Jon Stewart Explains Aftermath Of Budget Deal

Jon Stewart
From the Huffington Post

(Click the link to see the video.)

Have people been too hard on President Obama? On Thursday night’s “Daily Show,” Jon Stewart approached this topic based on the American people’s response to the President’s recent tax cut deal. At his most recent press conference, you didn’t even need to have the sound on to see how annoyed Obama was.

Stewart pointed out that Obama has always been frustrated with Republicans, but now it seems like he’s become disillusioned with his own supporters. At the press conference, he defended his compromise with Republicans that even the richest Americans would keep their tax cuts and unemployment benefits would be extended. When Obama said it was like the public option battle all over again — no one caring if a much-needed bill was passed because of one compromise that was made — you could really see how frustrated he was.

As always with Jon Stewart it is difficult to add anything to what he has to say, so I’ll let the video say it.

By the way, I am troubled by the not clear connection between this and business ethics. But the tax structure and unemployment are vital elements of the business world and whether or not these actions are just and moral. Should the wealthiest of Americans get a tax cut when so many are unemployed? That’s a business ethics question. At what point is there a shared bond between Americans requiring even a minimal sacrifice? That’s an ethics question.

James Pilant

Jon Stewart Explains The Bush Tax Cut Extension!

Nation's Greatest Source of News?
From Huffington Post

(Click on the link to get to the video.)

After much bickering back and forth over the Bush era tax cuts set to expire at the end of this year, President Obama announced this week that a deal had been made between the Democrats and Republicans in Congress. On Tuesday night’s “Daily Show,” Jon Stewart, ” like the House Democrats, had a lot to say about Obama’s compromise and what it means for the future.

Can A Nation Still Succeed After Letting The Banks Fail? Yes!

James Saft
<This is James Saft, a columnist for Reuters.

From Reuters – em>

Iceland’s remarkable return to growth shows once again that in this crisis the best policy is often the one that will make international partners most angry.

Having been reviled and chastised when it refused to make good the outsize debts of its banks, Iceland this week capped a striking turnaround when it announced that its economy expanded by 1.2 percent in real terms in the most recent quarter, its first such rise in two years.

This is in stark contrast to Ireland, whose pliability and inability as a member of the euro zone to act unilaterally leaves it with a still crashing economy which must service ever more debt by making ever deeper cuts to public spending.

Iceland, which sailed into the crisis in 2008 as essentially a small fishing fleet with a massive hedge fund attached, looked its predicament square in the eye and followed a set of policies seemingly designed to tick off both its friends and enemies, doing its small but mighty best to beggar its neighbors by letting its currency crash, imposing capital controls and, crucially, refusing to make whole the global creditors of its three failed international banks.

While an International Monetary Fund and multilateral package was eventually agreed, and a deal with Britain and the Netherlands over debts from Icesave Bank are currently being hammered out, Iceland’s leaders, at least the current ones, seem convinced that making bank creditors share its pain was the right course.

“The difference is that in Iceland we allowed the banks to fail. These were private banks and we didn’t pump money into them in order to keep them going; the state should not shoulder the responsibility,” Iceland’s president, Olafur Grimsson, said last month, tweaking the nose of EU officials who are insisting that Ireland make good all senior creditor calls on its own distended banking system.

“Bondholders should not rely on the government stepping in and bailing them out,” Iceland Central Bank governor Mar Gudmundsson said last week. “They should do their due diligence.”

“I think the Irish are accepting that they were probably too fast in guaranteeing the whole liabilities of banks. Now this is turning out to be a big burden because the assets of these banks turned out to be much worse than they thought.”

Indeed. Though Iceland has a 6.3 percent budget deficit this year, it is on track to soon record a surplus, while Ireland’s deficit this year is 32 percent if the cost of bank bailouts is included. Similarly, Iceland’s unemployment rate has fallen by almost a quarter to 7.3 percent, as against more than 14 percent in Ireland.

Iceland let its banks fail and refused to use public funds to save them. Now, they are making an economic comeback.

They held the shareholders responsible for what their corporate leadership did. Isn’t that bizarre? That you could make people who own banks pay for the losses they incurr? Now we here in the United States suffer with a exceptionally healthy profitable financial sector now sitting on hundreds of billions of dollars it was expected to loan to small businesses and they have paid not one farthing for the terrible crimes they have committed.

James Pilant

Obama To Lower Corporate Tax Rate!

From Reuters

Democrats and Republicans should begin a conversation next year about a broad overhaul of the tax code that would involve lowering rates while eliminating tax breaks for favored groups, President Barack Obama said in an interview broadcast on Friday.

The Republicans now have a majority in the House. Shouldn’t this have been something done during the first two years?

Obama said any effort to streamline the multilayered U.S. tax code would be challenging but if successful, it could set the stage for more robust growth.

Okay guys, I’ve been around the block a few times and when ever someone talks about simplifying the tax code, the middle class is about to get nailed hard. By the way, “robust growth” is a code word for lower corporate taxed and business benefits like subsidies.

Tax reform is an idea backed by many in the business community who say the current corporate tax structure puts American firms at a competitive disadvantage.

For “many in the business world,” read every corporate lobbyist is salivating like a hungry German Shepherd in front of filet mignon.

“Typically, the idea is, simplifying the system, hopefully lowering rates, broadening the base — that’s something that I think most economists think would help us propel economic growth,” Obama told National Public Radio in an interview. “But it’s a very complicated conversation.”

Verbiage – means nothing.

“So what I believe is, is that we’ve got to start that conversation next year. I think we can get some broad bipartisan agreement that it needs to be done. But it’s going to require a lot of hard work to actually make it happen,” he said.

For “work” read continuous concessions stretched out over months so that the lack of backbone, resolve and political intelligence of the Obama White House will be fully revealed.

“Change You Can Believe In.” Yes, in the same way I believe in post-apocalyptic waste lands.

Explain this to me. For decades large corporations have been directly evading, off shoring their corporate headquarters, sometimes just not paying taxes, and blackmailing every State, county and city humanly possible to cut their taxes, so we reward them with lower rates?

And here I am again trying to teach business ethics to my students who will observe the real life machinations of our President, which means, I get to say, “Okay, do the right thing, everyone from the President on down will reward the other guys, but you still be good.”

Then I get to go into “good for your soul” argument which is pretty much all I got left at that point.

Writing a business ethics web blog under this Presidency has all the benefits of being a medieval flagellant.

James Pilant

Sinus Infection

My first day off during Finals Week and I’m sitting (okay, leaning against a wall) in a doctor’s office strongly suggesting they give me something to ease the pain. I have chronic sinusitis which means I know the names of my doctor’s children (and pets).

I try to post every day and I am well aware this is a poor excuse for a post. I was up and awake for about 3 hours today counting this one. So, I didn’t post and all this against a backdrop of new unfairness for the middle class abandoned by a White House whose political skills and simple intelligence I now doubt.

So, my readers, I’ll be back tomorrow, still ill but with more medicine!

Thanks!

James Pilant

Marcus Aurelius From The Virtual University (MICHAEL SUGRUE)


This is a lecture, the first of a series about Marcus Aurelius. I’ve read the Meditations a couple of times and I’ve read Epictetus as well. However, a good teacher can put all this in context and that is what is happening here. Unlike many You-Tube teaching videos, the sound is good and the teacher is easy to give your undivided attention to. I enjoyed the lecture. I believe there are three more. Once you are watching this one, the follow ups will be listed on the right hand side of the screen.

I personally find this philosophy compelling but I’m older and more skeptical. So, let’s see where this material takes us.

James Pilant

Mark Steel Explains Descartes!!


Today, I am rushing ahead on my philosophical journey to Descartes. This is actually more for your benefit, Steel doesn’t do any philosophers between Descartes and Aristotle and I’m afraid if I go in order I’ll forget to put this up.

Having a standup comic do a lecture on a philosopher is a wonderful experience. Education is fun as well as important. If you have any interest in philosophy, you will enjoy. If you have no interest in philosophy, it’s still pretty good.

James Pilant

James Pilant

Music Helps Patients To Breathe!

A World of Music!
From BBC news

Playing music to hospital patients on ventilators helps them to breathe more easily, findings show.

Experts at the Cochrane Library say music could be better than drugs to calm patients during forced ventilation.

In studies involving more than 200 intensive care patients, listening to music reduced anxiety and helped slow patients’ breathing rates.

More work is planned to determine if the type of music played is important.

One day, I asked my class how many of them would give up listening to music for their entire lives for a million dollars. I had no takers. Now, you might get a different result from a different classroom. Certainly that was unscientific.

However, I believe that music lengthens our lives, gives intensity to our emotions and enriches our thought. How to measure that drives me crazy. I ask music teachers why music is important. The principle result of this exercise is that music teachers avoid me.

I am biased. My utterly huge You-Tube collection of music is testament to my focus and my willingness to spend hours looking for a song a solid indicator of the importance of music in my life. (Hunting down Wadsworth Mansion’s song Sweet Mary was that last one I’ve worked on.)

A lot of the music I listen to is bad music. It’s garage band stuff from the mid sixties and early seventies. But it helps me remember when I was young and everything was possible.

Currently I listen to Aqua and BWO (Bodies Without Organs) as well as my old stuff. I told my class I didn’t want the my musical taste to end with The Loving Spoonful’s Do you Believe in Magic.”

Maybe you’ve seen a study I haven’t. Don’t send the one where babies in the womb benefit from classical music. I tried to explain this to an overseas reader with little success, and now that I think about it, it’s just not that convincing.

But if you know something about the benefits of music I don’t, charge in here. Write huge comments. I’ll publish them. Let me know what this stuff is all about.

Why is it important to me that I listen to two or three songs in the morning before I go to work? Why do I feel like I did so long ago when a once familiar song is played? Why does any of this work, drums, guitar, etc. Why do they affect people?

If you can, tell me.

James Pilant

Unemployment And Suicide

What some think of the Unemployed.
When my son comes home from school, he tells me how his friends explain unemployment as a matter of laziness and sponging off the government. My son to his credit does not let this go unchallenged. I talk at home about the people who have lost their manufacturing jobs that they have been at for 15 – 20 years trying to find a new career where I teach. They don’t look lazy to me.

I have been unemployed fortunately not recently. It was a terrible experience.

And it seems like it’s a terrible experience for others as well. Read the following –

I was informed about this report by Homophilosophicus.

A report published earlier this year by the National Suicide Research Foundation; ”Suicide and Employment Status during Ireland’s Celtic Tiger Economy,” published in the European Journal of Public Heath, showed overwhelming statistical evidence supporting a direct link between unemployment and suicide. Ella Arensman Ph.D., the foundation’s research director, commented to the Irish Times (June 7th, 2010) that this analysis showed that while unemployed men were at risk of suicide, unemployed women were at significantly greater risk. One explanation for this, heretofore anomalous ratio, is the fact that since the early 1990s women have been increasing represented in the Irish workforce. This study concluded that unemployment was related to a threefold suicide risk increase in men, and double this in women. In 1987 there were 245 registered suicides in the Irish Republic (not including undetermined deaths), a figure which rose to 478 by 1998; representing an one hundred and ten percent increase in the Irish suicide rate in little over a decade. Professor Kevin Malone from University College Dublin’s school of medicine and medical science at Saint Vincent’s University Hospital commented that the 527 recorded deaths by suicide in Ireland in 2009 probably did not reflect the real numbers. In March of this year Jane Walshe, in an article for Irish Central, stated that “Ireland’s property collapse has led to 29 definite suicides.” All of the scientific research is pointing to a firm relationship between Economics and concrete examples of human suffering.

The Irish example is relevant here because similar studies in the United States demonstrate similar numbers and I wanted to talk about the pain of unemployment on a broader scale than the United States.

We often think of ourselves as a special case different in every way from the rest of the world. Certainly there are areas where that’s true. But it’s not always true. We don’t have to be myopic in our view of the world. Their examples especially the Greek and Irish austerity programs may become reality here soon.

I think that the laziness explanation of unemployment is a psychological defense. It implies moral virtue on the part of those still working and an “it can’t happen to me” comfort on the other.

I worked in a homeless shelter for a while. I’ve seen a well dressed middle class family come in and get processed. They didn’t look too confident. But I’ll bet you that in six months when he got employed again, he and his family went right back to the ranks of the righteous. It was just an accident. It won’t happen again. I am hard worker and I’m safe.

There is no safety and the pain of unemployment is real.

As a nation, it might well be more important to get people employed than to make sure the banks are profitable.

James Pilant

Another Business Ethics Blog!! Evaluation of Ethics (via Something About Business)

Something About Business is subtitled, The Pursuit of Ethically Successful Business. The blog has been up since September. Below is a representative selection. There are a good number of postings there now. September is fairly new, at least, to me. So, let us all welcome Wes Connolly by visiting it and reading some of his stuff! May he post a thousand times and make the business world a better place! Good luck, Mr. Connolly.

James Pilant

Evaluation of Ethics We have to learn from the mistakes of our past. In looking back in history, we are witnesses to the destructive effects of unethical leadership from companies like Enron, Tyco, WorldCom and various banks. These companies not only brought a mess to their own businesses but to our whole country as well. So how did this happen? And what can we do? Well what we have to do is be more ethical. This basically means just doing the right thing. In a busin … Read More

via Something About Business