On Monday the Dow Jones industrial average fell 634.76 points; the sixth-worst point decline for the Dow in the last 112 years and the worst drop since December 2008. Every stock in the Standard and Poor's 500 index declined.
It is easy to blame bipartisan bickering for the impasse that led to Standard and Poor's downgrading of the American debt, and in turn the vertiginous fall of the Dow. This bickering -- this substitution of ideology for reason, of egotism for compassion and responsibility on the part of lawmakers -- is a national disgrace; but while it failed to fix the problem, we must realize that it did not cause it. The cause -- and potential for a significant renewal -- lies much deeper.
So let's allow ourselves to ask a fundamental question: what's an economy for?
We have come to an impasse in the negotiations to raise the debt ceiling because of several conceptual errors in our public discourse. These errors were most glaring in the remarks recently delivered by Speaker of the House John Boehner in his response to President Obama. The largest conceptual error is the idea that the government of a constitutional representative democracy is different from the people. Boehner said, "You know I've always believed the bigger the government, the smaller the people."
What does this mean? The government is composed of the people, and if people are paying attention and voting according to their own interests, the government ought to work toward the happiness of the people. The problem is that too many Americans have bought into this conceptual error that the government is some kind of leviathan, a monster that exists to take away their liberties. This is nonsense. A correction of another conceptual error in Boehner's presentation makes my point.
After months of good-faith reforms and patience, the drama is back in Egypt's Tahrir Square as protesters are preparing for a potential showdown with the state's military rule. The movement, among other things, is demanding an end to military rule -- a more radical call that reflects both the frustration with the status quo and the hope for a better way.
Two weeks ago, at the "Day of Persistence," Egypt saw its largest resurgence of public protest since former President Hosni Mubarak was ousted in February. The nation-wide protests show Egyptians camping out in Cairo's Tahrir Square, staging sit-ins and blocking traffic in Alexandria, and threatening to shut down Suez's tunnel access to Sinai. So why are the people confronting -- albeit nonviolently -- an interim government that has promised elections and a new constitution? A glance at the collective demands drafted in Tahrir Square make clear that the movement's demands -- both political and economic -- have not progressed much under the military rule of the Supreme Council of the Armed Forces.
Two weeks ago, McDonald's shareholders voted down a shareholder resolution asking the corporation to study how its advertising to children contributes to widespread childhood obesity. The resolution was sponsored by the Sisters of St. Francis of Philadelphia, along with a Catholic hospital network and other institutional investors.