Every now and then, CJR’s Magazinist delivers an opinionated look at the journals of opinion.
The main cover line of the May issue of The American Prospect—”The future of RISK: Markets can’t protect us. What will?”—practically screams at the reader, demanding that he read the Prospect to crawl his way out of the economic slump. (Nothing else, apparently, will save him.)
Capitalism and its Discontents
The issue leads with one of those weigh-ins-by-the-experts packages where various professional authorities write a few paragraphs on the topic at hand. This time around, the topic is risk—or, rather, RISK. Contributors include
David Moss of the Harvard Business School, Robert A. Johnson of the United Nations Commission on International Economic Reform, Berkeley political science professor Jacob Hacker , and various journalists who’ve written about economics and social policy. Most entries concentrate on moving away from a mathematical model of risk and facilitating a financial system based on people and their needs.
The five-experts, five-slightly nuanced versions of the same opinion is a tried and true journalistic staple, but it tends not to be a recipe for innovative thought. Unsurprisingly, the Prospect feature airs few controversial opinions. But the points are salient, especially the section by real estate journalist Alyssa Katz about the need for American banks to return to the essentially local nature of the housing marketplace, because, as she points out:
Those who created and traded in the securities trusts were not players with any state in the communities in which these loans were made. They could not be subject to boycotts, or concerns about status as a good corporate citizen, or care about what the local paper or blogger might write, or even harbor fond memories of a neighborhood’s high school football team. Indeed, the mortgage-backed-securities pools themselves existed only as creatures of the law, without a single identifiable face or place of business.
Four books reviewed later in the issue address the nuances of attempting to change and manage capitalism, including Richard Posner’s dramatically titled A Failure of Capitalism: The Crisis of ‘08 and the Descent into Depression. Robert Kuttner’s review undermines the magazine’s blaring cover line by pointing out that:
Since we are still in an early phase of the crisis and don’t yet know whether it will rival the Great Depression in its depth and duration, all verdicts remain provisional.
Of course, this particular point isn’t directly in conflict with that “What can save America now that everything has gone to shit?” drama promised by the cover line, but Kuttner’s review demonstrates a view suspiciously absent from the rest of the May issue of The Prospect—the latest economic downturn may turn out to be nothing at all. Read It
Ideology on Parade
In an article entitled “The Next War Over the Courts”, lawyers Doug Kendall and Simon Lazarus predict that Obama’s judicial appointments will meet with strong resistance. Despite certain early uncontroversial appointments, congressional Republicans are prepared to fight, and fight hard, against Obama’s choices, something for which the administration may not be prepared:
Early signs indicate that the White House is reluctantly entering this fray with a less-than-fully-backed game plan that could simultaneously undermine the president’s chances to change the direction of the courts and stall his broader agenda.
While it is worth noting that congressional Republicans will impede Obama’s judicial appointments, particularly in light of David Souter’s retirement (which occurred after the May issue of the Prospect came out), the “early signs” are not really indicative of anything. The fact that Obama promised to name candidates “acceptable to all sides” doesn’t indicate that he’s prepared to do battle with Republicans, sure—but it doesn’t mean he isn’t, either. Statements like that are campaign drivel, and very similar to the sort of thing said by Bush throughout his presidency. The piece features a sidebar about the wicked deeds of the erstwhile president with regard to legal matters in general and judicial nominees in particular. Read It