transition

I spent a good chunk of the long weekend engrossed in Will Durant’s autobiography, Transition. Durant and his wife Ariel are best known for their 11-volume The Story of Civilization series, which is a fine introduction not just to history, but to literature, philosophy, art, music, science, and all the other cantos in the poem of human life.

Transition is mainly the tale of Durant’s transition from seminarian to secularist, and from his youthful flirtations with socialist anarchism to a gentler, more tolerant and mature worldview that saw humanity as a good but flawed creature, set in his ways, yet capable of breathtaking progress and achievement. This passage, describing Durant’s first trip to Europe in 1912 aboard an oceanliner, captures that transition in microcosm:

One night there was no moon, nor any star; then our great ship, ghastly alight in the engulfing dark, seemed like a phosphorescent insect struggling in the sea. But as we neared the rocks of Britain’s ancient shore the mood of my thinking changed, and I marveled not at the vastness of the ocean but at the courage of man, who had ribbed it everywhere with the paths of his floating cities; who had dared to make great arks of heavy iron and fill them with thousands of tons of the products of human hands; who had built upon these frames luxurious homes for many hundred men; who had made engines capable, through the expansion of a little steam, of propelling this enormity of steel and flesh safely and quickly across the widest seas, making the rage of the ocean impotent. It was man that was marvelous, I said, as I stood secure and relieved on the solid soil of England.

(Transition, pp. 218-19)

President-Elect Barack Obama just nominated former Senate Democratic Leader Tom to be his Secretary of Health and Human Services. Much is being written about Daschle being a Washington insider, which he certainly is, but after leaving the Senate after his defeat in 2004, Daschle has commendably taken on the Beltway conventional wisdom on an important issue: The Sarbanes-Oxley accounting mandates.

In late 2005, Daschle became one of the first Democrats to criticize the 2002 law, rushed through Congress in the wake of the Enron and WorldCom falures, for its unintended consequences on entrepreneurs. In doing so he helped make the cause of Sarbox relief and reform biparisan. In a Wall Street Journal op-ed Daschle co-wrote with former Senate Republican Leader Bob Dole, the authors told readers of “small and mid-sized capitalization companies who say that their access to capital from publicly-traded stock markets has been made prohibitively expensive.” They pointed out that “studies have shown that the additional cost per company for compliance averages $1.4 million to $4.4 million,” and explained that “although increased auditing fees amount to a small burden for Fortune 500 companies as a percentage of revenue, the doubling or tripling of auditor bills, accompanied by additional accounting and legal fees, can be the difference between a profit and a loss for emerging businesses.”

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