It didn’t even
meet the laugh
test. I’m still
angry about
this.
Is this an opportunity for Eugene
to ask for some major big transit
system?
We’re going to defi nitely build a lot more street cars
under an Obama administration. Whether Eugene could
show that it has the density and demand for street cars, I
don’t know. At the moment we’re focusing on EmX, which
is at least establishing right of way.
My condition with EmX from day one is you’ve got to
get the support of the jurisdictions involved. The Eugene
City Council has to fi gure out how could you serve the
west side with EmX and get consensus on that.
Should people be held accountable
for the fi nancial crisis?
It’s a result of radical deregulation, and there was
individual fraud. You were following the [former Federal
Reserve Chairman Alan] Greenspan doctrine which was
no bank, no entity, no individual — under his radical Ayn
Rand philosophy — would ever do anything against their
interests or the public’s interest or the company’s interest,
and, of course, that just doesn’t work.
We’ve allowed these things to be constructed which can
threaten the entire world economy. It’s hard to believe. How
can you have $50 trillion worth of credit default swaps on
a market that in total is worth less than $5 trillion? No one
can quite explain that. It’s basically gambling at some level.
Some of them did it very recklessly and very knowingly,
and I would love to give those people federal hospitality
for a while.
It’s time for Congress to say we’re going to unleash
them [the FBI] on this and where there was overt fraud,
were going to fi nd them and put them in jail. Where it was
just stupidity and deregulation, we’re going to fi x it by
having a good robust system of regulation in place in the
future.
Is this the tip of the iceberg? Is this
going to happen with credit cards,
with student loans?
What’s happening in student lending is good. Private
companies are getting out of the business. We should do
the whole thing through the national direct student loan
system where we can give them lower interest rates and
better terms.
Credit cards could be a big problem. They’ve turned
credit cards into another collateralized debt obligation. No
one fully understands it.
Gas prices have gone way up and
down in a matter of months. Why?
There has been a tremendous amount of manipulation
and speculation. There were credible analysts who testifi ed
last summer that between 40 and 50 percent of the price
of a gallon of gas was speculative. It was just a mania. We
need to regulate the commodities markets.
If you look at Exxon Mobil’s profi ts this quarter, guess
what, the largest corporate profi t in the history of the world.
I have supported windfall profi t taxes.
ew
This interview was edited for length. Answers to more questions and audio of the
entire interview are available at eugeneweekly.com
WWW.EUGENEWEEKLY.COM • BLOGS.EUGENEWEEKLY.COM
CELEBRATE THE FUTURE
ots of reasons to whoop and holler this week as voters send a clear message nationally and locally
that they are ready for dramatic and genuine reform. It’s time to abandon mid-20th century thinking
and move forward into a more peaceful, prosperous and eco-friendly future. The ideological battle
is over and it’s time to get to work on the devilish details of creating a better world, a better nation,
a better city. Here’s our take on the election results, assuming that the numbers will hold as we go
to press Wednesday morning.
L
Mayor Kitty Piercy’s presumed reelection (if her 1 percent lead holds)
is a validation of her commitment to working for the future by planning for
the realities of limited resources. Look around: Very little about Eugene
is truly sustainable, and Piercy, much more than Jim Torrey, is trying to
change that. She needs our support to move her agenda ahead, and she
also needs to be urged to do even more: to take stronger stands on land
use, transportation and other issues of livability. She now has, hopefully,
four more years to help us catch up with cities that are embarrassingly
more green than Eugene.
Rob Handy has a tiny lead over Bobby Green as we go to press. A
Handy victory would bring big changes to the dynamics of the Lane County
Commission. The commissioners deal regularly with land use and transportation
issues, and Handy would be a progressive swing vote. Green is knowledgeable and good on social issues, so if
he loses, we wish him well.
Eugene measures supporting 4J and LCC passed easily, showing once again that Eugene is all
about education. We were worried about the LCC bond measure since the last LCC funding effort failed.
but voters apparently recognize Lane’s growing role in bolstering our region’s economy.
Eugeneans also showed their strong support for the independent police auditor, and
surprisingly, for street repair.
editorial
ELECTION 2008 COVERAGE
Gordon Smith is narrowly leading Jeff Merkley as we go to press, but we’re still
hoping delayed returns from Lane and Multnomah counties will turn the race. A Merkley win
would be huge for Oregon and for Congress. Merkley’s got what it takes: He’s respected by
his colleagues for being solid, dependable and consistent. We have watched him develop into a
strong, confi dent candidate, and he would be excellent in Congress.
The Obama campaign has been remarkable, unlike anything we’ve ever seen, not
only in size but also in its intelligence and consistently professional tone. Obama has been an
exceptionally solid, strong, disciplined candidate, with little turmoil in his campaign. Most
large political campaigns are fraught with infi ghting and disorganization. Not this one, and
that bodes well for an Obama administration.
Hundreds of thousands of new activists, many quite young, have cut their teeth on this
campaign. Their enthusiasm and experience will hopefully carry over to energize other
activism. Years of work lie ahead in reforming our antiquated systems for health care,
environmental protection, energy, taxation and the economy, immigration, foreign policy and
national defense.
New technologies helped drive this campaign, far surpassing what we’ve seen before. Not only
did Obama and fellow Democrats raise staggering amounts of money, but they also had fun doing it with mass
emails, YouTube videos and outrageous and creative websites. How do you pull off a pep rally conference call
with 20,000 campaign workers? The Obama campaign did it.
This two-year campaign for the White House has generated a healthy examination of racial and
gender issues in our nation. Stereotypes and conventional ideas have been challenged and broken
down, both in public and around kitchen tables. The discussions comparing Hillary Clinton and Sarah Palin
have been fascinating. Obama’s speeches on race have elevated our national debate, and his personal story has
opened the eyes of many to the nuances and complexities of today’s increasingly multiracial America. But not
all is well on the equality front: Several states passed anti-equality measures that harm the LGBT community.
Still, we hope that the change at the top will soon lead to better results for same-sex couples.
Where did the Iraq War go in this election? National surveys before the election indicated only
10 percent think the war is a top priority (economy was number one), but Iraq was still a strong factor in
emotional support for Obama. And the growing price tag of the war had to be a factor among many of those
worried about the economy. Likewise the environment has been largely ignored or simplifi ed in this
election. But hopeful enviros have lined up behind Obama, based on his promises of a new green economy and
federal funding for green energy.
Democrats are inheriting a staggering mess on multiple fronts: economic chaos, two unwinnable wars,
environmental damage, climate change and more. Republicans retained a lot of seats in both chambers and we
can expect a degree of conservative backlash, a digging in of heels, obfuscation and passive aggression. But
Obama has shown skill in bringing people together across ideological lines. He could not have won otherwise.
This is not the end of the Republican Party, but it is a new beginning for Republicans to regroup, reorganize
and begin their strategy to regain power in 2012 or 2016. The electoral landscape has changed, perhaps
forever. Who would have thought, even a few months ago, that Virginia and Indiana would go Democratic?
But for now, the political and emotional rollercoaster ride is over. Congress will likely meet and begin work
on a new agenda before Obama is sworn in Jan. 20. For now we have some time to prepare for the holidays,
reconnect with loved ones, clean the bird cage, take walks in the rain and revive our spirits for the coming
battles.
ew
EUGENE WEEKLY NOVEMBER 6, 2008 13