Does This Irritate Anyone Else?

I need a good liberal (I'm counting on you, Maureen!) to explain why this is OK, because it frosts me no end:

Obamas Pick Sidwell School, Ending a Washington Guessing Game

By RACHEL L. SWARNS
WASHINGTON — After a school search that set off weeks of frenzied speculation among parents in the nation’s capital, President-elect Barack Obama and his wife, Michelle, announced Friday that their two daughters would attend Sidwell Friends School, the pricey and prestigious academy that has educated generations of this city’s elite.
The Quaker-run Sidwell, which was established in 1883, has educated the children of two sitting presidents, Theodore Roosevelt and Bill Clinton. And there was an added bonus: grandchildren of Vice President-elect Joseph R. Biden Jr., who are friendly with the Obama girls, attend Sidwell.
The Obama family had considered two other private institutions, Georgetown Day School and Maret School, for their girls, Malia, 10, and Sasha, 7.
But Sidwell has long been described by some as the Harvard of Washington’s private schools. Its tuition runs as high as $29,442 a year.
“A number of great schools were considered,” said Katie McCormick Lelyveld, a spokeswoman for Mrs. Obama. “In the end, the Obamas selected the school that was the best fit for what their daughters need right now.”

Now, far be it from me to criticize any parent for sending their kids to a private school because they think it's the best fit for their kids. I send my own children to a Catholic school, at a not inconsiderable cost, because I believe it's the best fit for my kids. I couldn't possibly afford the school the Obama kids are going to, but the president-elect can, so good for him.

What bothers me is when rich liberals like the president-elect engage in windy oratory about the glories of public schools -- and then refuse to send their own kids to them. Of course they made the decision they thought was best for their kids. Any parent would. But many parents can't. And liberals like the president-elect seem to think that's OK. So the rich get richer. Class divides never get bridged and bright DC children who don't happen to be named Obama or Biden or Bush or Rockefeller go to underfunded schools that can't provide the challenge those kids need.

I don't mean to sound too harsh on public schools. I have no objection to them. Hell, I went to them. But the model doesn't work. Wealthy public schools in wealthy communities cater to wealthy families that can afford to offer things that poor public schools in poor communities that cater to poor families can't. Wouldn't we be better off to shake things up, perhaps go to a charter school model? The Irish system intrigues me. The Irish government doesn't run schools -- churches and secular education groups do. The government just pays the bills. The result is smaller schools, more parental involvement, a scholastic identity shaped around values rather than community or class, and higher overall achievement. Rather than gut public schools, I'd like to see them unleashed so they can reach their full potential.

Who knows? Maybe then the Obamas would consider sending their kids to one.

-- MJM

How on Earth Could This Be Unexpected?

Story today on jobless claims. Observations after the text:

WASHINGTON – New claims for unemployment benefits jumped last week to a 16-year high, the Labor Department said Thursday, providing more evidence of a rapidly weakening job market expected to get even worse next year.
The government said new applications for jobless benefits rose to a seasonally adjusted 542,000 from a downwardly revised figure of 515,000 in the previous week. That's much higher than Wall Street economists' expectations of 505,000, according to a survey by Thomson Reuters.
That is also the highest level of claims since July 1992, the department said, when the U.S. economy was coming out of a recession.
The four-week average of claims, which smooths out fluctuations, was even worse: it rose to 506,500, the highest in more than 25 years.
In addition, the number of people continuing to claim unemployment insurance rose sharply for the third straight week to more than 4 million, the highest since December 1982, when the economy was in a painful recession.
The financial markets fell on the news. The Dow Jones industrial average dropped about 160 points in morning trading, and broader indexes also fell.
The jobless figures come as the Senate is expected to vote Thursday on legislation that would extend unemployment benefits. The White House said President George W. Bush would quickly sign the bill.
The measure would provide seven additional weeks of payments to those who have exhausted their benefits. Those in states where the unemployment rate is above 6 percent would be eligible for an additional 13 weeks beyond the 26 weeks of regular benefits. Benefit checks average about $300 a week nationwide.

So, the numbers were a surprise to Wall Street analysts? The same baboons who drove Lehman, AIG, Bear Stearns and countless other institution either to liquidation or the arms of a government bailout? Haven't the views of Wall Street's vaunted analysts been thoroughly discredited by now?

The galling thing is that these "analysts" are still pulling down enough coin to choke an elephant while doing a positively Julio Lugo-like job. Meanwhile, good workers everywhere who are strong performers in their professions are looking for work.

It's capitalism gone mad. Markets are supposed to reward success and smarts. Our markets are rewarding failure and boobery. No wonder we're in this fix.

-- MJM

Steven Wright thought for the day

All this talk about the market and retirement accounts has me thinking about my Roth IRA. Actually, I have a David Lee Roth IRA ("Whoa!"). I have to spend all my retirement money on booze, women, and getting the brown M&M's removed from the candy dish.

-JDE2