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Fox’s Bill Hemmer: ‘It’s fascinating how little we know about’ how the Internet works.

This morning, Fox News hosted right-wing blogger Michelle Malkin to assert tenuous ties between Sen. Barack Obama’s (D-IL) campaign and a viral video about Gov. Sarah Palin (R-AK) — despite the fact the video’s creator and the Obama camp deny any such link. After the segment, host Bill Hemmer marveled at how “fascinating” the Internet is. As he and co-host Megyn Kelly talked about the “total bunk” that floats around the Internet, Kelly gave a plug for their own medium. “Stick with cable!” she exhorted. “We’re here for you,” Hemmer agreed. Watch it:

Ironically enough, Kelly and Hemmer blame the Internet for passing along the false rumor that Obama is a Muslim — completely ignoring their own network’s central role in perpetuating that lie.

Politics

Tommy Thompson: Rove convinced Bush to reject embryonic stem cell research.

In August 2001, President Bush sharply curbed embryonic stem cell research, funding only research on “existing stem cell lines.” Former HHS Secretary Tommy Thomspson told the World Stem Cell Summit this week that Bush came to the decision after consulting with he and Karl Rove over lunch in summer 2001:

bushrove24.jpgBush asked Thompson and Deputy Chief of Staff Karl Rove to lunch. “He says, ‘Gentlemen, I want you to debate embryonic stem cells for me,’” Thompson said. “He says. ‘Karl, I know you’re opposed to it, and Tommy, you’re for it. I want to learn about it.’” Thompson said he told the president “every American” has a relative or friend who has suffered from diseases like cancer, Parkinson’s disease and dementia. [...]

On Aug. 9, 2001, Bush announced he would allow federal funding for the research of 78 lines of embryonic stem cells. Prior to that, the administration refused to fund any research involving embryonic stem cells, and Rove aimed to continue that policy. “I’m absolutely certain if that lunch had not taken place, the research of the 78 lines would not have taken place,” Thompson said.

In contrast to Thompson’s claim, Bush’s decision was harmful to science — not a small victory. Rove has no background in health care or science. In the past, he falsely claimed that science has “far more promise from adult stem cells than from embryonic stem cells.”

Yglesias

Repair Time

I swerved out of the way of a wayward pedestrian yesterday biking from the office to the gym, and wound up in a nasty pothole. Tire’s now busted and in need of fixing, so I’m going to suspend political commentary (well, okay, I might take a meeting with Lady Lynn de Rothschild, scourge of elitism) until I can fix the crisis.

Yglesias

Did Someone Call for a Presidential Candidate?

Did the President of the United States ask John McCain to suspend his campaign and come to DC to help hammer out a deal? Treasury Secretary Hank Paulson? Fed Chair Ben Bernanke? The Speaker of the House? Majority Leader of the Senate? Chairman Dodd? Chairman Frank? Anyone? Or did McCain just decide on his own that he was so indispensable that the distraction of debate preparation would prevent him from butting-in in some kind of crucial way, even though none of the key players felt that way?

Culture

Time Out

Some more historical perspective on calling time out at crucial moments:

Bad move.

Politics

Under Alaska Law, Palin Could Halt Personnel Board Troopergate Investigation At Any Moment

palin-mccain.jpgDeclaring yesterday that they are “done answering questions” about Troopergate, Gov. Sarah Palin (R-AK) and her aides have refused to cooperate with the legislative assembly’s investigation into allegations she wrongfully fired the police commissioner. Instead, they are answering only to the Personnel Board investigation — a board of three people appointed by the governor. (All three were appointed by former Republican Gov. Frank Murkowski, and one was reappointed by Palin.)

Today, the Anchorage Daily News reports that Palin could end the Personnel Board hearing “simply by refusing to cooperate.” State law allows the person who filed the complaint — in this case, Palin herself — to end the investigation by refusing to participate:

Alaska Statute 39.52.310: (i) The unwillingness of a complainant to assist in an investigation, the withdrawal of a complaint, or restitution by the subject of the complaint may, but need not in and of itself, justify termination of an investigation or proceeding.

The investigation, in other words, could end any moment Palin — or the McCain campaign — decides it’s going too far. Alternatively, even if the Personnel Board inquiry is allowed to be completed, its findings could remain secret. “The proceedings of the board are conducted in secret,” the New York Times reported, and according to former Alaska Gov. Tony Knowles, it may never release its findings publicly:

“The personnel board would usually take two or three months to take a look at this,” [Knowles] said. “Nothing about the complaints are made public until there is a final report, and even that may not be made public.

Palin has apparently learned a lot from the current Vice President. That she could suspend the inquiry at any moment or keep its findings — which will likely come out long after the election — secret forever only emphasizes how crucial it is that Palin and McCain stop stonewalling the Alaska legislature’s independent, bipartisan investigation and allow the truth to come out.

Update

The investigating lawyer appointed by the Personnel Board, Tim Petumenos, has helped Palin in the past, as the Anchorage Daily News points out: “In 2002, his firm handled the $15 million bond issue for Wasilla’s hockey complex, a pet project of then-mayor Palin.”

Yglesias

A Look Back

Eric Rauchway takes a look at some historical September 24ths that didn’t seem to require suspension of political campaigns:

– September 24, 1864: The nation is literally at risk of collapse, mengaged in a large-scale civil war: “Yet the campaign for the presidency was “now being prosecuted with the utmost vigor,” as one could read in the New York Times.”

– September 24, 1932: The nation is mired in Depression, coping with it a full time job, “Yet Herbert Hoover prepared to give a large speech in Iowa and Franklin Roosevelt had just given what became a famous address to the Commonwealth Club of San Francisco.”

– September 24, 1944: World War II well under way, with the United States engaged in fierce fighting, “Yet President Roosevelt had just officially launched his campaign for a fourth term, while Thomas Dewey took his turn speaking in San Francisco, challenging Roosevelt’s supremacy.”

But John McCain feels he can’t do debate prep and make up his mind about the bailout proposal at the same time. He wants an extension.

Politics

Obama: ‘It is going to be part of the president’s job to deal with more than one thing at once.’

Sen. Barack Obama (D-IL) just gave a press conference responding to Sen. John McCain’s (R-AZ) suggestion that they both suspend their campaigns, postpone Friday’s debate in Mississippi, and return to Washington to deal with the financial crisis. Obama said that he would like to the debate to go forward as planned because “it is going to be part of the president’s job to deal with more than one thing at once”:

With respect to the debates, it’s my belief that this is exactly the time when the American people need to hear from the person who, in approximately 40 days, will be responsible for dealing with this mess. And I think that it is going to be part of the president’s job to deal with more than one thing at once. I think there’s no reason why we can’t be constructive in helping to solve this problem and also tell the American people what we believe and where we stand and where we want to take the country.

Watch it:

Earlier, Matt Yglesias made a similar point: “Meanwhile, I think walking and chewing gum at the same time is part of the president’s job.”

Update

In a poll taken “immediately after John McCain’s announcement” today, SurveyUSA found that only 14% of Americans want the debates suspended.


Update

,Joint statement on the bailout from McCain and Obama here.

Economy

Why Newt Gingrich Is Wrong About Mark-To-Market Accounting

Calling the Bush-Paulson bailout proposal a “dead loser” and a “very, very bad idea,” Newt Gingrich is offering his own plan: eliminate the capital gains tax, suspend mark-to-market accounting, repeal Sarbanes-Oxley, and pass an “all-of-the-above” energy bill. The Wonk Room has discussed in detail how Gingrich’s energy agenda wouldn’t fix gas prices but would hasten a climate catastrophe. Yesterday, Michael Ettlinger, Vice President for Economic Policy at the Center for American Progress Action Fund, explained why eliminating the capital gains tax “would in fact be a disaster for the market.”

Today, guest blogger Ed Paisley, Vice President for Editorial at the Center for American Progress Action Fund, explains why Gingrich’s “mark-to-market” proposal — embraced today by conservatives in Congress — would also be disastrous.

gingrichwrong1.jpgFormer Speaker of the House Newt Gingrich the other day made the claim that mark-to-market accounting — the kind of free market-oriented accounting rule he and other conservatives should love — is at fault for the collapse of our financial institutions. In fact, it was a lack of government oversight — cheered on by conservatives like Gingrich — led us to this financial crisis. Now Gingrich wants us to compound the problem by removing market transparency.

Presumably, free marketeers would want commercial and investment banks to account for the value of their assets according to their value in the open market — what is known as “mark-to-market” accounting. Otherwise, how can we know what the true value of those assets are? And what better way than market-based accounting rules. That was the reasoning behind the decision last year by the Financial Accounting Standards Board to introduce mark-to-market accounting.

Gingrich – and now the conservative Republican Study Committee in Congress – want to end mark-to-market accounting for long-term assets as part of their alternative to the $700 billion financial rescue package proposed by Bush administration Treasury Secretary Henry Paulson this past weekend. Gingrich and the RSC claim that no market exists for long-term assets such as mortgage-backed securities to be priced in.

That’s wrongheaded policy on two counts. First, as equity strategist Christopher Woods, an expert on the reasons behind Japan’s two-decade long economic funk, pointed out recently in the Wall Street Journal, pretending that the value of long-term assets are more valuable than the market says they are would result in financial institutions “warehousing bad debts, Japan-style.” Presumably, conservatives don’t want to engineer the non-recovery of our economy akin to what Japan has suffered since the collapse of its real estate markets in the late 1980s. Read more

Politics

Laura Bush: ‘Of course’ Palin doesn’t have foreign policy experience.

In an interview with CNN today, First Lady Laura Bush said that Gov. Sarah Palin (R-AK) doesn’t have the foreign policy experience the McCain campaign has been insisting she has.

CNN: Do you think she has the foreign policy experience that everyone’s criticizing her about?

BUSH: Well, obviously — Of course she doesn’t have that. That’s not been her role. But I think she’s a very quick study, and fortunately, John McCain does have that experience.

Watch it:

Bush’s comments echo those of Sen. Chuck Hagel (R-NE), who recently said of Palin, “I think it’s a stretch to, in any way, to say that she’s got the experience to be president of the United States.”

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