This year's Oscar for Best Documentary went to Inside Job. Since I read (although didn't quite finish) Sorkin's Too Big to Fail, which is about the financial collapse, I thought I would like the movie even more. I didn't.
The movie tells a one-sided story about the financial collapse, blaming it all on Wall Street. Since Paul Krugman has actually blamed a global savings glut for the bubble and the recession, I have to accept that the documentary is not telling the full truth.
But I do believe that the financial industry along with moderate and conservative politicians and many economists, bear significant blame for the size of the recession and the need for a bailout. So I am only slightly offended that the movie beat up on those parties that called for deregulation.
What really bothered me about the movie though was that the interviewer was not very good at asking good tough questions. His questions were too broad and vague and he often allowed people to simply disagree without any explanation. He probably thinks this made the respondents just look stupid when you compare their answers to the evidence. But I think it doesn't give the interviewees a fair shake and at the same time it missed an opportunity to really get the interviewees.
For example, when talking about executive compensation, he asks if it is excessive. The industry lobbyist was able to simply say, "no". Instead he should have asked whether the compensation rewarded bad behavior by rewarding short term profit without punishing long term risk and loss.
Similarly, he asked about conflicts of interest among economists. The economists would just say no and were never pushed. Instead of asking whether it impacted objectivity when an economist was writing about complex derivatives but also being paid by companies that made a lot of money on derivatives, the interviewer just asked where the economist got his compensation from.
The whole movie had the feel of wanting to beat up on the guilty parties instead of having a real dialogue with them. It seemed to actually try to avoid conversation and using tricks to tell the viewer to hate the person on screen. In fact, most people it wanted to portray negatively refused to appear on screen, which seemed to work fine for those making the movie since they made it seem like those how refused were trying to hide something. But it would have made a better movie had they been able to convince those people that they would have had a real conversation.
As for how it won an Oscar, I wonder if Hollywood was overjoyed to see a movie that made other really rich people look like monsters and made the Hollywood-types - also very rich - feel superior. Just a hunch.
The one thing I hadn't known or thought about before seeing the movie was the issue of conflicts of interest among economists. I think it is a serious issue, but it is one that permeates so many other industries that need to be regulated (conflicts in the pharmaceutical industry has been getting attention lately, but we know that revolving door issues affect many government programs' effectiveness). An across the board - for all industries - conflicts of interest policy is much needed.
Friday, May 20, 2011
Thursday, May 19, 2011
On Truman
I finished watching the American Experience documentary on Harry Truman and I have to say that I am thoroughly unimpressed. Maybe if I read McCullough's book I'll understand why people seem to love Truman, but I doubt it. Let's look at his record.
The Good
It seems Truman deserves a good deal of respect for his position on civil rights. He was ahead of his time and so took a pro-civil rights position at great political risk. He integrated the military and supported anti-lynching laws. Though his position was the right one, he wasn't wildly successful.
The Marshall Plan is probably Truman's proudest accomplishment. American aid helped get western Europe through the post-war years and prevented what might have been a move to communism. However Truman, wisely and rightly, gave credit to Secretary of State John Marshall.
Truman is also famous for the saying, "The Buck Stops Here." Accountability is a great thing, but shouldn't be considered a major feat or accomplishment.
The Bad
I already talked about the atomic bomb and how he could have and should have had it dropped on military targets first instead of two large cities leading to the deaths of tens of thousands of civilians.
He was also seemingly anti-union in practice. After the end of the war, there were battles between businesses and unions. Business wanted an end to price controls and unions wanted higher wages. It seemed that Truman hated when unions went on strike. In fact, he proposed - illegally - to draft railroad union members if they went on strike. I'm sure conservatives like this, but I don't.
His conduct during the Korean War was terrible. His decision to advance beyond the 38th parallel when China made it clear they would intervene if the UN / US force did so was appalling. He seemed to blame that situation on MacArthur. Granted, MacArthur was amazingly insubordinate, but the blame for the tens of thousands of American deaths that resulted from the advance beyond the 38th parallel lays entirely with Truman. There was no reason to advance and every reason to think it would be a grave mistake.
Truman was also the first president to have to deal with the communist threat, and he used scare tactics that would persist for decades to achieve his foreign policy goals. But those same tactics boxed him in domestically where he required federal employees to take loyalty oaths. And this same rhetoric arguably gave rise to to Senator Joseph McCarthy. A more wise and able president could have presented the threat to communism in a way that didn't allow for people on the far left - ones who had no desire to overthrow the government - to have their lives ruined.
Maybe it is unfair, but there are other small examples that leave me with a low impression of him. His own draft speech against unions, portrayed in the documentary, was amateurish and extreme. Even more so was his letter to the journalist that attacked his daughter's signing.
And I can't get over his relationship with his wife. She seemed to treat him badly and maybe didn't even respect him. Yet he always seemed to grovel and flatter her. Sure, patience is a virtue, but being a doormat is not.
Conclusion
Overall, I don't see enough good from President Truman to have a high opinion of him. In fact, I get every impression that he was in over his head - which he himself thought at times. Although he originally was elevated to president after Roosevelt died, he ran for his own term in 1948.
I have long thought that President Bush was in over his head and should not have ran for president. Even more so with Sarah Palin. The "everyman" should not be president. Only extraordinary men and women should be president. This doesn't mean ivy league, but it does mean people that are smart and well-educated and well-informed on history and current events.
After watching this movie, I have to think that Truman was in over his head, as was Bush. And neither should have put the country at risk by running for president when they felt - or should have felt - under-qualified.
The Good
It seems Truman deserves a good deal of respect for his position on civil rights. He was ahead of his time and so took a pro-civil rights position at great political risk. He integrated the military and supported anti-lynching laws. Though his position was the right one, he wasn't wildly successful.
The Marshall Plan is probably Truman's proudest accomplishment. American aid helped get western Europe through the post-war years and prevented what might have been a move to communism. However Truman, wisely and rightly, gave credit to Secretary of State John Marshall.
Truman is also famous for the saying, "The Buck Stops Here." Accountability is a great thing, but shouldn't be considered a major feat or accomplishment.
The Bad
I already talked about the atomic bomb and how he could have and should have had it dropped on military targets first instead of two large cities leading to the deaths of tens of thousands of civilians.
He was also seemingly anti-union in practice. After the end of the war, there were battles between businesses and unions. Business wanted an end to price controls and unions wanted higher wages. It seemed that Truman hated when unions went on strike. In fact, he proposed - illegally - to draft railroad union members if they went on strike. I'm sure conservatives like this, but I don't.
His conduct during the Korean War was terrible. His decision to advance beyond the 38th parallel when China made it clear they would intervene if the UN / US force did so was appalling. He seemed to blame that situation on MacArthur. Granted, MacArthur was amazingly insubordinate, but the blame for the tens of thousands of American deaths that resulted from the advance beyond the 38th parallel lays entirely with Truman. There was no reason to advance and every reason to think it would be a grave mistake.
Truman was also the first president to have to deal with the communist threat, and he used scare tactics that would persist for decades to achieve his foreign policy goals. But those same tactics boxed him in domestically where he required federal employees to take loyalty oaths. And this same rhetoric arguably gave rise to to Senator Joseph McCarthy. A more wise and able president could have presented the threat to communism in a way that didn't allow for people on the far left - ones who had no desire to overthrow the government - to have their lives ruined.
Maybe it is unfair, but there are other small examples that leave me with a low impression of him. His own draft speech against unions, portrayed in the documentary, was amateurish and extreme. Even more so was his letter to the journalist that attacked his daughter's signing.
And I can't get over his relationship with his wife. She seemed to treat him badly and maybe didn't even respect him. Yet he always seemed to grovel and flatter her. Sure, patience is a virtue, but being a doormat is not.
Conclusion
Overall, I don't see enough good from President Truman to have a high opinion of him. In fact, I get every impression that he was in over his head - which he himself thought at times. Although he originally was elevated to president after Roosevelt died, he ran for his own term in 1948.
I have long thought that President Bush was in over his head and should not have ran for president. Even more so with Sarah Palin. The "everyman" should not be president. Only extraordinary men and women should be president. This doesn't mean ivy league, but it does mean people that are smart and well-educated and well-informed on history and current events.
After watching this movie, I have to think that Truman was in over his head, as was Bush. And neither should have put the country at risk by running for president when they felt - or should have felt - under-qualified.
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