Free Republic

n 1986, I was as ready to leave the closet as I would ever be—but how would I do so? Though I was a third term Democratic congressman from Massachusetts, I had lived too long with the burden of “the gay thing” to treat coming out as a political matter alone. For many years, I was ashamed of myself for hiding my membership in a universally despised group. I’d been afraid of exposure, and angry at myself for my self-denial. I’d felt shame as I watched younger gay men and lesbians confront the bigots openly with a courage that I...

President Obama is speaking tonight, apparently to assure us all that his administration has the financial crisis resolved. Don’t bet on it. To see why, let me take you back a couple of years. In the fall of 2007, facing billions in losses on Merrill Lynch’s holdings of toxic assets, then-CEO Stan O’Neal approached his board at least twice to sell Merrill or merge it with a major bank — and at least twice got rejected. Merrill was bleeding, he warned, and might not survive the huge losses on its balance sheet. The board’s response: No way. The firm would...

Only full disclosure of toxic debts will get the West moving again It has been a year of financial explosions. By Liam Halligan Last Updated: 5:44AM GMT 29 Dec 2008 Comments 24 | Comment on this article The commercial pillars holding up the Western world - banking prudence and sound credit - have been smashed to smithereens The "advanced" nations are now flirting with economic collapse. The emerging economies have also suffered "collateral damage" – the West's "sub-prime" debt bombs now threatening the stability of global commerce. The developed world is on course to contract by 1.1pc during 2009. That...