LyrArc Article Gist
Ayn Rand's philosophy. She writes in "Capitalism: The Unknown Ideal" - "Economic crises and runaway government power grabs don't just happen by themselves; they are the product of the philosophical ideas prevalent in a society, particularly its dominant moral ideas." Rand says the message in our society is always "selfishness is evil; sacrifice for the needs of others is good." But Rand's message is selfishness rather than being an evil is a virtue." Adam Smith wrote about this but in adifferent way, saying that man looks to people around him and is looking for the respect of his peers, this itself is a needed good, something that men and women need badly, the respect and esteem of their peers. For this reason they temper their selfish actions for the common good, or this motive can be tapped for the common good to emerge from self interested actions. The question and the answer not like Rand's which is categorical, is put by Smith in the context of how a man views his actions, and what is best in his enlightened self interest. The answer depends on the values in a society at a particular time, because if everyone is pursuing this self interest by distorting things so that he can pretend to himself that he is doing something for an enlightened motive when there are the crasses motives behind it, like Mr Mozilo of Countrywide promoting mortgages for the poor and unqualified, and society or his peers don't call him to account, or others of more respectable background like Mr Thain and Mr Rubin and many others do the same in nore fashioable ways, then the whole fabric of society is corroded. When the fabric of society is corroded then it doesn't matter which philosophy is held, Marxist, libertarian, free enterprise, right or left as used up terms, because its moral underpinnings which are the only true support are corroded. This may be the reason Smith wisely talked about this in somewhat moral undertones such as winning the respect of peers in society for what you do, given that society had the moral element built into it its mores, customs and ways. This is the difference between Smith and Rand, and Smith and Marx, and Smith and other philosophies that are categorical and rigid. That Alan Greenspan was a member of the Collective or group that was closely associated with Rand, and with Rand's philosophy, may have put blinkers or concealed things from him, which he might have seen if not biased by such views of categorical and rigid nature about the virtues of laissez fairre capitalism in all situations. Reagan's admiration for Rand also may have created a bias in favor of laissez fairre capitalism, when what was needed was an effort to avoid excesses in the other direction of state involvement, without getting tied down to some rigid philosophy that might seriuously impair one's ability to respond in a very different situation of excess in another direction, of individuals promoting their self interest to the ruin of the economic fabric of American society....

LyrArc Article Gist
A conservative Catholic farmer becomes prime minister of New Zealand in 2016. Bill English grew up on his family's 125 year old farm, and says it was not about politics for politics sake in his family, but about education for their kids, farming and such things. He says it is very helpful for someone in public life to sit down and hear for an hour in mass about forgiveness, sinfulness, mercy, worship, and lives of people in a  thousand years, which are absent in daily discourse.

LyrArc Article Gist
PM Modi talks about the changes since 2014 and the difference in India now compared to before 2014, during his visit to Shimla, Himachal Pradesh, a place that is close to his heart. His visit is for the "Garib Kalyan Sammelan" for the many schemes launched by his government for the benefit of ordinary people. "Before 2014 there were headlines in the newspapers, debates were taking place on TV channels regarding loot corruption and scams. But time has changed, now the talk is about benefit of government schemes. The World Bank too talks about ease of doing business in India. The Government prior to 2014 regarded corruption as a necessary part of the system. That government succumbed to corruption instead of fighting it. The country then was watching money for schemes being looted instead of going to the needy." With the combination of Jan Dhan, Aadhar and Mobile Modi said money was directly reaching the beneficiary account. Previous governments had accepted that money would not reach the beneficiary and development would be looted. "We have taken the initiative to make 100% benefits reach 100% of the beneficiaries. The government has taken the pledge for reaching the saturation of beneficiaries. 100% empowerment means ending the discrimination, every poor person gets the full benefit of government schemes." "Earlier there was compulsion to suffer because of smoke from the kitchen, today there is the facility to get LPG cylinders from the Ujjwala scheme. Earlier there was the shame of open defecation, today the poor have dignity of toilets. Earlier there was helplessness to raise money for treatment and hospitalization, today the poor have the benefit of Ayushman Bharat." PM Modi talked about how the Northeast was alienated before 2014, and now it was connected by heart and by infrastructure. During the pandemic India sent medicine and vaccines to 150 countries. India stretched out its hand to help other nations. India, he said, has shown that it not only has the potential, it is also a performer. International organizations are accepting that poverty is coming down and there are more facilities for the people. ...

LyrArc Article Gist
Eliud Kipchoge is one of the rare runners from Africa for his outlook on life. He is from Kenya, and holds the world record for running the Marathon. At the Berlin Marathon he set a record of just over 2 hours, with an improvement of 78 minutes the biggest in 50 years.  How does he do it? He wears a wrist band that says "No human is limited." He believes it is in the power of the mid to do what it sets out to do and what it believes. As he trains in the Kenyan highlands his idea of life is living simply which "sets you free." There at training camp he shares in the chores, including cleaning toilets, and always maintains the discipline that is part of his daily routine. Being disciplined is about not just the two hours running but the other 22 hours as well. A simple life means no distracted mind. Says Kipchoge: "My mind is always free. My mind is flexible. The mind is what drives a human being. If you have belief-pure belief in your heart- that you want to be successful you can talk to your mind and your mind will control you to be successful." This 34 year old Kenyan runner won the 5000 metres at the World Championships in Paris in 2003, won silver in Osaka in 2007, but failed to make the 2012 Kenyan Olympics team. He then switched to marathon running and won ten marathons, three in London. As part of the NikeBreaking2 project Eliud is taking on the challenge of running a marathon under 2 hours, 63 years after Roger Bannister set the 4 minute mile record. ELiud believes there are still beautiful things in store, some cool things to do. And his dream is to build a running world that brings joy and peace - "There is freedom in running. Go and run and your your mind will be free."    ...

LyrArc Article Gist
Some key takeaways from the Biden State of the Union- Biden has a vision for the future and the way forward for the US to a new frontier and new progress, where his predecessor really has none or has shown none. On China under his predecessor the US was shown as being behind and the US did little to sending of advanced US technologies to China. Today the US is growing and has the strongest economy of the G-7 and China is falling behind, flow of advanced technologies to China is stopped. On investing in the US. It is there plain for everyone to see. If the US has fair taxes the US can rebuild its infrastructure, modernize, invest in education and the working people of the country, and yet cut the deficit by large amounts. The thousand billionaires in the US pay only 8.2% in taxes. At 25% tax what a firefighter or policeman or teacher pays this would cut the deficit by $500 billion over 10 years. The oil companies and other corporations are similarly only paying less than what ordinary Americans are paying. This at fair tax rate of a minimum of 21% instead of 15% would further cut the deficit by hundreds of billions of dollars after investing in the infrastructure and modernization of the economy that his predecessor has no plans for and instead given a tax cut to the corporations which studies show was really not paid for. Negotiating drug prices for Medicare with drug companies would save the country hundreds of billions of dollars. This could be reinvested in cutting child poverty, in free preschool education, in raising teachers wages. Sitting next to Jill Biden the First Lady was the prime minister of Sweden. What it told the US was that countries like Sweden and Finland in NATO had strengthened the alliance and it was for mere political reasons that Ukraine aid was prevented by his predecessor from being passed in the House after passage in the Senate by 70-30 with bipartisan support that also exists in the House. ...

LyrArc Article Gist
David Obey, head of the House Appropriations Committee who wants to see a war surtax so that the burden of the war does not just rest on military families. Says Obey, who came to the House in 1969, the first year Nixon engaged in the Vietnam war- "I am damn tired of a situation in which only military families are asked to pay any price whatsoever for this war." He asked Obama to listen to the archival audiotapes of President Johnson in Bill Moyers PBS documentary on the Vietnam War in which Johnson tells Dick Russell Senator from Goergia-" Well we know this is damn near a fool's errand but we don't have any choice." Obey has no faith in the governments of Afghanistan and Pakistan so he does not see any chance for a strategy to succeed in Afghnistan and he says "I didn't come here to be Richard Nixon's congressman, Reagan's congressman, Obama's congressman, I'm here representing the Seventh District of Wisconsin." To know Obey is to know him through the decades standing in Congress, fighting for spending on health, education and social programs, part of the agenda rooted in his Catholic faith, which he says demands that he try "to make this an equal society for everybody." In his spare time Obey plays the harmonica, with his rendition of "Amazing Grace" at a friend's funeral putting "everybody in tears," according to Governor James Doyle of Wisconsin. ...

LyrArc Article Gist
Pew Research Center analysis of Biden's 2020 victory shows which groups played the big part in Biden's win. First time voters in 2018, 6% of total voters, mostly younger voters gave Biden a 26% margin over Trump. Other parts of the electorate that shifted in 2020 are Independents and Moderates who shifted to Biden. Catholics also shifted to Biden. Substantial leads in these voting blocs made the difference for Biden. In Arizona with Latinos, and Pennsylvania with the black population Biden did better than in the overall US electorate. In 2024 these same blocs are likely to play a key part. President Biden's visit to Ireland was well planned, his appeal to Irish roots genuinely felt and the connection made. His appeal to manufacturing workers is now based on accomplished results in fighting for worker's rights from teachers to railroad workers. Biden launched his campaign in front of a union audience, saying he saw things from the perspective of Scranton, and the working people he grew up with. In 2016 third party candidates got 6% of the vote, in 2020 only 2%. Of these voters Biden gained a 25% margin over Trump. Biden split the men's vote with Trump in 2020, compared to Trump's 11 point lead in 2016. Biden also maintained the share of women's votes of 54%  in the 2020 election. In 2024 the abortion issue is a significant factor for women. ...

LyrArc Article Gist
DW.com sees "back paddling" in Trump's latest foreign policy speech, replacing bigotry against immigrants with the idea of a ban on Muslims entering the U.S. with "extreme vetting" of new immigrants, including an ideological screening test. Trump it says repeated his claim that he opposed the Iraq war from the beginning, which it says is false. Trump's statement that he would reduce the current nation building strategy pursued under president Bush, it says doesn't make sense because the current situation in the Middle East ( rise of ISIS and chaos in Syria) arises from American retrenchment reversing in the opposite direction the policies of president George W. Bush. It is also true that Bush started his presidency with no intention of nation building, it was only after 9/11 that he adopted this policy. The elder Bush, George W. Bush's father, is reported to have said that his son as president was ill served by bad advisors in the invasion of Iraq over weapons of mass destruction (WMD). Obama's retrenchment has also led to differences in policy, with Leon Panetta and Hillary Clinton believing the pendulum has swung too far in the opposite direction, as shown in LyrArc's coverage. The speech was read using a teleprompter to avoid the frequent gaffes in previous speeches. Clearly an effort to make immigration and terrorism issues to win voter support, after previous efforts resembling bigotry and intolerance. ...

LyrArc Article Gist
The system of using performance evaluations for "forced" or "stack" ranking of employees started with Jack Welch at General Electric. Microsoft adopted the system under Ballmer till 2013, when it decided that the need for teamwork was more important and discontinued the practice. Welch used it to get rid of "underperformers" or managers who did not conform to his requirements when he became CEO of General Electric. It was his personal style and way of bringing change to GE. The practice of "forced" ranking increases competition inside the company instead of teamwork, say managers, and leaves a lot to the caprice of individual managers. In December 2013 Ballmer facing criticism from his Board for missing some of the disruptive technologies in the information tech business and falling behind Apple and Google, sought the advice of Alan Mulally of Ford Motor Company. Mulally had to fight entrenched Japanese competitors and pull Ford out of a crisis in which even Ford's logo had been put up as collateral for loans. Meeting for 4 hours on Mercer Island in Seattle Mulally told Ballmer that he focussed on teamwork and simplifying the way Ford did things. Ballmer phased out the "forced" ranking system as one of the last major steps before he leaves Microsoft. In today's environment for tech companies of intense competition worldwide and disruptive technologies without teamwork and employees looking to come up with new and exciting products the future is surely lost. Having the "bottom" 50% of the employees compete for limited positions can be dangerous or suicidal without the dominant position in markets that GE and Microsoft had. It also makes no sense to substitute internal competition and capricious manager behaviours for teamwork. It is the responsibility of managers to do as much as possible to make good hiring decisions, and then motivate and help employees to achieve their best performance with frequent helpful feedback, and to promote teamwork. This is the lesson Ford learned through its crisis and Microsoft is now learning....

LyrArc Article Gist
The new head of U.S. President Obama's Council of Economic Advisors, is Princeton economics professor, Alan Krueger. Kueger is known as the academic's academic, whose office is located with other labor scholars in the Princeton library. His work has focussed on what he calls "Rockenomics" (research about which bands do well and the reasons for this), on commuting, on studies such as the one with a suggestive title, "Sorting in the Labor Market: Do Gregarious Workers Flock to Interactive Jobs?" His appointment suggests the Obama administration is looking at no new policy initiatives, focussing on an incrementalist approach in policy actions, with the hope that he can get both political parties behind smaller changes. Putting a micro-specialist in charge at a time of huge volatility in financial markets shows an administration that is likely to continue the status quo with small changes till the presidential elections in 2012- the opposite of strong action because the Obama adminstration has no idea how to turn this economy around and only hopes things will change....

LyrArc Article Gist
A Peking University economics professor who believes that China should take the best of western institutions not just its technologies and management makes his views public on the internet. He will be removed form his teaching position at Peking University by the end of this year. He is offered a teaching position at Wellesley College in Massachusetts in the U.S. Other Amercan Universities with ties to Chinese Universities have remained silent on his situation, says Xia Yeliang. His wife continues to work in accounting at the University. China's leaders see it as acceptable to work within the system to make improvements but not make the views public in the western media because this creates a bad impression of the party and the country, as Xia Yeliang is told by the party chief at Peking University.

LyrArc Article Gist
This exceptional report in the New York Times shows the results of a NYT investigation into Trump's taxes. Trump used a $916 million loss on his tax return for 1995. This was at a time when casino losses had mounted in Atlantic City and Trump was having financial difficulties. Trump used a tax avoidance maneuvre that was considered stretching the law by tax experts. Under tax law when debt is cancelled it has to be reported as taxable income. When Trump had some of this debt cancelled for his casinos, he would normally have had to show it as taxable income. He used a tax maneuvre to not show this taxable income- to be able to show a loss of the magnitude of $916 million for 1995 tax returns. The cancelled debt would make it possible to wipe out $50 million in taxable income for 18 years, says the NYT report. Trump used the losses of $916 million to offset other income from branding, television. Trump's debate comments to Hillary Clinton was why she had not closed the loopholes he had used. Hillary Clinton was one of the senators who had this loophole closed when legislation was passed in 2004. According to Mr. Buckley, the former chief of staff for Congress's Joint Committee on Taxation, this violated a key principle of American tax law, that you cannot deduct someone else's losses. Only the bondholders for the casinos who cancelled some of Trump's debt should be allowed to use these losses according to that principle. So Buckley says of Trump's tax return maneuvring- that "he was double dipping big time." What does it mean for the average citizen- it simply increases his tax burden. ...

LyrArc Article Gist
Rove cites Quinnipiac poll surveys showing Trump with the worst ratings of the 12 Democratic and Republican candidates- 35% favorable to 57% unfavorable. The breakdown shows 60% of independents disliking him, and 69% of voters 18-34 saying they dislike him. He says Trump stands little chance against a Democratic nominee for president. This is why a splintered vote in the Republican primaries is dangerous for Republicans says Rove, pointing to the need for Republicans to focus on a good alternative candidate, who has experience and ability to win votes across many demographic groups.

LyrArc Article Gist
Souleymane Guengueng of Chad, a political prisoner during the dictatorship of Hissene Habre, and the ray of light Mandela's release brought to him in prison. He now lives in New York City.

LyrArc Article Gist
President Trump says "they have information- I think I'd take it," conveying his belief that it is ok and that it does not mean electoral interference. 

LyrArc Article Gist
As the coronavirus crisis continues the YMCA and Catholic Charities, other organizations helping the poor, are hit hard. YMCA lost revenues of $400 million in April across its 2700 U.S. branches.

LyrArc Article Gist
The G-7 leaders of US, Canada, France, Germany, Italy, Britain and Japan along with invitees from India and Indonesia will meet at a resort hotel 62 miles south of Munich. Located in the Alps mountains near the Austrian border it has no air conditioning. The approach is to have as near as possible a natural setting with a stream that generates 20% of the energy and a rustic but refined setting. There are 5 rooms each for every country leader and a separate place for their staff. It was built between 1914-1916 by Johannes Muller, and reclaimed by his family in 1961 after being taken over by the US Army. His grandson Dietmar Muller-Elmau is the current owner. 

Elmau rebuilt the hotel in 2007 after a fire, with a 115 room building The Hideaway, and a separate building the Retreat nearby for the G-7 type gathering.

LyrArc Article Gist
David Enrich of the NYT looks at the collapse of Signature bank and SVB Bank and the role of lobbying that led to president Trump setting up new legislation raising size of banks facing Fed regulatory scrutiny from $50 billion to $250 billion. Signature Bank and the author of the regulatory law after the financial crisis of 2008 caused by faulty bank practices -who in one of the anomalies of Congress joined the bank's board for 7 years and resigned this week-  lobbied with SVB bank for less regulation and government oversight. President Biden has learned from the mistakes of this Obama period, as shown by Jim Tankersley in his reporting in the NYT. this week. And made clear from Biden's State of the Union address in 2023, his effort to focus on cutting the deficit by $3 trillion over 10 years by getting everyone to pay their fair share of taxes.

LyrArc Article Gist
The story of Milkha Singh, India's fastest runner, is told wonderfully here in the Indian Express.

Milkha Singh came through a period of life growing up in a poor part of the Punjab, then partition, and finding a place in post independence India on track and field. He joined the army on his third attempt. Finished fourth in the Rome Olympics, just 0.1 seconds behind Pence and with it missing a Bronze medal.

He said after this - that he was taken for an interview, and he could only say in whatever English he knew, "your son has fulfilled his duty, and I demand this from every youngster in the country." This could be the message to all the youngsters in the country that are volunteering for the PM's effort for 100,000 trained healthcare youngsters to help with Covid work in villages and towns throughout India.

LyrArc Article Gist
Florida Governor Bob Graham 1979-1987 work in investing in education boosting per pupil spending and investment in Flordia university system is similar to California Governor Pat Brown 1960-1968 who helped build the Cal State University system. Bo Graham covered the Kennedy-Johnson period of the sixties to the turn of the century, retiring in 2003 after serving in the US Senate for 18 years. His early upbringing was on a family farm in Florida. He is known for his effort to take on the roles of ordinary Americans for 100 days when he ran for public office. This period is a reminder of the changes in the democratic system, business and the economy since then with influence of lobbyists in Congress, tech monopolies, and the financial industry leading to crises since 2009, and wars in the Middle East that dissipated the Nation's resources that should have gone into replacing dilapidated infrastructure.

LyrArc Article Gist
The BBC cites Mr. Trump's comments on Sean Hannity Show that Attorney General Barr made up his mind "right on the spot" after receiving the Mueller Report before even going into the Report's findings. It says this confirms that Mr. Barr had already made up his mind as stated in an unsolicited June 2018 memo to the Justice Department about presidential immunity from obstruction charges, a reason Mr. Trump chose Barr.

Mr. Mueller did not make a traditional "prosecutorial judgement" because he left it up to Congress as it was not the role of the Justice Department under which Mr. Mueller operated. At issue is also the 34 pages "redacted" by Mr. Barr from the Mueller Report, and Congress will want to see the full Report and all the evidence on obstruction before making up its own mind, says the BBC.

LyrArc Article Gist
Coronavirus has given time for developing world to prepare as it hit Europe first, but now that it has hit Brazil, Mexico, India, South Africa, it is following a pattern that keeps it there for months with no end in sight. This is straining hospital and doctor resources to the limit and leaving doctors stressed and exhausted. This report looks at the nonstop flow at one of Mexico City's largest hospitals Salvador Zubiran.

The informal economy in these countries makes it harder to lockdown completely or for a long period. Now that the economy is reopened the larger population and congestion and the inability to have further lockdowns or tightened restrictions for economic reasons makes for the flow of new coronavirus patients over many months. Some restrictions have been reintroduced in India and the higher recovery rate of close to 70% has offered some glimmer of hope, yet more needs to happen to win this fight.

LyrArc Article Gist
Shohei Ohtani being in the playoffs is everything a sport would hope for, says baseball commissioner Rob Manfred. Ohtani has led the Los Angeles Dodgers to a great playoff season against the San Diego Padres.

He has given LA Dodgers the best record in baseball with 54 home runs, 130 runs batted in and stolen 59 bases. His every move is followed in Japan and it has made the LA Dodgers Asia's favorite baseball team. There is the Ohtani effect on Major League Baseball reviving the whole game with fans and viewers around the world.

Yet for six years he played for the Anaheim Angels where the Angles never used his talent in the way they should have, says Lindsey Adler in the WSJ. The patience and preparation has come just at the right moment for the 30 year old Ohtani as he crossed over in LA to the Dodgers.

LyrArc Article Gist
The leading Democrat on the Senate Banking, Housing and Urban Affairs Committee, Elizabeth Warren, says she is eager to work with DJT, Tim Scott and Republicans in Congress to make life affordable for working families and to rebuild the middle class. She says Republicans and Democrats have thir reasons for th housing shortages and hgih costs of housing, and both are right. Republicans pointing to the supply shortage and Democrats pointing to the price fixing and corporate landlords.

On DJT proposing to cap credit card interest rates at 10% Warren says she will work with Republicans to make it happen.

Warren cites personal experience as reason she is at her job. Her dad lost his job and almost lost his home. This is why in the wake of the 2008 financial crisis caused by banks engaging in speculation she says she became Senator and why she is fighting to make life affordable for all Americans.