Leader: Of Bailouts and Burst Bubbles
- It looks like Detroit will get the bailout they need, if not precisely the bailout they asked for. The bailout proposal, currently being drafted by Congressional Democrats, could come up for a vote as early as tomorrow.
- The economic downturn is accelerating, and nobody is in control. So says Carolyn Lochhead of the SF Chronicle. Rob is quoted on the seemingly random nature of bailouts so far: "The value of these measures thus far has been to stave off a total meltdown, which we flirted with," but he points out that Paulson has done little to put a stop to the foundation of the crisis: housing foreclosures.
- Speaking on Meet the Press yesterday, Barack Obama predicted the economy would get worse before it got better. On the upside, we may come out of all this "leaner, meaner, and more prosperous."
- On Friday the government reported another half million jobs were lost in November-- the biggest single-month loss since 1974.
Politics
- Frank Rich reflects on the phrase "The Best and the Brightest," coined by David Halberstam not to praise, but to lampoon the JFK wunderkind staffers who led us into Vietnam. We apply the phrase to Obama's staff at our own peril.
- There have been precious few leaks about who will be energy secretary, but Chris Cillizza runs down the list. Byron Dorgan is out.
- Retired General Erik Shinseki, summarily dismissed from his post in 2003 for being a little too realistic about Iraq, has been tapped by Obama to head Veterans' Affairs.
- Rep. William Jefferson of Louisiana was upset in an election held Saturday. The Democrats gained a seat, however, with Mary Jo Kilroy's victory in the 15th congressional district of Ohio.
National
- That tolling you hear is the death knell of journalism as we know it. The latest peal: Tribune Co., which owns the Chicago Tribune, the LA Times, and a host of other media properties, may soon be filing for bankruptcy.
- Jonathan Alter and Howard Fineman do a double-team on education. Alter writes about Bill Gates' newest push for school reform, and Fineman has a little profile on Inez Moore Tenenbaum, an early Obama-nik from South Carolina with an exemplary record as state superintendent of education-- might she be an ideal choice for Secretary of Ed?
- The WaPo also focuses on Education by following on Time's profile of Michelle Rhee with another look at the DC Chancellor of Schools. Despite her media stardom, public opinion of her is rather mixed.
International
- The Pakistani military reportedly raided a camp in Pakistan-occupied Kashmir used by Lakshar-e-Taiba, the organization suspected in the Mumbai attacks. It is not yet clear whether the raid was a serious blow or merely symbolic. The NY Times reports that Pakistan's intelligence services, the ISI, aided Lakshar-e-Taiba in preparing for the Mumbai attack.
- Youth have been clashing with police in Greece, following the police shooting of a young boy in Athens last week. The CS Monitor looks to the past, and sees parallels to a shooting in 1985 that led to months of violence.
One More Thing
- For whatever reason, Homo sapiens love top-ten lists. Time quenches our thirst with the top ten everything of 2008.
- Amsterdam is suddenly a less enticing place to visit.
- Last, SNL stays politically relevant, even without a Sarah Palin to spoof: