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When I Think About Edwards, I Think "I only joined the hedge fund to learn about poverty"

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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:19 PM
Original message
When I Think About Edwards, I Think "I only joined the hedge fund to learn about poverty"
Its hard for me to think of a phonier line given by a politician, and even harder for me to remember such phony defenses of it. I don't like phony people, and to me Edwards just personifies that.

He was never my first pick, but until then I at least respected him as a candidate.

I find comparisons between Edwards and RFK to be absurd, Edwards couldn't shine his shoes.

In my eyes Clinton and Obama just stand head and shoulders above Edwards, and I hope to heavens that I am never forced to punch his name in a ballot again.

I just plain do not like Edwards, and after this primary season I hope he returns to private life, makes lots of money, spends time with his family, and leaves me alone.
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Bluebear Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:20 PM
Response to Original message
1. "I hope he leaves me alone" - - you sound paranoid.
Just saying :)
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 10:34 PM
Response to Reply #1
59. And with a talent for making up phony Edwards quotes. Because, of course, what Edwards actually said
was that he joined the hedge fund to learn about financial markets

... Asked if he had to join a hedge fund to learn about financial markets, Edwards replied, "How else would I have done it?" ... http://abcnews.go.com/Politics/wireStory?id=3152277

The "joined hedge funds to learn about poverty" line was lifted straight from radio's best-known hate jock
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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 10:40 PM
Response to Reply #59
60. Did you even bother to read your own source?
Even the article's title?

The full quote was “mainly in order to learn about the relationships between financial markets and poverty.”
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 11:18 PM
Response to Reply #60
61. Your claims are dishonest:
You accuse me for example of not reading the article title. The entire article title is: "Edwards Discusses Time at Hedge Fund AP Interview: Edwards Says He Worked for Hedge Fund to Learn More About Financial Markets." That is the whole title. But, of course, the title is irrelevant, since it is written by a copy-editor: it is not an Edwards quote.

You also claim that I do not include the entire Edwards quote. But in fact I lifted one entire paragraph from the article.

It is true that, in keeping with her long-established practice, Nedra Pickler in this article does make some claims unsupported by any quote. But it is thoroughly dishonest of you to take words that Pickler wrote and put them in Edwards mouth: the fact, that Rush Limbaugh does that sort of thing constantly, does not make it any less disgusting
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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 11:34 PM
Response to Reply #61
62. My full quote was from the New York Times
http://dealbook.blogs.nytimes.com/2007/05/09/for-poverty-101-edwards-went-to-a-hedge-fund/

I'm not really sure what your issue is here, are you claiming that Edwards did not say learning about poverty was a big motivation for him joining the hedge fund?
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:32 AM
Response to Reply #62
73. Your bogus quote ""I only joined the hedge fund to learn about poverty" doesn't appear at your link
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:36 AM
Response to Reply #73
74. mislocated / delete
Edited on Wed Dec-12-07 10:37 AM by struggle4progress
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:40 AM
Response to Reply #62
75. And your NYT link is merely another "summary" based only on the Nedra Pickler article
to which it links
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maddiejoan Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:21 PM
Response to Original message
2. Yep.
:kick:
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:22 PM
Response to Original message
3. That's a big turnoff for me too.
That and the fact that he'd invest in a hedge fund at all. It demonstrates nothing but greed.

I don't feel as strongly as you do, but I don't find him sincere. The hedge fund thing and the calls for Americans to sacrifice their SUVs while he builds a 28,000 sq ft house, smack of hypocrisy.
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melody Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:27 PM
Response to Original message
4. I find HRC's political compromises even more disturbing
I wish Obama didn't have the name he has ... I don't think his being black is half the obstacle as his name. I also
would prefer he be more experienced.

My dream candidate is Gore (Kucinich is a Muppet and doesn't have a chance). But Edwards comes as closest as any viable candidate to being acceptable.

That said, I'd vote for any Democrat over the modern-day Republican.

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Ninga Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:28 PM
Response to Original message
5. With all that is wrong in this world, you need to think about something else to be bothered about.
I love Edwards and see in him rare and compeling qualities that would make him the kind of president this country sorely needs.

I love Edwards because with all he has had to deal with in his life....he has managed to "get it" and "get it" right.

I love Edwards because he is fearless and is able to laugh and enjoy this historic race.

I love Edwards because he is a figher.

I love Edwards because he has lived, and learned and accepted, and has awareness and admits he is human.

I love Edwards because he is more like Sargent Shriver in that his advocacy for the poor and working class is real.

I love Edwards because he is authentic.

I love Edwards because he loves Elizabeth, and I love Elizabeth because she supports Edwards.
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Andy823 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:35 PM
Response to Reply #5
6. My favorite
Reason for voting for him is:

HE IS THE ONLY ONE I BELEIVE WILL HELP THIS COUNTRY!!!!!!!!!!!!!!

I have listened to them all, and he is the only one in the top tier I think will actually try and do what he says, and he is the only one of all of them that I think stands the best chance of winning in a general election.
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Steely_Dan Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:37 PM
Response to Reply #6
32. Hey Andy...
Is there anyone in the bottom tier that you feel this way about? I like Edwards too...I started out supporting him.

-P
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Snotcicles Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 07:16 PM
Response to Reply #32
39. LOOK EVERYBODY since we're talking about hedge funds.
http://www.opensecrets.org/pres08/select.asp?Ind=F27
Lets not forget about this one. http://www.opensecrets.org/pres08/select.asp?Ind=K02
This one speaks volumes. http://www.opensecrets.org/pres08/select.asp?Ind=H04
JOHN EDWARDS IS THE CANDIDATE FOR THE PEOPLE, the big corporations show it.
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Clark2008 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:35 PM
Response to Reply #5
87. I can answer that with your own words
I dislike Edwards and see in him the qualities that make a fine attorney: the ability to bend the truth, ability to dupe the masses - but not a president.

I dislike Edwards because he actually hasn't had to deal with all that much all his life - he was upper middle class - and he doesn't really "get it," but wants you think he does.

I dislike Edwards because he is fearful of any opinion poll.

I dislike Edwards because he pretends to be a fighter, but has always come down on the conservative side with key votes.

I dislike Edwards because, while I'm sure he knows he's human, he doesn't really like to live amongst us middle class/poor humans.

I dislike Edwards because his advocacy of the poor is fake. He even took a massive salary from the poverty institute he set up to keep his name in the news to run for president again in 2008.

I dislike Edwards because he is a fake.

And, I'm not part of his marriage, so I don't really care much about the last part - but I will say that rumors of his alleged affair will go nova if he's the nominee.
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readmoreoften Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-13-07 06:02 AM
Response to Reply #87
96. Hmmm. He didn't come from an upper middle class background, but ok. I dislike Obama because I
think he is incredibly disingenuous.

I dislike him because he wants to "unify the country" when the only way to do that is to move the left to the right.

I dislike him because he asks the left to move further right when he demands tolerance for "good, moral" people like McClurkin who spew hatred.

I dislike him because he uses right-wing memes like Democrats not being pro-Christian enough.

I dislike his faux religiousity in general, because I don't think it's genuine, and I think it's the last think this country needs right now.

I dislike the fact that he doesn't show up for votes and has the audacity to badger people who did vote. Even when their votes are atrocious, I have no reason to believe his attitudes are any different. It's downright cowardly.

I dislike the fact that he pretends that he's an anti-war guy, when he said in 2004 that his position wasn't much different than Bush's on Iraq. And while I don't support those who voted for the IWR, I see no reason to believe he wouldn't've done the same damn cowardly thing after 911.

I dislike him because he scolded an entire generation for their stalwart opposition to conservatism and somehow thinks he has "new ideas" about opposition, but he won't say what they are, and from the way he talks, it sounds like "friendly, reasonable non-opposition" which is what is NOT WORKING currently in Congress.

I dislike him because he has no message other than "Hope!!!" There's nothing to hold his feet to the fire for after he's elected. Whether or not Edwards is sincere, at least he has a CLEAR PLATFORM. What's Obama going to be held accountable for? I don't feel all "hopey and good."?

And that's just the beginning. Don't get me started on the things I don't like about Hillary Clinton...

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dchill Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:36 PM
Response to Original message
7. Your last line says more than the first.
You just plain do not like Edwards. Your post is specious.
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Ninga Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:43 PM
Response to Reply #7
8. Right on!
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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:54 PM
Response to Original message
9. How can you hate Edwards for the hedge fund
Edited on Tue Dec-11-07 04:55 PM by Horse with no Name
and not mention Biden's policies?
His credit card/bankruptcy gifts to the rich will hurt many more Americans than John Edwards hedge fund will ever touch.
Ridiculous post.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:59 PM
Response to Reply #9
11. not ridiculous. it demonstrates
a degree of hypocrisy about Edwards. I take it you don't know very much about Hedge funds. I'll say one thing about Biden; I don't like his vote on bankruptcy, but at least he didn't do it to line his own pockets.
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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:03 PM
Response to Reply #11
15. LOL
Good God Cali. He REPRESENTS the credit card companies. THEY ELECT HIM.
So yeah, he does do it to line his own pockets unless he is in Washington working for free.
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karynnj Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:24 PM
Response to Reply #15
26. Given a Senator's job, his salary can not be referred to
as "lining his pockets" any more than your salary can. With a possible few exceptions, they all could make far more in the private sector.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:25 PM
Response to Reply #15
27. simple is as simple does.
Biden hasn't lined his own pockets. Edward did, pumpkin. And he did it through investing in the slimiest player on Wall Street: A hedge fund. In fact, he made bucks off of foreclosures in NOLA. That's just sooo enlightened. And he takes bucks from the hedge fund industry and lots and lots of bucks from trial lawyers. He's no better than any of the others. Though he is more hypocritical.
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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:26 PM
Response to Reply #27
29. Okay dumpling.
:eyes:
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truedelphi Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:34 PM
Response to Reply #15
50. Thanks Horse. Once again I am averted from reaching into
Computer screen to strangle someone.

inthis day and age, money isn't handed over in a briefcase in teh back alley late at night.

But the vote that is important is cast. Then the wife get sthe job on the Board of Directors.
Just a coincidence I guess.

or the daughter gets the managerial post wherein a large salary comes to her without her ever having to show up to work. Just a coincidence I guess.



Or if that doesn't happen, when Biden retires after the Senate, he finds himself set up in business with the bank and credit card people.

Just a coincidence I guess.

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KittyWampus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:10 PM
Response to Reply #9
19. Biden doesn't lie or pretend to be what he is not. And a few votes I don't like are counterweighted
by his solidly liberal record.

Edwards, on the other hand flat out lied about the Hedge Fund Affair and has changed positions on so many issues he's ultimately one of the weakest Dems running.
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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:14 PM
Response to Reply #9
23. I don't mention Biden because I don't believe him to be a viable candidate
Despite some talk of a late surge.

And as other mentioned, he is what he is, and doesn't pretend to be something that he is not.
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:18 PM
Response to Reply #9
24. Joe Biden is broke broke broke
I think he genuinely believed in bankruptcy reform - rightly or wrongly. That's quite a bit different then the waft that comes from this hedge fund business.
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bellasgrams Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 04:58 PM
Response to Original message
10. I did like Edwards But
his negative campaign turned me off and now I see him as obnoxious, phony, and a typical lawyer that can't be trusted. How did he get so rich coming from the poor family he's always talking about? How many working people did he overcharge. He just appears too arrogant. He was not well known until he ran with Kerry, so I wonder what the media and Reps. have on him.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:00 PM
Response to Reply #10
12. nah, he didn't overcharge his clients
he represented them on contingency.
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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:01 PM
Response to Reply #10
13. Nice republican talking points.
:eyes:
He didn't overcharge any working people, but he was able to get help for Americans that were harmed from corporate policies. Remember the kid who sat on the swimming pool drain and got disemboweled?
You can thank John Edwards for the policy that doesn't let THAT happen to YOUR kid.
You should educate yourself.
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madmom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:06 PM
Response to Reply #10
17. I think you need to read a bit more about him, you obviously haven't.
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amandabeech Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 06:31 PM
Response to Reply #10
34. He sued the bejesus out of a lot of cruddy companies that put out
dangerous products and a bunch of businesses that had dangerous premises.

He's a plaintiffs' lawyer, and he gets a cut of the damage award if he wins, and nothing if he loses. He also shells out the money for experts, deposition transcripts and court costs. He loses big if he doesn't win the case. My understanding is the he won lots because he is very, very good at what he does.

The guy really did start out as the son of a mill worker with a high-school education in pin-prick towns in the southeast.

I grew up in a similar town in the midwest. I, too, had a dad who didn't have much education and didn't make much money. I too somehow got into a good law school, but haven' seen his success. I sure know where he's come from, though, and how hard it was to do it.

He's also lost a kid and has a wife with cancer. That changes people, and I think that he remembers a whole lot more about what it was like at the beginning than he did 10 years ago because of it.


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ecstatic Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:03 PM
Response to Original message
14. I just wish people would be honest about why they think Edwards is the most electable
Because he's certainly not the most qualified.
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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:04 PM
Response to Reply #14
16. And what would those reasons be?
Don't assign YOUR prejudices to others, by the way.
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madmom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:10 PM
Response to Reply #14
20. why I like Edwards, he talks about helping ME, the middle class,
working,trying to keep my head above water,not any particular minority or base,average American!
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Andy823 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:30 PM
Response to Reply #14
30. That's easy
I believe him when he says he will work for the people, not the corporations. I can't say that of Clinton, or Obama.

I have nothing against any of the candidates, but I really feel that Edwards will do more to help this country than the others, those who stand a chance of getting the nomination that is.
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dragonlady Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:07 PM
Response to Original message
18. The full quotation of what Edwards said holds a different meaning
John Edwards said he worked for the hedge fund "in order to learn about the relationships between financial markets and poverty.” Truly, the financial markets ultimately have a great deal to do with the economy and how it impacts the poor. The financial system is not a trivial or easy subject, and I'm sure viewing it from the inside is the best way to learn. John Edwards surely came away with a much greater understanding of how the entire system functions and how he can develop strategies to make things better for the poor.
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KittyWampus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:12 PM
Response to Reply #18
21. And then AFTER learning how they operated he invested in one. But we're supposed to believe
he's ignorant of what that hedge fund was doing with his money.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:38 PM
Response to Reply #18
33. bwahahaha
what a crock. How about advisors? He made millions and millions off of slimy investments. period.
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:46 AM
Response to Reply #18
76. Your quote is from Nedra Pickler, not John Edwards
Edited on Wed Dec-12-07 10:46 AM by struggle4progress
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dragonlady Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:08 PM
Response to Reply #76
83. Here's the citation for this quote
This is clearly a direct quote from John Edwards:

Asked about his decision to join Fortress as a senior adviser in 2005, Mr. Edwards told The Associated Press on Tuesday that he did it “mainly in order to learn about the relationships between financial markets and poverty.”

http://dealbook.blogs.nytimes.com/2007/05/09/for-poverty-101-edwards-went-to-a-hedge-fund/
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:27 PM
Response to Reply #83
84. Yeah, it's Nedra Pickler's words: go your your link and click
"Go to Article from The Associated Press via Seacoast Online" to see the article that the anonymous NYT author is summarizing.

Clicking the link takes you to the article by Nedra Pickler where the text to learn about financial markets and their relationship to poverty occurs without quotation marks -- and there is no direct quote in the Pickler piece to indicate Edwards actually said that. The anonymous author of the NYT summary of the AP piece dishonestly suggests by adding the quotation marks that he/she is quoting Edwards: in fact, he/she is quoting Nedra Pickler, and so are you
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dragonlady Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-13-07 01:40 AM
Response to Reply #84
92. Two things
1. You are very quick to throw around the word "dishonest." I researched this point with what little time I had, and if the NYT was quoting the other article, as you say, rather than John Edwards, and I didn't notice that, does that make me dishonest?

2. Going strictly by the Pickler article, she does describe his statement as saying that his purpose was to learn about financial markets and their relationship to poverty and that his work helped his understanding of the connection (note, no quotes this time, just her words). Do you have any evidence that this was not a fair report of what he said?

My point was that the original post tried to say that Edwards' purpose was to learn about poverty itself from a hedge fund. This is quite different from learning about the activities and inside workings of hedge funds that ultimately have serious impacts on people in poverty. Whether or not he worked for a hedge fund is not going to change the effects of that industry on the entire economy, but what he learned there will provide insight into how best to control them. I don't have time to write a treatise on hedge funds, but here is one paragraph from the Edwards website about his economic plan;

Close the Hedge Fund and Private Equity Loopholes: Some of the most highly paid people in America are the managers of hedge funds and private equity funds, some of whom make hundreds of millions of dollars or even billions a year. Although most of their income, like other earned income, is nothing more than payment for the work they do, they pay only the 15 percent capital gains rate rather than the ordinary income tax rate. Edwards will close this loophole and also ensure that publicly traded private equity and hedge funds pay corporate taxes.
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-13-07 05:12 AM
Response to Reply #92
93. 1. I accurately wrote "anonymous author of the NYT summary of the AP piece dishonestly suggests"
which is not an attack on you unless you are that anonymous author

Whoever wrote Edwards told The Associated Press on Tuesday that he did it “mainly in order to learn about the relationships between financial markets and poverty” was dishonestly indicating that the words in quotes were Edwards' words. They weren't: as I have pointed out repeatedly, Nedra Pickler wrote those words. The words were put in in quotes by the NYT author to mislead people, and it had that effect: your yourself called referred to it as "the full quotation of what Edwards said" and then insisted "This is clearly a direct quote from John Edwards." But (to say it once again) it's not a quote from John Edwards
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-13-07 05:14 AM
Response to Reply #92
94. 2. Nedra Pickler pops into press from time to time to do hit pieces on Dem candidates
This year we've seen, for example, no fewer than four articles by her on the subject of Edwards and haircuts. She played a similar role in the 2004 elections
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-13-07 05:54 AM
Response to Reply #92
95. 3. Let us now consider briefly exactly how the rightwing noise machine works:
this case is instructive

Someone with AP credentials (possibly Pickle, possibly someone else) does a quick interview with Edwards. Pickler then writes an article on the interview. However, the article contains supposed paraphrases of things Edwards allegedly said. NYT then does an article "summarizing" several other articles about Edwards, but puts the supposed paraphrases in quotes to give the impression that the words came from Edwards mouth.

The rightwing noise machine, with references to the NYT piece, shrieks and gurgles that Edwards claimed he joined a hedge fund to learn about poverty: this wingnut talking point is then echoed by people such as the person who started this thread with the dishonest claim that Edwards said "I only joined the hedge fund to learn about poverty"

There are, at this point, various tactics for defending Edwards:

(A) One can try, for example, "to explain what he really meant." The problem with "explaining what he really meant" is that the bogus quote has been carefully constructed and there is no satisfactory explanation of it: anyone who tries to defend the quote will seem (to a bystander) to be making ridiculous excuses and thereby reinforces the rightwing noise

(B) Or one can ask: Exactly what did Edwards say and in what context? For this defense, one refuses to be satisfied with a sentence fragment or even a single sentence: one wants to see the surrounding paragraph or two of the interview, to know what exactly Edwards actually responded to and how exactly he responded. Failing to find that information, one simply says -- There's no evidence Edwards said that or Those are not Edwards' words but Nedra Pickler's words.

I strongly recommend option (B): one thereby avoids a fruitless argument about what Edwards meant by the words somebody else put in his mouth and turn immediately to a more useful discussion of Edwards' actual policy positions or (if necessary) a discussion of the rightwing noise machine

Glad to hear you're an Edwards supporter! :party:
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asdjrocky Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:13 PM
Response to Original message
22. When I think about Edwards I think-

Next POTUS
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HeraldSquare212 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:21 PM
Response to Original message
25. It makes him too vulnerable
That, and the fact that the fund had investments in a company that was foreclosing on people, just totally undermine his populist message. I think the message is a good one and the right one, but it won't get anywhere with him as the messenger.
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ginchinchili Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:26 PM
Response to Original message
28. Good lord, he didn't really say that, did he?
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 05:36 PM
Response to Reply #28
31. he did.
Asked about his decision to join Fortress as a senior adviser in 2005, Mr. Edwards told The Associated Press on Tuesday that he did it “mainly in order to learn about the relationships between financial markets and poverty.”

But the reporters and editors at the A.P. didn’t let him off that easy.

Did he really have to join a hedge fund to learn about that? they asked Mr. Edwards, a former United States senator and trial lawyer. “How else would I have done it?” he responded. Well, you could have taken a class, it was suggested.

“That’s true,” he allowed.

He also conceded that he worked for Fortress in part because “making money was a good thing, too,” but insisted he did it “primarily to learn.”

<snip>


http://dealbook.blogs.nytimes.com/2007/05/09/for-poverty-101-edwards-went-to-a-hedge-fund/
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amandabeech Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 06:33 PM
Response to Reply #31
35. Taking a class wouldn't have taught him nearly as much as actually
working at one of these places. Sheesh.
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Madam Mossfern Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 06:55 PM
Response to Reply #35
36. I'm happy to see some slamming Edwards
It show that he actually has a shot at winning the nomination. ;) No candidate is perfect and all I'm sure have some skeletons in their closets, as do we all. Surely you are not faulting the man for making money!

If you would like to scrutinize Edward's investments, then the same should be done with Clinton and Obama.
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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 07:13 PM
Response to Reply #36
38. Clinton and Obama aren't marketing themselves as God's gift to the masses
Edited on Tue Dec-11-07 07:13 PM by tritsofme
Edwards criticizes the same machine he is a part of and has benefited from.
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Madam Mossfern Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 10:11 PM
Response to Reply #38
58. Don't kid yourself
absolutely none of the candidates not even (insert your favorite candidate here) could have gotten so far if they were not in some way part of that machine. For heaven's sake, they're all politicians - every one of them.

The issue is to decide who is the candidate who will best be able to carry out whatever platform you are tied to. Who will have the most support in congress to further the agenda that you favor.

Pesonally, I have issues with large corporations taking over our government. I have issues with the 'moral majority' and their agenda and we really really need to consider who will be the most effective as POTUS.

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amandabeech Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:57 AM
Response to Reply #38
80. Maybe because he knows it all too well now,
and knows that it is a real problem.

Obama and Clinton know something about it, I hope.

I thought that Obama was attempting to appeal to everyone, at least those not in the baby boom generation.
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readmoreoften Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-13-07 06:04 AM
Response to Reply #38
97. Obama's not marketing himself as ANYTHING. That's what scares me.
I have NO IDEA where that man stands on a single issue. He's all hot-air. At least Edwards has a 100% union rating.
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Cameron27 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 07:22 PM
Response to Reply #35
40. What did he learn?
Seriously, hedge funds cater only to the very, very wealthy, and provide them with such things as off-shore tax shelters. (which is exactly what Fortress did while Edwards worked for them) There's no trickle down, and no one of even middle class income can afford to invest with them.
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amandabeech Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:56 AM
Response to Reply #40
79. Hedge funds are an unregulated part of the financial system.
The demise of LTCM nearly wiped out Wall Street a few years ago. Who knows how much those idiots have invested in mortgaged-backed securities and other exotic derivative investments. YOu know, the kind that might bring our economy down yet.

I wish Edwards hadn't done that, but on the other hand, he probably knows more about the problems with this potent and possibly lethal mess than the other candidates.
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Tom Rinaldo Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 09:15 PM
Response to Reply #35
53. That's true, and...
the people who have the best understanding of water boarding are the ones who actually use it on prisoners. And getting them to answer some questions while you are at it is helpful also.

There is just nothing like hands on experience to get a good grasp of how immorality actually works. Hey, I'm not saying Edwards should be discarded just because he worked for a hedge fund, but he gave a really lame response to that question.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 02:31 AM
Response to Reply #35
63. ridiculous. sheesh. What the fuck do you think experts and advisors
are for? He made millions off of sleazy investments. Funny to see people defending that.
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amandabeech Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:58 AM
Response to Reply #63
81. He made millions of crappy goods put out by crappy companies.
He then joined a hedge fund and invested at least some of that money.

I hope that you didn't meant to say that hedge funds were the original source of his wealth, because that isn't true.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:30 PM
Response to Reply #81
86. nope. I know that he made his origninal fortune as a trial attny
I don't have any problem with that.
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PurityOfEssence Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 09:54 PM
Response to Reply #31
57. Then use the direct quote
That quote is hardly as damning as the "quote" posted by the thread starter.
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 10:47 AM
Response to Reply #28
77. No, he didn't say that
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jenmito Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 07:01 PM
Response to Original message
37. I think about how he claimed he took matching funds for MORAL reasons and challenged Obama and
Hillary to do the same.:eyes: And on a cosmetic level, I can't stand how he's constantly jutting his tongue out and touching his face. Yuk.
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frogmarch Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 07:25 PM
Response to Original message
41. Edwards is the only Dem who can beat all the repub candidates! nt
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nyc 4 Biden Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:41 PM
Response to Reply #41
51. I would have to add. . .
Biden to the short list of Dems who can destroy the repugs. u disagree?
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weeve Donating Member (427 posts) Send PM | Profile | Ignore Tue Dec-11-07 07:46 PM
Response to Original message
42. Oh please !
When the HOUSE, and the HAIRCUT didn't stick ... now comes the HEDGEFUND ! ( What's with all the H's HILLARY? )

Obama with Archer Daniels Midland and the Nuclear Power industry ... Hillary and pretty much all the Defense / Big Pharma folk ...

By the way, did they give any of THOSE funds back ?

On the issues ( remember those? ) EDWARDS trumps them both. Ditto on ELECTABILITY. I want a Progressive President, not a Republican. I'm fighting for EDWARDS !
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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 07:58 PM
Response to Reply #42
43. At least we know they are consistent
With Edwards he preaches one thing and practices the complete opposite. He is a phony.
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smoogatz Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:20 PM
Response to Original message
44. I have no problem with the fact that Edwards is rich.
Who gives a rat's ass how he makes money, as long as it's legal?
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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:25 PM
Response to Reply #44
46. I don't have a problem with him being rich either.
But going out and saying you are working at a hedge fund to learn about poverty is just bullshit, and speaks to his nature as a hypocrite.

If he wanted to learn about poverty I could take him through some neighborhoods in the southside of Chicago, or a variety of other places I might stop by before a hedge fund.
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smoogatz Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:33 PM
Response to Reply #46
49. Politicians are pretty much all lying assholes.
Except for an occasional oddball like Russ Feingold, who seems to actually live his public convictions. Expecting their every utterance to be pure and true is kind of like expecting the dog to start shitting silver dollars: you can hope all you want, but it ain't gonna happen. What I'm interested in is actual policy: how will Edwards deal with Iraq, global warming, the looming fiscal/financial crisis, healthcare and national security. He's about a B- on the stuff that actually matters to me.
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XemaSab Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:36 PM
Response to Reply #46
88. The south side of Chicago?
You mean, Obama's district when he was a state senator? :D
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Gloria Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 09:09 PM
Response to Reply #44
52. It's legal and Fortress is the first hedge fund to go public...early this year.
Hedge funds can be very risky and they have high fees. From what I read, it's really pretty hard to know what the hell they're investing in at any given moment.

I'll stick to index ETF's.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 02:46 AM
Response to Reply #52
65. Shortly after the IPO is when the donations from Fortress were
made to Edwards. Also if you read the first conference call with analysts they talk about the projected tax rate being even lower (higher profits) than they had anticipated because more investments would be able to go through the off shore funds in the Cayman Islands. Fortress has numerous funds, many of them were set up in the Cayman Islands.

Legal and profitable for those with big money to make more money :)
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midnight Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:25 PM
Response to Original message
45.  I don't know of any millionaire................
who doesn't educate themselves to products in the banking industry. I also don't know, for sure, how RFK's family income was enhanced. But RFK's father had a deep understanding of the banking products. It most likely was because of this "investing" that RFK was able to serve the American Public as a Senator, and Attorney General.
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:29 PM
Response to Original message
47. What candidate do you like?
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tritsofme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 08:31 PM
Response to Reply #47
48. Right now I'm supporting Hillary
But I was also proud to cast my vote sending Obama to the Senate, and would be more than happy to vote for him again for President if it came down to that.
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asdjrocky Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 09:20 PM
Response to Original message
54. Funny....
When I think of Hillary, I think of the 6 years she spent working on the board of Wal-Mart.

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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 02:32 AM
Response to Reply #54
64. Funny, that's not a defense of Edwarsds actions. n/t
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ddeclue Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 09:21 PM
Response to Original message
55. I can think of plenty phonier lines and shocking to say they are all uttered by Hillary Clinton...
Hillary is for a war with Iran (a non-nuclear Iran apparently) but just against "rushing"...

Hillary is for driver's licenses for illegals or is it against ...or is it for... make up your mind Hillary...

Hillary makes excuses why we can't see her records as First Lady that just don't wash...


I'd take John Edwards any day of the week over Hillary... She's at the bottom of my list of Dem candidates and I'd take anyone of them before her...

Doug D.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 02:52 AM
Response to Reply #55
66. No thanks to either of them. But you still haven't managed even
a skimpy defense of JE.
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Inspired Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-11-07 09:39 PM
Response to Original message
56. Bullshit....he said he also took the job to make money. So what.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 03:32 AM
Response to Reply #56
72. he chose to make money via a hedge fund
and hedge funds are the slimiest players in the financial services market. That's what.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 02:56 AM
Response to Original message
67. Lookit......John is smiling........
Edited on Wed Dec-12-07 02:58 AM by FrenchieCat
and after looking at his perdy face, look at John Edwards' LARGEST ASSET listed!
HEDGEFUND INVESTMENTS!
That's 24 Million dollars!
Yep! He sure was busy "learning" about Poverty while working for the hedgefund, alright!
I want him to teach me about some of that "poverty Learning" cause it appears to pay
very well, in more ways than one! :eyes:

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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 03:03 AM
Response to Reply #67
69. I also saw that in addition to the salary at Fortress there was
additional compensation in the form of profit sharing, have not researched it further. Fortress also was the first hedge fund of funds to go public, having Edwards as a consultant probably did not hurt.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 02:58 AM
Response to Original message
68. Agree that the statement was ridiculous and that very little could
be learned about poverty being a consultant for a hedge fund. Making sure poor people are not disenfranchised when it comes to voting would have been a better use of time IMO.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 03:10 AM
Response to Reply #68
70. Well, he did "work" in NOLA
Edited on Wed Dec-12-07 03:16 AM by FrenchieCat

but Someone should have told John Edwards to remove
his microphone while he toiled for "free" alongside the
less fortunates!

:eyes:





Edwards really shouldn't wear a mike as a prop like he
does his bracelets. Doesn't give off the right impression
that he is as concerned for the situation as he is to make
sure that the reporters hear what he might have to say!


:shrug:



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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 03:17 AM
Response to Reply #70
71. Yes...
guess we're a bit more skeptical :)
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readmoreoften Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-13-07 06:07 AM
Response to Reply #70
98. I've also seen pictures of him sweaty as hell. And wireless mics can be worn doing anything.
I don't see the big deal. There's nothing wrong with documenting your experiences.
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AlertLurker Donating Member (877 posts) Send PM | Profile | Ignore Wed Dec-12-07 10:50 AM
Response to Original message
78. It was the "I didn't know at the time" excuse that got me...
How many people invest HALF THEIR FRIGGIN' NET WORTH ($16 MILLION) into something they DON'T KNOW about?

Either BAD liar or GOOD moron.

White + Male + Protestant Christian + Southern = Nominated, however.



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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 12:55 PM
Response to Reply #78
82. That 16 mil has turned into 24 mil.......
so I guess that Hedgefunds is the way to go!

To bad he didn't believe enough in his candidacy to "fight for the poor" enough to decline matching funds and invest some of that bigtime money he has in order to remain viable to actually fight!
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Clark2008 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:29 PM
Response to Original message
85. I agree with you, but, sadly, the majority here have been duped.
He is not, never has and never will be a progressive. His family are Republicans, he's always been a Blue Dog, DLCer and his Senate record reflects that. His rhetoric is borrowed from Howard Dean, who, while fairly moderate himself, was more progressive than Edwards.

I just plain don't like him either for a myriad of reasons - his hypocricy being one of many.
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amandabeech Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:44 PM
Response to Reply #85
90. What is it that you think Edwards will do that will make you unhappy?
Please be explicit.

As an aside, I'm from a Republican family in a very Republican area. I like Edwards, but I also liked Gore, Kerry, Harkin, Mondale, Udall, McGovern, McCarthy and RFK. I even liked the part of LBJ that was responsible for the Great Society, Truman and my hero, FDR, who wasn't exactly poor, either.

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XemaSab Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:41 PM
Response to Original message
89. I'm against Edwards for one reason and one reason alone:
He strikes me as being really phony.

It's a feeling I can't shake.

And no matter how many hours he spends talking about socializing puppies at the animal shelter, or whatever he's supposed to do that's so great, I can't get over it.

'Nuff said.
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jillan Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-12-07 04:46 PM
Response to Original message
91. That - and he sat on the Intel committee BEFORE the IWR vote.
As much as I like what he has to say these days, I cannot see past these two issues....
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