The Morning Joe Rebuttal for January 27th, 2010
1) A failure to communicate. Tim Dickinson and Paul Ryan appear on the show within 2 minutes of each other. Ryan claims one of the biggest travesties of the Obama administration is the 132% increase in the budget of the EPA, Dickinson says the EPA is one of the few bright spots of the Obama administration.
This is a blooper of a scale I have not seen since Farrah Fawcett was on Charlie’s Angels. Did it just slip your mind to attempt to reconcile those two disparate takes? You called out 7 Senators for obstructing the people’s business for their counterproductive action on the deficit panel today, so fair is fair. Mika Brzezinski, Mike Barnicle and Chris Licht were all three present for both interviews, Dylan Ratigan, Joe Scarborough, and Willie Geist were there for one or the other. Those top three names are called out for a class A fumble on national television.
What should've happened:
Mike Barnicle: “You know, Tim Dickinson, we just had Congressman Paul Ryan on the show in the last segment with a completely opposite take on the EPA, do you think his interest is citizen based or based on a relationship with the coal industry?”
Mika Brzezinski: “Tim, do you demonize Paul Ryan like you demonize Warren Buffet”
Chris Licht “Can we get Rep. Ryan back for a quick retort?”
You can salvage this by forensically showing the clips tomorrow and asking the two camps for comment. And for the sake of completion, Tim, you deserve some of the blame, as you saw the Ryan interview and missed a chance to show your point in the context of the previous guest. Sometimes, you have to lead them to water.
2) Who was that guest dressed like Dylan Ratigan? Why, that was Dylan Ratigan, who apparently is going to night school as no question had more than two qualifiers and actually had a grenade like precision. That was Dylan leveling ‘be more than rhetoric’ mandates without waving the camera to himself. Less broken, more effective, and subscribers can see the fear he raises in guests who are hiding any conflict.
The other part of this feel good story is a fierce determination by the entire cast, and Chuck Todd, and David Gregory to make a concise Dylan Ratigan their CNBC-on-a-stick. That is an ensemble comprehension that the reward for this strategy is to empower your Wall Street Kryptonite. Joe Scarborough was the best at this with strong cuts at any run on question from any angle that undermined the flow of a 7 way discussion, making it not just training wheels for Ratigan but the whole group to try and get this to be the discussion that carries the most weight on any air wave in today’s complex media.
That of course should be the course and your future. You have the same mandate the President has: to make sense as an ensemble of the time between tonight and November 2nd. This first step, if clipped against Ratigan’s last appearance, progresses the agenda: real right, real left, real Washington, real finance, all as one analytical measure of the road ahead.
3) But as proof that there is a perilous road ahead: the beef, part 2, with Scarborough and Goldman is Scarborough defending Goldman Sachs today. The take that ‘you can’t blame Goldman for making a profit in 2009’ is an indefensible statement and chapter two of a lack of comprehension of the situation on the ground. You certainly can blame Goldman for making a profit in 2009. Here’s a list of reasons and a timeline:
· Goldman manipulated the housing market bubble on both sides of the transaction: selling mortgage backed securities while also shorting them
· Goldman knew the level of the impending disaster 15 months before it occurred
· Goldman placed an executable strategy over the disaster based on that prior understanding of it and let it unfold for profit
· Goldman used it’s influence over Paulson and Geithner to engineer a resolution to the disaster it helped create that reduced its only real competitor in market making to rubble, opened the Fed window to it for the first time, and got it an undeserved 100 cents on the dollar buyout by the government of its illegitimately placed (see item 1 above) short play with AIG
· Goldman used the Fed window to it’s sole advantage for the entire 2009 year, not to rebuild domestic economies, but to move paper in proprietary trading that, like we’ve covered before, continues to drain our nation’s middle class of it’s wealth one pension evaluation at a time
· Goldman used all this momentum plus it's continued influence to have the recent bank tax initiative further it’s dominant position in the industry by being the least affected while it’s competitors will be far more significantly tethered. Erin Burnett said GS 'stepped on JP Morgan Chase’s neck' with this move on your show.
And you can’t blame Goldman Sachs for making a profit when that profit is chapter 5 of the “greatest transfer of wealth” quote you made how many times today? How can you not feel like one of the Washington dupes who let it happen when this gets by you? Ratigan? Apparently all the Elizabeth Warrens, Andrew Ross Sorkins and Dylan Ratigans in the world are still not an adequate failsafe system when you are at the center of the informational universe, yet still get fundamentally tripped up in real time.
As an optimist, this is a learning moment. We all got duped, we all sometimes feel envious of that guy, think Mark Cuban, who prospered via some Wall Street hijinks and now owns sports teams and a jet. Joe Scaroborough’s job as America’s everyman is to share a learning moment like this one with the people who trust him.
Hey, I could be wrong, tell me I’m wrong.
That’s all for today, see you tomorrow.