Th thing is that Spitzer now has nothing to loose. So, he can say what he wants. Probably one of he few guys you can trust - or a while. That is until he has something to loose.

I'm a feminist, not an economist, & my reaction to Spitzer's second act (in Slate & in the WashPost last week) was the same as David's. I wouldn't turn to Spitzer for personal advice, but he certainly explains difficult economic concepts in an easy-to-understand way, and his POV has a great deal more clarity than any of the fuzzy economics we've been hearing from everybody else lo, these many months.

Obama might have to sneak Spitzer in the back door of the White House (think Clinton & toe-sucking Dick Morris), but since he's letting Geithner & Summers run the show, the new Prez definitely needs some better -- and opposing -- advice.

The Constant Weader at www.RealityChex.com

Are you forgetting that Spitzer didn't just have questionable personal ethics? Are you forgetting that he also abused the authority of his office? Using troopers to dig up dirt on his political enemies? Lying about how his money was raised and a host of other things?

Just because Spitzer is smart doesn't mean he should bring his questionable ethics to the WH.

This is the dumbest thing I've read here. Sheez.

Why is it a surprise that a politician can have an immoral personal life but display political shrewdness? Many of history's greatest geniuses had questionable tastes and personal ethics. As for his past political mistakes, it lies with the observer to decide whether to take his advice. Why shouldn't politicians have second acts? Because then they would be human? As if someone is born into our profit-based culture of consumption and sex without being marred throughout their youth, and carrying some of that to more or lesser extents into adulthood. Come on. Spitzer has no investment in what he says in his article, no reason to say what he's saying other than a paycheck from Slate for him to do critical analysis of the system. At this point, he's Hunter S. Thompson back in the day. He's savvy, with nothing to lose like what he's already lost. Grow up and evaluate each act within its own context. Spitzer wrote an excellent article. That's it. Like it will have any impact on anything. Historians will dredge it up decades from now and see it as a portent, too little too late. We may already be screwed beyond the point of return. No morning after pill here.

Sorry, David, but I have to dissent on this one. I'll take Larry Summers any day over Spitzer.

Summers, Volcker, Rubin ...why dont we just call it class warfare?

diogeron, zeldon, Dick,

Dick, you are more correct more than anyone. Spitzer can write his columns, but they will make no real tangible difference to the situation at hand. Barack Obama has made his hammock, and that is in G W Bush's backyard. Nothing can or will stop the financial meltdown, so long as neo-liberal and neo-conservative orthodoxy rules, and rule they do and will continue to do so..........

Can we please move off of our puritanical obsession and focus on the big issues. Eliot Spitzer is correct and one of the very few people who has stood up to concentrated power. This is why he was targeted by the FBI in the first place. I would much prefer that Paulson saw prostitutes than would be in position to give 1 billion to his Wall St. friends. If Spitzer is guilty of seeing prostitutes let the state bring a case against him (which they have not). But lets not lose his voice, and please lets get over our obsession with sex. Prostitution should be legal and regulated. I prefer standards in finance over sexual standards anyday.

Even if Spitzer were convicted of a crime, would that mean he should never again be allowed to make an honest living? Anyone ever thought that part of our crime problem is that criminals get punished for the est of their lives? Well guess what: if we want people to make an honest living, we can't react in horror every time a criminal gets a job. So fine, don't hire Spitzer as an elected official again. The trust isn't there. But why complain that someone else hired him? Don't trust him with authority or accept any personal moralizing from him, but why be bothered that he writes a column on what he knows? My complaint with GOP crooks is they are never held accountable, but if these crooks ever did their jail time, I wouldn't care that they got a job when they got out.

To borrow from Prizzi's Honor: Eliot Spitzer so f****n' smart, how come he's so f****n' dead?

The breaking of his scandal was probably done by big bank brains who wanted Spitzer discredited. They knew long ago this meltdown was coming; they planned the Bailout Scam long ago; and they didn't need a credible prosecutor like Spitzer around to ask questions.

But if Spitzer was so f****n' smart, he would have had a more inscrutable private life, a la Clinton or Obama.

Notice, I didn't say moral or upright, just inscrutable.

Rage against the machine, Eliot! What have we got to lose?

Eliot Spitzers "transgression " is personal but not horendous. The puritanical Americans would make a capital case of jay walking. And what was the first thing David Patterson admitted to as he toook Spitzers place ??? We need more peopel in oublic view who can make good analysis and judgement of our political systems. Most of the systems are rotten to the core and contaminate starry eyed newcomers with never to be seen hopes. And we elected them to do good but mostly they just spend our money on special groups.

Spitzer is a very wealthy man. His father left him over $100,000,000.00 and he has increased the amount. He has nothing to lose. This country is sufficiently puritanical that he will never be allowed to be a full actor on the political stage.

As NY's AG he did great work. Had he not been caught playing with a prostitute, he might have been a truly stellar personage in American politics.

At this point in my life[78YO] I've concluded that everyone likes to screw....and,in a variety of ways/Would any of us care to have our competence judged by this standard?

At this point in my life[78YO] I've concluded that everyone likes to screw....and,in a variety of ways.Would any of us care to have our competence judged by this standard?

Before you write Spitzer off, remember that at the time of his death, Richard Nixon held the status of 'elder statesman.'

Thanks, Dave Corn, for posting this article re Eliot Spitzer. He deserves great credit as New York's former attorney general for fighting the Wall St. robber barons and breathing new life into New York's powerful Martin Act, the strictest Blue Sky securities law in U.S. Kudos to Slate.com for giving Spitzer a platform to speak out. Obama would do well to replace Summers with Spitzer.

here here

Excellent blog, David. Also kudos to Dick for an excellent comment.

A lawyer cannot legally hold executive or legislative office. It is a violation of the separation of powers, which lawyers are sworn to obey. That is what is wrong with Eliot Spitzer.

Fifty years ago, no less a President than Dwight David Eisenhower cautioned in essence to be aware of the military industrial complex.

We have failed to heed history so we have been doomed to repeat it. The characteristics, variables, and vagaries associated with President Eisenhower's description of well - intentioned but ill-conceived behemonths out of the control of the ordinary citizenry
describes the current day military, financial,and automobile industries. The same components that President Eisenhower was speaking about tangentially and directly.

Fifty years ago, no less a President than Dwight David Eisenhower cautioned in essence to be aware of the military industrial complex.

We have failed to heed history so we have been doomed to repeat it. The characteristics, variables, and vagaries associated with President Eisenhower's description of well - intentioned but ill-conceived behemonths out of the control of the ordinary citizenry
describes the current day military, financial,and automobile industries. The same components that President Eisenhower was speaking about tangentially and directly.

Hear, hear. I couldn't believe BO picked Summers. Spitzer is another credible voice among many who were, and continue to be, ignored.

Kudos to Mr. Corn. I agree 100 %. We really need Spitzer's genius at this time. Eliot is the only one that makes any sense. Obama has hired Paulson and assorted idiots that are taking care of their friends. The bailouts are Wall Street Welfare. Luvies, if your credit card payment arrives in the mail a day late, the late fee and interest are outrageous but we have to give money to those crooked banks so they can steal more. What about justice? These economic terrorists should be water boarded etc. and be on G Bay not the political prisoners. The regulatory agency big shots should be in the fed pen in Atlanta awaiting trial for for treason because they have destroyed our country. The more you steal the better you are treated in our country. Things have got to change! I learned about Gresham's law in economics and we are throwing good money after bad money--not so smart! This bailout is not going to help and Spitzer is telling us why. Obama should create a position of Wall Street Czar for Eliot.
Believe me, lovies.

Spiltzer may be a great prosecutor / investigator -.- but he should also be looked at as less than an honest human being - faility is one thing but to escape any punishment while the girls are blamed for the whole thing is a FRAUD of anything we call justice....Justice has not been served Honorably.

These kinds of rinkydink failings pale in comparison to the massive theft of public funds happening at the highest levels of the leaving crowd of cronies.

There is evidence that Spitzer was targeted to take that "hooker" fall as retribution for his stabs at corruption on Wall Street.

I think he'd be a good choice.

Give Spitzer a break, the pimps and whores on Wall Street fear him, So Obama, let's see what your made of? Give him a job prosecuting the Wall Street crooks.

I saw Spitzer's Slate article, but I didn't read it. I never will read anything by him, even if he someday becomes the Secretary General of the UN, and wins the Nobel Prize for peace!

If you think Spitzer's so hot, despite his whoring, then surely you'll speak up for John Edwards and Clarence Thomas as well?

Putting Spitzer in a high-profile government post will be a direct insult to women everywhere. So go ahead and do it -- and kiss goodbye to any future credibility on women's issues, and alienate every woman in office now and in the future.

Go ahead.

The pimps and whores on Wall Street do indeed fear Spitzer. He was their worst nightmare. We need a Nightmare on Wall Street, Part II. Bring back Eliot!

So what are you implying here about Obama? What is the "inscrutable" aspect of his private life that the dirt-digging media hasn't found out about. Or is this just wishful thinking on your part? And which Clinton are you describing as having an "inscrutable" private life, certainly not Billy boy. As to the neo-puritan values that afflict America, can we spell h y p o c r i c y ? And of course you realize that even suggesting collusion on the part of the big bank brains with their fore-knowledge of the meltdown, opens you up to a dismissive conspiracy-theorist accusation? Do it anyway.

I would tend to agree with mr. spitzer. In almost all things, diversity is the key to survival. That's the single most important lesson that nature teaches us. Be it energy, food, etc. What I fear most, is that the fox has been in charge of the hen house for so long, that he's taken all the eggs and now he's sneaking out the back door with the chickens. Don't put all your egg's in one basket!!!

Spitzer was set up because he was already busting the administration for its setting up of the economic downfall. I will never believe that Spitzer actually did those things. He was forced out on threat of his and his family's lives, and went along with it.
His renewed participation is great. I am glad Slate listened to his story. Maybe he will be able to bring out the truth of what was done to him and his family, and regain what he has earned, and step up and use again his leadership skills.

I have always had the utmost respect for Eliot Spitzer. His pursuit of self serving financial executives has saved money for many trusting investors. I applaud his opposition to right wing extremists, and feel he is welcome to use their methods to expose them if need be. The idea he should play fair, and let the far right turn the country into the bastion of greed to serve themselves makes no sense at all. I really cannot understand the need to vilify some one for their sex life, unless there is a case of pedophilia. Do we really want to cancel Thomas Jefferson's contribution ? How about Ben Franklin ? He really liked the ladies, should we reject his wisdom ? His part in establishing our country ? How about his lessons in hard work ? Saving ? Scientific curiosity ? If you can't bring yourself to throw all that away -- how can you merrily find a second standard in Mr Spitzer's case?

Silly Americans. The corporations have pretty well silenced critical analysis. When one guy comes along that threatens to take the facists on you get a puritanical scandal and critical analysis stops. We men are all sluts and the stakes are so high: its easy to set us up and u rubes all fall for it.

i agree we need eliot,to clean up the whores of wall st.

krugman. nader. waxman. kucinich.

"Too Big to Fail" is part of the problem and we are creating more "To Bigs to Fail."

The Bail-outs are upside down ... the tax payers money should go to the tax payers and the "markets" will decide where it is spent ... some to Banks, some to Autos, etc. Money going into the top assumes the bottom, the tax payer, has the desire, need, and money to "pull" the money down from the top and restore the economy.

Guys can't keep it in their pants--this is not news, nor is it all that interesting. The heights of hypocrisy are reached when The Rich use a guy's behavior to bring him down. I don't know crap about any of this, but I do know that Spitzer was framed and that we'd be better off with him back in the political saddle dealing with financial events about which the rest of us can only speculate. (And this is coming from a 65-year-old-gramma-original-radical-lesbian-definitely-feminist. So there.)

I think Obama should appoint Spitzer to investigate where the 700 billion dollars went. If people are worried about him using investigators to find out things well look what has been happening in the white house. He was investigated and found not to have used government money for the honey. He deserves a 2d chance like anyoneelse.

Big Government and Big Business are BAD

Both are bad for our economy.
Especially with NO controls.
Guess who is paying for it.
NOT THEM!

We cannot trust big business or government to be ethical or make optimal decisions. Do we need more proof?

Spitzer is correct. The Adam Smith model works for small business with fair competition.

Wal-mart, for example, is forcing us to take low prices and foreign goods. This must stop. Where is the made in America torch when we need it?

Now is the time to fix the problems. We must demand accountability, balanced budgets, and reduction of debt.

It is time to make changes and vote for people who understand finances and who will not be bought out by special interest groups.

We must expose voting records on every issue. Every bill must have a clear cost/benefit analysis, and can only be for one purpose, with an understandable summary.

Spitzer's personal issues are secondary to his many accomplishments as a fierce Public Interest defender and enemy of fraudulent mortgage lending.

As NY Attorney General, Spitzer was one of the most vocal and active opponents of consumer protection abuses and mortgage securities fraud, years before these became key factors in the US economic crisis.

His explosive, insiders-view Op-Ed in the Washington Post on mortgage securities fraud apparently drew direct retribution from the Bush Administration, by the unusual leaking of details about his tryst *directly* from the FBI to the New York Times.

How unusual that several newspapers had the details before any legal or public case had been filed. Congress is currently investigating the matter.

"Inscrutable" is a pretty interesting way to describe Clinton and Obama, Joe Friday. They seem like guys who have so much charm, people forgive them their flaws, making those flaws inscrutable.

I agree with john mcvdonald that generally "everyone likes to screw...in a variety of ways" but, only a tiny few ever have their peccadillos make front page news. One's position creates the scandal, without one you can't have the other.

Spitzer made powerful enemies in the banking and finance industries. Why was he subjected to a federal wiretap and bank account surveillance in the first place?

Spitzer's a Democrat; Bush and his Wall Street cronies are Republicans. Hmmm.

Spitzer not only penned a satisfying riposte to Rubinomics but walked the walk while NY's Attorney General. He was far ahead of the curve on predatory lending, AIG's deceptive practices, Bush's assault on the environment and other corporate misbehavior. Not only does he deserve a second act; the President-elect should call on him to head the SEC.

To pick one point and run with it briefly:

Spitzer

Imagine if instead of merging more and more banks together, we had broken them apart and forced them to compete in a genuine manner. Or, alternatively, imagine if we had never placed ourselves in a position in which so many institutions were too big to fail. The bailouts might have been unnecessary.

MANY years ago, I contemplated the dangers of concentrated power, thinking about how we could have come to the point of someone's "finger being on the red button" of nuclear war. It seemed then so utterly sane and important that, instead of concentrating power, the safer thing would be to disperse it, so that never could one man's decision threaten the all of the planet or humanity.

Now it seems this lesson has come home to roost with mega-corporations - one stupid direction being chosen entrained almost all the financial companies in its flow toward doom, but none could see it, and it swept up the entire world.

It is almost certain that the Big 3 would have - individually - have come to some reckoning at some point in the future. But no one can possibly believe that this would have happened now if not for sub-prime lending - something totally unconnected with the Big 3. They are no guiltier of bad decision making than the rest of us - not in THIS crisis or the lead-up to it. They are victims of it - and $4.40 a gallon gasoline. I am no fan of them, but I can't believe that everyone is looking at them as some kind of criminals in this...

That was a tiny digression, but one meant to tie in centralization of power - in this case financial power - with its tentacles all throughout the economy. And that centralization of power can only happen if we (our representatives in Congress and the WH and the Courts) allow such consolidation. And that ties in with what the French call "savage capitalism" and I call "carnivorous capitalism". When companies are allowed to devour one another, it is like we are living in a colonial era, where large countries are allowed to devour smaller ones and make them colonies.

Yes, it is a valid point that allowing them to get so big means we do not have the option of letting them fail - whether they are AIG, CitiCorp or the Big 3.

The obvious cure - once this meltdown is over - is to split them all up. So many benefits will accrue to such a decision, but the main thing is that we the People will not have to stand by while our government is being held hostage by companies who cry, "WE ARE TOO BIG TO FAIL, SO PONY UP, SUCKERS!"

That "bigness" indictment I DO apply to Detroit, BTW. They should also be split up into competing divisions and never allowed to merge again.

They have all played the "Mutually Assured Destruction" card, and we have all lost.

What do we do to prevent it from happening again? I fully embrace Spitzer's POV here. Concentration has to be undone - and best as part of all this. Now. Or at least as soon as we can get Bush out. Government has been far too active an enabler for all this. Now that the results have been seen, preventions need to be built in and then adhered to.

Spitzer vs Summers? What color should we paint the ship that is sinking? Sorry, I can't agree that we should be spending any time doing anything but a complete overhaul of the system. Capitalism has failed. We just haven't seen how badly it's failed us yet. And we continue to discuss drapery schemes as the boat of our civilization is going under. I'm not preaching doom and gloom or anything apacolyptical. Just listen to reports and scientists across the spectrum. Capitalism just hasn't failed us economically it's proving a catastrophic failure environmentally.

Sorry, keep discussing whose the better person to put in position to change very little.

The obvious cure is to get rid of the fractional reserve system. Your dollar is at stake here. They've already started to print the amero. Many of the oil produing countries are using the euro instead of the dollar. Your federal reserve bank is embezzling your country. Legally counterfeiting money. What are you going to do about it! Doesn't matter who the president elect is if he is not willing to change your monetary system. That's were all the problems stem from.
Act now!

Great Response! Its About time That Someone Stops Praising This Creep! Hes Involved In Alot Of Nasty Dirty Things. One Is He Was Arrested Also For Being Involved In A Prostitution Ring! People! Under Those Prostitution Rings Are Our Children! I Know As I Almost Lost My Life Going After A Child, Whom They Think Has Already Been Murdered! This Man Cannot Be Trusted! He Is Responsible For A Heck Of Alot More Than That! No Way Can This Sick Individual Be Helping Our System. I Say This Creep Needs To Be Locked Up And Put Behind Bars. Hes A Liar, And Thief. YES! He Walked Away With A Slap On The Wrist! Ignorance Is Bliss! Look At The Smirk On His Face. GOOD RIDDANCE! I Will Continue To Go After Him. He Will Be Noticed More, Soon. Brenda Dickey! Lets Hear Some Responses People!!!

While I agree with the necessity to "cut them down to size," I will be more than surprised if it ever happens. The financial institutions are so large now that they wield significant power and leverage, both of which Congress finds impossible to resist. I simply have no faith that there is a tub large enough to allow the battleship to turn around, especially since they'll be using their biggest guns in the fight.

Wake Up! This Guy Is The Most Disqusting Individual I Can Name Off The Top Of My Head! He Was Involved In A Prostitution Ring! My God! This Dude Has Seen Our Babys! They Are Under Those Rings! Throw Him On An Island And Let The Insane Tear Him Apart! Hes The Worst Kind Of Criminals There Can Be. Prostituting Children! I Wouldnt Mind Tearing Him To Pieces And Feeding Him To The Pigs! His Day Is Coming! THE LAW!!!!! Mrs. Brenda Dickie. UCC1-207.9 (Without Predjudice). sbrendasara48@Yahoo.com and 909-709-7531.