A bubble (at least in economics) is when trade occurs in higher and higher volumes and at higher and higher prices that are considerably at variance with “intrinsic values” (whatever you think those might really be). Eventually the bubble pops, and prices fall (precipitously?) back to earth — often with a nasty crash. There is no conventional wisdom about the cause of bubbles. Sometimes the phrase “emerging social norms” gets tossed around. And/But the only thing that most experts agree on is that we acknowledge bubbles primarily in retrospect.

Speaking of “emerging social norms,” there is the question of the Obama Bubble. Those of us that are not economic gurus might put it another way: is he too hot not to cool down? Are the expectations for him so high that they must eventually return to the norm?

Two cases in point to consider:

Blago and the Chicago Way
Do you like scrapple? Do you like chitterlings, kokoretsi, and/or haggis? How about just plain old pork sausage? If so, it’s best not to consider what you’re really eating because, well, just don’t.

It’s the same with politics. Especially big city machine politics. And that goes double for big city machine politics as perpetrated by two-bit, tin-horn narcisscists like Rod Blagojevich. Fact is, there’s a lot of them out there and you don’t get very far unless you can do business with them at some level. It isn’t good or bad to acknowledge this — it just is what it is. If you can’t deal with it, get out of electoral politics. It happens everywhere, whether you live in Illinois, Alaska, Louisiana, New Jersey, you name it.

So when pundits get all breathless, when they feel the vapors coming on, when they clutch their pearls and glance sideways for the fainting couch because Rahm Emanuel may or may not have talked to Blago about Obama’s successor, well, what did you expect?

The latest is the worst:

Sources also confirm that Emanuel made the case for picking Obama confidante Valerie Jarrett during at least one of the conversations [with Blagojevich's chief of staff John Harris]. In the course of that conversation, Harris asked if in return for picking Jarrett, “all we get is appreciation, right?” “Right,” Emanuel responded.

OK, stop right there. Did he say “Right” while slathering on the irony? Did he say it while snorting in sarcastic derision? Is it possible that he actually said, “Riiiiiiiiiiiiiiiiiiiiiiiiight!” as in nudge, nudge, wink, wink “Yeah, appreciation, Governor. That’s the ticket. You’ll get a satchel full of appreciation.” Like Amy Pohler says, “When I call my weed dealer and ask for 50 circus tickets, the last thing I expect to get are 50 circus tickets.”

Right.

I have no idea what went down between Blago and Rahm and frankly I don’t much care. I have bigger problems to worry about and so do you. Let the usual suspects work this out and get back to me when there’s something substantial to report. So far it sounds like another day at the sausage factory.

Pastor Rick Warren
I must admit that I was shocked but not surprised by Obama’s pick of Warren to do the Inaugural convocation. Those of you who were surprised haven’t been paying close attention to Obama’s style. He really meant it in his victory speech in Grant Park when he said, “And to those Americans whose support I have yet to earn, I may not have won your vote tonight, but I hear your voices. I need your help. And I will be your president, too.” He’s not selling out by picking Warren. If anything, he is giving Warren a huge boost in stature — while simultaneously marking a chit in his Book of Favors. Obama has a lot of political capital and unlike George W. Bush who wanted to spend his, Obama is instead more interested in investing his own. Like Vito Corleone, I expect Obama to someday call in that chit. It’s the Chicago Way (see above).

So what to make of the split in the progressive community between real actual LGBT people and the rest of us? Should they just “get over it?” Or do they have a point?

You lecture us not to hold this against Obama, but newsflash: at least for me, this has nothing to do with Obama. I knew he was regressive on my rights when I supported him; he always was, as was every viable presidential candidate. I also knew he had some weird idea that his religious beliefs were some valid explanation or even justification for his views on my civil rights. I’d like to see a Democrat get elected who can be for marriage equality and doesn’t have to be a devout Christian, but I live in the reality based community and none, absolutely none, of this was any kind of surprise to me. I’m not a sulking scorned supporter who thinks Obama owes me something, and my support for him has not changed.

No, the people I’m mad at are some of YOU. I’m angry at your ignorance of our lives, for your complete lack of understanding of what a claim for equality under the law is, for telling us to shut up or quiet down or stop being angry or stop making trouble for the progressive movement or stop drawing negative attention to our party or Obama.

You call yourself a progressive and swear you’re not a bigot? Well, if you’re not with us, completely in support of our full and unconditional equality with straight citizens including marriage equality, then you’re a progressive who’s also a bigot — even if your bigotry is a side-effect of your religion. And when bigots give advice to the people against whom they are bigoted, it is, at best, a form of concern-trolling. Your advice is not about us and our real best interests; it’s about you.

No bubble there: they knew Obama was “regressive” on the issue right from the get-go.

UPDATE: Fascinating post from Juan Cole who attended a conference over the weekend sponsored by the Muslim Public Affairs Council. Speaking there were (wait for it) Rick Warren and Melissa Etheridge. Read the whole thing — you might be surprised by what you discover.

Bottom line: I like Obama. A lot. He’s the best candidate to come along in decades, which is exactly why I want to let Obama be Obama. In other words, we touted him for his judgment; now I want him to exercise it.

Here’s the thing: it doesn’t matter what you say, but what you do. So all of us — now — need to start seeing things as they really are, not as we wish them to be, before the bubble gets too big not to burst with a crash.