Friday, July 28, 2017

BECKY ANDERSON WILKINS IS RUNNING FOR CONGRESS. HERE’S WHY THE DEMOCRATS SHOULD SUPPORT HER.

7/28/17

Becky Anderson Wilkins, a Naperville City Council member and the long-time owner of the venerable Anderson’s Bookshops in Naperville, Downers Grove, and LaGrange, has decided to run in the Democratic primary for the 6th District Congressional seat in Illinois.   

Yours truly would very much like to support Becky in her race for a number of reasons.   The Quinn and Wilkins families have been friends for years.   Given where I grew up and the many years I have been observing politics, I have come around to the idea that, in politics, friendship means a heck of a lot more than ideology.   Most politicians, and just about every successful politician (See the now seminal POLITICAL IDEOLOGY AND POLITICAL PRAGMATISM:   SO A DRUNK WALKS INTO A BAR AND STARTSCRITICIZING THE CROWD FOR DRINKING… (5/19/17)), treats ideology like a Kleenex, i.e., something to be used briefly to achieve a necessary end and then quickly and unceremoniously discarded.  

Further, Becky was very helpful to me when I first wrote my two books, The Chairman and The Chairman’sChallenge.  Very few things in life are as important as returning favors.   So, given that Becky is a friend to whom I owe (though she would not use the term “owe” in this context) a favor or two, I would very much like to support her.   But I can’t for a number of reasons.  

First, the ideological gulf between us is just too wide, so wide that it transcends the relative importance of ideology and friendship.   However, my not being able to support Becky for ideological reasons is probably reason enough for any Democrat to support her.

Second, even if I were to transcend the vast ideological divide between us, I would not support Becky’s campaign financially because I have not given money to politicians or political campaigns since 1998, when I sent a (almost literally) few bucks to the campaign of Peter Fitzgerald for Senate.   While there have been plenty of candidates I could have supported since, though none as worthy as Mr. Fitzgerald, I have decided as a matter of principle that it is not my responsibility to finance the lifelong ego trips politicians call careers; just about any charitable cause is more worthy than the campaign of even the most worthy politician.   Mr. Fitzgerald, by the way, did not disappoint his supporters; he served honorably and then, after one memorable term, returned to real life rather than squander his family’s money on what probably would have been a quixotic attempt at re-election, but I digress.

Third, even if I could vote my friendship rather than my ideology, I haven’t taken a Democratic primary ballot since 1975, when I voted for the late, great Richard J. Daley for mayor of Chicago and for the briefly insurgent Jerry Joyce for alderman of the 19th Ward.   At this point in my life, I’m not about to change my habit of refraining from taking a Democratic ballot, especially in DuPage County.

So, no, I won’t be supporting my friend Becky Anderson Wilkins for Congress, but every Democrat should.   And, no, I’m not engaging in the old practice of undermining the opposing party by supporting its weakest candidate; if I were a Democrat and wanted to achieve what now just might be possible, i.e., beating Peter Roskam in the 6th District, I would whole-heartedly support Becky for Congress for a number of reasons.

Ideological agreement is not the main reason Dems should support Becky.   Indeed, it is hard to pin down Becky on the finer points of ideology, other than that she is a liberal Democrat, and I certainly don’t know much about what she thinks; throughout my life, I have assiduously followed the axiom that one should not extensively discuss ideology with friends one would like to keep who share opinions widely divergent from one’s own.   From the rhetoric that Becky has released in her initial foray in the campaign, talk of “rip(ping) health care away from millions of people,” “putting our children and grandchildren’s futures at risk,” and the like, one would get the impression that Mrs. Wilkins hails from the Sanders/Warren wing of the party, which, given the general mood among more fervent Democrats, should help her in the primary.  However, the very difficulty of pinning her down philosophically enhances Becky’s viability in a general election against Peter Roskam.

The main reasons the Democrats should support Becky Anderson Wilkins, however, lies in her background.   She is not some wooly-headed academic (says the guy who, late in his career, has become something of an academic, though a decidedly not wooly-headed one, certainly not literally), a “community organizer,” or, saints preserve us, an ACLU lawyer.   Becky is a very successful businessperson who has run a business that is virtually synonymous with Naperville.   She can’t be accused of “never having met a payroll” or “never having signed a payroll check” by Republican ideologues who have themselves done neither.   For what it’s worth, Becky’s husband Chuck is a successful developer, who has the now rare distinction of having developed a non-regional mall that, instead of following the recent custom in that business of coming to resemble a gap-toothed ghost town, is actually thriving, filled with blue chip tenants and crowded almost all the time.   Both Chuck and Becky have been extensively involved in the community, as anyone who has lived in Naperville for more than a month or two knows.    Further, Becky consistently brings world-class authors and celebrities to Naperville, either to her store or to larger venues around town, for book signings, lectures, and the like.   She has also been involved in various local, regional, and national trade associations for independent book sellers, has developed a national reputation in that business, and thus has cultivated contacts that would help her, and her district, in Washington.

Finally, just about every politician trumpets the virtues of his or her family and especially his or her virtues as a family man or a devoted mom.   Most of us have no means of determining the veracity of such claims and, if your degree of cynicism even approaches that of yours truly, you question whether some of these pols even know the names of their children.   But we’ve known the Wilkins family since our daughters, both of whom just graduated from college, became friends in kindergarten.   At the risk of using a trite expression, the Wilkins family is the real deal.   Even a brief conversation with one of their kids makes abundantly clear that Becky and Chuck are great parents.

So Becky Wilkins Anderson has an ideological footprint, or lack thereof, that should help her in both the primary and general elections.  She and her husband have successfully run businesses, employed people, and served customers rather than following the custom, popular in some quarters of her party, of tossing rhetorical bombs from the comfortable quarters of the media or academia at the very notion of free markets and capitalism.  This renders her immune from the often hypocritical accusations of some GOP spin doctors and professional ideologues of being unfamiliar with, or even hostile, toward the free market.   She has a history of public service and community involvement that goes back years rather than to the day she decided she wanted to run for office.  She is enormously respected in the western suburbs, throughout the Chicagoland area, and across the entire country, as an advocate for the independent bookstore, a concept and a business that, like many retail businesses, is holding on by a thread in the face of the Amazon onslaught but that holds tremendous respect in the hearts and minds of the American public.   She and her husband Chuck have raised a beautiful and successful family.


I don’t like to be a cheerleader in any contest not involving the Hawkeyes, Illini, Hoosiers, or Cornhuskers, but if I were a Democrat, I’d be backing Becky Anderson Wilkins for Congress in the 6th District.  If I were a Republican, I’d be seriously concerned about Peter Roskam’s prospects for re-election should Becky’s party wise up and nominate her.

Friday, July 7, 2017

ILLINOIS STATE BUDGET “COMPROMISE”: IN THE LAND OF LINCOLN, THE CARNIVAL COMES BEFORE THE STATE FAIR

ILLINOIS STATE BUDGET “COMPROMISE”:   IN THE LAND OF LINCOLN, THE CARNIVAL COMES BEFORE THE STATE FAIR

7/7/17

A number of people have asked over the last few weeks why I haven’t written on the Illinois budget shenanigans.   The answer is that yours truly doesn’t have much to say that hasn’t been said already and I try to keep my perspectives original.   Here are a few random, and hopefully, original thoughts:

·         The Governor got most of what he wanted and the Democrats in the legislature (read “Mike Madigan”) got most of what they (he) wanted.   The way politics works, one would think that no one would be happy with such an outcome; at least for appearances’ sake, the prevailing attitude would be one of grudging acceptance.   However, it sure seems like the Democrats aren’t anywhere near bereavement mode, so one suspects that the big winner, at least from a legislative/policy perspective, is a certain Democrat from the southwest side who has been around awhile and thus knows how to play the game with an aplomb at which his GOP opponents can only gawk.   This relative abundance of joy, or at least lack of lugubriousness, on the part of the Democrats might have something to do with the genuineness of the spending cuts in the legislation.   It would be nice if these reductions were real; it would also be nice if each of us were to suddenly develop hollow bones and wings, which would enable us to fly.  

·         Another related source of concern is the couple billion dollars or so set aside to service the debt the state will take on to refinance the IOUs currently being held by state vendors.   If history is any guide, this money will not be held in reserve to service new debt, but will prove an irresistible temptation to the politicasters in Springfield who see their role as prodigiously plowing through the populace’s purse.   Soon, we will see discussions on the floor regarding how to spend these “surplus” funds to meet “urgent needs” that, mirabile dictu, only became apparent when the money suddenly became available.   The state of Illinois will still borrow the money and pay off some of the IOU holders, but debt service will have to come out of, say, new taxes because, after all, the state has obligations to those who depend on it.

·         Yours truly been away from managing institutional fixed income for a long time, so I might be wrong here, but I suspect too much has been made of Illinois’ bonds potentially being downgraded to “junk” status even after passage of this budget deal.   The bonds already trade like junk, though it’s hard to say what “trad(ing) like junk” means since there are currently no states that have a junk (Ba1, BB+ or below) rating and there have been no junk rated states in recent memory.  

Further, and perhaps by way of explanation of the point made in the prior paragraph, municipal bonds (of which, through a quirk of tradition, include those issued by states even though the adjective “municipal” is derived from a Greek word meaning “city,” but I digress), due to their federal tax-exempt status, are held primarily by individuals rather than by institutions.   Most institutions (e.g., pension funds, insurance companies) have clauses in their investing rules that forbid, or severely limit, their exposure to junk rated bonds.  Hence, these institutions would, in most instances, have to sell all, or large portions of, their newly rated junk paper and, in almost all instances, would have to curtail or halt further purchases of such paper.    But since the overwhelming majority of the municipal paper, including Illinois paper, is held by individuals rather than institutions, these institutional restrictions are not a consideration.   Certainly, most municipal bond mutual funds are limited in their holdings of junk and thus might have to sell and/or curtail or end new purchases of Illinois paper should it be downgraded, but one suspects that the impact would be minimal because the holdings of Illinois paper by conventional municipal bond funds are probably limited at this juncture.   “High yield” municipal bond funds would, if anything, see their interest in Illinois bonds pick up in the wake of a downgrade.   “If anything” is the operative term here; again, the paper already trades like junk so high yield muni funds probably already hold as much Illinois paper as they want to hold.

Will Illinois bonds be downgraded to “junk” even after the budget deal?   Yours truly suspects the answer should be “yes” but will probably be “no” due to political pressures, but I can’t get inside the heads of the rating agencies.   In any case, however, too much has been made of the damage a potential downgrade would wreak on the state’s finances.


That is about all yours truly has on the budget proceedings, or at least all I have that you can’t read somewhere else.

Monday, July 3, 2017

HOW WOULD MR. TRUMP HAVE DONE AGAINST, SAY, DICK THE BRUISER OR BRUNO SAMMARTINO?

7/3/17

One would have thought that yours truly would be delighted that two of my lifelong enthusiasms, politics and professional wrestling, have been saliently wed by President Trump’s shenanigans on a doctored old WWE tape now showing Mr. Trump pummeling a villain with “CNN” electronically plastered over his face at ringside.  (Point of digression, but at least a parenthetical one… “lifelong” is no longer an appropriate adjective for my enthusiasm for pro grappling; my interest waned about 20 years ago when the evolution from mindless entertainment to male soap opera for the intellectually indolent had completed its course.   Now my interest is limited to reading the sad news of the deaths of the titans of the mat from its golden ages, most recently those of George “The Animal” Steele, Nick Bockwinkel (whose first match as a young man was against Lou Thesz…talk about a blast from the distant past!), Dusty Rhodes, Rowdy Roddy Piper, and Verne Gagne.  By the way, while Dick the Bruiser left this mortal coil over twenty-five years ago, this post’s other titanic title character, Bruno Sammartino, still walks among us.)   However, I am, like most of you, disgusted by Mr. Trump’s latest antics and, perhaps not like most of you, surprised by the depths to which the President has sunk.  After all, as most of you know, I voted for the guy and predicted his victory when he was left for dead; see the instantly classic TRUMP WILL WIN,AND WIN BIG, ON TUESDAY, 11/4/16 and, no, I will not cease reminding my readers of that particular bout of prescience.   Like most of the people who voted for the guy, I was prepared for plenty of silliness in the Trump era, but this is getting ridiculous.

One of the “would be hilarious if it weren’t so important” aspects of this latest development is the reaction of Mr. Trump’s minions to this story.    They seem to have that increasingly familiar “What has this buffoon done now?” look on their visages and then, reluctantly and routinely, launch into some canned explanation along the lines of “The American people knew what they were getting; this is a president who hits back.”
  
Well, yes, we knew what we were getting but, as I said above, the depths of this trip down the rabbit hole are getting genuinely troubling.   Further, I completely understand hitting back; protecting the dignity of the office, and refusing to dignify salvos from the vast peanut gallery we call the press, does not require the president to become a punching bag for every two-bit media hustler trying to become, or stay, relevant by taking cheap shots at the man.   But does Mr. Trump have to hit back with all the aplomb and maturity of an eight-year-old?   Surely Mr. Trump is smarter, more savvy, and more mature than to resort to doctoring old films from a particularly embarrassing period in his show-biz life and calling people the same names we employed on the playground (parking lot, really) of St. Walter School circa 1965.    Isn’t he?

All that having been said, the assessment of most of the media that, by this latest bout of not even sophomoric silliness, Mr. Trump is inciting people to violence against the press is yet another example of Mr. Trump’s opponents’ taking things, and especially themselves and the not all that surprising non-cacophonous bleating that they call reporting, entirely too seriously.   These either disingenuous or, more troubling, serious expressions of concern doubtless also spring from the popular impression among sophisticated media types that all Trump supporters are knuckle dragging, gap toothed back woodsmen just waiting for the go-ahead to wreak violent havoc on their perceived opponents.   Judging from very recent history, it appears that the violence against which the media aristocrats so piously warn comes from the nether regions of their portion of the ideological spectrum, but I digress.    In any case, the denizens of the media, and of most of the Democratic Party, ought to get out more, and by “get out more,” I don’t mean take a limo ride down Pennsylvania or Park Avenues.   Mr. Trump’s supporters display fine dental hygiene and arms that reach only about a hand’s length below their waists.   Perhaps their only mutual identifying characteristic is their disgust with the way business is done in Washington, D.C. and the laughingly myopic view of the world displayed by the Washington establishment’s mouthpieces in the popular media.   In fact, those who voted for Mr. Trump are so disgusted that they were willing to elect a carnival barker like Mr. Trump, and every outlandish bite that Mr. Trump figuratively takes of the chicken’s head is a further indication of how fed up people were by the way things have been done in Washington by the Democrats, the Republicans, and the media.

Happy, blessed, and grateful Independence Day to each of you.