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“I have been unable to save much money in my life. I have been in politics, and in politics an honest man does not get rich. (Sam Rayburn, whose savings at his death totaled $15,000)”
“No one could buy him (Sam Rayburn). Lobbyists could not buy him so much as a meal. Not even the taxpayer could buy him a meal. He refused not only fees but travel expenses for out-of-town speeches; hosts who . . . attempted to press checks upon him quickly realized they had made a mistake. . . . Rayburn would say, ‘I’m not for sale’ – and then he would walk away without a backward glance.”
– Robert Caro
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Will The Catholic Church Seek Redemption?: Survivors of clerical molestation may be feeling abused all over again after Pope Francis’s closing speech ending a landmark summit at the Vatican. Despite vowing the Roman Catholic church would “spare no effort” to bring abusers to justice, nor would it cover up or underestimate abuse, the pontiff fell far short of promising a “zero tolerance” approach to pedophile priests and the bishops who cover up their crimes. Even worse were Francis’s remarks that attempted to conflate the prevalence of child abuse across society with that specifically perpetrated by clerics.
About 190 bishops and cardinals attended the four-day summit, during which they heard traumatic testimony from those who had been raped and molested by priests, and about the indifference that the Catholic church’s hierarchy has shown towards them. Anne Doyle, co-founder of Bishop Accountability, which tracks clergy sex abuse cases, said: “I am utterly stunned. The pope has undone the tiny bit of progress that possibly was achieved this week. He was defensive, rationalizing that abuse happens in all sectors of society. Ironically and sadly, he exhibited no responsibility, no accountability and no transparency.” (Guardian) Additional Read: Pope Calls For ‘All-Out-Battle’ On Clergy Sex Abuse, With Few Specifics (NPR)
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Inhumanitarian Aid: Venezuela’s embattled president Nicolas Maduro thwarted attempts to deliver humanitarian aid Saturday, resulting in violent clashes between civilians and troops loyal to Maduro who were blocking the deliveries. A least two people lost their lives. Self-declared interim president Juan Guaidó called on other nations to consider “all measures” to oust Maduro after the chaos erupted. Guaido said he would attend a meeting of mostly Latin American countries in Bogota, Columbia Monday, despite a travel ban imposed by Maduro. A senior White House official said Sunday that Vice President Mike Pence would be attending the talks and announcing “concrete steps” and “actions” to address the crisis. President Trump has not ruled out military intervention. (BBC) Additional read: After Venezuelan troops block aid, Maduro faces ‘diplomatic siege’ (Reuters)
Big Brother Goes Broke and Brain Drain Ensues: Many Chinese business people are saying privately that the entrepreneur class is losing confidence in the country’s future. China’s economy is slowing, hindered by the trade war with the US, and while few are predicting a crash, they are beginning to believe Beijing’s leadership is more focused on controlling people’s lives than promoting economic growth. The previous generation’s optimism is morphing into pessimism since Xi Jinping took control in 2012. Under Xi’s leadership the Communist Party has increased its dominance in every aspect of Chinese society. For more and more entrepreneurs, leaving China is the best resistance to Communist rule. (NYT)
The Deadly Devil In the Bottle: At least 150 people have died after drinking tainted bootleg alcohol in India’s remote northeastern state of Assam. It’s the country’s latest episode of mass alcohol poisoning, and the second within two weeks. Bootleg alcohol is a cheap, strong, locally-brewed concoction called hooch, or country liquor. Although illegally made, it’s widely available in most villages and often sold by the glass or in little plastic single-serve pouches. Sometimes it’s spiked with other chemicals to increase its potency. Police have traced the latest deaths to batches laced with wood alcohol, which is used as a fuel or industrial solvent. If consumed, however, it attacks the central nervous system and can result in death. (NPR)
U$A! U$A! U$A!: Never mind that America’s public debt is enormous, 22 trillion and still growing. Or that US leaders recently delivered the longest government shutdown in history. Or that just a decade ago the country underwent its worst financial crisis since the Great Depression. Or even that its president routinely breaches the norms of international relations, provoking complaints from allies and foes alike. Counterintuitively, the dollar’s reputation as strong and secure has grown, enabling President Trump’s treasury to find buyers for government savings bonds at enviously cheap rates, even as his $1.5 trillion tax cuts has added to America’s debt. It has also reinforced Trump’s ability to impose his foreign policies on an often reluctant world by amplifying the power of his trade sanctions, particularly against Iran and Venezuela. (NYT)
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A Very Unhappy Ending For Kraft: Some might think winning six super bowls would be enough excitement for 77-year-old billionaire owner Robert Kraft, but they’d be wrong. Instead Kraft chose to celebrate at the Orchids of Asia Day Spa in Jupiter, Florida, where he was arrested last Friday for soliciting sex. Kraft, John Havens, former president and CEO of Citigroup, and private equity firm founder John Childs were among 25 wealthy, prominent men now facing prostitution-related charges after a wide-spread eight-month long investigation in Florida and New York of what authorities say was a thriving, multi-million dollar human trafficking and prostitution operation.
Jupiter Island is just north of President Trump’s Mar-a-Lago estate in Palm Beach. In 2007 New York billionaire Jeffrey Epstein was arrested in Palm Beach for molesting dozens of under-age girls. Epstein received a sweetheart plea deal from federal prosecutors, including then US attorney, now Trump Labor Secretary, Alexander Acosta. A federal judge ruled Thursday that prosecutors had violated federal law when they made a secret agreement not to charge Epstein with sex trafficking of minors.(NYT,WaPo)
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On January 9th we wrote that this year we wanted to immerse ourselves in learning more about the healthcare industry as it seems to rival the techopolies (Facebook, Amazon, Apple, Google) as one of the most important industries in America. Two interesting trends we have observed since then is that the techopolies want a piece of the healthcare action/money and “The 5 largest conglomerates combining health insurance and pharmacy benefits are on track this year to be bigger than the 5 preeminent tech companies.”
Many 2020 Democratic presidential candidates now support Medicare for all. A position Daily Pnut supports because it is the right thing to do for people (other countries have made healthcare nationalization work well). And it will be good for the economy as it will redistribute power from employers to employees: employees will have greater economic mobility to pursue other jobs or start new companies.
There are two more ideas we hope become political reality: making national service a requirement for all Americans (this will help Americans better connect with one another) and term limits for Congress (reducing the influence of money in politics). One could even couple the national service requirement with medicare for all.
The Theory of the Upper-Middle Class & Inconspicuous Consumption: “Wealthy, Successful & Miserable: The upper echelon is hoarding money and privilege to a degree not seen in decades. But that doesn’t make them happy at work.” (NYT, $) “How the Upper Middle Class Is Really Doing: Is it more similar to the top 1 percent or the working class?” (NYT, $) This reminds us of George Orwell’s line “I was born into what you might describe as the lower-upper-middle class.” The “U.S. Is a Rich Country With Symptoms of a Developing Nation: The country is backsliding based on a host of troubling metrics.” (Bloomberg) And advice on how to join the upper-middle class: How to Get Rich Without Being Lucky – Naval Ravikant (WP ERP)
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LAST MORSELS
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“President Lyndon Johnson created the first national health-care program in 1965, after fierce political battles, when he signed the Social Security Act Amendments. The law established a fund to provide health-insurance coverage, known as Medicare, to Americans over the age of sixty-five, and to provide coverage to the poor through a sister program, Medicaid. “No longer will illness crush and destroy the savings that they have so carefully put away over a lifetime so that they might enjoy dignity in their later years,” Johnson said at the signing ceremony, in Independence, Missouri, noting that eighteen million Americans were seniors, many with low incomes. “No longer will young families see their own incomes, and their own hopes, eaten away simply because they are carrying out their deep moral obligations to their parents, and to their uncles, and their aunts.” Johnson gave the first Medicare card to former President Truman.
There are currently sixty million seniors enrolled in Medicare, approximately eighteen per cent of the U.S. population, and the number is expected to rise to sixty-seven million by 2030. Medicare remains one of the most popular government programs. It has saved millions of people from financial ruin in old age, and, because of its importance to a crucial voting demographic, it has weathered decades of tax cuts and reductions to the social safety net.” – Sheelah Kolhatkar, “The Personal Toll of Whistle-Blowing: Why one physician took the risk of becoming an F.B.I. informant to expose alleged Medicare fraud.”
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