Wednesday, December 31, 2008

NYT: Republicans Seek Recovery Plan Details

By CARL HULSE - Published: December 29, 2008

In a coordinated effort, Senator Mitch McConnell of Kentucky and Representative John A. Boehner of Ohio, the Republican leaders of the two chambers, called on Democrats to hold hearings on the emerging legislation and not schedule any votes on the bill until it had had at least a week of public review. [....]

Both he and Mr. Boehner were careful not to say they would oppose a measure that some economists have said is necessary to prevent an even deeper recession. 

More at http://www.nytimes.com/2008/12/30/washington/30congress.html?ref=politics

NY Times - Democrats Able To Block Burris?

Defiant Illinois Governor Names Pick for Obama Seat (December 31, 2008)
Man in the News: Roland W. Burris, a Low-Key Groundbreaker (December 31, 2008)

But that declaration has touched off questions of whether Democrats have the power to keep out Mr. Blagojevich’s pick, Roland Burris, a former state attorney general. It is likely that the issue will end up in court.

Democrats said they were confident of their standing under Article I, Section 5 of the Constitution, which says “each House shall be the Judge of the Elections, Returns and Qualifications of its own members.” On rare occasion, the Senate has denied seats to candidates whose election outcome was in doubt or who were caught up in corruption.

Full article at: http://www.nytimes.com/2008/12/31/washington/31congress.html?th&emc=th

Tuesday, December 30, 2008

Bloomberg - Metro Home Prices Decline in October

October Home Prices in 20 U.S. Metro Areas Fall 18%
By Bob Willis

Dec. 30 (Bloomberg) -- Home prices in 20 major U.S. cities declined at the fastest rate on record, depressed by mounting foreclosures and slumping sales.

The S&P/Case-Shiller index declined 18 percent in the 12 months to October, more than forecast, after dropping 17.4 percent in September. The gauge has fallen every month since January 2007. Year-over-year records began in 2001...

Full article at:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aquICb64DYOc&refer=home# 

Gallup: Obama, Hillary Clinton [and Palin] Share “Most Admired” Billing

[....]
This is the seventh consecutive year that Hillary Clinton has secured top billing as Americans' Most Admired Woman -- and the 13th year she has made the top ten since her first appearance on the list in 1993. The 20% naming Clinton this year is comparable to what she received in 2007 (18%), but falls short of the 28% naming her in 1998.

[....] Palin, McCain's 2008 vice presidential pick and the first woman ever to run on a Republican presidential ticket, makes a strong second place debut, named by 11% of Americans. Her entrance on the list crowds Oprah Winfrey out of second place, a position she held each year from 2002 through 2007. Winfrey now ranks third [....]


Monday, December 29, 2008

UK Times: Caroline Kennedy botches debut interview [ 2 other UK stories ]

Asked to justify her candidacy – after days spent with handlers advising her on how to fill Hillary Clinton's vacant New York Senate seat – she began in a dull monotone: "Um, this is a fairly unique moment both in our, you know, in our country's history, and, and in, in, you know, my own life, and um, you know, we are facing, you know, unbelievable challenges, our economy, you know, healthcare, people are losing their jobs here in New York obviously um, arh, you know. . . "

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5416006.ece
For the comment box, click 'have your say' near the bottom of the page. No login required.
See also: http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5355291.ece
Clinton camp derides Caroline Kennedy's bid for US Senate seat
and http://timesonline.typepad.com/comment/2008/12/the-idea-that-c.html
The real problem with Caroline Kennedy and the Senate

Sunday, December 28, 2008

NY Times - The Price of Printing Money

The New York Times

Debt Sweat
Printing Money – and Its Price
By PETER S. GOODMAN

Borrowing and spending beyond ordinary limits largely explains how Americans got into such economic trouble. For decades, businesses and consumers feasted relentlessly, as if gravity, arithmetic and the tyranny of debt had been defanged by financial engineering.

Armed with credit cards and belief in a bountiful future, Americans brought home ceaseless volumes of iPods and cashmere sweaters, and never mind their declining incomes and winnowing savings. Banks lent staggering sums of money to homeowners with dubious credit, convinced that real estate prices could only go up. Government spent as it saw fit, secure that foreigners could always be counted on to finance American debt...

Full article at: http://www.nytimes.com/2008/12/28/weekinreview/28goodman.html?ref=weekinreview

Friday, December 26, 2008

BBC: Iranians join Bush shoe protest

Iranians join Bush shoe protest 
By Martin Vennard 
BBC News 

 [....]  Dozens of Iranians in the country's capital Tehran have held their own shoe-throwing rally in protest at US President George W Bush. 
 [....] The protesters waved their shoes in the air before throwing them at posters featuring caricatures of Mr Bush. 
 [....] A similar demonstration took place at a university in Iran's Isfahan province on Thursday and there have been other such protests across the region. 
 [....] Iraqis have called for the release of the journalist. 
 [....] Since then a Turkish firm, which claims it made the shoes, says it has had to take on 100 extra staff to cope with the surge in orders.

More at http://news.bbc.co.uk/2/hi/middle_east/7800453.stm
Links to related stories at the BBC site.

IHT - more on Obama questioned re Blago

Obama was interviewed on Dec. 18 at his Chicago transition office by two assistant U.S. attorneys and two agents from the FBI looking into alleged attempts by Governor Rod Blagojevich of Illinois to profit from his appointment of Obama’s successor to the Senate. Obama was accompanied by his personal lawyer, Robert Bauer, and an associate, but not by Gregory Craig, who has been designated the new White House counsel, Obama advisers said.

The U.S. attorney in Chicago, Patrick Fitzgerald, who is leading the investigation into Blagojevich, did not attend. The two-hour interview was not recorded or conducted under oath, although one FBI agent and Bauer’s associate took copious notes, and it is a felony to lie to federal investigators even without being sworn in.

More at http://w w w . i h t . c o m / articles/2008/12/25/americas/26memo-396233.php?page=1

NY Times- American Dollars Flee to ChIna

The New York Times
December 26, 2008
The Reckoning
Chinese Savings Helped Inflate American Bubble
By MARK LANDLER

“Usually it’s the rich country lending to the poor. This time, it’s the poor country lending to the rich.”

— Niall Ferguson

WASHINGTON — In March 2005, a low-key Princeton economist who had become a Federal Reserve governor coined a novel theory to explain the growing tendency of Americans to borrow from foreigners, particularly the Chinese, to finance their heavy spending...

Full article at: http://www.nytimes.com/2008/12/26/world/asia/26addiction.html?th&emc=th

AP - Blago Lawyer Seeks Subpoenas

Ill. gov guns for Barack Obama team testimony
By Associated Press | Friday, December 26, 2008

CHICAGO - In a move to force public testimony from President-elect Barack Obama’s inner circle, a lawyer for Gov. Rod Blagojevich has asked the legislative panel considering impeachment of the governor to subpoena more than a dozen witnesses, including Obama’s incoming chief of staff.
U.S. Attorney Patrick Fitzgerald said this week that lawmakers’ interviews of current or former members of Blagojevich’s staff might jeopardize his criminal probe...

Article URL: http://www.bostonherald.com/news/us_politics/view.bg?articleid=1141294

Thursday, December 25, 2008

The HILL - Fissures in Democratic Unity?

The Hill
Democratic unity starts to show cracks
By Alexander Bolton
Posted: 12/24/08 04:53 PM [ET]

Democrats head into 2009 with sky-high expectations but points of intra-party friction are already starting to show a month before President-elect Obama’s inauguration, forecasting bigger fights next year.

Veteran Democrats say the party has become more split along parochial interests since Democrats last controlled majorities as large as they will in the 111th Congress...

Full article at: http://thehill.com/campaign-2008/cracks-start-showing-under-faade-of-democratic-unity-2008-12-24.html

Wednesday, December 24, 2008

From United Nations Foundation 12/24/08

AP: Obama Questioned re Blago.

Obama had to answer investigators' questions
By NEDRA PICKLER and BRETT J. BLACKLEDGE

With his own lawyer by his side, Obama sat down Thursday with U.S. Attorney Patrick Fitzgerald's staff to tell what, if anything, he knew about Gov. Rod Blagojevich's efforts to cash in on appointing Obama's Senate successor....

Full article at: http://apnews.myway.com/article/20081224/D958OMEO0.html

Wash Times: Obama Retains Bush War Team

Obama wants Bush war team to stay
Bill Gertz 

Defense Secretary Robert M. Gates has asked most Bush administration political appointees except those targeted for dismissal to stay on in the Pentagon until replaced by the Obama administration in the coming months. [....]  The identity of the dismissed officials could not be learned.

Full article at: http://washingtontimes.com/news/2008/dec/22/obama-wants-bush-war-team-stay/

NYT: Resistence to Kennedy Among Democrats

Resistance to Kennedy Grows Among Democrats
By NICHOLAS CONFESSORE

ALBANY — Resistance is emerging among Democratic officials against Caroline Kennedy as she pursues Hillary Rodham Clinton’s seat in the United States Senate, with Gov. David A. Paterson bristling over suggestions that her selection is inevitable, according to his advisers, and other leading Democrats concerned that she is too beholden to Mayor Michael R. Bloomberg.

The governor is frustrated and chagrined, the advisers said, because he believes that he extended Ms. Kennedy the chance to demonstrate her qualifications but that her operatives have exploited the opportunity to convey a sense that she is all but appointed already. He views this as an attempt to box him in, the advisers said...

More at: http://www.nytimes.com/2008/12/24/nyregion/24kennedy.html?_r=1&th&emc=th

Tuesday, December 23, 2008

Intnl HT: Clinton moves to bolster role of U.S. State Department

By Mark Landler and Helene Cooper -- Published: December 23, 2008

Even before taking office, Hillary Rodham Clinton is seeking to build a more powerful State Department, with a bigger budget, high-profile special envoys to trouble spots and an expanded role in dealing with global economic issues at a time of crisis.
[....] For years, some Pentagon officials have complained that jobs like the economic reconstruction in Afghanistan and Iraq have been added to the military's burden when they could have been handled by a robust Foreign Service.[....] Clinton's push for a more vigorous economic team, one of her advisers said, stems from her conviction that the State Department needs to play a part in the recovery from the global financial crisis.

International Herald Tribune -- Global Edition of the NYT

Monday, December 22, 2008

The Hill: Analysis: No Clear Path for Kennedy

[....]
Paterson could avoid stepping between the two powerful families [Kennedy and Cuomo] by appointing someone else. Reps. Steve Israel (D-N.Y.), Carolyn Maloney (D-N.Y.) and Kirsten Gillibrand (D-N.Y.) are said to be on Paterson's short list, as is Buffalo Mayor Byron Brown (D).
[....]Former Rep. Geraldine Ferraro (D-N.Y.) wrote Paterson urging him not to appoint Kennedy to the seat.
[....]
Those following the race have taken Cuomo’s unusual silence about the contest as evidence of his interest in the seat. Cuomo, son of former Gov. Mario Cuomo and President Clinton’s secretary of Housing and Urban Development, would bring a wealth of experience in both New York and Washington, backers say. The one-term attorney general has also expressed interest in running for the governor’s mansion, and an appointment by Paterson would eliminate a potential rival in 2010.

Sunday, December 21, 2008

SPECIAL OLDIE: Palin on Bears - Jan 2008

[....] The [Endangered Species Act] worked as it should — under its protection the population of the geese rebounded so much that they were taken off the list of endangered and threatened species in 2001. 

Listing the goose — then taking it off — was based on science. The possible listing of a healthy species like the polar bear would be based on uncertain modeling of possible effects. This is simply not justified.

What is justified is worldwide concern over the proven effects of climate change. [....]

Sarah Palin, Jan 2008, from her long article at http://www.nytimes.com/2008/01/05/opinion/05palin.html?_r=1

New Intelligence Chief?

The New York Times
December 21, 2008
Likely Pick for Intelligence Chief Would Face Task of Corralling Fractious Agencies
By MARK MAZZETTI

President-elect Barack Obama’s expected appointment of Dennis C. Blair as director of national intelligence would put Mr. Blair, a retired admiral, in the position of riding herd over 16 often-fractious intelligence agencies and streamlining an office many in Congress have criticized for bureaucratic bloat...

Full article at: http://www.nytimes.com/2008/12/21/us/politics/21intel.html?_r=1&th&emc=th

Saturday, December 20, 2008

Blago Admires Nixon

*

Friday, Dec. 19, 2008
In Blago's Defiance, Echoes of an Idol, Richard Nixon
By Eric Ferkenhoff / Chicago and Howard Chua-Eoan

Defiant or recklessly stubborn, Illinois Governor Rod Blagojevich on Friday vowed that he would not resign or temporarily step aside, saying he owed it to the voters of the state to remain in office despite polls showing some 80% want him out. "I will fight, I will fight, I will fight until I take my last breath," Blagojevich said to a packed news conference in Chicago's Loop. It was the first formal statement Blagojevich had made since being charged last week with trying to auction off President-Elect Barack Obama's Senate seat, among other alleged offenses...

Full article at :http://www.time.com/time/politics/article/0,8599,1868021,00.html

Alaska Journal: Palin proposes 7 percent spending decrease for FY 2010

JUNEAU, Alaska (AP) - With oil prices falling, Gov. Sarah Palin is asking state department heads for restrained spending.

Palin on Dec. 15 proposed a 7 percent spending decrease in the operating and capital budgets for the next fiscal year, which begins July 1.

More at: http://www.alaskajournal.com/stories/122108/hom_20081221008.shtml

Friday, December 19, 2008

Newsday: Auto Bailout at $17.4B

With $17.4B, automakers must try to get back on the road

With a three-month grace period, now comes the hard part for General Motors and Chrysler.

The $17.4 billion in emergency loans granted Friday by President George W. Bush won't solve their problems - nor were they intended to - but will buy them three more months to prove that they can be viable businesses again...

Full article at: http://www.newsday.com/services/newspaper/printedition/saturday/business/ny-bzmain2012290842dec20,0,1117090.story

NY Daily: Caroline Hasn't Voted Much

Records show Caroline Kennedy failed to cast her vote many times since 1988

Caroline Kennedy ... hasn't voted much here since she registered in 1988. She wants to be the next senator from New York, but her voting record is already spotty, the Daily News has found.

City Board of Elections records show Kennedy has failed to vote in many elections since she registered in the city in 1988 - including votes for the Senate seat she hopes to fill and numerous Democratic faceoffs for mayor.

Full Article at: http://www.nydailynews.com/news/politics/2008/12/18/2008-12-18_records_show_caroline_kennedy_failed_to_.html

FT: Blagojevich Won't Name Senator

Blagojevich will not fill Senate vacancy

Rod Blagojevich, the governor of Illinois accused of trying to sell Barack Obama’s vacant Senate seat, will not use his constitutional powers to appoint anyone to replace the president-elect, his lawyer said on Wednesday...

Full article at: http://www.ft.com/cms/s/0/484e1794-cc8f-11dd-acbd-000077b07658.html

[Financial Times]


NYT/Krugman: The Madoff Economy: A Financial System That is Dangerous

The revelation that Bernard Madoff — brilliant investor (or so almost everyone thought), philanthropist, pillar of the community — was a phony has shocked the world, and understandably so. The scale of his alleged $50 billion Ponzi scheme is hard to comprehend.
Yet surely I’m not the only person to ask the obvious question: How different, really, is Mr. Madoff’s tale from the story of the investment industry as a whole?...

[ An opinion, to be sure, but one that is widely shared.. MN ]

Full article at: http://www.nytimes.com/2008/12/19/opinion/19krugman.html?th&emc=th

Thursday, December 18, 2008

ABC: Federal probe complicates move to impeach Blagojevich; bribe case may be off-limits

Illinois lawmakers could be forced to build their impeachment case against Gov. Rod Blagojevich on a raft of relatively small grievances, rather than the blockbuster Senate-seat-for-sale allegations, for fear of undermining federal prosecutors' criminal investigation.
....
Aside from the federal charges, lawmakers have mentioned several issues that could be part of an impeachment case:

[ See the long informative article for these issues and other good material. - MN ]

WSJ op-ed: Madoff Exploited the Jews

The SEC's failure to pursue complaints about Mr. Madoff over the past decade wasn't the result of inadequate regulations but of disbelief that someone so well entrenched in the industry -- a former Nasdaq chairman and SEC adviser -- was capable of committing such a callous crime.

http://online.wsj.com/article/SB122956340954216799.html

Wednesday, December 17, 2008

ktuu tv: Palin rejects proposed salary increase

Palin spokesman Bill McAllister said Wednesday that if the Legislature submits legislation for a raise, Palin will not accept the money.

Instead, if the raise is approved, she will subtract the difference from her current salary and donate it to charity or find a way to redirect the funds for the benefit of others, McAllister said.

The comment comes in response to reports Tuesday that the State Officers Compensation Commission is recommending the governor's annual salary be increased from $125,000 to $150,000.

http://www.ktuu.com/Global/story.asp?S=9540766

Post-Standard: Caroline Kennedy meets with Syracuse mayor [transcript of refusing to talk to reporters]

[ Transcript of Caroline Kennedy to c. 20 reporters. ]

"I just wanted to say, as some of you may have
heard, I've told Gov. Paterson that I'd be honored to be considered
for the position of United States senator. I wanted to come upstate
and meet with Mayor Driscoll and others to tell them about my
experience and also to learn more about how Washington can help these
communities," Kennedy told reporters. "There's a lot of good people,
candidates, that the governor is considering. He's laid out a process.
I'm proud to be in that process."

"What do you say to New Yorkers who think you're not qualified?" a
newspaper reporter asked.

She ignored the question and started to leave.
"Are you ready for this, Ms. Kennedy? You're not going to answer
questions at all?" reporters yelled.

"Where are you heading next?" a television reporter asked.

"To the car," Kennedy said.

"What do you say to New Yorkers who think you're not ready or
qualified for this job?"

"Have you ever been to Syracuse before?"

"Hopefully I can come back and answer all your questions," Kennedy
said as reporters followed her outside.

"What do you think your greatest qualification is to be senator?" a
reporter persisted.

"You're seeking public office and you don't want to answer questions
from reporters, Ma'am? When can we expect you to answer questions?"
another reporter asked as Kennedy got into the passenger seat of a
black GMC Denali.

She closed the vehicle's door and it pulled away.

[ Story continues with good background. ]

http://www.syracuse.com/news/index.ssf/2008/12/caroline_kennedy_plans_priavte.html
Comment box at the bottom, requires registration.


CNNMoney: Chrysler shuts down all production

The company ordinarily shuts down operations between Dec. 24 and Jan. 5. This closure would add roughly two weeks to that shutdown. [....] A total of 46,000 employees will be affected. They will be paid during the time off through a combination of state unemployment benefits and Chrysler contributions, but they will not receive the full amount of their working pay, a Chrysler spokesman said. "Chrysler dealers confirmed to the company at a recent meeting at its headquarters, that they have many willing buyers for Chrysler, Jeep and Dodge vehicles but are unable to close the deals, due to lack of financing," the carmaker said in an announcement.


Tuesday, December 16, 2008

WP: Caroline Kennedy to Seek Appointment to N.Y. Senate Seat

Paterson, speaking today about the Kennedy news, was decidedly
noncommittal. "I've had a number of conversations with a number of
people who are interested," Paterson said, according to the New York
Daily News. "I have returned a couple of calls from her but have not
spoken to her since the initial conversation. Obviously people are
interested and would like to come in and present their case, and if
they ask for that time I'll grant it to them."
[....]
[CK's] case in a nutshell: she is the heir to the most famous political legacy in American politics, she has universal name identification and the ability to raise untold amounts of money, and she is personally close to the president-elect.

http://voices.washingtonpost.com/thefix/2008/12/ny-senate_caroline_kennedy_is.html?nav=rss_blog
At the bottom of the page, to comment, there is a link for sign-in or register. 

Monday, December 15, 2008

UK Guardian: Iraqi officials interrogate Bush shoe protest man

Thousands demand release of TV journalist as footage dominates presidential swansong tour

An Iraqi journalist who threw his shoes, and insults, at George Bush during the US president's surprise visit to Iraq is being questioned over whether anybody paid him for the protest as footage of the incident plays continually on the internet and rolling news channels.

Thousands of people have taken to the streets in Iraq to demand the release of Muntadar al-Zeidi, who is being held at the headquarters of the Iraqi prime minister, Nouri al-Maliki.

Much more on Bush and Iraq at: http://www.guardian.co.uk/world/2008/dec/15/iraq-georgebush

Sunday, December 14, 2008

The Nation: Obama the Pragmatist?

Barack Obama is a pragmatist. Everybody agrees on this. Joe Biden, accepting Obama's nod as VP at his unveiling event in Springfield, Illinois, called him a "clear-eyed pragmatist." Describing Obama's rise through Chicago politics, the New York Times stressed his "pragmatic politics," while the Washington Post's David Ignatius refers to "The Pragmatic Obama," and one of Obama's most trusted confidantes, Valerie Jarrett, told USA Today, soon after his election-day victory, "I'm not sure people understand how pragmatic he is. He's a pragmatist. He really wants to get things done."

Obama is clear on this point as well, touting his national security team as "sharing my pragmatism about the use of power" and telling Steve Kroft during his recent 60 Minutes interview that when it comes to economic policy, he doesn't want to "get bottled up in a lot of ideology and 'Is this conservative or liberal?' My interest is finding something that works."...

(A longish but penetrating article on pragmatism-idealism in politics)

complete article at: http://www.thenation.com/doc/20081229/hayes?rel=hp_picks

Friday, December 12, 2008

US News / Erbe: Is Jon Favreau for Real?

Bonnie Erbe:
If this is what the website claims it is, a picture of incoming White House speechwriter in chief Jon Favreau, I agree with writer Amy Siskind that the guy ought to be fired.

http://www.usnews.com/blogs/erbe/2008/12/11/is-jon-favreau-for-real/comments/

[ Apparently the photo IS real, because (according to the Washington Post) the Obama camp says Favreau has apologized.  - MN ]

Thursday, December 11, 2008

Fox: Auto Bailout Bill Collapses in Senate Despite Intense Negotiations

[....] Republicans, after reviewing the latest version of the proposal
in a closed-door meeting, balked at giving automaker federal aid
unless their powerful union agreed to slash wages next year to bring
them into line with those of Japanese carmakers.

Republican Sen. George V. Voinovich of Ohio, a strong bailout
supporter, said the United Auto Workers was willing to make the cuts,
but not until 2011.

http://www.foxnews.com/politics/2008/12/11/auto-bailout-collapses-senate-despite-intense-negotiations/
Link for commenting did not work for me; apparently needs registration?


LAT: Rumsfeld is Blamed for Detainee Abuse

Reporting from Washington — A bipartisan Senate report released today concluded that decisions made by former Defense Secretary Donald H. Rumsfeld were a "direct cause" of widespread detainee abuses, and that other Bush administration officials were to blame for creating a legal and moral climate that contributed to inhumane treatment.

The report, which was endorsed by Democrats and Republicans on the Senate Armed Services Committee, is the most forceful denunciation to date of the role that Rumsfeld and other top officials played in the prisoner abuse scandals of the last five years....

Full article at: http://www.latimes.com/news/nationworld/nation/la-na-interrogate-abuse12-2008dec12,0,2238629.story

Wednesday, December 10, 2008

blog: Gov. Sarah Palin Presides Over Signing of Alaska Gas Pipeline Agreement

[We don't usually link to blogs and/or spin/snark, which surround this nugget of news. However the spin that surrounded this is refreshinly unslanted and worth visiting the site for, and the news is excellently sourced. -- MN]

The December 5th event culminated a two-year process during which the AGIA concept was developed and became law. It also marked a giant step forward in achieving the long-deferred Alaska dream of a natural gas pipeline to bring Alaska ’s vast resource to market.
“TransCanada’s record of delivering projects on time and on budget is unsurpassed in the industry,” Governor Palin said. [....]
TransCanada proposes a 4.5 billion cubic feet per day (bcf/d), 48-inch diameter, mostly buried pipeline running 1,715 miles from a natural gas treatment plant at Prudhoe Bay on the North Slope to the Alberta Hub in Canada . The Alaska section will be approximately 750 miles in length with six compressor stations at startup and five natural gas delivery points in Alaska . [....]
The Alaskan legislature had been trying for 30 years to authorize something like this and, up until now, had blown it. Palin got it through. 

http://helpmejoseph.typepad.com/puma_for_life/2008/12/gov-sarah-palin-presides-over-signing-of-alaska-gas-pipeline-agreement.html

Tuesday, December 9, 2008

Time: Rangel's Trouble = Democrats' Trouble

Rangel's Troubles Create a Problem for the Democrats

Washington scandals tend to build like snowdrifts. They start with a little flaky business, but if the wind starts blowing hard enough, they can swallow you before you know it.

full article at: http://www.time.com/time/nation/article/0,8599,1864893,00.html

VF: Stiglitz on Capitalist Fools

The Economic Crisis
Capitalist Fools
Behind the debate over remaking U.S. financial policy will be a debate over who’s to blame. It’s crucial to get the history right, writes a Nobel-laureate economist, identifying five key mistakes—under Reagan, Clinton, and Bush II—and one national delusion.
by Joseph E. Stiglitz January 2009

Treasury Secretary Henry Paulson and former Federal Reserve Board chairman Alan Greenspan bookend two decades of economic missteps.

There will come a moment when the most urgent threats posed by the credit crisis have eased and the larger task before us will be to chart a direction for the economic steps ahead. This will be a dangerous moment. Behind the debates over future policy is a debate over history — a debate over the causes of our current situation. The battle for the past will determine the battle for the present. So it’s crucial to get the history straight.


full article at: http://www.vanityfair.com/magazine/2009/01/stiglitz200901?printable=true&currentPage=all

Monday, December 8, 2008

NYT: Detroit Bailout Is Set to Bring on More U.S. Oversight

Congressional Democrats were drafting legislation Sunday for tight government control of the crippled American auto industry, including the possible creation of an oversight board made up of five cabinet secretaries and the head of the Environmental Protection Agency and led by an independent chairman or “car czar.”

While the form of oversight was still to be negotiated by Congressional Democrats and the White House, the talks made clear the extent to which the auto companies would have to submit to substantial government supervision in order to receive a taxpayer-financed bailout.

More at link: http://www.nytimes.com/2008/12/08/washington/08autos.html?_r=1&th&emc=th

Chi Trib: Wright visits Trinity pulpit, lashes media

"Any preacher who dares to point out the simple ugly facts found in
every field imaginable is demonized as volatile, controversial,
incendiary, inflammatory, anti-American and radical," Wright said,
taking time out to note the thousands of Japanese civilians who died
67 years to the day when American warplane dropped an atomic bomb on Hiroshima. (Actually, Dec. 7 marks the day when the Japanese bombed Pearl Harbor.)
....
"Emperor Augustus in Rome--that's in Italy, dizzy blond on the View,"
Wright said, presumably referring to conservative television
personality Elisabeth Hasselback, who has railed about Wright on the
ABC daytime talk show.

http://www.chicagobreakingnews.com/2008/12/reverend-jeremiah-wright-trinity-united-baptist-church-chicago-obama.html
Comment box at the bottom, no login.

Sunday, December 7, 2008

BBC: Two GOP win in Louisiana

Anh Joseph Cao, a Republican, defeated the incumbent Democrat Representative William Jefferson, who faces trial on bribery and money-laundering charges.
....
In the 4th Congressional District in western Louisiana, Republican John Fleming narrowly beat Democrat Paul Carmouche in the race to replace retiring 10-term Republican Jim McCrery.
....
Mr Jefferson's defeat will not seriously affect the balance of power in the US House of Representatives, where Democrats hold a strong majority of the 435 seats.

http://news.bbc.co.uk/go/pr/fr/-/2/hi/americas/us_elections_2008/7769795.stm

Bloom: Obama Building Plan

Obama, in his weekly radio speech today, said his plan to create or preserve 2.5 million jobs will also include making public buildings more energy efficient, repairing schools and modernizing health care with electronic medical records.
....
Congressional Democrats have said they will send Obama an economic stimulus package as soon as he takes office. New York Senator Charles Schumer late last month put the size of such a program at between $500 billion and $700 billion.

WP: Auto Bailout Progress - whose Car Czar?

Conditions Negotiated for $15 Billion in Emergency Loans

The White House is pressing a plan to name a powerful trustee -- or "car czar," as some have dubbed it -- within the Commerce Department with broad powers to force the companies to restructure or submit to bankruptcy, according to a copy of the plan. But some Democrats want to give the companies the money upfront and let President-elect Barack Obama name a car czar or full oversight board later, after he takes office.

more at: http://www.washingtonpost.com/wp-dyn/content/story/2008/12/06/ST2008120602784.html

Saturday, December 6, 2008

Other states to copy N.C. foreclosure program

The National Governors Association has recommended national legislation based on North Carolina’s new Home Foreclosure Prevention Program, which took effect last month. [....]

Most borrowers must negotiate individually with their lenders, but the North Carolina program uses a standardized modification proposal for every sub-prime borrower who comes through the program. State officials have proposed a monthly mortgage payment equal to 34 percent of the borrower’s gross income, which could be achieved through a mix of interest rate reductions, longer loan amortization or principal reduction.


Palin: Gas line will work without Point Thomson resources

[....]“You know, some would say that Exxon has held Point Thomson and the state hostage for a couple of decades now,” Palin countered. “No, we’re not playing that game. What we’re doing, what is right for Alaska, is to say that we need that development up there, it’s time for that development, and by not abiding by the provisions in your leases, you knew what was coming, Exxon.”

newsminer.com/news/2008/dec/06/palin-gas-line-will-work-without-point-thomson-res/


Hillary's Star Power - Asset or Liability?

Once, presidents routinely selected prominent politicians -- often their party's other leading light -- as their secretary of State. In the 19th century, the Senate's "Great Triumvirate" of Daniel Webster, John Calhoun, and Henry Clay all held the job at one point; Woodrow Wilson tapped William Jennings Bryan, a three-time (losing) Democratic presidential nominee. But that tradition has faded. Since 1948, only two secretaries had won elected office before serving: Christian Herter (for Dwight Eisenhower) and Edmund Muskie (for Jimmy Carter). And each was only a graying caretaker for a waning administration.

article continued at this link: http://www.nationaljournal.com/njmagazine/nj_20081206_7653.php

Newsweek: Chasing Stiglitz

[....] As far back as 1990, Stiglitz argued in a paper (it can be found on The Economist's Voice Web site at www.bppress.com) against securitizing mortgages and selling them because "when banks retained the mortgages which they issued, they had greater incentives to screen loan applicants." He asked, again with startling prescience: "Has securitization been a result of more efficient transactions technologies, or an unfounded reduction in concern about the importance of screening loan applicants?"
http://www.newsweek.com/id/172092

[ This article is slanted and spun in places, but overall has good detailed readable information. -- MN ]

Friday, December 5, 2008

Newest 12/5


  • Please submit new links as Comments to this post.

Who are Sheila Bair and Brooksley Born?

http://www.partizane.com/node/493 Who are Sheila Bair and Brooksley Born? [ Story worth reading, and these women are worth supporting! -- MN ]

CNBC: Merrill Lynch Says Oil Could Fall to $25

"With demand vanishing across all key oil consuming regions, benchmark crude oil prices continue to plummet," it said. [....]

"In our view, oil prices could find a trough at the end of Q1 2009 or early Q2 2009 with the seasonal slowdown in demand. Then, as economic activity starts to strengthen, we see oil prices posting a modest recovery in the second half of 2009."

Oil prices hit a peak above $147 a barrel in July but have fallen more than $100 since then as the severity of the global economic downturn has become clear


SFGate: Worst month for job loss in 34 years

Worst month for job loss in 34 years

Employers cut 533,000 jobs in November, the biggest monthly drop in
U.S. payrolls since 1974, clobbering every occupation except health
care [....]
In a dismal report issued Friday the Labor Department also said the
unemployment rate rose to 6.7 percent. That was up from 6.5 percent in
October. Last November the unemployment rate was 4.7 percent. [....]
Friday's report comes 11 months into a recession that started last
December, and marks it as the sharpest downturn since the contractions
of the early 197os and 1980s

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/12/05/BU0I14IPES.DTL&tsp=1
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NYT: Interior Department removes Congressional veto

Interior Dept. Changes Rule to Remove Congress Veto
In another regulatory action in the waning days of the Bush administration, the Interior Department on Thursday unveiled a new rule that challenges Congress’s authority to prevent mining planned on public lands. [....]
In September, the Center for Biological Diversity, the Grand Canyon Trust and the Sierra Club sued the secretary of the interior for ignoring the mandate of the House Natural Resources Committee.  [....]
This week another rule made it easier for coal companies to dump rock and dirt from mountaintop mining operations into streams and valleys.
http://www.nytimes.com/2008/12/05/us/05withdraw.html

LAT: Consumer Groups Oppose Health Insurers Writing the Cure

From the Los Angeles Times
Insurers propose universal, centralized healthcare
Several consumer groups criticize the early bid by America's Health Insurance Plans, a trade group that fought an overhaul in the 1990s, to take an active role in Obama's effort to revamp the system.

Potentially most controversial, however, is the insurance industry's call for a new "portable health plan" that would not be subject to the minimum coverage standards set by individual states. [....]

The groups also fear that a mandate requiring Americans to get insurance could force people to buy unaffordable coverage unless state or federal authorities can regulate how much insurers charge. AHIP's proposal does not address regulation of premiums.

[ The complete stor gives more detail on the industy plan, which was also covered in a story we posted yesterday. -- MN ]

Thursday, December 4, 2008

Pol: Frank decries No Girls Allowed on the bailout team

Congressional Democrats — Frank first among them — on the other hand have heaped praise on Bair, a Republican, for her advocacy of foreclosure prevention, which she distilled into a proposal to use taxpayer money to refinance more than a million troubled mortgages. She has suggested that some of the $700 billion be used to fund her plan. [....] Bair should retain her FDIC post in the Obama administration and even be given a “broader role in helping to formulate policy on mortgage foreclosures,” Frank told reporters after his speech. 
http://www.politico.com/blogs/thecrypt/1208/Frank_decries_No_Girls_Allowed_on_the_bailout_team.html?showall
Pl
O...Please submit new links as Comments to this post. We want stories that are unslanted, un-spun, from Mainstream sources (mostly).


TP: Al Gore leads new ‘Reality’ Coalition to debunk ‘clean coal’ myth.

Al Gore’s Alliance for Climate Protection, the League of Conservation Voters,National Wildlife Federation, Natural Resources Defense Council, and the Sierra Clublaunched the “Reality” Coalition [....] The coalition is arguing that coal cannot be considered clean until its carbon dioxide emissions are captured and stored, and that until coal is truly clean, there should be no new coal-fired power plants built in America. [....] “The coal industry has spent hundreds of millions promoting ‘clean coal’ technology, but in reality, there is not a single large-scale demonstration project in the United States for capturing and safely burying all of coal’s CO2 emissions,” Gore said. “The industry must make good its promise if they truly want to do their part to solve the climate crisis. Until that happens, coal cannot be called ‘clean.’”

BG: Health insurers lay out a path to universal care

Insurers would agree to stop denying coverage to people because of preexisting conditions as long as all individuals were required by law to buy insurance. [....] basic high-deductible health insurance plans with a streamlined set of benefits would be available in all 50 states. [T]he government would give refundable tax credits on a sliding scale, according to income. Medicaid should cover everybody under the poverty level, the insurers said, and the State Children's Health Insurance Program should cover all children up to 300 percent of the poverty level.
http://www.boston.com/news/nation/washington/articles/2008/12/04/health_insurers_lay_out_a_path_to_universal_care/

CNN: Most approve of Obama's Cabinet picks, poll shows

Seventy-five percent of those questioned in a CNN/Opinion Research Corp. survey approve of Obama's Cabinet choices, with 22 percent disapproving. [....] The poll indicates that 71 percent approve of Obama picking Sen. Hillary Clinton for secretary of state. Democrats overwhelmingly approve of the choice, with two-thirds of independents agreeing and Republicans evenly split on the pick.
http://www.cnn.com/2008/POLITICS/12/03/poll.obama.cabinet/

Wednesday, December 3, 2008

New 12/3

NYT: After Sharp Words on C.I.A., Obama Faces a Delicate Task

[....] Last week, John O. Brennan, a C.I.A. veteran who was widely seen as Mr. Obama’s likeliest choice to head the intelligence agency, withdrew his name from consideration after liberal critics attacked his alleged role in the agency’s detention and interrogation program. Mr. Brennan protested that he had been a “strong opponent” within the agency of harsh interrogation tactics, yet Mr. Obama evidently decided that nominating Mr. Brennan was not worth a battle with some of his most ardent supporters on the left. [....]
http://www.nytimes.com/2008/12/03/us/politics/03intel.html

UK Telegraph on world economics -- perhaps worth checking

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3537362/World-stability-hangs-by-a-thread-as-economies-continue-to-unravel.html

Tuesday, December 2, 2008

Bloomberg: Not a Record Voter Turnout

Obama Won Without Voter-Turnout Surge Experts Had Predicted
[....]
Experts attribute the shortfall to a combination of reasons: Many disaffected Republicans stayed home. Young voters, particularly those without college degrees, didn’t turn out in the numbers that the Obama campaign projected. In states where the presidential race wasn’t in doubt -- such as Obama strongholds in California and New York, or reliably Republican outposts such as Oklahoma and Utah -- turnout was lower than in 2004.

An exception was fiercely contested Ohio, where turnout fell from 2004 even after the state was targeted as a top priority by both parties.

WSJ: Obama Strategy Assessed in New Cabinet Choices

[....] Other members of the administration introduced Monday were Defense Secretary Robert Gates, who will remain in his post; Arizona Gov. Janet Napolitano, nominated to head the Department of Homeland Security; former Justice Department official Eric Holder, nominated for attorney general; and campaign adviser Susan Rice, who was tapped as ambassador to the United Nations.
The new cabinet includes several officials, notably Sen. Clinton and Mr. Gates, who have criticized some of Mr. Obama's positions. Mr. Gates has argued against a firm timetable for a withdrawal from Iraq, while Sen. Clinton questioned Mr. Obama's stated willingness to negotiate with Iran.

Newest

Monday, December 1, 2008

NYT Krugman: Deficits and the Future

 Many economists, myself included, are calling for a very large fiscal expansion to keep the economy from going into free fall.  [....] You can make a reasonable case that Bill Clinton’s fiscal restraint in the 1990s helped fuel the great U.S. investment boom of that decade, which in turn helped cause a resurgence in productivity growth. [ But today is different. ]

Fiscal expansion will be even better for America’s future if a large part of the expansion takes the form of public investment — of building roads, repairing bridges and developing new technologies, all of which make the nation richer in the long run.  [more at NYT]

NYT: OPEC, Struggling to Move in Concert, Considers Cutting Output

[....] After six years of rising prices and little tension within the group, members of the Organization of the Petroleum Exporting Countries are growing distrustful of one another’s pledges to trim production. As a result, OPEC has proved ineffective at slowing the slide in prices, let alone reversing it. [more]