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A Quick Look at Bloomberg News's Opinion Section for March 5, 2012

Ah, the first titans of American capitalism: Rockefeller, Carnegie, Morgan
and ... Walt Whitman? Op-Ed contributor Robert Shiller -- the latter half of
the Case-Shiller team -- explains: "We tend to think of philosophers,
artists or poets as the polar opposite of chief executive officers, bankers
or businesspeople. But the idea that those involved in business have
personalities fundamentally different from those in other walks of life is
belied by the fact that many often combine or switch careers. Consider a few
examples. Walt Whitman is one of our most revered poets, and his poetry is
among the most transcendent. But he could not ignore more material concerns;
he had to make a living. To do so, he turned to fiction -- more marketable
than poetry -- and made his name with a commercial novel called “Franklin
Evans, or The Inebriate: A Tale of the Times.” The book was an embarrassment
to him, but it made money." And, of course, those greenbacks turned
into blades of grass.[2] Link.
Links:
2. http://bloom.bg/AFvcnZ

Well, money may nurture the arts, but it seems to be stifling political
growth, writes View columnist Albert Hunt: "Supporters claimed that allowing
unlimited contributions from individuals, corporations and unions would
create a more educated and enthused electorate, and enable the insurgent
party to more effectively make its case. Instead, the Republican primary
contest has produced the most negative, mean campaign since the Watergate
scandal brought about campaign-finance reform four decades ago. Turnout is
mediocre and the appeal of the Republican brand has plummeted." [3]Link.
Links:
3. http://bloom.bg/z7aFdC

There couldn't be a worse time for such plummeting, adds columnist Simon
Johnson: "Under what the CBO calls its 'alternative fiscal scenario,' which
is Washington-speak for what it thinks is likely to happen, 'Debt as a share
of GDP would exceed its historical peak of 109 percent by 2023 and would
approach 190 percent in 2035.' The annual deficit in 2075 is projected to be
20.7 percent of gross domestic product. CBO projects this year’s deficit to
be 7 percent of GDP, by comparison. Responsible economic opinion is crying
out: We are on an unsustainable path. CBO Director Douglas Elmendorf’s
recent presentation to Harvard University economic students should be read
as an emotional plea for the return of political sanity. You should share it
with your children. Yet even leading Republican politicians who claim to be
fiscally responsible are proposing budget plans that would significantly
increase the deficit and national debt." [4]Link.
Links:
4. http://bloom.bg/xsUNJQ

And, speaking of tense times, theres the big Obama-Netanyahu meeting in
Washington tomorrow. "By many accounts, U.S. President Barack Obama and
Israeli Prime Minister Benjamin Netanyahu don’t much like or trust each
other," write the View editors. "It’s important that they use their meeting
on Monday to end at least the mistrust. For many months now U.S. diplomacy
has been directed as much at stopping an Israeli pre-emptive military strike
against Iranian nuclear facilities, as at Iran itself. It’s partly thanks to
the tension created by Israel’s threats to act that the Obama administration
was finally able to persuade European allies to apply harsh economic
sanctions aimed at throttling Iran’s oil revenue. Now, however, that
creative tension between the U.S. and Israel threatens to turn destructive."
[5]Link.
Links:
5. http://bloom.bg/x3VChL

Also, the editors want to modernize divorce; columnist William D. Cohan is
ready to give up on the SEC; and columnist Noah Feldman looks at Shell Oil
and the Supreme Court.

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