This week, the New York Times reported that Joe Ricketts, a right-wing billionaire and founder of TD Ameritrade, is soliciting multi-million dollar ad proposals to attack President Obama. One such proposal, leaked to the paper, was a $10 million, racially-charged campaign entitled “The Defeat of Barack Hussein Obama: The Ricketts Plan to End his Spending for Good.” The proposal, which center on Rev. Jeremiah Wright, suggests hiring an “extremely literate conservative African-American” to break down Obama’s image as a “metrosexual, black Abe Lincoln.”Ricketts moved quickly to publicly reject the plan after it leaked. His spokesman said it “reflects an approach to politics that Mr. Ricketts rejects and it was never a plan to be accepted but only a suggestion.” (The statement seems somewhat disingenuous as the Ricketts had already given “preliminary approval” for the $10 million concept after seeing a separate ad about Jeremiah Wright.) Nevertheless, Ricketts’ spokesman confirmed his intention spend money attacking Obama through an organization he controls called “Ending Spending Political Action Fund.”There is one area, however, where Ricketts is much more open to government spending. He’s seeking a massive government subsidy for the Chicago Cubs, which he owns with his family, to renovate Wrigley Field. Here is the deal the Ricketts family is seeking, via Crain’s Chicago Business:That means $300 million is needed for the ballpark proper.Half would come from the team, presumably in increased revenue from more signage inside Wrigley and retail and other entertainment in what amounts to a game-day carnival on Waveland Avenue on Wrigley’s north side and Sheffield Avenue to the east.And half would come from $150 million or so in bonds to be retired with increased revenue from the existing city and Cook County amusement taxes on ticket sales. Specifically, debt service would get the first 6 percent in growth above a base level of around $15 million a year now.But it’s a little more complicated than that.The team also wants a 50 percent cut of any increase in amusement tax revenue growth above 6 percent. And unlike the bonds, which would be retired in 30 or 35 years, that would be forever.So Joe Ricketts ...
Students are known for having an abundance of ideals, but not much money or power. But student organizations around the country are finding ways to put thousands, sometimes millions of dollars behind sustainable companies.At Middlebury College, members of the school’s Socially Responsible Investing (SRI) club are working to guide the school’s $900 million dollar endowment towards more sustainable investments.They’ve joined a growing number of other schools in invoking the kind of ownership rights seldom embraced by the left: the right to influence the world through the tools of Wall Street, using their role as investors to spur change in powerful corporations.“Colleges have the opportunity to be leaders in socially responsible investing because we combine liberal ideals with a huge amount of money,” says Olivia Grugan, a Middlebury senior and president of the SRI club.Responsible investingAt Middlebury, a group of students started a Socially Responsible Investing (SRI) club and began working with the administration to set aside a part of the school’s $900 million endowment to be managed in a socially responsible way.Having ethically managed funds was a priority for the club, and they initially asked that the school allocate 1 percent of its endowment to a fully transparent fund. Middlebury’s administration was wary of sacrificing too much of the endowment’s money-making potential.“Our endowment supports some major commitments we’ve made,” says Patrick Norton, chief financial officer of the college. “We have a commitment to future generations of students and can never put our funding stream at risk.”But values and profits don’t have to be mutually exclusive, notes Dan Apfel, the executive director of the Responsible Endowments Coalition, which regularly works with students to incorporate the principles of SRI into their schools’ endowments.Grugan argues that socially conscious investing is part of the school’s responsibility. “Middlebury has a mission statement that includes language like ‘environmental stewardship’ and ‘global community,’” she says, “and those values are something we want reflected in the entirety of our endowment.”In 2010, the school created a socially responsible fund of $4 million, to be matched with another $4 million raised through fundraising efforts.The current size of the fund is $2.5 million, but students and administrators are hopeful that it will grow in the next few years. Although the fund is not managed by students, they were able to provide input on the general direction of the investments.“When we got this fund, we had a couple of choices in what direction we could take it,” says Grugan. “We could try to make it the greenest fund ever, or we could aim to make it a model for how the entire ...
Next week, NATO’s 28 members will meet in Chicago for their annual summit. Sixty-two years after the North Atlantic Treaty was signed, binding the United States, Canada, and ten European states to consider an attack on one an attack on all, NATO is transforming itself into a twenty-first-century global security organization. The result will be a safer world.In 1949, the world was rapidly dividing into two principle political-military blocs, East and West, alongside a large “non-aligned movement.” NATO faced off against the Warsaw Pact, created by the Soviet Union and its allies in 1955. Within both blocs, smaller powers clustered around the superpower. No flexibility existed within either bloc for smaller groups of members to deploy alliance assets.Today, NATO is becoming, in the words of its secretary-general, Anders Fogh Rasmussen, “a hub of a network of security partnerships and a center for consultation on global security issues.” It is a “globally connected institution,” with more than 40 individual country partners and growing ties to other international organizations. Follow Project Syndicate on Facebook or Twitter. For more from Anne-Marie Slaughter, click here.Indeed, the country partners include all of Europe’s non-NATO countries, such as Austria, Switzerland, Finland, and Sweden, and aspiring and possible NATO members such as Bosnia, Serbia, Macedonia, Ukraine, Belarus, and even Russia. Virtually all of the Central Asian countries – from Turkmenistan to Kazakhstan, as well as Armenia, Azerbaijan, Afghanistan, and Pakistan – are partners, as is the entire Maghreb, from Morocco to Egypt, as well as Israel, Jordan, Iraq, Bahrain, Qatar, Kuwait, and the United Arab Emirates. Finally, Pacific partners include Japan, South Korea, Australia, New Zealand, and Mongolia.On the organizational side, NATO describes itself as having developed “close working relations” with the United Nations, the European Union, and the Organization for Security and Cooperation in Europe. It also collaborates regularly with the African Union, the International Committee of the Red Cross, the International Organization for Migration, the World Bank, the International Civil Aviation Organization, and the Organization for the Prohibition of Chemical Weapons.If one draws links radiating outward from NATO to all of these different countries and organizations, the result is a security network that has multiple hubs and clusters – much like a map of the Internet or of planets and galaxies. This world is no longer unipolar, bipolar, or even multipolar, because the actors that matter are not single states but groups of states that are more or less ...
The Goldman Sachs coup that failed in America has nearly succeeded in Europe—a permanent, irrevocable, unchallengeable bailout for the banks underwritten by the taxpayers.In September 2008, Henry Paulson, former CEO of Goldman Sachs, managed to extort a $700 billion bank bailout from Congress. But to pull it off, he had to fall on his knees and threaten the collapse of the entire global financial system and the imposition of martial law; and the bailout was a one-time affair. Paulson’s plea for a permanent bailout fund—the Troubled Asset Relief Program or TARP—was opposed by Congress and ultimately rejected.By December 2011, European Central Bank president Mario Draghi, former vice president of Goldman Sachs Europe, was able to approve a 500 billion Euro bailout for European banks without asking anyone’s permission. And in January 2012, a permanent rescue-funding program called the European Stability Mechanism (ESM) was passed in the dead of night with barely even a mention in the press. The ESM imposes an open-ended debt on EU member governments, putting taxpayers on the hook for whatever the ESM’s Eurocrat overseers demand.The bankers’ coup has triumphed in Europe seemingly without a fight. The ESM is cheered by Eurozone governments, their creditors, and “the market” alike, because it means investors will keep buying sovereign debt. All is sacrificed to the demands of the creditors, because where else can the money be had to float the crippling debts of the Eurozone governments?There is another alternative to debt slavery to the banks. But first, a closer look at the nefarious underbelly of the ESM and Goldman’s silent takeover of the ECB . . ..The Dark Side of the ESMThe ESM is a permanent rescue facility slated to replace the temporary European Financial Stability Facility and European Financial Stabilization Mechanism as soon as Member States representing 90% of the capital commitments have ratified it, something that is expected to happen in July 2012. A December 2011 YouTube video titled “The shocking truth of the pending EU collapse!”, originally posted in German, gives such a revealing look at the ESM that it is worth quoting here at length. It states:The EU is planning a new treaty called the European Stability Mechanism, or ESM: a treaty of debt . . .. The authorized capital stock shall be 700 billion euros. Question: why 700 billion? [Probable answer: it simply mimicked the $700 billion the U.S. Congress bought into in 2008.] . . . .
We moderns seem determined to suppress all unhappiness with one exception: grief. The intense sadness following loss of a loved one still occupies a warm spot in our culture. We want that pain protected from the deadening analgesics of pharmaceuticals.That explains the American Psychiatric Association's decision to retreat from a plan to categorize ordinary grief as an adjustment disorder. Some wanted to classify a response to significant loss — deep sadness, insomnia, poor appetite, inability to concentrate, crying — lasting more than two weeks as a depression rather than normal grief, drawing fire from both mental-health professionals and ordinary folk.The proposal to "medicalize" grief arose as the association was updating the bible for identifying conditions of the mind, the Diagnostic and Statistical Manual of Mental Disorders. Insurers use DSM criteria for deciding whether to cover mental health services. This and other suggestions to expand the definition of mental illnesses were controversial: They could boost health care spending considerably and/or shortchange the care of those with serious conditions. But that's another story.Diagnosing bereavement as depression, even though the two have much in common, seemed dehumanizing. Grief is widely seen as a natural reaction to a part of the human condition most of us will experience. Anyone who has lost a sibling, spouse, child, parent or good friend knows that two weeks ain't nothing. Therapists have long advised patients that rather than avoiding the pain of grief through overwork or other distractions, one has to "go through it." As the English hymn writer William Cowper said over two centuries ago, "Grief is its own med'cine."Our culture has inflated the causes of grief perhaps too enthusiastically in recent decades.It used to be uniquely tied to the death of a beloved. Now it covers other kinds of loss — of one's health, a marriage, a job. These are all painful events, but one can learn to work around physical impairment, communicate with an ex-spouse or get another job. Death is a permanent thing.That's not to dismiss the value of counseling following a death or the other aforementioned losses. It's just that framing failure to snap back from bereavement in a matter of weeks or even months as a mental disorder seems really off the mark.Religion may understand the nature of this beast better than the scientists. Catholics hold masses for the dead and wakes, a vigil over the body of the deceased. Different churches use different liturgical colors for funerals. In the Episcopal and other churches, the color is white. Jews insist on immediate burials, but may practice shiva, whereby friends and relatives gradually help the grief-stricken back into society. They cover mirrors. Hindus in mourning cover all religious pictures. Muslims offer prayers for the forgiveness of the deceased.Victorians observed elaborate rules for somber dress, which lighten as time goes on. In her 1922 classic, "Etiquette," Emily Post offered over a dozen pages of instructions, from drawing the blinds in the sick room immediately after death to the proper mourning clothes for the country in summer.What all these rituals do is wrap mourners in the comfort of deep tradition, making the loss seem part of a natural cycle. And they provide company to those in pain. Of course, a therapist can also offer that human support and perspective while keeping a medical eye on the aggrieved person's health.And that's about it. This is something science cannot cure. It's not strep throat. Grief is painful, but it's also precious. Once again, the most effective way to get through it is to go through it.
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