ThinkFast: March 25, 2009
ThinkFast: March 25, 2009
The Obama administration “appears to be backing away from the phrase ‘global war on terror,’ a signature rhetorical legacy of its predecessor.” A Pentagon memo emailed this week said that the term “Overseas Contingency Operation” should be used instead. Senior administration officials have been using the term “in a war context for roughly a month before the e-mail was sent.”
The White House is “Open for Questions.” Americans can submit economy-focused questions to the White House website — and vote others’ questions up or down — and President Obama will answer them during a web townhall tomorrow. View the more than 10,000 questions that have already been submitted, or ask your own, here.
Sens. Evan Bayh (D-IN), Blanche Lincoln (D-AR), and Tom Carper (D-DE), who recently created a coalition of moderate Democrats — respond to their progressive critics in an op-ed. “We understand the Beltway impulse to emphasize conflict and the blogosphere’s concern that Democrats stick together,” they write. “Without Democratic moderates…the president’s agenda could well be filibustered into oblivion.”
In a report to be released today, the Government Accountability Office finds that the Labor Department’s Wage and Hour Division is failing to properly enforce minimum wage and other labor laws, “leaving millions of workers vulnerable.” In fact, the division “mishandled 9 of the 10 cases brought by a team of undercover agents posing as aggrieved workers.”
The Senate debated a bill yesterday that would wipe out credit card debt for people in bankruptcy. The bill is “aimed at punishing credit card companies that raise their interest rates to a high level and at giving consumers who may be on the verge of bankruptcy greater leverage to negotiate better deals with those lenders.”
Senate Budget Committee Chairman Kent Conrad (D-ND) is crafting a budget that will leave a deficit of “$1.2 trillion next year, compared with $1.4 trillion under Obama’s policies.” Conrad “said he would leave out new spending for Obama’s proposed expansion of health care coverage…as well as the president’s proposal to make permanent an $800 tax credit for working families.”
Obama will go to Capitol Hill today to meet with Senate Democrats about his proposed budget and “his efforts to stabilize the financial markets and his multipronged approach to the problem.” Roll Call reports that Obama plans to “devote a substantial amount of time to answering Senators’ questions.”
In an attempt to prevent a “a spillover of drug-related violence from Mexico,” the Obama administration said yesterday that it would be sending “360 agents would be sent to the Border Patrol and to Immigration and Customs Enforcement units” at the border. Further, 100 agents will be sent to augment ATF units. Secretary of Homeland Security Janet Napolitano called it the “first wave of things that will be happening.”
And finally: Rep. Thaddeus McCotter (R-MI) isn’t a big fan of the congressional gym. The “chain-smoking” congressman told Fox News on Monday that he doesn’t “go there very much because A, they don’t have ashtrays. … And B, the one time I was there, my first trip, someone sort of was talc-ing themselves, and offered their hand and I just said, ‘Hey, we’re cool, dude.’” McCotter didn’t reveal the name of the senator.
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I say let’s get rid of the filibuster rule and the moderate Democrats.
Magic Book
March 25th, 2009 at 9:07 amGeithner Tempts Investors With Loans, 25% Returns
The U.S. government’s plan to rid banks of toxic assets may attract investors with financing that helps generate returns as high as 25 percent, fund managers and analysts said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1SqUaAMr89s&refer=home
March 25th, 2009 at 9:09 amInstead of sending armed agents to the border, why not end the violence all at once by ending the failed, counterproductive ‘war on drugs’.
The war on drugs:
1. does not even slow down drug use: anyone can get any drug they want, even with massively draconian drug laws
2. causes violence as drug cartels fight over territory
3. gives criminals a monopoly on the drug market
end the war on drugs and legalize, regulate, tax, and educate
March 25th, 2009 at 9:09 amSenator Evan Bayh spoke to the financial Masters of the Universe at the Wall Street Journal’s Future of Finance Initiative.
Senator Bayh addressed an elite group of financial bigwigs, two of which work for Bayh’s seventh largest lifetime donor, The Carlyle Group. Co-founder David Rubenstein and Senior Adviser Arthur Levitt happen to lead global and U.S. efforts to reform the financial system.
https://futurefinance.wsj.com/
https://futurefinance.wsj.com/participant.php?bio=48
http://www.opensecrets.org/politicians/contrib.php?cycle=Career&cid=N00003762
March 25th, 2009 at 9:12 amKent Conrad continues dragging his feet on health care reform. What a surprise!
March 25th, 2009 at 9:14 amThe Senate debated a bill yesterday that would wipe out credit card debt for people in bankruptcy. The bill is “aimed at punishing credit card companies that raise their interest rates to a high level and at giving consumers who may be on the verge of bankruptcy greater leverage to negotiate better deals with those lenders.”
Hey. Here’s a novel idea — SERIOUSLY REGULATE ALL CREDIT INDUSTRIES. It should not be the burdon of the consumer to have to try to “get leverage” over the mega-credit-companies to try to get reasonable treatment.
Credit checks are used for FAR more today thatn in the early days of such institutions, when pretty much only those with some measure of wealth had any REASON to worry about their credit scores. NOW you cannot rent an apartment without having credit checked, yet the industry is still basically self-regulating and private. With such broad use of this (corrupt) system, it NEEDS TO BE RUN BY THE GOVERNMENT, or, at the least, seriously regulated. Creditors can simply send in info to the scoring companies at will, but there is NOTHING that forces them to go back and adjust when the situation changes. And there are no real safeguards to prevent fraudulent claims being sent in. Viewing the score lowers the score (WTF kind of BS is THAT?). Etc., etc. The system is seriously wrong, and seriously abused (how it stands it should NOT be used to determine eligability to rent, nor any of many other uses people put it to).
March 25th, 2009 at 9:16 amGeithner’s naked subsidy redefines toxic
Treasury Secretary Geithner is all but admitting that U.S. banks are suffering not from market failure but self-inflicted collateral damage.
http://blogs.reuters.com/great-debate/2009/03/25/geithners-naked-subsidy-redefines-toxic/
March 25th, 2009 at 9:17 amI tend to identify with the moderate Democrats myself and I don’t see them as obstructing the President’s agenda. To the contrary, these Blue-Dogs could be just what the President needs in order to bridge the gap between his majority party and the obstructive republicans in Congress.
I trust Obama to be smart and politically astute enough to effectively embrace Bayh and his group as a key constituency in driving his agenda and provide some ballast against the extremists that exist on both ends of the political agenda. This may, in fact, be the best way for him to overcome the totally ineffective leadership of Reid and Pelosi.
March 25th, 2009 at 9:17 amSo the Blue Dog Dems are now trying to defend their positions against Obama’s budget? Um, I believe that a little investigation into these “moderate” Dems contributors is in order. Their interests may be self preservation over American preservation.
March 25th, 2009 at 9:20 amby ending the failed, counterproductive ‘war on drugs’.
I’ll toke to that!
March 25th, 2009 at 9:20 amIt would be nice if your lead paragraph made it clear that the investigation covered the Labor Department under the Bush Administration, not the current President.
The linked article is well worth reading – it shows how Bush’s Business-friendly Labor Department let the statute of limitations expire on many valid complaints, saving criminal businesses hundreds of thousands of dollars.
March 25th, 2009 at 9:22 amOverseas Contingency Operation
You can wrap it, shape it, twist it, spin it any way you want. It needs to end!
March 25th, 2009 at 9:24 amUm, wasn’t the promise of returns like this (that proved to be nothing but smoke & mirrors) part of what got us into this mess in the first place?
March 25th, 2009 at 9:28 amwags Says:
Um, wasn’t the promise of returns like this (that proved to be nothing but smoke & mirrors) part of what got us into this mess in the first place?
Instant gratification is an entitlement. Didn’t ya’ know?
March 25th, 2009 at 9:30 amSens. Evan Bayh (D-IN), Blanche Lincoln (D-AR), and Tom Carper (D-DE), who recently created a coalition of moderate Democrats — respond to their progressive critics in an op-ed. “We understand the Beltway impulse to emphasize conflict and the blogosphere’s concern that Democrats stick together,” they write. “Without Democratic moderates…the president’s agenda could well be filibustered into oblivion.”
Let me see if I got this straight. These idiots are forming a coalition to fight the president’s agenda in order to save the president’s agenda?
March 25th, 2009 at 9:34 amshoeless Says:
Let me see if I got this straight. These idiots are forming a coalition to fight the president’s agenda in order to save the president’s agenda?
March 25th, 2009 at 9:34 am
___________
Right. They’re going to dilute it to the point of ineffectiveness so they can claim victory when it passes.
March 25th, 2009 at 9:38 amIs Rep. Thaddeus McCotter (R-MI) related to Michelle Bachman?
Do they drink from the same toilet?
March 25th, 2009 at 9:39 amceltic cynic Says:
Is Rep. Thaddeus McCotter (R-MI) related to Michelle Bachman?
Do they drink from the same toilet?
Hey, would you have shaken that hand?
March 25th, 2009 at 9:43 amBayh and Hagan and the rest are not “moderate.” They are “corporate.” Their allegiance is not with the struggling middle classes, but with big buck contributors. As the previous blogger says, how does dragging your feet on the president’s agenda help the president’s agenda? Here in North Carolina, Hagan got elected on the coattails of the president. Without a huge black turnout, she would have been drowned by the Helms rednecks who are Rush’s pride and joy. She will NEVER win that constituency, and it is time for her to recognize that it is the struggling middle class progressives and poor to whom she is indebted for her election.
March 25th, 2009 at 9:50 amHow do moderates get elected? Do they tell their constituents, “Elect me because I have no core beliefs. I’m never sure where I stand on any issue, and I’ll make sure that nothing important gets done.”?
March 25th, 2009 at 9:50 amGreat News!!!!”The Prez” Ends “Global War On Terror”
April Fools
March 25th, 2009 at 10:13 amBayh and company need to get their egos in check and back Obama (there is nothing wrong with disagreeing and trying to moderate proposals, but to form an opposition group is unacceptable). If they obstruct Obama, they will assure that the repugniscum talking machine, with their friendly media, will stymie legislation that has the hope of setting us aright.
March 25th, 2009 at 10:14 amhttp://www.washingtonpost.com/wp-dyn/content/article/2009/03/24/AR2009032402461.html?hpid=opinionsbox1
Where did Obama and Reid praise them? Did I miss it? Anyone have a link?
March 25th, 2009 at 10:15 amLook at the link for some understanding of evan bayh’s positions. he has some interesting backers listed.
March 25th, 2009 at 10:17 amThe media whores are at it today.
Several days ago, they were aghast that Obama laughed during the 60 Minutes interview. Today they are tsk-tsking because Obama was so serious.
They asked some ridiculous questions, even after having had days to prepare for their moment in the spotlight, and they were offended that Obama told Henry he likes to know what he’s taling about before he speaks (after Henry repeated a Republican claim that Obama reacted too slowly). Chuck Todd asked a particularly tonedeaf question about asking the public to suffer — WTF? Like losing a job, losing a home, being unable to take your sick kid to the doctor, is not suffering?
I always thought Todd was better than that. I always gave Henry more credit too, but they were both shameful last night.
I expect the Fox reporter to be obnoxious – and he was.
If Obama reacts quickly, he is too impetuous.
If Obama reacts too slowly, he is behind the curve.
If he laughs, he is too cavalier.
If he frowns, he is too somber.
If he talks back, he is petulant.
If he stands and takes it, he is obsequious.
If he uses a teleprompter, he is cheating.
If he speaks off the cuff with lengthy unscripted answers to complex questions, that is to be ignored.
Obama needs his people to get out in front and flush these turds down the drain.
March 25th, 2009 at 10:22 amI can find some articles where Bayh gets praise:
Bayh accepts GOP’s praise
http://www.indystar.com/article/20090315/NEWS05/903150327
March 25th, 2009 at 10:22 amRe #27
I know. I officially threw in the towel today. I called my cable company today and cut my service. I have Cox, which is a (gasp) good cable company, so when they asked me why, I said it was because cable news is a joke and I cannot support it anymore.
March 25th, 2009 at 10:32 amwatchdog Says:
Obama seeks expanded power to seize firms
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies
Obama seeks filter-free news
At a time when his Washington honeymoon is turning into a hazing, President Obama is launching a strategy to sail above the traditional White House press corps by reaching out to liberal commentators, local reporters and ethnic media
Wow. When did watchdog come over to the Light?
Thanks, doggie. This is all good news, indeed.
March 25th, 2009 at 10:42 amOh blotchdog, you forgot one, but I’ll add it for ya!
Forecasts call for recovery by 2010
Damn stimulus, anyways!
March 25th, 2009 at 10:46 amGood dog! Sit, stay.
President Obama is correct in seeking federal authority to restore regulation of the investment banking industry, including the authority to seize control in an emergency. This is not unprecedented and if it had been in place and used earlier, we might have prevented this chaotic and dangerous situation we find our economy in right now.
Go, President Obama! (We’ll watch the dogs.)
March 25th, 2009 at 10:54 amPLC, all the investment banks ran to commercial bank status last September. Geithner wants the ability to seize too big to fail institutions in America’s shadow banking system. Tim mentioned insurance companies and hedge funds. Private equity is part of the shadow, but few mention them.
Coincidently, while Geithner asks for expanded power to seize, collateralized loan obligations (packaged traunches of corporate buyout loans) are imploding. Insurance companies and hedge funds own boatloads of CLO’’s.
March 25th, 2009 at 11:41 amI’ve been too busy sandbagging & helping folks out up here in the flood zones to pay much attention to TP this week.
We went from 50F at 6:00 p.m. last evening to a raging blizzard up here this morning.
This is the earliest flood in the Red River Valley on record. Most floods occur in mid-April. On a macro scale, this is sign of global warming. (I know, blizzards & warming aren’t synchronous in most people’s minds.)
Anyway, kudos to Amanda last night; good job! A big FU to O’Really and to all you Obama doubters out there…it took Bush 8 long years to do the damage done. Don’t you think President Obama AT LEAST deserves 6 months to a year to produce some results?
March 25th, 2009 at 12:06 pmRantingTommy Says:
Instead of sending armed agents to the border, why not end the violence all at once by ending the failed, counterproductive ‘war on drugs’.
I strongly disagree. In my opinion, it has been a failed war because the general public hasn’t been educated enough on the results of drug use.
When Hollywood churns out movie after movie of “funny stoners”, when you get the top stars doped on cocaine and they’re just sent to Rehab, that’s some of the things that make the war on drugs fail.
March 25th, 2009 at 12:28 pmZimzone Says:
I’ve been too busy sandbagging & helping folks out up here in the flood zones to pay much attention to TP this week.
Good luck and let’s hope there are no casualties…
Don’t you think President Obama AT LEAST deserves 6 months to a year to produce some results?
I’d say he needs 3 or 4 Friedman Units to show results.
March 25th, 2009 at 12:30 pmLuis M Says:
“In my opinion, it has been a failed war because the general public hasn’t been educated enough on the results of drug use.”
This is your brain on failed PSA’s.
How much money should we continue to pour into this abyss with no discernable results beyond a “healthy” private prison industry?
The main issue keeping prohibition alive is that no one is around today who experienced the world before prohibition.
hint: It was fine.
March 25th, 2009 at 12:53 pm*no one who cares or is in any place of decision making power, that is.
March 25th, 2009 at 12:57 pm666lattes Says:
This is your brain on failed PSA’s.
Yeah, good morning to you too.
How much money should we continue to pour into this abyss with no discernable results beyond a “healthy” private prison industry?
But just why the hell do people continue to use drugs? Why do so many people consider it socially acceptable to use them? You forgive their use (I’ve seen many times in many different forums things like “oh come on, it’s just some weed” or “we just took a few lines, nothing serious”) while down here across the border we have to deal with drug cartels and killings.
You may disagree with my comments, but I still say it’s a bit of hypocrisy to let stars and rich people off the hook sending them to Rehab while sending poor people to jail.
March 25th, 2009 at 1:05 pm(first thing was a joke and i meant no personal insult. truly sorry it wasn’t more obvious.)
“while down here across the border we have to deal with drug cartels and killings.”
I recognize the seriousness of what’s going on in Mexico, but you have to understand that the drug cartels have been given their power BECAUSE of prohibition. Are the coffee/alchohol/tobacco cartels out murdering people in the streets?
You will never eradicate drug use. It simply won’t happen. Natural drugs have been allies to humans for countless millinnea. Drug prohibition has made them more dangerous in a lot of ways… because it is still taboo to talk about drugs and educate people on their use in a rational reality-based manner.
There’s a cliched (but real) argument that teaching kids that all drugs are bad, even marijuana, is dangerous because once a kid tries marijuana and sees that it’s not so dangerous, they’re more likely to not believe that the other drugs are dangerous as well… when they can be without the proper (non hysterical) education.
There are MANY benefits to MANY illegal drugs. People should not be forced to buy prescription drugs with countless side-effects that need to be treated with other drugs with other side-effects when there are natural substances available. It’s ridiculous.
We agree on the stars/rehab thing, but it’s really a wealthy/rehab thing. It seems to me to be more of an issue w/ how our legal system caters to the wealthy while the prison system makes their money by caging the poor.
March 25th, 2009 at 2:19 pm666lattes Says:
(first thing was a joke and i meant no personal insult. truly sorry it wasn’t more obvious.)
Sorry I didn’t catch it the first time. No problem, we’re cool :)
And I agree with the rest of your post, it’s a very complex problem with no easy solution in sight. i.e., will allowing people easy access to drugs duplicate the number of accidental deaths? There’s literally tens of thousands of deaths due to drunk driving, I can easily imagine thousands more accidental deaths by driving while stoned / coked up. As I said, no easy solution.
We agree on the stars/rehab thing, but it’s really a wealthy/rehab thing. It seems to me to be more of an issue w/ how our legal system caters to the wealthy while the prison system makes their money by caging the poor.
We both agree it’s basically a wealth issue, but I was thinking more of the social impact of drug-using celebrities. If YoyoDyne CEO John H. Rumpbottom is caught while using drugs, it won’t amount to much more than a few lines in the Finances section of the paper. If Paris Hilton gets caught doing drugs, it’s front-page news all across the world. Guess who will influence the new generations more? The celebrities.
Well… at least that’s my hypothesis.
March 25th, 2009 at 2:31 pmWhere is our group of 14? Where are our 7 Republicans and Democrats set to block filibusters like we did for Bush? Mccain a Republican again now that moderatrion won’t help his party?
March 25th, 2009 at 3:31 pmSorry Gang of 14 and I realize it was only for appointments.
March 25th, 2009 at 4:21 pmAt least half all CLOs set to hit event of default, says Wachovia
The ugly scenario has 2/3 defaulting by 2011.
Half to 2/3 is alot of financial pain for institutions.
http://www.creditflux.com/Structured/2009-03-25/At-least-half-all-CLOs-set-to-hit-event-of-default-says-Wachovia
March 25th, 2009 at 4:33 pmJust been reading some of the questions on the White House site. Big push for legalizing marijuana. Lots of concern about outsourced jobs. The questions are concise and well-mannered. It’s refreshing.
March 25th, 2009 at 6:11 pm666lattes Says:
There are MANY benefits to MANY illegal drugs. People should not be forced to buy prescription drugs with countless side-effects that need to be treated with other drugs with other side-effects when there are natural substances available. It’s ridiculous.
March 25th, 2009 at 11:06 pm*****
I agree lattes!! Some of those prescrip drugs out there are WAY more dangerous than illegal drugs. I hope the Fraud and Drug Administration becomes an ageny that’s supposed to protect the people and not big pharma like it did under chimpy for the last 8 years.