A New Wave

The woman who tried to stop the financial meltdown

Maybe it's useless to lay blame for our current financial mess, but I think women, generally, would have been less willing to engage in the extreme risks that spawned financial derivatives - those toxic financial instruments that have brought the world's economy and finances to the brink of failure.

One woman in particular saw the problems posed by these instruments and their lack of regulation and took on three of the best-known (now infamous?) names in the financial sector: Alan Greenspan, Robert Rubin and Arthur Levitt.

Her name is Brooksley Born.(h/t to NWLC's blog, Womenstake) .

From 1996 to 1999 she chaired the Commodity Futures Trading Commission (CFTC), the federal agency which oversees the futures and commodity options markets as well as the individuals who participate in those markets. Her reputation is one of championing the rights of consumers. 

She, a former president of the Stanford Law Review, a public-interest lawyer, and a Clinton appointee to the commission, fought them and Wall Street lobbyists.

Born wanted more regulation of financial derivatives. The other big guns did not.

Some people, notably Warren Buffett, agreed with Born. But, at the time, it was more of an inside-the-beltway power struggle than a decision that would affect the financial livelihood of millions of Americans.

We now know that the largely unregulated market in financial derivatives, particularly in credit default swaps, contributed to the economic collapse that has sent ripples into millions of American homes.

Briefly, here is what Born knew and did:

While on the commission and after becoming its chair, Born sought comments on the need to regulate derivatives, but the request was opposed by then-Federal Reserve chairman Alan Greenspan and Treasury Secretary Robert Rubin. (Lawrence Summers also opposed the request), but it was Rubin, Greenspan and Levitt who ran the well-oiled resistance machine against Born's calls for regulation of the derivatives market, saying that any such efforts would create legal uncertainly about derivative instruments and could destabilize what had become a significant global financial market, in addition to the usual cries about how new regulation might stifle innovation and could result in moving these instruments offshore.

If all of this sounds vaguely familiar, welcome to back to the future redux.

Unfortunately, Born didn't prevail and Congress stripped the commission of any regulatory authority:

Congress inserted something into an agriculture bill that temporarily prevented her agency from taking regulatory action over the derivatives market. Beaten, Born left the commission in 1999.

A year later, Congress passed the Commodity Futures Modernization Act, which took away any power of the agency to regulate over-the-counter derivatives.</i>

This is a snippet of Born's congressional testimony on the need to regulate derivatives:

“Losses resulting from misuse of OTC derivatives instruments or from sales practice abuses in the OTC derivatives market can affect many Americans. Many of us have interests in the corporations, mutual funds, pension funds, insurance companies, municipalities and other entities trading in these instruments.”

Additional information about Brooksley Born is available here, here and here.

Doing Right By Women and Girls

The president's signing of an Executive Order creating a White House Council on Women and Girls is a small victory with great possibility for ensuring women's equality in myriad ways, from employment to health care, from education to work and family balance.

President Obama understands that this council doesn't exist in a vacuum separate and apart from the policies and programs developed and implemented throughout the federal government and that if women are ever to be on the same footing with their male peers a coordinated and interconnected effort is required at all levels of government.

The White House Council on Women and Girls will ensure that agencies across the federal government, not just a few offices, take into account the particular needs and concerns of women and girls. The Council will begin its work by asking each agency to analyze their current status and ensure that they are focused internally and externally on women.

Were the Department of Labor, for example, to develop guidelines on, say, new "green economy" jobs, there is a real possibility that women won't be forced to put up with discriminatory patterns of hiring, training, promotion and wages -- especially as they existed and became embedded into blue-collar occupations.

Or health care: imagine if HHS, Labor and Commerce were to be fully cognizant of the gender bias that exists in rates for health and other forms of insurance and finally generated changes that made such bias illegal.

Oh, the possibilities.

It's too soon to know how successful the Council will be, but Obama has the right vision: the concerns of women and girls must be integrated into every level of public policy and not treated as something separate and apart from the welfare of the country and the world.

1920-2008: Women's Rights Then and Now

Imagine the thrill and the deep sense of satisfaction among women on August 26, 1920 when Congress ratified the 19th Amendment to the Constitution, giving women the legal right to vote and thus extending voting rights guaranteed to all "men" in the 15th Amendment.

By way of perspective, my maternal grandmother was 15 years old; my paternal grandmother was 30 years old; and my mother was 1-year old. My maternal grandmother, no doubt, danced in the streets or something equally exhilarating, since she was a feminist in every way that counted. She was my introduction to feminism and created a powerful image for me of what was possible: an independent woman who did what made her happy rather than what made her husband happy; a woman who frequently spoke truth to power, in spite of her 5-foot, 4-inch frame, and for whom nothing seemed impossible.

 

 

The non-vetting of Hillary Clinton

I'll have more to say about Obama's VP pick in my blog after I have a chance to review some of the voluminous information on Sen. Biden. 

For now I want to tease out the vetting of VP contenders from the actual discussion about the VP pick. 

Setting aside the harsh feelings and attitudes expressed about Hillary Clinton during the primaries, I think it was a mistake for Obama not to have vetted her for VP, which we are now learning he didn't do.

Bush Administration continues to undermine abortion rights

The ways in which Bush & Co are shredding or completely reformulating federal laws --- as they leave office --- boggles the mind.

That they pay no heed to U.S. Senators and that they use their last months in office to weaken long-established laws and to embolden ideologues leaves little doubt that they won't leave office with a whimper.

The latest effort (which met with stiff Senate opposition several weeks ago) is a revised HHS regulation that will limit women's access to reproductive health care services, including information and access to contraceptives and abortions:

Bernie Mac's lowball, emotionally-stunted humor

On a scale of 1 to 10 - 1 being "really, really outrageous and twisted" misogyny, Bernie Mac's attempts at humor on Friday (at an Obama fundraiser) rank about 3 on my misogyny meter. But Joan Walsh is less incensed than I am:

Anyway, soldiers are dying in Iraq, the mortgage industry is imploding, banks are closing, our civil liberties were seriously eroded this week (with Obama's support) and we're expected to be outraged by Bernie Mac? I'll pass.

Walsh happens to like Bernie Mac's humor. I don't. He's one of a long line of (especially) Black male comedians who use women as comedic punching bags. Friday's fundraiser for Obama was no exception:

Hillary: Is She Or Isn't She?

If Howard Wolfson has it right, Hillary Clinton isn't being vetted by the Obama VP team:

On Fox, former Clinton chief strategist Howard Wolfson indicated that Hillary Clinton is not being formally considered as Obama's running mate, in that she has not been asked to undergo the formal vetting process.

"Not as far as I know," Wolfson, who remains close to Clinton, said in response to a question from Sean Hannity. - more -

Medicare: The Other Big Vote And Its Implications

In the discussions that ensued about Senate passage of FISA, another big vote didn't get much attention: Medicare - specifically, a bill to reverse mandated cuts in doctors' reimbursement fees.

The Senate passed this bill with room to spare, overriding a second Republican filibuster. The first time it was brought to the floor, Democrats failed to get a majority and the bill was tabled. Companion legislation in the House passed by a wide margin. - more -

Hillary Clinton's Principled Position On FISA

I won't rehash what has already been written about the Senate vote on FISA. Detailed analysis, roll-call votes and what the new bill does and doesn't do are available here, here, here and here. Glenn Greenwald, as usual, has the most in-depth and insightful review and analysis.

Progressives are hurt and angry that Obama caved on FISA. At the same time, they seem surprised that Hillary Clinton didn't. I'm not. Her position on FISA has been crystal clear from the beginning and she has never wavered.

This Just In: Obama Is A Politician, After All

The Senate voted 80-15 yesterday in favor of granting immunity to telecoms who engaged in electronic eavesdropping under Bush Administration "information-gathering guidelines". This is the first part of a two-part vote on the bill. Sen. Barack Obama held a press conference after the vote, explaining why he favored the "reworked" FISA legislation:

Asked specifically why he's supporting the current FISA bill when he'd promised months ago to support a filibuster of an earlier version of the bill, Obama suggested flat out that "national security" overrides the question of telecom immunity...

[snip]

Obama's line on national security here seems to be affirmation of something that many understood already: That he will support the bill even if telecom immunity isn't stripped from it, despite his promise to try to get immunity out of the legislation. If the issue of telecom immunity doesn't override national security, he'll of course vote for the bill with or without it.

Happy 4th of July! - Part II

I received an e-letter from Jay Inslee yesterday regarding his position on FISA. Rep. Inslee represents Washington's First Congressional District and is thus my representative. He is also a terrific representative and legislator.

I am especially proud of the fact that he voted no on the 2008 FISA Amendments. Here is his brief statement from CR:

Happy 4th of July! - Part I

In keeping with the spirit of the holiday, Sen. Patty Murray has introduced legislation to provide an array of health care services at VA hospitals/clinics, for female veterans:

The legislation, the Women Veterans Health Improvement Act of 2008, seeks to prepare the VA for the unprecedented influx of female veterans who will access care there in the coming years. The legislation addresses many of the unique needs of female veterans by authorizing programs to improve care for Military Sexual Trauma (MST), increase research on the current barriers to care, and expand women veterans staff positions at the VA.

The bill was passed as part of S. 2969 – The Veterans' Health Care Authorization Act of 2008 -- a larger "omnibus" bill that incorporated a number of different veterans' health care measures.

Equal Pay Should Actually Mean Something

On April 28 the U.S. Senate failed to pass a significant piece of legislation: H.R. 2831, the Lilly Ledbetter Fair Pay Act of 2007. 

This bill was a remedy to the 2007 Supreme Court decision that ruled against Lilly Ledbetter in her pay discrimination lawsuit against Goodyear Tire & Rubber The bill would have "reset the clock" for filing pay discrimination lawsuits with each and every discriminatory wage practice by employers (issuing a paycheck for example). SCOTUS ruled that workers who face wage discrimination have only 180 days to legally challenge the initial discrimination. 

Both Democratic senators and presidential candidates (Barack Obama and Hillary Clinton) voted in favor of the bill. John McCain, the Republican, missed the vote.

Typical, right?

I thought so but then I found this interesting tidbit:

Enough With The Roe v. Wade Arguments

Since Hillary Clinton conceded the Democratic nomination on June 7, I have read at least two articles a day by progressive bloggers telling Democratic women why it is in women's best interests to vote for Barack Obama. Of the numerous articles, these six are the most representative arguments.

In every case these purveyors of wisdom alternately chide us, berate us for being angry at the media, the Democratic Party system, and its leaders, and lecture us about throwing away our Freedom of Choice if we do not do the right thing and vote for Barack Obama.

First, let me get something out of the way: I'm a proponent and advocate of ensuring women's reproductive rights.

Pride Around The World 2008

A few highlights from Pride events. There are a couple of unusual stories, some surprises, and news about prejudice and hatred that still exists toward LGBTQs.

PRIDE NYC:

The largest of the pride celebrations in the United States, more than one million people attended today's gay pride parade in New York, which commemorates the anniversary of the 1969 Stonewall Riots.

[SNIP]

This is a particularly memorable year for New Yorkers as newly appointed NYC Gov. David Paterson recently ruled that New York will recognize same-sex marriages from other states.

Obama Is Just A Politician After All: PART II

It's been a rough couple of days for the O-godosphere (Obama's online cheerleaders). First he makes a political calculation to abandon public financing so that he can use his own online ATM (otherwise known as "small donors"). Then he capitulates on a reworked FISA bill, which was passed by the House of Representatives on Friday.

Obama is at least old enough and smart enough to know that his decisions must, of necessity, be political; that they are frequently the best-available and best-intended compromises; and that this is how the world works (more often than not). His young supporters do not know this.

Comedian George Carlin Dies

LOS ANGELES (Reuters) - Comedian George Carlin, a counter-culture hero famed for his routines about drugs, dirty words and the demise of humanity, died of heart failure at a Los Angeles-area hospital on Sunday. He was 71.

Obama Is Just A Politician After All: PART I

To paraphrase Larry Johnson's post from yesterday, it's been somewhat painful to read and hear liberal bloggers' outcries over Barack Obama's statements last week to forego public financing and, more importantly, his acceptance of a reworked FISA law, which was passed by the House on Friday.

Frankly, I'm amused to see the level of apoplexy among so-called progressive bloggers over Obama's abandonment of principle, capitulation to politics-as-usual, and political calculation. Many of them are shocked, shocked! to learn that Barack Obama is, after all, just a politician.

New Polls, Intriguing Findings

New polls are out. The "horse race" polls are, in the main, nothing new, with the exception of the latest Newsweek poll, which strikes me more as an outlier, compared to daily tracking poll numbers that are probably closer to truth.

First, the horse race numbers.

To start things off, the Newsweek poll shows Obama with a whopping lead over McCain:

... new NEWSWEEK Poll shows that he has a substantial double-digit lead, 51 percent to 36 percent, over McCain among registered voters nationwide.

[snip]

Obama's current lead also reflects the large party-identification advantage the Democrats now enjoy—55 percent of all voters call themselves Democrats or say they lean toward the party while just 36 percent call themselves Republicans or lean that way.

Hillary Clinton: Our New Populist-Feminist Heroine

Blogs and news sites are buzzing about John Heilemann's excellent profile of Hillary Clinton in this week's issue of New York Magazine.

Above all, Heilemann's article is real journalism and not the slash-and-burn, take-down, smackdown variety of "news" practiced by Chris Matthews, Keith Olbermann, MSNBC, FOX, and so many others.

CA Marries Lesbian Activists Martin And Lyon

Two of the nation's best-known lesbian activists enjoyed a big first yesterday. Phyllis Lyon, 84 (seated) and Del Martin, 87 became the first lesbian couple to marry under California's gay marriage law, which was upheld by the state Supreme Court last month.

Obama Says No Privatization Of Social Security

Barack Obama would change the way payroll taxes are levied for Social Security, eliminating the tax on wages between $102,000 and $250,000, but re-assessing it on incomes of $250,000 or more annually.

COLUMBUS, Ohio — Democratic Sen. Barack Obama on Friday called for higher payroll taxes on wage-earners making more than $250,000 annually, a step that would affect the wealthiest 3 percent of Americans.

Democratic Party Kumbaya, Anybody? Hello! Hello!

Not everybody in the Democratic Party is ready to make nice and unify.

Take some of Hillary Clinton's top fundraisers, who held a meeting on Thursday with Obama Campaign manager, David Plouffe. The sit-down was cordial; lots of questions were asked and answered; several fundraisers volunteered to host parties and other events for Obama and the Democratic Party. But not all:

Clintons' Statement On Death Of Tim Russert

Statement of Senator Hillary Rodham Clinton and Former President William Jefferson Clinton on the Death of Tim Russert

“We were stunned and deeply saddened to hear of the passing today of Tim Russert.  Our thoughts and prayers are with his wife Maureen, his son Luke, his father who we all have come to know as Big Russ, his extended family and all of his many friends and colleagues at NBC who have suffered a tremendous loss.  Always true to his proud Buffalo roots, Tim had a love of public service and a dedication to journalism that rightfully earned him the respect and admiration of not only his colleagues but also those of us who had the privilege to go toe to toe with him.  In seeking answers to tough questions, he helped inform the American people and make our democracy stronger.  We join his friends, fans and loved ones in mourning his loss and celebrating his remarkable contribution to our nation."

"Meet The Press" Moderator Tim Russert Dead At 58

Tim Russert, longtime moderator of NBC's "Meet The Press" collapsed and died yesterday at NBC's Washington Bureau office. He was wrapping up taping for his Sunday show.

President Bush, along with the two main presidential candidates, Sens. John McCain and Barack Obama praised Russert:

"Tim was a tough and hard-working newsman. He was always well-informed and thorough in his interviews. And he was as gregarious off the set as he was prepared on it," Bush said.

Speaking to reporters in Columbus, Ohio, Obama said, "There wasn't a better interviewer in television, not a more thoughtful analyst of our politics."

McCain said: "Tim Russert was at the top of his profession. He was a man of honesty and integrity. He was hard, but he was always fair."

CNN and MSNBC suspended regular programming, and NBC Nightly News with Brian Williams devoted most of its broadcast to tributes from journalists and friends of Russert. Tributes have also been written by writers at many of the nation's leading newspapers and magazines, including U.S. News & World Report, the Wall Street Journal, Barron's, Time, Reuters, Associated Press, the Los Angeles Times, Newsweek, Forbes, The Village Voice, and both of Seattle's dailies.

Russert is survived by his wife, Vanity Fair writer Maureen Orth, and their son, Luke, who had just graduated from Boston College. The family had just returned from a trip to Rome. Russert was 58. News reports indicate that he died of a coronary embolism, but an autopsy is pending.

Condolences to Russert's family, friends and colleagues.