Leader: Young Money Trillionaire
- With interest rates already near zero, the Fed must have been feeling impotent... Chairman Bernanke announced yesterday that the Fed would be pumping $1.2 trillion into the financial system by buying Treasury bonds and mortgage-related securities. The move is designed to lower borrowing costs for mortgages and other types of loans, and, ultimately, stimulate economic activity.
- The Fed will, effectively, be minting the money it needs, which will, in turn, raise the specter of inflation. Indeed, the value of the dollar did sink yesterday, though, to be fair, mortgage rates also fell immediately, as well. The markets, too, reacted favorably-- after starting the day down 50 points, ended up nearly 100.
Politics
- The Congressional Hispanic Caucus met with the President yesterday, and discussed immigration and the unrest in Mexico. The SF Chronicle quoted Simon: "The White House is going to realize that passing comprehensive immigration reform is one of the easier things he can do this year." Kos chronicled the broad popular support for immigration reform. The Spanish-language AP was also on the case.
- President Obama will add the United States to the list of countries sponsoring a UN resolution calling for the global decriminalization of homosexuality. This represents the reversal of a Bush policy.
- Whipping boy, lightning rod, call him what you will: Treasury Secretary Tim Geithner has assumed a rather unenviable position at the center of this economic firestorm.
Economy
- A.I.G. Chief Executive Edward Liddy, after a slightly brutal day yesterday, asked those employees who had received bonuses to give back "at least half" of what they received. Some employees have already returned the money they received. Congress is still not satisfied.
- Arianna Huffington chronicled a genuine whodunit yesterday, as prospective Sherlocks raced around Capitol Hill yesterday, trying to figure out who had removed language from the stimulus bill that would have put the lid on executive bonuses at places like A.I.G. Turns out Chris Dodd and the Senate Banking Committee dunit.
International
- The humanitarian situation in Sri Lanka is growing ever more dire, as 180,000 ethnic Tamil civilians remain trapped in a small pocket of land where the military has cornered the Tamil Tiger separatists.
- French President Nicolas Sarkozy wants to redesign Paris... intriguing idea, and one certain to elicit enraged responses from around the world.
- The NY Times reports on a rare oasis untouched by Mexico's drug war: Futbol!
New From NDN
- Simon released a backgrounder of our best work on immigration from over the years. Now would be a good time to bone up...
- Yesterday, Dave remarked on President Obama's picks for the NCAA basketball tournament. He picked UNC to win it all, so needless to say, Coach K, Simon, and other Duke fans everywhere are pissed.
One More Thing
- Spencer Ackerman caught a priceless Freudian slip as former President GW Bush announced his memoir: "I'm going to put people in my place, so when the history of this administration is written at least there's an authoritarian voice saying exactly what happened."
- Last, Politico has a montage of President Obama telling jokes. Awesome: