ron Suskind. He's critical of a White House that doesn't get into detailed policy discussions. He's hopeful that more substantive policy comes out because of "the president’s character and heart, the decent, well-meaning people on staff, Karl’s wonkish alter-ego." This isn't the same DiIulio that Suskind claims "turned" on Karl Rove. Patrick Ruffini goes off on DiIulio.
He goes on.
Sean Hackbarth | 1:50 AM With Wal-Mart announcing a record sales day for this past Friday that could mean the holiday season could be better than analysts suggest, or people are concentrating their purchases to discount stores. "Wal-Mart Reports $1.43 Billion Sales Fri." [via Drudge] Sean Hackbarth | 1:05 AM Let's remember those guys and gals abroad fighting and protecting us from the bad guys. "Support Our Servicemen!" Sean Hackbarth | |
ABOUT When I'm not pondering the fate of the universe, I'm reading, writing, or selling books. Here you'll find comments on politics, culture, books, and music. Not necessarily in that order. MAILBOX sean--at--theamericanmind.com ![]() Support democracy and human rights in Iraq! My Bloginality is INTP!!! WEBRINGS « LibertyLoggers » < ? wiscoblogs # > WEBLOGS WIRES AP International AP National AP Politics AP Sports UPI COLUMNISTS Buckley Goldberg Kudlow Novak Horowitz Noonan Reynolds Sowell Will NEWSPAPERS Ha'aretz LA Times Milwaukee Journal Sentinel NY Times Washington Post Washington Times MAGAZINES The American Prowler The Atlantic City Journal Commentary Enter Stage Right First Things FrontPage IntellectualConservative.com In the National Interest National Review New York Times Magazine Opinion Journal Reason Spintech The Weekly Standard NEWS 1stHeadlines ABCNews BBC CNN Cybercast News Service Drudge FoxNews MEMRI MSNBC BOOKS All Consuming The New Republic New York Times Town Hall Book Club Washington Post Weblog BookWatch TECH News.com Wired News HUMOR Mallard Fillmore The Onion ARCHIVE Comments by: YACCS template by HELQUIN
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