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Ben Stein's Diary
Midway From Dinner in Omaha
A very special host, extremely special aviators.
Sunday
Here I am in Malibu. At my little
home overlooking the ocean. It’s late at night. I have been paying
bills all day and watching the Olympics. That’s my Olympic event:
bill paying. Pitiful. But what inspiration those athletes are. They
are just magnificent. The swimmers. The gymnasts. How do they make
themselves twist around in the air? How is that possible?
I am super tired. This week, Alex and I went to Omaha to have dinner with Warren Buffett. I am not going to say much about what we discussed. I’ll just say that the architecture of downtown Omaha is like fifties Washington, D.C. and Silver Spring, Maryland architecture and I love it. Omaha is an extremely charming city.
I’ll also say that Mr. Buffett did many things that charmed me, but the one of the most endearing was when he sprinkled his prime rib liberally with salt. I happen to love salt and my mother used to lose her mind over how much salt I ate. Now, neither Warren’s mother nor mine is here to stop it. Or criticize. So, pour on the salt.
Warren also told my wife and me about how he had gotten a terrible appendix problem when he was in third grade. The family doctor, who called Warren “Skipper,” visited at home and told Warren he would be all right. The doctor went home, played bridge, got into bed, but had second thoughts, got dressed, and came over and put Warren in the hospital, which probably saved Warren’s life.
Here comes the adorable piece. Warren said that the best part of it all was when he was convalescing for three weeks in the hospital his teacher made all of the kids in his class send him letters. That meant all the cute girls he liked wrote him letters. “They never showed any interest in me afterwards,” he said, which I very much doubt. He is extremely modest, though.
But the best part was when I asked Warren what Mrs. Buffett did all day. “She stays home and thinks of ways to make me happy,” he said. He smiled a big smile when he said it.
Anyway, now I’m back in L.A., out in Malibu. It is a balmy, warm evening. I am lying in bed with Julie Good Girl. I am reading an article about the Battle of Midway, which was the turning point of the Pacific War. It happened that we won in a huge way because of the incredible skill and bravery of a handful of naval aviators, almost all of whom died.
Using antiquated, pathetic planes and torpedoes that did not work, they were helped by God Almighty to find the Japanese fleet and sink all four of the Japanese aircraft carriers by dive bombing. That ended any chance the Empire of Nippon had of beating us.
Three of the aviators were shot down near Japanese warships. They were picked up, tortured, then thrown overboard weighted down by heavy drums. Of course, they drowned horribly, but their lives still illuminate the entire world.
I read about this and an amazingly smart article about what a wasteful showoff Erwin Rommel was in the Military History Quarterly, must reading. Absolute MUST reading. MHQ. Get it right now.
Now, I lie in bed and look at the stars. How blessed, blessed, blessed beyond words we are by the gift that God makes to us of the military men and women who fight for us and their spouses and children. God bless them for all eternity.
God bless especially the military wife and widow, the backbone of the nation. Without them, nothing but ashes.
About the Author
Ben Stein is a writer, actor, economist, and lawyer living in Beverly Hills and Malibu. He writes “Ben Stein’s Diary” for every issue of The American Spectator.
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Bill Hussein O'Stalin| 8.7.12 @ 7:08AM
Yes, the military are the backbone of the nation and leading Democrats accuse them of being losers, liars, stupid and Nazis.
http://www.youtube.com/watch?v=dw8kY-Mi_8E
On the other hand do you and Buffett go Dutch and split the bill or was your lunch taxpayer subsidized?
Buffett is one of the biggest thieves of taxpayer funds in the USA. If it was just that alone, I wouldn't care less. But Buffett is also a big Democratic supporter, calling for higher taxes while he robs the taxpayers blind:
http://reason.com/archives/201.....bootlegger
But it was clear where his loyalties lay: He had been a financial supporter of Barack Obama going back to 2004, when Obama ran for the U.S. Senate. Each had been impressed when they met, and Buffett said at a 2007 fundraiser in Nebraska that the two “had a lot of time to talk.” During his 2008 presidential campaign, Obama made it clear that while he received plenty of advice on the campaign trail, “Warren Buffett is one of those people that I listen to.” Obama added that the Oracle of Omaha was one of his “economic advisers.”
Buffett needed the bailout. In addition to Goldman Sachs, which was not as badly leveraged as some of its competitors, Buffett was heavily invested in several other banks, such as Wells Fargo and U.S. Bancorp, that were also at risk and in need of federal cash.
R Martin| 8.7.12 @ 8:31AM
A point of clarification, Buffett did not invest in Goldman Sachs until after bailout. I don't know about Buffett's history with Wells and USB, but they are now and were then strong, sound banks. The bailout was really support to the banking system as a whole which enabled individual banks to confidently move large amounts of money through other banks while the economic system was teetering on the brink.
BTW, virtually all TARP money that went to the banking industry has been repaid--with interest--unlike the money that went to GM and Chrysler or the taxpayer money squandered at Solyndra.
Bill Hussein O'Stalin| 8.7.12 @ 8:48AM
You're incorrect. Buffett was busy working behind the scenes making sure he got every penny of taxpayer funds available. Berkshire Hathaway, which is Buffett, got 25 billion in TARP money for Wells Fargo alone. As far as your statement that all TARP money has been repaid that's not true, in fact it's a complete lie. From April 2012:
http://www.washingtonsblog.com.....ursed.html
But the official government overseer of the Tarp bailout program – the special inspector general for TARP, Christy L. Romero – has debunked both myths.
Today, Romero wrote the following to Congress:
After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit. The most recent cost estimate for TARP is a loss of $60 billion. Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost).
R Martin| 8.7.12 @ 9:27AM
I seriously doubt you have the slightest idea what Warren Buffett was doing “behind the scenes”. And you do not read carefully. I did not say all TARP money has been repaid; I said virtually all TARP money that went to the banking industry has been repaid. And that is true. May I refer you a complete list of TARP payments and receipts at projects.propublica.org/bailout/list. I think you will find it to be a more reliable and factual source than the Huffington Postesque Washingtonsblog.
Bill Hussein O'Stalin| 8.7.12 @ 9:55AM
Yes, I read it and carefully. Berhshire Hathaway benefited to the tune of 95 billion from TARP. It doesn't matter what Buffett was thinking, he's a tax thief, plain and simple. As far as the bank bailouts:
And if you go back to the report, you'll notice that the fine print accompanying the entries for each of the above exits makes reference either to Footnote 49 or Footnote 50. Footnote 49 reads: "Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 using proceeds received in connection with the institution's participation in the Small Business Lending Fund." Footnote 50 reads: "Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 — part of the repayment amount obtained from proceeds received in connection with the institution's participation in the Small Business Lending Fund."
All of which is to say that these banks repaid cash owed to a program run by the Treasury Department by. . . borrowing from another program run by the Treasury Department.
Bill Hussein O'Stalin| 8.7.12 @ 9:58AM
Also, if you will note, the 95 billion received by Berkshire Hathaway, is about the same amount the federal government would get in one year from repealing the Bush Tax cuts as defined by the Obama administration. That also makes Buffett the ultimate hypocrite.
Bill Hussein O'Stalin| 8.7.12 @ 10:00AM
Here's the link to the above article about banks repaying TARP funds using borrowed money from other government programs.
http://finance.yahoo.com/blogs.....58852.html
Appleby| 8.7.12 @ 7:20AM
Sigh.
Ben, I wish you were paying my bills and trying to save enough to retire and move to a retirement home with the wages of a temporary job. It's an adventure every week but I am doing it. I never go to lunch with Warren Buffet (or you); when I "go to lunch" it's a Wendy's Jr. Bacon Cheeseburger and small fries, $4.00 total, on the way home as a little reward for getting through the week with something left over. I am glad to have it when I get it, because it is so rare. I'm glad you have a house in Malibu and dinner dates with Warren Buffet. I suspect the military wives you are praising are more like me than like you.
Cobalt| 8.7.12 @ 8:31AM
Thank you, for mentioning how the Japanese treated prisoners during WWII.
The Japanese Military were sadistic monsters, who routinely employed beatings and torture.
They performed human vivisections without anesthesia, amputated limbs, and used P.O.W.s and civilians to test biological weapons, and much more.
During WWII, the Japanese killed almost as many people as the Nazis.
Anyone interested should google "Japanese war crimes." Also, the "Bataan Death March" and "Rape of Nanking."
MK48| 8.7.12 @ 10:17AM
Did we get even on August 6th. ?
Occam's Tool| 8.7.12 @ 10:45AM
MK48: I rarely disagree with you, sir. But here goes, and I think you will agree with me when you read what I am going to say: no, we did not "get even" with the Japanese on August 6th. Millions of Japanese lives were saved because of the atom bomb droppings. It was a live saving maneuver against and evil regime, which is why Harry S. Truman stated he would never "kiss their ass" and apologize.
The Japanese deserved EVERY thing they got. EVERYTHING. And more. Just like the Germans did, and just like the Islamists will get.
On a personal note: should you ever get to New Mexico, go by the magnificent Bataan Death March memorial. I used to pass it driving to and from work (NM soldiers were a major portion of the death march victims). Yes, it is worth a trip to the state to see, along with the National Atomic Museum in ABQ.
A final note: G-d Bless You.
Skippy| 8.7.12 @ 4:00PM
My daughter the soldier runs the Bataan Memorial Death March at White Sands.
Forget trying to denigrate Rommel. He was a genius and had the chance and the skills to beat us. That he didn't is a miracle.
If you want to find the biggest f*ckup of WW2, look no farther than Mark Clark.
He personally turned the soft underbelly of Europe into a tough old gut through his total incompetence.
Never once did he make the right move. Ever.
RJ| 8.7.12 @ 5:27PM
I don't question Rommel being a genius, but some believe his strategy to stop the invasion at the water's edge was not the best choice. As I am sure you know, Von Rundstedt thought it better to let the invasion forces land and counter-attack them inland, out of range of the Allied naval guns. And a year later in the Pacific, the Japanese decided to let the Americans land on Okinawa without much opposition and fight the Marines inland. Rommel's Atlantic Wall plan has always reminded me of an adaptation of WWI's trench warfare. It is surprising that a tank man would follow that approach. Nonetheless, he had to pick the least worst alternative and nothing he could do in 1944 would change the outcome of the war.
Stuart Koehl| 8.8.12 @ 10:57AM
It was actually the only choice, because Allied air superiority combined with naval gunfire support and superior tactical mobility (ALL Allied divisions were motorized, as opposed to fewer than 30 German Panzer/Panzergrenadier Divisionen; all other German divisions were horse-drawn) made it (a) impossible for the Germans to move their forces by day; (b) impossible to maneuver under fire; and (c) impossible to deal with any Allied breakthrough of the front. As the Allies expanded the lodgment area, the German forces holding them got thinner and thinner. Once the Allies broke out of the Bocage, the Germans could never mass against them because of superior Allied mobility (e.g., Patton was 40 miles from Paris while the Germans were still trying to attack at Mortain).
The Allies were at their weakest on D-Day; if the Panzer Divisions had come up behind Utah and Omaha on the first day, we would have been pushed into the sea.
RJ| 8.8.12 @ 4:15PM
Thanks for your comments, Stuart. I always like hearing the reasons why an alternative was not chosen. Senior military officers have to play the cards they are dealt; often they don't have a winning hand.
Stuart Koehl| 8.8.12 @ 8:05PM
Unlike all the other commanders on the Western Front, Rommel had actually experienced the overwhelming airpower, firepower and materiel superiority of the British and American forces. Most of the others had not fought in the West since 1940, and thought of war on the Eastern Front.
Occam's Tool| 8.8.12 @ 7:57PM
Skippy: worse than Fredendall? I agree Clark was a horse's ass, but Fredendall was a coward on many, many levels, physical and moral.
Stuart Koehl| 8.8.12 @ 8:05PM
Clark was personally brave, but utterly incompetent at anything above divisional command.
Occam's Tool| 8.8.12 @ 8:02PM
Is there a memorial at White Sands that is accessible? I thought the White Sands actual base was only available for public viewing April 1 and October 1 each year (one can drive through it, of course)---is that only the Trinity site? Everyone feel free to correct me---I ask my betters for info, and I include you, Skippy and Stuart.
MK48| 8.7.12 @ 8:48PM
Tool.....I know it saved lives on our side my question was for the morons on this site......ya know I was just trolling.
Occam's Tool| 8.8.12 @ 7:59PM
MK: you are an awesome dude. Note how I phrased my disagreement---with the respect you deserve.
To others; I agree with Rommel's approach to D-day---his mistake was in not neutralizing Malta when he had the chance. That cost him Africa.
Occam's Tool| 8.8.12 @ 8:05PM
The memorial statue I am talking about is in Las Cruces. It has footprints in its base. The footprints were made from casts of some of the actual Deathmarchers' feet. (At any rate, they are actual footprints from guys who were actually on the march---NM soldiers were overrepresented among the marchers)
THE most stunning War memorial I have ever seen, bar none.
CJW| 8.7.12 @ 10:23AM
I read that over 25% of the Americans in the Japanese POW camps died, while 3 to 4% died in the German POW camps.
Stuart Koehl| 8.8.12 @ 11:00AM
Of course, more than half of the Soviet troops in German POW camps died, and more than half of all German troops in Soviet POW camps died.
KyMouse| 8.7.12 @ 2:27PM
I think I have mentioned this before -- one of my uncles, who died a few years ago, served in WWII in a JAG capacity at the end of the war. He saw reminders of countless atrocities against Allied troops in the Pacific.
He brought home a photo album that showed picture after picture of Allied soldiers who had scars across the backs of their necks, courtesy of Japanese soldiers who had used them for a bit of sword practice. I don't know, but I suppose it was a form of torment and torture.
The photo album also had lists of Allied troops who were rescued at the end of the war, along with notations about the injuries and illnesses they had suffered.
I need to ask my uncle's son if he knows where that album is. If it hasn't been photocopied (for our family's files) and sent on to some appropriate organization, it should be done ASAP.
By the way, my dad brought back from the Philippines and Guadalcanal a couple of Japanese swords, a Japanese flag with blood stains on it, and a huge Japanese flag of the world (with Japan at the center, of course).
Chef Schnauzer| 8.7.12 @ 8:32AM
Thank you for the reminder, Ben. I'm not living a script I might write - I'm living the script God gave me and trying to find glimmers joy and snatches of serenity. I think I will look into the MHQ. The military families are part of the beauty of America - you have to want it to see it. God bless them.
Occam's Tool| 8.7.12 @ 10:47AM
Rommel was a tactical genius and a strategic idiot. He had a chance to neutralize Malta and thus improve his logistical position, but he thought he had 8th Army onthe verge of breaking. The first Battle of Alam Halfa showed him "where to get off," as the Auk put it, and stopped the death squads from progressing further.
A great soldier, but still a bastard Nazi.
Stuart Koehl| 8.8.12 @ 11:14AM
The decision not to invade Malta was made by OKW, not Rommel. It was scotched by the casualties taken by the Fallschirmjager at the Battle of Crete, and the incompetence and timidity of the Italian Navy.
In any case, Rommel's logistic difficulties were not caused by Malta, but by the lack of suitable ports along the North African coast. No matter how many ships got through, they had to offload at Benghazi and then schlep the fuel and ammo several hundred miles east to the Egyptian border along a single paved road. Rommel's error was in not repairing and extending the the railroad that ran along coast. One train can carry as many supplies as several hundred tanks.
Also, remember that the North African campaign was meant to be a diversion, a way of sucking up British resources that otherwise would go to the Russians, the bombing campaign, or the war in the Atlantic. As an economy of force operation, it was a fantastic success: with a force of no more than five German divisions, Rommel pinned down more than twice as many Commonwealth divisions and inflicted huge casualties that the British could not afford (and which would come home to roost in 1944). Hitler made the strategic error of not pulling out of Tunisia while there was a chance. Most of the quarter million Germans who went into the bag could have been evacuated to Sicily, along with most of their equipment, almost to the very end. And that would have made Operation Husky a very dicey proposition.
Occam's Tool| 8.8.12 @ 8:13PM
Stuart: my understanding was that OKW overrode Kesselring at Rommel's urging, because Rommel wanted the supplies to go to Cairo.
But my point about Rommel not being a good quartermaster still applies; and that's a strategic, not tactical situation.
Weren't the German generals in Tunisia hacked that the supplies that could have made a difference at Alamein were not unleashed until they could no longer make a difference, in Tunisia? Reading recommendations?
My understanding is that you are correct in that the total supplies offloaded in Tunis were generally acceptable, but that transportation by trucks along the long road was difficult and that Tobruk's capture did NOT change the center of transportation for those supplies for the Afrika Corp. Nonetheless, the resupply and resurgence of Malta as a raider island against the supply lines was important in setting up the defeat at El Alamein.
What do you think of Ellis' argument in Brute Force?
Stuart Koehl| 8.9.12 @ 6:26AM
Kesselring, at Rommel's insistence, asked OKW to approve and advance from Tobruk to Alexandria. The attack on Malta could not have taken place, even had Rommel demanded it, because Malta is an island, and can be invaded only by air or sea. The German airborne troops lost half their forces in Crete, and Hitler was adamant that there be no more large-scale parachute landings. The Italian navy, which would have to escort any amphibious force to Malta, was totally demoralized and intimidated by the Royal Navy (and didn't do such a great job covering the amphibious part of the invasion of Crete). Malta was close to being neutralized when Hitler removed the Luftwaffe assets that were pounding it into submission in order to cover his summer offensive in Russia.
Being a logistician and being a quartermaster are two different things. Rommel was a master of going as far as possible on as little as possible. I prefer that to Eisenhower's logistic pusillanimity in 1944.
Stuart Koehl| 8.9.12 @ 6:26AM
See Martin van Creveld's "Supplying War" on both Rommel and Ike.
Bob K| 8.7.12 @ 11:01AM
Ben,
You are the master of the non sequitur!
Libertyinfinite| 8.7.12 @ 11:28AM
I get the feeling that the American People of today expect God, or someone else to do the work that it would take to get America back to where we would have something of freedom to show for all of those service members who sacrificed so much to keep.
I love the Jewish spirit sir. It is unique. I recently read a short story by a Russian Jew, it was Modern Children by Sholom Aleichem. The Jewish see God almost like their best friend.
But the American People today will never get freedom back in America, those teachers of old are replaced by fascist abusers. Our People now expect that freedom will grow on trees.
They don't expect to have to do the work that it would take to gain freedom again, & to keep it in America. Today we expect that we can all just lay around & America will bounce back effortlessly.
It won't happen. Mitt Romney has just personally & permanently vowed never to comment on social issues. Here the right maybe thought he'd fight for conservatives. Now he vows not to, but I bet the right still holds to its delusions that he can gift freedom back without ever fighting, saying a word about it, or lifting a finger.
We will eclipse the holocaust, the falling of America. & we are almost there.
cicero| 8.7.12 @ 11:49AM
Golden Sachs was made whole when the government bailed out AIG. AIG's insurance divisions were all profitable. The fly in the soup was their hedge fund that was betting mortgage backed securities like poker chips. The counter party on their positions was Goldman Sachs. When the government shipped the billions to AIG, it never even paused before proceeding on to Goldman.
The first Tarp money was in fact paid off. It is TARP II that remains due. After January of 2009, the banks all floaated a balloon that they intended to pay bonuses to their execs. Obama turned blue, and aked whether they wanted to make him look like a fool. He told them that there could be no bonuses until the Tarp I funds were repaid. In March, 2009 Congress changed the accounting rules from mark to market to stadard accounting principles. At that point, all of the performing mortgages were reevaluated to face value, allowing the banks holding them to add them to the capital side of their ledgers. They then ran to the Fed window, and borrowed against them at a ratio of 9 to 1. Now, flush with cash that they borrowed at 0 to 1/2% interest, they invested in T-bills paying 3.75%, paid back Taarp I, and paid themselves bonuses. Pretty neat trick. An nobody went to jail.
R Martin| 8.7.12 @ 12:45PM
Goldman's derivative deals with AIG were fully secured. They had to be repaid, and whether or not the money came from TARP funds is irrelevant. As to TARP II, that was a Geithner plan, so where should we start with the jail time?
Jive Bomber| 8.7.12 @ 12:58PM
One of those brave Midway aviators (His name is Harry) is a docent at our local navy museum where I am fortunate to be it's director.
Harry was a radioman gunner on a TBF torpedo plane and his squadron of 6 aircraft were the first to attack the Japanese carriers. In doing so, 5 of the 6 were shot down with no survivors, the 6th plane was torn full of holes killing a gunner and wounding the pilot and Harry. A bullet tore through the baseball cap Harry was wearing and ripped open his scalp. He still has that cap with it's ragged bullet hole. Harry was only 17 years old.
RJ| 8.7.12 @ 2:55PM
I hope that you have video clips of Harry describing his war-time experiences. The docents really make aviation museums come alive with discussions of their experiences. About two years ago, I had the opportunity to learn from a B-17 pilot who had about a dozen missions before being shot down and becoming a POW of the Germans. When these men join their colleagues in Heaven, we will only have their recorded words. God Bless Harry.
Stuart Koehl| 8.8.12 @ 9:24AM
You mean Harry Ferrier. He was with the Midway-based detachment of VT-8, which was just beginning to re-equip with TBF-1s. The rest of the squadron, under the command of LTCDR John Waldron, flew off of the carrier Hornet and was wiped out by Japanese fighters attacking the Japanese carriers; only Ensign George Gay survived.
Gay was subsequently touted as the "Sole Survivor of Torpedo Eight", and sent on bond tours around the country. Harry Ferrier and his pilot, LT Langdon Fieberling, were also sent along, but were always in the background.
One day, someone noticed them and asked who they were. Fieberling (obviously peeved at the attention Gay was receiving) said, "We're the OTHER sole survivors of Torpedo Eight".
Stuart Koehl| 8.8.12 @ 9:28AM
By the way, here is a link to a photo of Fieberling and Ferrier's Avenger--shot to bits and subsequently written off as beyond repair.
http://upload.wikimedia.org/wi.....AN8-79.jpg
Jive Bomber| 8.9.12 @ 1:00AM
Yep, that's our Harry. He lives here in town and volunteers at the museum every Saturday. He recently brought in his logbook showing his fateful flight at Midway. as well as the many missions he flew in the coming months.
One small correction: Harry Ferrier's pilot was Bert Earnest, not Langdon Fieberling.
Lt. Fieberling was CO of the Midway based VT8 detachment and was killed in action that morning.
Stuart Koehl| 8.9.12 @ 6:27AM
You are right--my bad.
Graham| 8.7.12 @ 3:30PM
Just signed up for MHQ, thanks for the heads up!
Stuart Koehl| 8.8.12 @ 11:14AM
Not really worth the money, from my point of view.
Occam's Tool| 8.8.12 @ 8:15PM
What is worth the money, Stuart? Serious question.
Stuart Koehl| 8.9.12 @ 6:29AM
MHQ is OK for the military novice. Of the professional periodicals, RUSI Journal is probably the best, but it costs and arm and a leg. Naval Institute Proceedings used to be worthwhile, but has gone downhill. Its sister publication, Naval History, is not bad.
Bill Hussein O'Stalin| 8.7.12 @ 3:44PM
On a false point made by R. Martin above who claims Buffett didn't invest in Goldman Sachs before the bailout here are the facts:
Buffett made his $5 billion loan to Goldman about a week before the Treasury lent $10 billion to Goldman through the TARP program. Buffet got 10 percent interest on his loans, while the Treasury got 5 percent on its loans. In addition, Buffett got a much more generous commitment of stock warrants, which is the basis of the $2 billion in profits that he is now set to pocket.
The Treasury boasted of getting a $1.1 billion profit on its loans to Goldman, but as Mr. Buffet showed, this was far below the market rate of interest on loans to Goldman at the time. The difference between the return received by Buffett and the return received by the Treasury was in effect a gift from taxpayers to the top executives at Goldman and their shareholders. When Treasury Secretary Geithner and other officials claim that the government made money on the TARP loans it is either due to their ignorance of the workings of financial markets or a deliberate effort to deceive the public.
Read more: http://articles.businessinside.....z22tJwkzHo
Bill Hussein O'Stalin| 8.7.12 @ 3:54PM
More facts about the Goldman Sachs bailout. Apparently, while claiming to repay the taxpayers they borrowed up to a hundred billion more behind http://www.economicpolicyjourn.....ns.htmlthe scenes:
On June 17, 2009, Goldman finally got its wish, thanks to some timely, undisclosed assistance from the Federal Reserve. Goldman repaid its $10 billion TARP loan. But just six days before this announcement, Goldman sold $11 billion of MBS to the Fed. In other words, Goldman “repaid” the Treasury by secretly selling illiquid assets to the Fed.
As it turns out, the government continued to “revitalize” that small sliver of the economy known as Goldman Sachs. During the three months following Goldman’s re-payment of its $10 billion TARP loan, the Fed purchased $27 billion of MBS from Goldman. In all, the Fed would purchase more than $100 billion of MBS from Goldman during the 12 months that followed Goldman’s TARP re-payment.
Did private investors not have the right to know that the Federal Reserve was secretly recapitalizing Goldman’s balance sheet during this period? Did they not deserve to know that the Fed’s MBS buying was producing Goldman’s “perfect” trading record during this timeframe?
Prester John| 8.7.12 @ 4:53PM
The sad thing of course is the fact that hardly anyone under the age of 40 (other than those serving in the military) have any idea what happened at Midway.
Or Bataan or the Ardennes or Leyte Gulf...
Don't know, don't care.
Stuart Koehl| 8.8.12 @ 9:25AM
Or that yesterday was the 70th anniversary of the Marine Corps' landing on Guadalcanal?
Occam's Tool| 8.8.12 @ 8:17PM
My kids will. And, yup, August, 1942, "Operation shoestring" commenced.
I'll be teaching my kids about some of this stuff, Stuart. American Military History text for kids 9-13 and then high school recommendations? They will be followed.
Stuart Koehl| 8.9.12 @ 6:33AM
Try these general surveys:
http://www.amazon.com/The-Amer.....d_sim_b_18
http://www.amazon.com/Oxford-C.....0195071980
burr56| 8.7.12 @ 6:30PM
I do enjoy reading your articles, and now that I am retired, I have time to reflect on many of the historical events and actions taken by brave men, who risked life and limb to save this country. It's a pity we no longer teach U.S. History in our schools today. But with government schools and government teachers, the important things come first, ecology, drowning polar bears, green energy, the enviorment, etc. Wonder what Warren thinks about this?
g.mclaren
Salem, Oregon
Stuart Koehl| 8.8.12 @ 9:17AM
Thank you, Ben, for confirming me in my belief that diaries are a waste of time--and ultimately an embarrassment to the writer.
Allow me, though, to take issue with one of your statements:
"I am reading an article about the Battle of Midway, which was the turning point of the Pacific War."
Well, no, it wasn't. Yesterday you passed by the 70th anniversary of the real turning point, the invasion of Guadalcanal on 7 August 1942.
You might check out my article at the Weekly Standard blog here:
http://www.weeklystandard.com/.....49491.html
I was right to call it a "Forgotten Victory".
RJ| 8.8.12 @ 5:41PM
Thanks for linking your article. I enjoyed reading it.
Occam's Tool| 8.8.12 @ 8:19PM
Did you like Eric Hammel's book on it? I love his writing style, but you know facts, Stuart.
Stuart Koehl| 8.9.12 @ 6:41AM
It was OK, but the two most recent and definitive works are:
Jonathan Parshall and Anthony Tully, "Shattered Sword: The Untold Story of the Battle of Midway"; and Dallas Isom, "Midway Inquest: Why the Japanese Lost the Battle of Midway".
http://www.amazon.com/Midway-I.....0253349044
http://www.amazon.com/Shattere.....pd_sim_b_1
Occam's Tool| 8.9.12 @ 3:13PM
I have it; need to read it. By the way, checked out your "Forgotten Victory" article: When did they posthumously award the MOH to Marion Carl? At the time of his death he had 2 Navy Crosses, but not the MOH, although there was a groundswell to get him his well deserved MOH.
Incidentally, thank you for being a scholar and a gentleman. "Shattered Sword" is on my Kindle to read, as is the one by Craig L. Symonds (who quotes "Shattered Sword" very favorably).
But I appreciate your willingness to teach very much. Remids me of my long suffering Calculus teacher in high school (I did get a '5' on my AP, however, so it wan't wasted effort).
Stuart Koehl| 8.9.12 @ 5:12PM
By Jove, you're right. I unconsciously upgraded one of General Carl's Navy Crosses to the MOH--probably because he deserved it. Someone should petition Congress to do this. I remember how shocked I was when I heard about his murder--and more shocked that people kept saying "Who?"
Michael| 8.8.12 @ 12:54PM
Rommel saw the error of his ways. The result was July 20, 1944 and the briefcase bomb at Wolf's Lair.
Stuart Koehl| 8.8.12 @ 8:08PM
Rommel was a johnny-come-lately to the Valkyrie conspiracy, and remained on its periphery. He, in fact, believed that the conspirators would arrest Hitler and put him on trial. That they would try to assassinate him never entered his mind--a sign of his political niavete.