Rush Limbaugh Salivates …

over the opportunity to go on the attack against a liberal administration. (See The New York Times' story.) For eight years, conservative talk radio, which asserted itself during the Clinton administration, has been the apologists for the Bush administration. Rush Limbaugh was even declared a king maker after the 2000 election was successfully stolen.

Following a Democratic sweep in 2008, the conservative propagandists of the air waves are poised to go on the attack once again. But will anyone be listening? Advertising revenue is down everywhere and particularly in traditional news sources like newspapers and AM radio, which has been consumed by talk and is no longer listened to by America's youth.

Define Recovery:

Paul Krugman forecasts an economic recovery by the end of next year, but just what kind of recovery will it be and will we even know it has taken place when it arrives (if it does)? Over the past two decades (roughly), the economy has been fueled by "bubbles," principally the stock market bubble of the 1990s and the housing bubble of the more recent past. Mostly these bubbles benefited the top 1 percent.

Protectionism:

Today's Washington Post reports on the growing trend in various forms of protectionism around the globe, from countries passing higher teriffs on imported goods to government funding of local businesses, like the bailout package for the American auto industry that provides an unfair advantage to Detroit over foreign auto makers.

In addition to possibly slowing any world wide economic recovery, this activity stands to harm China the most, as The Post points out, due to that country's reliance on exporting goods.

A Company To Believe In:

While many companies are finding ways to save money that depend on cutting the incomes and benefits of their regular employees, Caterpillar, the heavy equipment maker based in Peoria, Ill., is cutting compensation at the highest levels first. The company announced Monday that it would cut executive compensation by as much as 50 percent. (See The New York Times' story.) Now that's a company you can believe in. Think what the CEOs of the big three automakers might have accomplished if they'd shown up the first time in Washington with the announcement that their own remuneration would be cut by at least half.

Even Toyota Is Hurting:

Toyota reported Monday that it will suffer its first operating loss since 1938, the second year of its existence. The company, according to The New York Times, will lose $1.7 billion in 2008 after having reported a profit of $28 billion in 2007. That's some real money down the tubes.

Best Movie Review of the Year:

Wendell Jamieson recalls the first time he saw It's a Wonderful Life. America's favorite Christmas story as seen through the eyes of a fifteen-year-old isn't the story of redemption that the movie is touted for so much as a forecast of a man's struggles with the compromises made while becoming an adult.

Mr. Jamieson spends considerable time talking about the failed vision of the movie; i.e. Bedford Falls would have been better off in the long run as Pottersville because the only economic growth in the state in the long run would have been as a resort/casino -ville. However, the real vision of the film is as an alegory of America's survival of The Great Depression and World War II. The film attempts to look forward by looking backward, which is precisely the structure of the film.

Nevertheless, Mr. Jamieson nails it when he says the real power of the film comes with George's steady breakdown that leads him to the bridge, where he can only be saved through divine intervention. Or blind luck. For my money, the most powerful scenes in the movie take place in the home, when George begins to lose it with his wife and children, and his weaknesses start to dominate the film. This is some of the best dramatic irony Hollywood has ever achieved.