Posts tagged ‘Donald Trump’

Another Trump Triumph -- He Has The Left Defending the American Economic System

The American Left generally spends most of its time telling us how much better things are in Denmark or France.  I can't find a lot of reasons to like Trump, but he has apparently convinced the Left that they need to defend the American economic model against other countries.  This post by Kevin Drum at Mother Jones reasd more like what one might expect from Mark Perry at AEI.

"We're a poor country now." I wonder how many people believe that just because Donald Trump keeps saying it? In case anyone cares, the actual truth is in the chart on the right. There's not a single country in the world bigger than 10 million people that's as rich as the US.

I agree!   In fact, not only are American rich richer, but the American middle class is richer and the American poor are richer.  From an earlier post, here is the purchasing power of individuals across the income spectrum in the US vs. Denmark

click to enlarge

The Fallacy of Centrism

I thought this was a fascinating article on how political reformers may be underestimating the moderation of voters

Most voters support some liberal policies and some conservative policies. Academics have long taken this as evidence of voters’ underlying centrism.

But just because voters are ideologically mixed does not mean they are centrists at heart. Many voters support a mix of extremeliberal policies (like taxing the rich at 90 percent) and extremeconservative policies (like deporting all undocumented immigrants). These voters only appear “centrist” on the whole by averaging their extreme views together into a single point on a liberal-conservative spectrum....

Donald Trump’s rise exemplifies these dangers.

Political scientists and pundits alike argue that it would improve governance to devolve political power from the political elites who know the most about politics and policy to the voters who know the least. Polarization scholars hold these uninformed voters in the highest esteem because they look the most centrist on a left-right spectrum. They are also Donald Trump’s base.

Yes, you read that right. Political scientists have long exalted the centrist wisdom of those who now constitute some of Trump’s strongest supporters — the poorly educatedauthoritarianxenophobes who are attracted to a platform suffused with white supremacy, indulge in unapologetic nationalism and use violence to silence opponents. As commentator Jacob Weisberg has written, these extreme voters’ views are a mix of “wacko left and wacko right” — the key credential one needs to qualify as centrist by scholars’ most popular definition.

A large part of the problem is the left-right political spectrum with which we are saddled.  This spectrum was pushed on us by Marxist academics of the 1950's-1970's.  It is meant to show a spectrum from really bad (with fascism at the far Right) to really good (with their goal of communism on the far Left)**.  For some reason non-Marxists have been fooled into adopting this spectrum, leaving us with the bizarre scale where our political choices are said to lie on a spectrum with totalitarianism on one end and totalitarianism on the other end -- truly an authoritarians "heads I win, tails you lose" setup.  In this framework, the middle, whatever the hell that is, seems to be the only viable spot, but Brookman is arguing above that the middle is just a mix of untenable extreme positions from the untenable ends of the scale.

The Left-Right spectrum is totally broken.   Trump is unique in the current presidential race not because he appeals to centrists, but because he simultaneously demagogues both the Conservative civilization-barbarism language and the Liberal/Progressive oppressor-oppressed narrative.  The fact that his supporters find appeal in extreme versions of both narratives does not mean they should average to centrists.  A libertarian like myself would say that they are extremists on the far authoritarian end of the liberty-coercion axis  (I, of course, am an extremist as well on the other end of this scale).

 

** Postscript: This is part of a long history of the Left trying to define political terms in their favor.   I love the work on totalitarianism by Hanna Arendt, but you will sometimes hear academics say that Arendt was "repudiated" (or some similar term) in the 1960's.  What actually happened was that a new wave of Leftish professors entered academia in the 1960's who admired the Soviet Union and even Stalin.  They did not like Arendt's comparison of Nazism and Stalinism as being essentially two sides of the same coin, even though this seems obvious to me.  Nazism and Stalinism were, to them, opposite sides of the political spectrum, from dark and evil to enlightened.  Thus they dumped all over Arendt, saying that her conclusions did not accurately describe the true nature of life under communism.  And so things remained, with Arendt pushed to the margins by Leftish academics, until about 1989.  As the iron curtain fell, and new intellectuals emerged in Eastern Europe, they cast about for a framework or a way to describe their experience under communism.  And the person they found who best described their experience was... Hannah Arendt.

Why I Dislike the "Bush Lied About Iraq" Formulation (And Its Not Because I Want to Defend GWB)

I really don't like the meme that Bush lied about Iraq (on WMD's, possession of yellow cake uranium, whatever).  Here is why:  the implication is that if we just had smarter, more honest politicians, all of our interventionist foreign policy would work great.  But beyond the fact that we never have smarter and more honest politicians, this meme prevents us from learning the right lesson from the Iraq war.

If I were a candidate in the debate asked to comment on Trump's "Bush lied" comment, I would say this:

While politicians lie all the time, I think it is entirely possible that the Bush administration honestly believed Saddam had WMD's at the time of the Iraq war.  In fact, it appears that as a minimum, Hussein was bluffing like hell to make the world think he had such weapons.  But the issue of whether it was a lie or not is all a distraction.  The real issue for me is that we have no idea what we are doing when we intervene in these nations.  Typically in the rush of political sound-bites, we oversimplify ancient, five-sided conflicts as black and white, and even our most well-intentioned efforts to eliminate certain problems (such as Saddam Hussein or Qaddafi) tend to result in unanticipated consequences that might be many times as problematic as the original issues.  In Iraq, in Egypt, in Afghanistan, in Syria, in Libya -- we had hundreds of people in and out of government who act like they know it all but in fact we as a county had no idea what we were doing.  And we simply can't know.

The lesson from the Iraq War is not that our foreign policy would be perfect if only we purge liars from the government (and good luck with that).  The lesson from the Iraq War is that we are never going to have a sensible foreign policy until we adopt some humility -- a lot of humility -- about our ability to understand other countries and manipulate them by force.  Is this really what you expect out of Donald Trump?  More humility?  While there is still a role for America's strength in the world, we need to set a much higher bar for when we use that strength.

 

Postscript:  They say that a converted Christian is more passionate that those who have been Christian all their lives.  I will confess that I am a convert to foreign policy humility.  I grew up in a Texas conservative Republican family, though I shed a lot of the social conservative baggage, as well as any team allegiance to the Republicans, decades ago.  I did hold on to sort of neo-Conservative forceful foreign policy, though.  I am embarrassed to say that I was a participant in my generation's August madness**, getting all rah-rah about the Iraq invasion.  At least I admit it, unlike a number of other folks *cough* Hillary and Trump *cough* who try to whitewash history.  I will use a famous quote here from Robespierre, though in the end he did not follow his own advice:

The most extravagant idea that can be born in the head of a political thinker is to believe that it suffices for people to enter, weapons in hand, among a foreign people and expect to have its laws and constitution embraced. No one loves armed missionaries; the first lesson of nature and prudence is to repulse them as enemies.

 

** There are surprisingly few good online sources I can find discussing the August Madness.  It refers to the public celebrations that occurred in the first month of World War I in nearly every combatant country.  The beginning of the war was met by a surprising amount of enthusiasm, even from groups (e.g. the Socialists) who were expected to actively oppose a general war.  Growing nationalism combined with a certain strain of 19th century romanticism and even a certain amount of progressive social Darwinism all came to a head to create general (though not universal) enthusiasm for the war.

And This is Different from the US, How?

I am out of the country (currently in Thailand for a wedding).  I read this in the local Asian WSJ, an article about money and patronage in the Malaysian political process.  And while I suppose I was supposed to think "wow, Malaysia is sure screwed up" -- all I was really left with at the end of this article was "how is this any different from the US?" How does 1MDB differ from, say, various green energy funds at the Federal level or community development funds at the local level?

Malaysian Prime Minister Najib Razak was fighting for his political life this summer after revelations that almost $700 million from an undisclosed source had entered his personal bank accounts.

Under pressure within his party to resign, he called together a group of senior leaders in July to remind them everyone had benefited from the money.

The funds, Mr. Najib said, weren’t used for his personal enrichment. Instead, they were channeled to politicians or into spending on projects aimed at helping the ruling party win elections in 2013, he said, according to a cabinet minister who was present.

“I took the money to spend for us,” the minister quoted Mr. Najib as saying.

It still isn’t clear where the $700 million came from or where it went. But a six-month Wall Street Journal examination revealed that public entities spent hundreds of millions of dollars on a massive patronage machine to help ensure Mr. Najib’s United Malays National Organization stayed in power. The payments, while legal, represented a new milestone in Malaysia’s freewheeling electoral system, according to ruling-party officials....

The effort relied heavily on the state investment fund Mr. Najib controlled, 1Malaysia Development Bhd., according to minutes from 1MDB board meetings seen by The Wall Street Journal and interviews with people who worked there.

The prime minister, who is chairman of 1MDB’s board of advisers, promised repeatedly that the fund would boost Malaysia’s economy by attracting foreign capital. It rolled up more than $11 billion in debt without luring major investments.

Yet Mr. Najib used the fund to funnel at least $140 million to charity projects such as schools and low-cost housing in ways that boosted UMNO’s election chances, the Journal investigation found.

The minutes portray a fund that repeatedly prioritized political spending, even when 1MDB’s cash flow was insufficient to cover its debt payments.

This illustrates one (of many) reasons why those lobbying to reduce campaign spending are on the wrong track.  Because no matter how much one limits the direct spending in elections, no country, including the US, ever limits politicians from these sorts of patronage projects, which are essentially vote-buying schemes with my tax money.

The reason there is so much money in politics is because supporters of large government have raised the stakes for elections.  Want to see money leave politics? -- eliminate the government's ability to sacrifice one group to another while subsidizing a third, and no one will spend spend a billion dollars to get his guy elected to public office.

By the way, in this current Presidential election we are seeing a vivid demonstration of another reason campaign spending limits are misguided.  With strict spending limits, the advantage goes to the incumbent.  The only people who can break through this advantage are people who are either a) already famous for some other reason or b) people who resort to the craziest populist rhetoric.  Both of which describe Donald Trump to a T (update:  Trump has spent virtually no money in this election, so he should be the dream candidate of clean elections folks, right?)

Megan McArdle on "Washington Issues"

I thought this was a pretty good observation:

Why then, do so many people know about the tax treatment of carried interest? Because it is the epitome of a Washington Issue. A Washington Issue is something that sounds terrible, has little meaningful impact on more than a handful of people, and most importantly, allows you to pretend that you are addressing a different, very difficult issue that would impact a large number of people if you actually tried to make meaningful change -- people who might get angry and do something rash, such as voting for your opponent.

The carried interest issue is thus a convenient way for Democrats making stump speeches to claim that they’re really going to do something about inequality and cronyism, and maybe fund some important new spending on hard-working American families. With the entrance of Jeb Bush and Donald Trump into the arena, it is also a way for Republicans to seem tough on rich special interests while simultaneously proposing tax plans that will help affluent Americans hold on to a lot more of their income and wealth.

As with most Washington Issues, my actual level of concern about carried-interest taxation hovers somewhere between “neighbor’s bathroom grout drama” and “Menudo reunion tour.” Nonetheless, I’m beginning to wish that Congress would get rid of it without demanding anything in return, just to force politicians to talk about something that actually matters.

My tax proposal, as a reminder:

1.  Eliminate all deductions in the individual income tax code

2.  Eliminate the corporate income tax.

3.  Tax capital gains and dividends as regular income.

4.  Eliminate the death tax as well as the write-up of asset values at death

The Aristocracy of Huckterism

I was thinking about the crazy populist nuttiness of Donald Trump and the misguided focus of Black Lives Matter and the musty socialism of Bernie Sanders.  As I drive around Europe and see ruins of castles and palaces, it occurred to me that we had almost always been saddled with an aristocracy exercising power over us.  Sometimes they won that position through violence and military action, and sometimes by birth.

But it struck me that we have a new sort of aristocracy today:  the Aristocracy of Hucksterism.  These new aristocrats are just as wealthy and powerful as the old sort, but they have found a new way to gain power -- By suckering millions of people to simply hand it to them.   And when they inevitably fail, and make things worse for everyone, they additionally manage to convince people that they root cause of the failure is that they had not been given enough power.

Trump is Actually Useful: Proves Once and For All That Business Licensing is Corrupted by Politics

Business licensing and awarding of government contracts is supposed to be entirely viewpoint neutral and related only to factors explicitly listed in the licensing legislation (e.g. training attained, cleanliness, whatever).  Of course, I believe that licensing is generally total BS and is basically a way for incumbent businesses to restrict potential competitors and throttle supply.

Of course, defenders of licensing laws piously intone that they are only there to protect consumers and are enforced in a totally neutral way that has nothing to do with viewpoints or political pull (lol).

Trump is a complete loss as a candidate but he is at least proving once and for all what total BS this is.  Both of the following are via the definitely indispensable Overlawyered.

Boston mayor says Trump will never get any city permits because of his political views.

If Donald Trump ever wants to build a hotel in Boston, he’ll need to apologize for his comments about Mexican immigrants first, the Hub’s mayor said.

“I just don’t agree with him at all,” Boston Mayor Martin J. Walsh told the Herald yesterday. “I think his comments are inappropriate. And if he wanted to build a hotel here, he’d have to make some apologies to people in this country.”

New York mayor says Trump will never get any city business because of his political views.

New York City Mayor Bill de Blasio said Monday that his city may not be able to break its business contracts with Donald Trump but will avoid future deals with the 2016 GOP contender.

"My impression is that unless there has been some breaking of a contract or something that gives us a legal opportunity to act, I'm not sure we have a specific course of action," the Democratic mayor told reporters Monday, according to CNN and Capital New York.

"But we're certainly not looking to do any business with him going forward," de Blasio added.

De Blasio indicated Monday that he has yet to receive a final analysis on whether the city could get out of several contracts with Trump, a celebrity real estate developer turned presidential candidate.

New York City officials began reviewing the contracts, including a Central Park carousel, two rinks and a Bronx golf course, several weeks ago in light of Trump's controversial remarks on immigrants.

The Wasted Vote Fallacy

Republicans before the election worked to convince Libertarians that a vote for Gary Johnson (or any other third party) was a wasted vote -- that Libertarians needed to be voting against Obama and therefore for Republicans.  Some libertarians have argued that the only way to change the Republican Party is from within.  Libertarians need to join the party and then work to make the party less statist.

I thought this was a crock at the time and think so even more now.  Here is the key thought:  Republicans are not going to change their platform and their candidates and their positions to woo voters they are already getting.  After the election, no one in the Republican leadership was talking about what a mistake it was to run a big government Republican like Romney -- the ex-governor of Massachusetts for God sakes -- who authored the predecessor to Obamacare.  No one was wondering about Gary Johnson as a 2016 candidate.

What the GOP did do is panic at the shellacking they got among Hispanic voters.  The ink was not even dry on the ballots before Republican leadership was considering abandoning their anti-immigrant stance in order to win more Hispanic voters.  I am not sure that will get them Hispanic voters, but whether they are right or not, that is the conversation they were having.  They were asking, "How do we attract voters WE DID NOT GET" -- not, "how do we attract voters we are already getting".

The turn of the century Progressive Party (William Jennings Bryant, free silver, etc) never won a Presidential election but both the Republicans and Democrats co-opted many of their platform positions because they sought to attract voters they were losing to the Progressives.

I don't see how Libertarians can look at a party that has fielded John McCain (author of speech restrictions) and Mitt Romeny (author of the proto-Obamacare) as any sort of long-term home.  Heck, the Republicans more seriously considered Rick Santorum and Donald Trump than Gary Johnson or Ron Paul.  I respect what Mr. Paul has done in bringing libertarian issues to the debate, but as long as he keeps reliably delivering his voters to whatever lame statist candidate the party fields, the GOP is never going to seriously address libertarian concerns.

More Glendale Follies

I almost hate beating on the silly folks who run the City of Glendale even further, but they keep screwing up.

One of the reasons I think that city officials like those in Glendale like to dabble in real estate and sports stadiums is what I call the "bigshot effect."  They don't have any capital of their own, and they don't have the skills such that anyone else would (voluntarily) trust them to invest other people's money, but with a poll of tax money they get to play Donald Trump and act like they are big wheels.  The Glendale city council did this for years, and when their incompetence inevitably led to things starting to fall apart, they have simply thrown more money at it to try to protect their personal prestige.

But unfortunately, incompetence generally is an infinite reservoir, and apparently the City has screwed up again.  Years ago, when the City promised the rich people who owned the AZ Cardinals a new half billion dollar stadium, they put a contract to that effect on paper.  Granted, this was a sorry giveaway, spending hundreds of millions of dollars for a stadium that would be used by the Cardinals for 30 hours a year, by the Fiesta Bowl for 3 hours a year, and by the NFL for a Superbowl for 3 hours every 6-7 years.  But, never-the-less, the City made a contractual agreement.

And then, in its rush to be real estate bigshots, the city turned about 3700 parking spaces promised contractually to the Cardinals over to a developer to create an outlet mall (of the sort that has been quietly going bankrupt all over the country over the last few years).  Incredibly, the city did this without any plan for how to replace the parking it owed the Cardinals.  To this day, it has no plan.

Apparently, there were also some shenanigans with $25 million that had been escrowed to build a parking garage.

The demand letter also blames the parking problem on the city's dealings with Steve Ellman, Westgate's former developer and a one-time co-owner of the Phoenix Coyotes. The letter states that Ellman's relationship with the city has been "characterized by a lack of transparency."

The letter raises questions about a January 2011 arrangement in which the city and Ellman equally split a $25million escrow fund that had been earmarked to build a parking garage in Westgate, the team said.

Ellman put that money in escrow in 2008 after failing to keep a promise to the city to provide a set amount of permanent parking in Westgate.

By early 2011, half of that money went back to Ellman's lenders as part of a deal to try to keep the Coyotes in Glendale, while the city received the other $12.5 million in the account.

What a mess.  This is what happens when politicians try to be bigshots with our money.

 

 

Coyote is Sad :=(

I was pretty bummed out that Gary Johnson is not to be included in the debate slate for New Hampshire.   I am not one (most definitely not one) to invest all my hopes and dreams in a political candidate, but I really like Gary Johnson and thought he could bring a new libertarian voice (in addition to Ron Paul's) to Republican discussions dominated by statists like Romney and Huckabee.   I have met him once and listening talk about things like the costs of the war on drugs and immigration is just so refreshing from a politician of any sort, particularly a Republican.    And in contrast to Ron Paul, who comes off as a bit wacky (and wonky), Johnson does it all in a very non-threatening way.   Many people in this country self-identify as fiscally conservative and socially liberal -- this is their guy.  They just haven't heard of him yet.

As an ex-governor well respected by independents, he strikes me as infinitely more worthy of a debate spot than, say, Donald Trump, who did receive an invitation.  I wrote a whole column on the importance of being previously famous, rather than experienced, as a qualifier for office nowadays.

Kim Kardashian for Congress

From my column today at Forbes.com, this week on Donald Trump and campaign finance reform. An excerpt:

Have you heard the news?  Apparently Donald Trump is running for President.  Of course you would have to be living in a hole not to know that.  Over the last couple of weeks, based just on media stories tracked by Google News, there have been over a thousand news stories a day mentioning Trump’s potential run for the White House.  In fact, there are more than double the number of articles on Trump’s potential run than their are on the actual candidacies of Gary Johnson, Ron Paul, and Tim Pawlenty combined.

Do you like candidacies by crazy populist billionaire reality TV stars?  If so, then by all means, let’s have campaign spending limits.

If GOP Candidates Can't Make It Here, They Can't Make It Anywhere

It's hard to see populist, wacky GOP candidates making much progress nationally if they can't get any traction in Arizona.

A poll of 623 Arizona voters released today reflects a couple things -- almost nobody likes Donald Trump, and most people would prefer Sarah Palin not move here.In the poll -- from Public Policy Polling -- opinions are recorded about possible GOP nominees for the 2012 presidential election, and how they'd vote if they ran against President Barack Obama.

Donald Trump was the most unfavorable of five possible GOP candidates -- with a full 2/3 of people dissin' the Donald with an "unfavorable" ranking.

Remember that whole thing about former Alaska Governor Sarah Palin moving to Arizona for a possible Senate campaign?

Most people would prefer that not happen.

Palin was the second-most-disliked candidate -- with 62 percent having unfavorable opinions -- and a later question revealed 57 percent of people would prefer that she not move to Arizona.

Trump also suffered the biggest blowout in a hypothetical match-up against Obama, garnering votes from only 36 percent of respondents.

More Reasons to Fear Public Employee Unions

Most all local governments have extensive programs in place for government inspection of elevators because, you know, private businesses can't be trusted to operate safe equipment.  But it turns out the least safe elevators are operated by the government itself:

New York City Transit
has spent close to $1 billion to install more than 200 new elevators
and escalators in the subway system since the early 1990s, and it plans
to spend almost that much again for dozens more machines through the
end of the next decade. It is an investment of historic dimensions,
aimed at better serving millions of riders and opening more of the
subway to the disabled.

These are the results:

¶One of every six elevators and
escalators in the subway system was out of service for more than a
month last year, according to the transit agency's data.

¶The
169 escalators in the subway averaged 68 breakdowns or repair calls
each last year, with the worst machines logging more than double that
number. And some of the least reliable escalators in the system are
also some of the newest, accumulating thousands of hours out of service
for what officials described as a litany of mechanical flaws.

¶Two-thirds of the subway elevators "” many of which travel all of 15
feet "” had at least one breakdown last year in which passengers were
trapped inside.

The whole thing is pretty depressing.  But perhaps just as depressing is the fact that the NY Times, in a quite lengthy article, never once questions why the government is in the elevator maintenance business at all.  You see, the New York City Transit system hires all of its own maintenance people, presumably because, though the article never mentions it, the public employees union insists that these functions remain in house.  OK, here is a quiz:  How many private elevator owners in New York City have their own staff repair elevators?  My guess is the answer is close to zero.  Everyone uses third party elevator equipment repair companies or operate under long-term service contracts with the manufacturer.  Why?  Well, lets see what problems NY Transit faces:

"They don't have enough competent people with the proper training,"
said Michele O'Toole, the president of J. Martin Associates, which the
transit agency hired in 2006 to evaluate its elevator operations. "It
all reflects back to qualifications, training, capabilities."...

Elevators and escalators are spread out over a far-flung system,
requiring more mechanics and slowing responses to breakdowns. There has
been little standardization of parts, so mechanics must cope with a
bewildering hodgepodge of machinery. And the machines, which operate 24
hours a day, are subject to all sorts of abuse: Elevators become
makeshift bathrooms, and escalator steps are pounded by heavily loaded
hand trucks.

Guess what?  These are all classic reasons for outsourcing.  Manhattan elevator maintenance companies are set up to handle a far-flung elevator inventory, and can more efficiently stock parts, buy special equipment, and provide specialized training than can any individual operator.   Shared external capacity can also be sized and used much more efficiently to deal with random failures -- the more elevators in a region one maintains, the better staff can be utilized across a stochastic system.

But of course, the NY Times is never going to go against any public employee union, so it takes the line that this is a good governance issue, rather than a structural issue where an individual elevator owner is always going to be less efficient than outsourcing to a large regional third party company.  It compares NY Transit to other public transit agencies, but not to other private owners of elevators.  My guess is Donald Trump owns more elevators than NY Transit - how does he handle elevator maintenance?

By the way, the article says that there are 167 elevators and 169 escalators in the system.  They also say there are 200 full-time maintenance people.  So, on average, one person spends 60% of their year on a single elevator or escalator.  Think about the elevators and escalators you ride every day.  Can you imagine someone working on it for 1200 hours a year?

And what is this in the quotes above about slow responses to breakdowns in the far-flung empire?  With 200 people for 336 devices, they could practically assign an individual repair person to each one.   I can see him now, with his toolbox, sitting on a folding chair in the back of the elevator with a box of Krispy Kremes, waiting to spring into action at the moment of failure.

Don't Ever Lend Money to Politicians

I don't have a problem with someone who has had a bankruptcy in the past.  Bankruptcy is not some Scarlet B that should ruin one for life.  Ideally, its bad enough that folks should want to avoid it but forgiving enough that people can move on and get a fresh start.  Via TJIC

"¦ moderator Tim Russert asked former senator Mike Gravel about Gravel's
somewhat troubled financial history. A condominium business started by
Gravel went bankrupt, and Gravel himself once declared personal
bankruptcy. "How can someone who did not take care of his business,
could not manage his personal finances, say that he is capable of
managing the country?" Russert asked.

Here would be my answer:  "Bankruptcy does not necessarily mean that one has managed finances poorly or that one is somehow guilty of malfeasance.  It can mean those things, but it can also mean that one took a risk on a business vision, did the best job possible, but the vision turned out to somehow be wrong.  Some of the greatest names in American business backed Internet ventures that went bankrupt.  Some were just poorly managed, but many just made poor bets as to what would and would not work over the internet.  When people look at Enron, they assume that there must have been malfeasance for the company to go bankrupt.  And while folks were indeed breaking some laws there, those actions had nothing to do with Enron's bankruptcy.  Enron died because they made some huge bets on things like broadband that didn't pan out."

Here, in contrast, is Gravel's response:

"Well, first off, if you want to make a judgment of who can be the
greediest people in the world when they get to public office, you can
just look at the people up here," Gravel said in a nod to his fellow
candidates.

"Now, you say the condo business," he continued. "I
will tell you, Donald Trump has been bankrupt 100 times. So I went
bankrupt once in business.

Doesn't this guy sound like some overweight guy wearing a wife-beater and sitting in his trailer with a cheap beer watching a baseball game on his old black and white TV, railing against all the rich guys that never gave him a chance?  But the best is yet to come:

who did I bankrupt? I stuck the credit card companies with $90,000 worth of bills, and they deserved it "“ "

People in the audience began to laugh.

"They
deserved it," Gravel repeated, "and I used the money to finance the
empowerment of the American people with a national initiative."

That sound you hear is the dying gasps of individual responsibility.  And what the hell is that last part about "empowerment of the American people?"  Sounds like Gravel is channeling Lee Hunsacker.

Don't Ever Lend Money to Politicians

I don't have a problem with someone who has had a bankruptcy in the past.  Bankruptcy is not some Scarlet B that should ruin one for life.  Ideally, its bad enough that folks should want to avoid it but forgiving enough that people can move on and get a fresh start.  Via TJIC

"¦ moderator Tim Russert asked former senator Mike Gravel about Gravel's
somewhat troubled financial history. A condominium business started by
Gravel went bankrupt, and Gravel himself once declared personal
bankruptcy. "How can someone who did not take care of his business,
could not manage his personal finances, say that he is capable of
managing the country?" Russert asked.

Here would be my answer:  "Bankruptcy does not necessarily mean that one has managed finances poorly or that one is somehow guilty of malfeasance.  It can mean those things, but it can also mean that one took a risk on a business vision, did the best job possible, but the vision turned out to somehow be wrong.  Some of the greatest names in American business backed Internet ventures that went bankrupt.  Some were just poorly managed, but many just made poor bets as to what would and would not work over the internet.  When people look at Enron, they assume that there must have been malfeasance for the company to go bankrupt.  And while folks were indeed breaking some laws there, those actions had nothing to do with Enron's bankruptcy.  Enron died because they made some huge bets on things like broadband that didn't pan out."

Here, in contrast, is Gravel's response:

"Well, first off, if you want to make a judgment of who can be the
greediest people in the world when they get to public office, you can
just look at the people up here," Gravel said in a nod to his fellow
candidates.

"Now, you say the condo business," he continued. "I
will tell you, Donald Trump has been bankrupt 100 times. So I went
bankrupt once in business.

Doesn't this guy sound like some overweight guy wearing a wife-beater and sitting in his trailer with a cheap beer watching a baseball game on his old black and white TV, railing against all the rich guys that never gave him a chance?  But the best is yet to come:

who did I bankrupt? I stuck the credit card companies with $90,000 worth of bills, and they deserved it "“ "

People in the audience began to laugh.

"They
deserved it," Gravel repeated, "and I used the money to finance the
empowerment of the American people with a national initiative."

That sound you hear is the dying gasps of individual responsibility.  And what the hell is that last part about "empowerment of the American people?"  Sounds like Gravel is channeling Lee Hunsacker.