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#1 May 26, 2012
Interview with Don Gogol about Equity Capitalism
Dear Charlie Rose,
Though this is the first out of hundreds of otherwise marvelous interviews that I fault, I donít think people were left with the right conclusions this time around. You needed at least two people in this interview because you made Obamaís position out to be an attack on equity capitalist and only had an equity capitalist there defending his industry.. Though Don Gogol was quite objective about many things outside of equity capitalism, your questions didnít probe the other side of many of the things being discussed:
The real issue is whether the experience of an equity capitalist is the kind of experience needed to solve the much more intricate problems of government . It is not about how important equity capital companies are to the market or their low rate of failure, which is what the statistics were all about.
To make equity capital companies profitable and to keep them from failing , the key strategy is to get the most efficiency out of the least amount of workers. This is not the experience most needed at this time.
Whatís needed is the ability to make critical decisions and put together a team of experts to implement the creation of new jobs. While talking about Obamaís failure to accomplish more, no mention was made of the fact that the Republicans were more interested in having Obama fail than for the country to succeed. They sat on their hands and made it impossible for him to create jobs and give people the confidence needed to go out and buy goods, the two most important elements in growing the economy.
On the subject of Health Care, no mention was made of the fact that the medical and pharmaceutical lobbies hobbled every effort Obama made to do what was necessary to reform the industry and get costs in line with other advanced nations.
On the subject of capitalism not being capable of regulating itself, no mention was made of how senators on both sides have received huge amounts of money from JPMorgan and other big financial institutions to keep necessary regulation from happening.
As Dana Milbank wrote in the Washington Post, Republican National Committee Chairman Reince Priebus set the message when he said this month that the JPMorgan episode showed ďDodd-Frank didnít work.Ē The truth is that Dodd-Frank got watered down by these same paid servants of special interests so that it was never sufficiently implemented to do the job.
The real problem is that our government is broken due to corruption. The only solution is to disallow the private financing of political campaigns. Letís talk about that a little.
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