Financial Markets

Treasury Secretary Paulson in a briefing at the White House moments ago expressed relief and, more significantly, satisfaction that the private sector has come together to take over or bolster the failing financial institutions. Private commercial solutions would, I expect, relieve the federal government from direct intervention. Yet, it also appears to me that we are merely allowing bigger, more powerful profit-driven entities unregulated growth.

President Bush should immediately assemble an advisory panel consisting of non-partisan experts from a broad range of financial disciplines to review the current "corrective" efforts in the market and advise on immediate regulatory approaches. His Office and his administration, standing alone, have neither the confidence of the American people nor of the international community. Congress will take a long term view in the not distant future but by the time new books of regulations and new federal agencies are approved Congress will be able to merely massage rather than tame the beast.

Too Much Mr. Cheney

It has been my preference to use this blog for publishing essays presenting my personal views on somewhat random topics. Clearly, major events in our world have prompted my thought and writing. So far I have taken time to compose the essays. I have refrained from a continuing commentary here although expressing my views in almost daily emails to select friends. However, I now need a more therapeutic release; "they" are creating too much, too fast. I do not expect to spend any real time composing and editing. I am writing for my own edification and relief. I expect to react from my unconscious, immediate sense - my "gut," the "Blink" or "thin-slicing" described by Gladwell in his book.

The proverbial straw: The Vice President as a "Fourth Branch" of our government. Mr. Cheney apparently is claiming now an exemption from an Executive Order of the President directed to the Executive Branch. See:

http://www.washingtonpost.com/wp-dyn/content/article/2007/06/21/AR2007062102309.html

http://www.washingtonpost.com/wp-dyn/content/article/2007/06/21/AR2007062101663.html

I'll reserve placing this Cheney action into a broader context of his accomplishments for a later date. Suffice, in this now-revised blog, to say that his position is arrogant and wrong. I understand that the Office of the Vice President does straddle the Executive and Legislative Branches. The Vice President holds the Constitutional position of President of the Senate. However, this title remains what the drafters intended: a "tie-breaking" position of no further responsibility. I accept that early in our Nations development the exact nature of the office of Vice President was unsettled. I believe that throughout our history Presidents have assigned varying responsibilities to the occupants of the position. The evolution of the responsibilities of the Office have unquestionably resulted now and in recent history in the Vice President's de-facto position within the Executive Branch of our government. At various times, Vice Presidents who rose from the Legislative Branch have tried to retain elements of control and influence in Congress. Invariably those were rebuffed by the legislators

Vice President Cheney, by statute, is a Member of the President's National Security Council. Even a cursory glance at the composition and responsibilities of this body place it beyond cavil in the Executive Branch. The same must be said about the Vice President's position as a member of the President's Cabinet. Although I have not been privileged to personally view the level of Mr. Cheney's involvement, I have a strong suspicion that it has been substantial. http://blog.washingtonpost.com/cheney/ Mr. Cheney has in the recent past invoked in public forums, in response to Congress and in the Federal Courts, the privileges of the Executive Branch when it has suited his purposes. Throw in his office address and place of honor on the White House web site and the unbridled arrogance of this man is manifest.

This is not a man asserting a reasonable interpretation of ambiguous law. His prior actions belie that view.