ThinkProgress Logo

Politics

Still Looking Out For Wall Street, Leading Republicans Are Already Calling To Repeal Financial Reform

john_boehner Earlier this week, the Senate voted 60-39 to pass Congress’s financial regulatory reform bill, setting the stage for President Obama to sign it into law next week. The bill installs new safeguards and protections for consumers in their interactions with financial institutions and is a response to the economic crisis started in 2008 largely due to bad behavior by the world’s most powerful financial institutions.

Yet, just as they did for the health care bill earlier in the year, leading Republicans have already started calling for a repeal of the bill, this time before it has even been signed into law:

– Even before the bill passed the Senate, House Minority Leader John Boehner (R-OH) told reporters on the day of the vote, “I think it ought to be repealed.” [7/15/10]

– “If we were in a position to do something, maybe [Boehner] is right,” said GOP Policy Chairman Sen. John Thune (ND), endorsing Boehner’s call for repeal. [7/15/10]

– Sen. Saxby Chambliss (R-AL) said he’d “love for it to be repealed.” [7/16/10]

– Sen. Richard Shelby (R-AL), the ranking Republican on the Senate Banking Committee, told Good Morning America that he and other Republicans would “like to repeal it.” [7/16/10]

However, some Republicans have been hesitant to endorse a full repeal of the bill. When pressed by ThinkProgress, Rep. Roy Blunt (R-MO) refused to endorse Boehner’s call for repealing the legislation. Sen. George LeMieux (R-FL) told the Hill that “some parts” of the bill “are good,” and that he would only endorse repealing parts of it.

“Now, already, the Republican leader in the House has called for repeal of this reform,” said President Obama in his weekly address, responding to Boehner’s comments. “I would suggest that America cannot afford to go backwards, and I think that is how most Americans feel as well. We cannot afford another financial crisis, just as we are digging out from the last one.”

Alyssa

Parenthood

I’m still working my way through Doctor Who, and got through “Father’s Day” over the weekend, an episode that to me epitomizes the strengths and weaknesses of the show. It doesn’t make sense, for example, that all the Doctor’s interventions, which happen in every freakin’ episode of the show wouldn’t have changed the world enough to make beasties show up and start, uh, eating everything. For that to be true, the Doctor has to consistently show up in places where something else has caused time or history to go out of whack, and whatever he does has to restore things to the way they were supposed to be, even if he doesn’t know what they are. That’s way too much chance to accept.

But, despite the fact that the episode reveals that gaping conceptual flaw in the series, it’s also an example of what’s best about it. The tenderness and difficulty between Rose and the Doctor is beautifully executed. His anger at her is a reflection of his love and anger and fear—it’s an exceptionally vulnerable moment, seeing him run out on her. When they walk back towards the TARDIS hand in hand, it feels wonderfully intimate, even though it’s only the first stage of romantic or sexual touch.

Most of all, though, I think this particular episode set back in Rose’s world does a lovely job of opening up her back story. The show is set just after her birth, so it’s less about formational experiences for her, and more about the architecture in which she grew up. What Rose learns is that her father was much less successful, and the relationship between him and her mother was much less loving and idyllic than she had been told growing up. But she also learns that despite his failures as a husband and as a businessman, her father was a decent, loving man. The episode is a great nod to the power of the stories we tell ourselves and others about our lives, and an exploration of her mother’s weakness and regret.

One of the things I like most about the series is that Rose clearly wants to escape her mother, who is a difficult person, and not an exceptionally strong or smart one, though she’s definitely not evil. When we meet Rose, she’s young, working class, and doesn’t seem to have a lot of other prospects, or anyone driving her to think about living a more expansive life. But when the Doctor offers her an opportunity to see and live more widely in the world and beyond it, she dives for it, without fear or regret. It’s not that Rose doesn’t love her mother, but she needs to move beyond her, her mother’s apartment, and her mother’s scrapbook. In “Father’s Day,” she gets a narrative of her own to replace it. And she and the Doctor walk out into the universe together. It’s rebellion, sure, but intelligent rebellion, both for Rose, and to viewers. She’s not acting out. She’s growing.

Security

Utah Republican Attorney General Rejects Arizona Law, Seeks Support Of Mormon Church

Last night, Utah Attorney General Mark Shurtleff (R) told On the Record host Greta Van Susteren that though he shares Arizona’s frustration with the broken immigration system, he does not support the state’s new immigration law, SB-1070. Shurtleff echoed many of the arguments often made by police chiefs who oppose SB-1070 on the basis that it will make communities less safe by using scarce resources to pursue people who aren’t a threat to public safety and hurt local law enforcement’s relationships with immigrant communities:

And as the chief law enforcement official in the state of Utah, and speaking on behalf of most law enforcement officers, we don’t want to be put in the position of doing the job for the feds. But we do have to have a role in security and public safety. [...] And quite frankly, we need the cooperation of other undocumented aliens as confidential informants to work with us so that we can get rid of the worst of the worst. And something like Arizona makes it more difficult for us to do that job. So that’s the security part of this issue.

Watch it:

While many police chiefs and local citizens support his position, Shurtleff is largely bucking a large segment of the Republican party. State Rep. Stephen Sandstrom (R-UT) is currently drafting a bill for the 2011 Utah legislative session that’s modeled after Arizona’s. “It is imperative that we pass similar legislation here in Utah,” Sandstrom said. “In the past, when we’ve seen tougher legislation in Arizona … a lot of illegal immigrants just move here.” Sandstrom plans on moving ahead with the legislation, despite the federal lawsuit that is currently challenging SB-1070. Utah is also the state where citizen vigilantes sent a witch-hunt list of 1,300 suspected undocumented immigrants, including social security numbers and pregnancy due dates to state authorities.

However, Shurtleff has been seeking the support of a powerful potential ally: the Mormon Church. While many leaders of other faiths have come out against the Arizona law, the Church of Jesus Christ of Latter-day Saints has remained relatively neutral. “I think that would help stop an Arizona style law here, if they would definitely come out against the Arizona style law,” said Shurtleff in a separate interview. It appears fellow Mormon lawmakers have accused Shurtleff of defying his faith by standing against the Arizona law. “They consistently get on me saying if I’m not out there rounding up every illegal alien in the state, then I’m not obeying my own article of faith,” said Shurtleff.

Sandstrom appears confident that the Mormon Church will remain neutral on the issue, but he shouldn’t be so sure. The Church of Jesus Christ of Latter-day Saints if often said to be the fastest growing religion in Latin America with 5.2 million members and 5,500 chapels. The number of Spanish-speaking Mormon congregations nationwide has grown by 90 percent in the past decade, up to more than 700. Meanwhile, the majority of Latinos in the U.S. bitterly oppose the Arizona law. In fact, Mormon Latinos launched a letter-writing campaign to Latter Day Saints Church President Thomas S. Monson, asking him to define the church’s official position on immigration. “This is affecting our families,” Tony Yapias, who launched the campaign, stated. “Where’s the church in this? The longer they stay quiet, the more political it gets, the more divisive.”

In some ways, some of the damage is already done. The sponsor of SB-1070, state Sen. Russell Pearce (R-AZ), is a devout Mormon. The Arizona Republic reported that his association with SB-1070 has “tarnished the Mormon Church’s image among many Latinos.” Pearce has repeatedly said his anti-immigration efforts have been guided by the Mormon Church’s 13 Articles of Faith, which includes obeying the law. In the past, the Mormon church has also faced criticism over the “racist doctrine” found in Mormon texts and the lack of a diverse leadership that reflects its heterogeneous membership.

While Shurtleff agrees with the federal government on immigration, his support stops there. He is part of the dozen other states who have filed a lawsuit challenging the health care reform package passed earlier this year.

Yglesias

Geographical Rigitidies

(cc photo by Casey Serin)

(cc photo by Casey Serin)

Tyler Cowen says the slow pace of labor market recovery “is a puzzle for all theories of labor market adjustment” and briefly runs down why he thinks none can explain it. He then canvasses his own notion, which I think is implausible: “I find myself coming back to the view that many previously employed workers simply have a current marginal product pretty close to zero.”

Many? How many?

I think a neglected part of the labor market adjustment story is the geographical rigidities imposed by aspects of human nature and the housing market. There are enormous disparities in the unemployment rate from metro area to metro area that underscore the fact that our labor market is not perfectly integrated. Ask yourself why everyone doesn’t just leave greater Las Vegas, where unemployment is 14.1 percent, and move to the DC area where it’s only 6 percent. There are plenty of reasons, some we could (and should) try to remediate and some we probably can’t. But they make it difficult for modest growth to translate into maximum employment gains quickly.

Security

‘Emergency Committee for Israel’ Based Out Of ‘Committee for the Liberation of Iraq’ Offices

scheunemannIn a nice catch, Eli Clifton reports that the Emergency Committee for Israel (ECI), the latest neocon astroturf pro-war outfit, is based out of the same office as a previous neocon astroturf pro-war outfit, the Committee for the Liberation of Iraq (CLI):

The evidence lies in a a letter from ECI’s executive director (pdf), Noah Pollak, to Comcast regarding the attack ad the group has been running in Pennsylvania. The letterhead bears the following address: “918 Pennsylvania Ave., SE · Washington, D.C. 20003.”

That address happens to be the same as that of Orion Strategies, a public-relations consultancy owned and operated by renowned GOP lobbyist Randy Scheunemann, who, in addition to serving as president of the CLI, has been retained since the 2008 elections as Sarah Palin’s personal — and Bill Kristol-approved — foreign-policy trainer.

The connection to Orion Strategies comes through former Weekly Standard web editor and regrettable McCain campaign spokesman Michael Goldfarb, who joined Scheunemann’s firm last January, and serves as an adviser to the Emergency Committee for Israel. In addition to his work with ECI, Goldfarb also advises the Liz Cheney/Bill Kristol-led Keep America Safe, and was a research associate at the Project for the New American Century, which served as the mothership for various neocon enterprises in the late 1990′s and early 2000′s, most notably the invasion of Iraq.

In addition to serving as president of the Committee for the Liberation of Iraq, Scheunemann served as PNAC’s director, and was a key ally of Iran-connected con-man Ahmad Chalabi.

Considering how disastrous the Iraq invasion was, not only for U.S. security but also for Israel’s — driving radicalism and sectarianism in the region, vastly increasing Iranian influence in the region and allowing it to advance its nuclear program — it is deeply ironic that the people operating the “Emergency Committee for Israel” are among those most responsible for creating that “emergency” in the first place.

Climate Progress

Massey Miners Disabled Methane Monitors Before Killer Explosion

pray for our minersDirected by supervisors, miners at Massey Energy’s Upper Big Branch Mine commonly disabled monitors that could detect methane gas before the explosion that killed 29 in April. An investigation by NPR has “documented an incident in February 2010 in which an Upper Big Branch electrician was ordered to circumvent the automatic shutoff mechanism on a methane detector installed on a continuous mining machine.” Ricky Lee Campbell, a 24-year-old coal shuttle driver and roof bolter who witnessed the incident, told NPR they circumvented the safety device so that they could “continue to run coal”:

Everybody was getting mad because the continuous miner kept shutting off because there was methane. So, they shut the section down and the electrician got into the methane detector box and rewired it so we could continue to run coal.

There were dozens of such incidents, NPR reports. Maintenance foreman Clay Mullins told NPR he “believed miners could run mining machines temporarily with disabled monitors because that’s what the mine’s foreman and superintendent told him.”

Don Blankenship, the CEO of Massey Energy, was caught with a 2006 memo that told workers faced with safety rules, “you need to ignore them and run coal” because “coal pays the bills.”

Gov. Joe Manchin’s (D-WV) special investigator has found that the April 5 explosion “was so large and powerful that it ripped through more than 2 1/2 miles of underground tunnels ‘in an instant.’” No charges have yet been brought against Massey Energy or its management for the fatal incident.

Meanwhile, four activists — 22-year-old Kathryn Huszcza, 22-year-old Colin Flood, 20-year-old Sophie Kern and 22-year-old James Tobias — “are in jail following a protest in which two chained themselves to a highwall miner at a Massey Energy surface mine in Raleigh County.” Massey Energy is the largest mountaintop removal company in the United States.

Yglesias

The Boehner Agenda

John Boehner wants to cut my Social Security benefits while leaving his benefits intact.

Tim Carney and a few other hardy souls have spent the past 18 months trying to convince the world that not only is Barack Obama’s agenda influenced by business interests and corporate lobbyists, it’s actually the agenda of big business, which is presumably sitting on the sidelines weeping over the GOP’s defense of the little guy. The Chamber of Commerce, meanwhile, didn’t get the message and “plans to spend at least $50 million on political races and related activities this year, a 40 percent increase from 2008″ in order to “target vulnerable Democrats in up to two dozen states with ads, get-out-the-vote operations and other grass-roots efforts.”

Today, Brian Beutler reports a bit on what they’re trying to buy:

As promised, House Minority Leader John Boehner, along with Reps. Aaron Schock (R-IL) and Peter Roskam (R-IL), huddled this morning with representatives of the most powerful conservative business and trade groups in the country to field policy ideas and build a legislative agenda ahead of the November elections, when Republicans could retake the House. If what they discussed in any way resembles the coming GOP platform (and, of course, it does), then get ready for more tax cuts and deregulation.

I always find big business’ focus on tax cuts to be a telling and under-discussed element of American politics. Businessmen’s hatred of OSHA rules isn’t something I personally share, but I see why businesses want the right to treat their workers as unsafely and unhealthily as they feel like. Personal income tax cuts, by contrast, just aren’t essential for business qua business. Indeed, as you’ll recall business was booming in the high-tax 1990s. But of course rich businessmen want to pay less in taxes so this invariably has pride of place on the “business” agenda.

Economy

Whatever Geithner’s Feelings, Warren Is A Good Choice To Lead The New Consumer Protection Agency

Yesterday, the Senate passed the Dodd-Frank financial regulatory reform bill on a 60-39 vote, meaning that, among many other things, a new Consumer Financial Protection Bureau will come into being. The agency fixes a critical gap in the regulatory framework, as there is no regulator specifically tasked with policing consumer products and ensuring that banks can’t rip off consumers with (usually highly profitable) predatory products.

A handful of names have been tossed around in the media as to who will be nominated to be the CFPB’s first director. The most oft-mentioned name is Elizabeth Warren, the Harvard Law professor who is currently heading the Congressional Oversight Panel for the Troubled Asset Relief program.

It was a 2007 journal article written by Warren that motivated lawmakers to propose creating the new agency in the first place. “Clearly, it is time for a new model of financial regulation, one focused primarily on consumer safety rather than corporate profitability. Financial products should be subject to the same routine safety screening that now governs the sale of every toaster, washing machine, and child’s car seat sold on the American market,” Warren wrote.

Last night, it was reported that Treasury Secretary Tim Geithner is opposed to Warren heading the agency. Assistant Treasury Secretary Michael Barr refuted that notion today, saying “I don’t know where that (report) came from.” “I believe and Secretary Geithner believes that she’s exceptionally well-qualified to run it,” he said.

Whetever Geithner’s personal feelings on the matter, Warren is eminently qualified to lead the CFPB. She explained her philosophy regarding the regulation of consumer products to me during an interview back in May 2009:

We need to think at the product level. All these lousy mortgages got sold, one family at a time. These were crummy mortgages, like selling plastic spoons that have carcinogens in them or toys that put out little children’s eyes. We sold them one product in a time. If we had had just basic safety standards in place from the beginning, then we never would have fed these into the front end of the financial system, where they then would have been bundled up and then sliced into tranches and rated and rebundled and sold and rated again.

House Financial Services Chairman Barney Frank (D-MA) backed Warren, saying “she is a brilliant advocate. She is sensible. She has a good sense how to operate. She is not some windmill-tilting ideologue.”

Barr himself has also been mentioned as a potential CFPB head, and would be an excellent choice, as he’s been intimately involved with the regulatory reform bill since the beginning. Illinois Attorney General Lisa Madigan, who was one of the first public officials to try to crack down on subprime lending, has also had her name tossed into the ring, but said that she preferred Warren. “She has long understood the need for such an agency to ensure that another financial crisis doesn’t devastate the futures of millions of hardworking Americans,” Madigan said.

Update

Matt Yglesias has more.

Economy

BP Ran Magazine Article Extolling Relations With Libya As It Secretly Lobbied For Terrorist’s Release

BP received a new round of scrutiny yesterday when it admitted that officials had lobbied the British government in 2007 to “conclude a prisoner-transfer agreement that the Libyan government wanted to secure the release of the only person ever convicted for the 1988 Lockerbie airliner bombing over Scotland, which killed 270 people, 189 of them Americans.” BP was “worried that a stalemate on that front would undercut an oil exploration deal with Libya.”

The new details demonstrate that BP was willing to risk international security for pure profit motives. The UK ambassador to the U.S. issued yesterday stated that the British government “is clear that Megrahi’s release was a mistake,” but denied any link with BP. (The UK justice minister at the time, Jack Straw, had admitted that the BP-Libya deal was a factor in the government’s review of Al-Megrahi’s case.) The Senate Foreign Relations Committee will hold a hearing on the issue, and Sen. Charles Schumer (D-NY) said BP should freeze its operations in Libya because it “should not be allowed to profit on this deal at the expense of the victims of terrorism.”

As BP was privately lobbying the UK government, it was also publicly trying to improve the country’s image and extolling how beneficial an oil relationship between Libya and BP would be for Britain. ThinkProgress found an old BP Magazine (Issue 4 2007) that ran an entire article titled, “Libya: A Commanding Presence on the World Stage.” In the piece, a BP official essentially brushes aside the Lockerbie bombing:

“When you talk to people outside about Libya, Lockerbie is often the first thing they think of — terrorism. In actual fact, it’s probably one of the safest places I’ve been to with BP,” says BP Libya’s business support manager, Ian McGregor.

“Initially, most people ask about security. They think it’s very unsafe, or there are a lot of army and guns everywhere. To be honest, it’s the absolute opposite.” [...]

Speaking at the signing, Hayward hailed the agreement as the start of an enduring and mutually beneficial partnership, which will allow BP and Libya to deliver on their aspirations for growth.

“With its potentially large resources of gas, favourable geographic location and improving investment climate, Libya has an enormous opportunity to be a source of future energy for the world.”

BP is poised to begin deepwater drilling in Libya next month, a deal potentially worth $20 billion. Jim Mitchell of the Dallas Morning News writes, “I’m not so naive to think that BP is the only company that has put profits and business opportunity ahead of justice, but this is stunning especially since Lockerbie was such as heinous act and Abdel Basset Ali al-Megrahi the only convicted perpetrator for a crime that has provided little closure to families of victims.”

Alyssa

A Week of Fire and Ice: Day 5

Not that I want to foreswear rigorous analysis of the text or anything, but for this last day of discussion of George R.R. Martin’s A Song of Fire and Ice series, I want to turn some attention to the HBO miniseries that got me interested in the books in the first place, specifically to the casting. I won’t put in a jump for this one, since it’s not about plot points, and will mostly be about characterization, rather than plot.

There have been some obvious good calls that lead me to hope for great things across the board. Peter Dinklage is an obvious choice for Tyrion Lannister, and it’s also a great, meaty role about what it’s like to be a person with dwarfism. Roles like that just aren’t that common, and of course Dinklage wouldn’t want to, and shouldn’t, given his talents, be confined to roles about or inflected by a medical condition that he happens to have. But roles that are in part about living with dwarfism and the rest about living in an intense, ambitious feudal family at a time of enormous upheaval are, um, essentially non-existent, so I can see why Dinklage would want this one in particular.

He’ll have at least one terrific opposite number to play off of. Lena Headey is an awesome choice to play Cersei Lannister, one of the characters I felt queasiest about in the books, and Tyrion’s sister. She’s honed a lot of energy and rage in playing Sarah Connor, and as Queen Gorgo, she was one of the only watchable things in 300. That’s actually been an unfortunate pattern in her movie career: she’s been in a lot of eccentric junk, and things like the dreadful Imagine Me & You, in which she plays a sexy lesbian seducer to not exceptionally good effect. It’ll be nice to see her in a role that will make awesome use of her skills, and maybe give her the prestige to go on to more intelligent and successful projects.

I’m less certain about Nikolaj Coster-Waldau as Jamie Lannister, if only because the only movie I’ve seen that IMDb says he was in was, um, Wimbeldon, as embarrassed as I am to admit that, and I definitely don’t remember him in it at all. I have different concerns about Sean Bean as Eddard. Lord of the Rings sure proves that he looks dandy in clothing of the era and does a decent job as a man struggling against core inner weakness. But I’ve never found the dude to be exceptionally peaceful or subtle, and I’ll be curious to see how he does anchoring a series of this magnitude. I’d feel a bit more comfortable if they’d cast someone I was more familiar with as Catelyn Tully Stark, since I just don’t know how Michelle Fairley will balance Bean out. She’s mostly done one-offs in television after a series of recurring parts in shows or miniseries in the late nineties and early aughts. One thing in her favor though, she’s been cast as Hermoine’s mother in the Deathly Hallows movies, which means two directors of big, freighted projects are banking on her chops.

Where I’m most concerned though is the casting of the series’ children. The actors playing Arya Stark, Sansa Stark, and Jon Snow have literally never acted before. The girl playing Dany has one television episode credit to her name. Alfie Allen, Lily’s little brother, is playing Theon Greyjoy. Casting children is an obvious and consistent challenge, but it’s especially freighted in projects like this because the children have to bear so much more emotional strain and witness things that are so much more dramatic than most child actors have to put up with. This is Dakota Fanning in Hounddog territory except the whole world is awful, way beyond Chloe Moretz in Kick-Ass since the violence is constant, persistent, and much bloodier and direct, and because the characters knew other lives and dreamed other dreams. And these children are ultimately the center of the story. Sean Bean will be a nominal anchor, but if the kids fail, so does the series.

But I’m trying to stay optimistic. A series that’s casting the awesome and underrated Rory McCann (who plays Michael the trolly-boy in Hot Fuzz, and the great, gawky, charming detective in the first episode of State of Play) as a vicious swordsman with a maimed face and charred morals has some imagination and ambition.

Older

Newer

Switch to Mobile
ThinkProgress Signup Overlay Skip and Continue to ThinkProgress Skip and Continue to ThinkProgress

Sign Up