Posts Tagged ‘President Bill Clinton’

Legendary Political Commentator Dan Schorr Dies at Age 93

Tuesday, August 10th, 2010

The radio airwaves lose a commanding presence with the passing of legendary broadcaster Dan Schorr.  Legendary newscaster and elder statesman of political commentary Daniel Schorr died recently at age 93 following a brief illness.  Schorr, who spent the last 25 years of his long career as a senior news analyst with National Public Radio (NPR), aired his final broadcast on Saturday, July 10.  A journalist for more than 60 years, Schorr was the last active member of Edward R. Murrow’s “Boys”, a group of journalists who worked at CBS News in the 1940s and 1950s.  He joined NPR in 1985 and gave regular commentaries on the “Weekend Edition” and “Week in Review” programs.

Scott Simon, host of “Weekend Edition”, said “Nobody else in broadcast journalism – or perhaps in any field – had as much experience and wisdom” as Schorr.  “I’m just glad that, after being known for so many years as a tough and uncompromising journalist, NPR listeners also got to know the Dan Schorr that was playful, funny and kind.  In a business that’s known for burning out people, Dan Schorr shined for nearly a century.”

Schorr was famous for his straightforward coverage of the Watergate scandal of the early 1970s and even discovered his name on President Richard Nixon’s infamous “enemies” list.  “He lived through so many years of history, and he put that to the service of his commentaries,” said Geoffrey Cowan, dean emeritus of the University of Southern California’s Annenberg School for Communication.  “He never lost his edge.  He was also outspoken and independent.”

In 1975, New York magazine called Schorr the “great abrasive” for his pointed coverage of the House Intelligence Committee hearings on covert CIA operations, including assassination plots.  Schorr had been given a copy of the intelligence committee’s draft report and reported some of the contents on the CBS Sunday News – the only journalist to do so.  When CBS refused to back Schorr, he offered the full report to the Village Voice, which published a 24-page special section headlined “The Report on the CIA that President Ford Doesn’t Want You to Read.”  The bold move prompted CBS to demand that Schorr resign, giving him time to write the book “Clearing the Air” before he was hired by a very new 24-hour broadcast operation called CNN.

When Schorr was approaching age 70, NPR asked him to become a commentator, a post that he held until his death.  Schorr says that NPR “accorded some of the respect of an elder statesman” and he became renowned for putting current events into historical context.

Repealed Glass-Steagall Act Played a Role in Financial Meltdown

Tuesday, November 24th, 2009

Glass-Steagall repeal helped bring on the great recession.  When President Bill Clinton signed legislation to repeal the Depression-era Glass-Steagall Act in 1999, he handed Wall Street  a victory that likely contributed to the recent financial meltdown. Glass-Steagall’s repeal eliminated barriers between normal banking activities – deposits and lending – and riskier areas such as derivatives trading.

“The capital-market rules are going to change,” says Brad Hintz, an analyst at Sanford C. Bernstein & Company in New York.  “It’s going to be much more difficult to trade in the illiquid parts of the market” beyond corporate and government bonds, as well as to finance investments.

President Barack Obama is working with his advisors and Congress to fill the regulatory void that Glass-Steagall’s repeal left.  Former Federal Reserve Chairman Paul Volcker, now a financial advisor in the Obama administration, prefers a “two-tier” financial system that limits risk taking.  Current Fed Chairman Ben Bernanke has increased surveillance of the systemically important firms and believes that these companies require “especially close oversight.”

To quote then-candidate Obama in a spring of 2008 speech, “A regulatory structure set up for banks in the 1930s needed to change.  But by the time the Glass-Steagall Act was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”

The result?  Commercial banks seeking to compete with investment banks took on significant trading risks and created off-balance-sheet financing methods to reduce the capital they required to avoid loan losses.  At the same time, investment banks started lending more aggressively to companies and increased their own borrowing to purchase securities or real estate.

All that has occurred clearly demonstrates the need for effective new regulation.