On The Glenn Show, Glenn and John debate whether racism has shaped Obama’s presidency. Referencing the Trayvon Martin case, Glenn argues that Obama’s race is still symbolically powerful. The discussion turns to the leaked video of Romney at a fundraiser. John is appalled by Romney’s comments, but Glenn offers a partial defense of Romney. The two then discuss the free speech implications of the YouTube video that helped trigger violence and protests in the Muslim world. Plus: Is there still the possibility of a dialogue between Islam and the West?

Glenn and Gershom discuss Israel and the US election. Gershom finds the controversy over Jerusalem in the Democratic platform to be disconnected from reality. Glenn suggests that this only illustrates the power of symbols in political communication. Do Israelis prefer Romney over Obama? Glenn thinks that pro-Israel pandering in US politics is more about evangelical Christians than Jewish voters. Gershom and Glenn have different ideas about why some Americans still view Obama as foreign. Gershom suggests that American Jews will vote Democratic, but not based on Israel. Gershom argues that the segregated economic situation of the ultra-Orthodox in Israel is unsustainable, and he and Glenn explore how it might change.

Glenn and Larry discuss the LIBOR rate-fixing scandal. Larry gets into the details about how LIBOR works, lamenting a lack of transparency in the gigantic global financial derivatives market. Larry tells how his visit to the Goldman Sachs trading floor made him sick to his stomach. They use the Tylenol drug tampering crisis to explicate our banking woes. Larry explains why leverage plus opacity plus limited liability is a formula for perpetual financial crisis, and recommends creating a financial version of the FDA to certify the “health” of financial instruments. Glenn and Larry outline why banking is different than any other kind of business.