10/30 Roundup: Bailouts Abound, Virtuosobama, Nieman-Marxists

Leader: Bailouts, Bailouts Everywhere

- A just-in report from the Commerce Department tells us what we pretty much already knew: Consumers have been cutting spending, the economy shrank last quarter, and we are officially in a recession. Congratulations, everyone.

- The bigger news is the rumor that the Treasury and the FDIC are in negotiations to guarantee distressed mortgages, in an effort to help keep people in their homes.

- Governors David Paterson of New York and John Corzine of New Jersey, among others, made the case on Capitol Hill yesterday that states may need bailouts of their own.

- And George Soros, writing in the Financial Times, argued that the U.S. needs to bail out developing countries.

Election '08

- Over-the-top it may have been, but well-produced and effective it also was:  Obama's half-hour long ad ran on the networks last night, and has been well received. George Stephanopoulos calls it a "virtuoso performance." John McCain, for one, didn't think it was all that good. 

- Early voting is big out west.

- The sacrifice of voting early, of course, is that you lose the opportunity to let eleventh-hour scandals change your mind. The latest: Obama's been palling around with Columbia professors! Sarah Palin went to town on Obama for his relationship with Rashid Khalidi, a Palestinian academic and activist for Palestinian causes. John McCain joined in, as well. Obama called it a "problematic stand," particularly because the two men don't know each other very well, and completely disagree on the topic at hand: Israel and Palestine.

- Obama's campaign could make a run on... Arizona?  Well, heck, the race in McCain's home state is closer than in Pennsylvania, where McCain is dumping his resources.

- Joe Klein at Time looks at the major burdens that will weigh on the next president.

Economy

- The Fed has cut its benchmark interest rate yet again.  Standing now at 1%, this is the lowest it's been since 2003.  If current trends continue, they'll be paying you to take their money soon.

- All over the world, in fact, central banks are cutting interest rates.

International

- A series of bombs went off in four towns in Assam, a state in northeastern India. At least 67 people were killed, and no group has yet claimed responsibility.

- Russia has raised the idea of an OPEC for natural gas.

One More Thing

- If Obama is a socialist, then Sarah Palin is a Neiman-Marxist.

- Did you miss NDN's event earlier this week with Joe Trippi and Simon? Not to worry, you can see it on C-SPAN, or on their website.

- In Florida, as Obama appears on stage with West Wing actor Jimmy Smits, it will be a case of art meeting life imitating art imitating life. And it's not an accident.

- Last, oops: