Daily Roundup

3/18 Roundup: Outrage and the Outrageous, Fireside Chats 2.0, There's No One As Irish As Barack O'Bama

Million Dollar ClubLeader: Outrage and the Outrageous

- The A.I.G. saga grew ever more infuriating yesterday, particularly to members of  Congress, it seems, who are cooking up myriad ways to punish the recipients of bonsus at the insurance giant.  The $165 million in bonuses were paid to just 418 employees last week, including 58 who no longer work at A.I.G.  Seventy-three people took in bonuses of $1 million or more.  Nearly everyone in the financial services unit responsible for ruining the company got a bonus.

- The White House says they didn't hear about the bonuses until Thursday, and they've made clear that the burden of the kerfuffle sits squarely on the shoulders of Treasury Secretary Tim Geithner. He has said he will work to take the bonuses back from the recipients.  Congress has their own designs to do so, with most plans something like Senator Dodd's idea of a 100% tax on bonuses paid by A.I.G.  Punitive, yet satisfying.

- For Slate,  Eliot Spitzer writes that the real scandal here is not the bonuses but that A.I.G. is repaying its trading partners in full. They all took a risk, it went south, they should feel the burn...

- Edward Liddy, the white knight chief executive of A.I.G. has an op-ed in today's Post, acknowledging that "mistakes were made, but arguing that "In America, when you owe people money, you pay them." Ehh.

Politics

- A year ago today, Senator Barack Obama gave a speech on race in Philadelphia.  Since then, say Nia-Malika Henderson & Carrie Budoff Brown in Politico, he has been too silent on the subject.

- Rep. Ellen Tauscher is on her way to a new job in the State Department. We wish her the best of luck in this new endeavor!

- President Obama will be undertaking high-tech fireside chats to explain his policy goals to the American people.  

- Ben Smith and Manu Raju write on Obama's "big bang" theory of politics. Is he moving too fast even for fellow Democrats?

International

- The Obama administration is considering seriously expanding its strikes in Pakistan, even potentially going after targets in Baluchistan.  

- Russian President Dmitry Medvedev "struck a Cold War tone," writes the WSJ, as the country announced plans for a serious rearmament to balance the expansion of NATO into Eastern Europe.

New From NDN

- Zuraya looked forward to the President's meeting with the Congressional Hispanic Caucus slated for today.

- Dave O'Donnell celebrated St. Patrick's day with a salute to our new ambassador to Ireland (who doubles as the owner of Dave's favorite football team).

One More Thing

- Senator Grassley's suggestion that AIG execs take their own lives was purely hyperbole.  Or so he says.

- Last, I should have posted this yesterday, but as we all recover from yesterday's St. Patrick's festivities, it's worth remembering that we have an Irish president: 

 

 

3/17 Roundup: Vast Public Rage, ME-Span, Robert Gibbs' Shenanigans

Angry MobLeader: Vast Public Rage

- A.I.G. is still the top news story-- or rather, the vast public rage at A.I.G. is now the top story.  President Obama yesterday said he and his Treasury Department would pursue "every legal avenue" to block the $165 million in bonuses headed toward the architects of A.I.G.'s failure.  Going forward, it looks like that will mean trying to ensure that taxpayers recoup the cost of the bonuses, and the A.I.G. execs are put on a shorter leash. 

- New York Attorney General Andrew Cuomo is planning to subpoena A.I.G. for the names, job descriptions, and performance evaluations of all employees slated to receive bonuses. Said Cuomo: "You could argue that if taxpayers hadn’t bailed out A.I.G., the contracts wouldn’t be worth the paper they were signed on."

- Andrew Ross Sorkin writes in the NY Times that we should let it go-- let the execs have their bonuses.  His point isn't a bad one: "If you think this economy is a mess now, imagine what it would look like if the business community started to worry that the government would start abrogating contracts left and right."

Politics

- Kos of DailyKos came out with a big post yesterday calling for immigration reform to be put back on the agenda.  He quotes a recent essay of Simon's at length.

- The Politico reports that our congresspeople just don't get YouTube--  it might as well be called ME-Span.

- Senate Dems are putting full court press on the opposition, trying to persuade Sen. Arlen Specter to switch sides and join the majority.

Economy

- President Obama spoke to small business owners yesterday, pledging to help them through this economic crisis by buying up $15 billion of securities linked to small-business loans.  This would hopefully help make credit more available to new or nascent small businesses.

- Cathy Rampell of EconoMix looks at the plight of state tax revenues from the end of last year. Twelve states saw increases, but everyone else is in pretty bad shape.  Budget shortfalls are likely to last longer than their stimulus checks, so either tax increases or service cuts are likely in many states.

International

- President Marc Ravalomanana of Madagascar has handed the reins of government to the military-- specifically to Admiral Hyppolite Ramaroson. After weeks of protests led by Andry Ralijaona, a former DJ and mayor of Antananarivo (the capital city), President Ravalomanana has effectively fled the palace under fire, and may not return.

- Pope Benedict XVI, on his way to Africa for a seven-day tour, said that condoms make the AIDS problem worse, which is really just the most ridiculous thing I've ever heard.

New From NDN

- Michael Moynihan has a smart new piece addressing the problem of how we can price the seemingly un-priceable assets held by the banks.

- Zuraya offers her weekly immigration update, in which she analyzes the effects of local immigration enforcement, and how the debate over organized crime on the border affects immigration reform.

One More Thing

- Happy St. Patrick's Day!

- Last, Robert Gibbs, getting up to some shenanigans:



3/16 Roundup: A.R.G!, Messaging War,

MoneyLeader: A.R.G!

- AIG issued a receipt to the American people yesterday, detailing where it had spent $75 billion in federal bailout money.  Goldman Sachs was the big winner, taking nearly $13 billion from the insurer; Deutsche Bank and Société Générale both pulled in $12 billion, and a who's who of big American banks all drew smaller (but still large) amounts. Twenty U.S. states also made the list. These funds all came from the initial $85 billion administered last fall.  

- All this has not quite distracted attention from the story that AIG has plans to dole out millions in bonuses to some of the very executives who caused this mess.  The WSJ reports that as much as $450 million will be paid out in bonuses.  An analysis piece from the NY Times looks at the Obama administration's response, as seen on the Sunday talk shows.  There is fear that AIG's behavior will prompt a populist backlash among the American people that will make it difficult for the Administration to rescue the financial system.

Politics

- Politico reports that the White House is launching an all-out messaging war to promote the President's budget and disparage Republicans as nothing more than political naysayers. It remains to be seen whether they will take Simon's admonition to find a way to cast the budget and other major economic actions as part of one, large, crucial plan to save our economy.

- Mark Danner has a piece in the NYRoB, reviewing and excerpting from a new Red Cross report on the treatment of "high-value detainees" in CIA custody during the Bush years.  Pretty chilling, all the way through.

- Noam Scheiber has a new profile of Larry Summers in TNR. Duly recommended.

International

- After a day of violent anti-government street protests in Pakistan yesterday, opposition leader Nawaz Sharif and thousands of supporters marched on Islamabad, demanding, among other things, the reinstatement of the Chief Justice of the Supreme Court.  Amazingly, President Asif Ali Zardari capitulated, reinstating Iftikhar Mohammed Chaudhry, and ending the standoff. The compromise, praised by the U.S. State Department, has re-emphasized the weakness of President Zardari, and solidified Sharif as the face of the opposition.

- In Newsweek, Fareed Zakaria offers a stern rebuke to those who have criticized President Obama's changes to foreign policy as too conciliatory or too diplomatic. Our foreign policy under Bush is better understood as "imperial policy," and we would be well-advised to move beyond it.

New From NDN

- Be sure to read Simon's new piece from Saturday, in which he talks about the importance of the White House finding the right way to talk about economic recovery.

- Simon also looked back at a 2007 essay by Rob Shapiro, newly relevant in this economic crisis.

One More Thing

- Dick Cheney is pissed that George Bush didn't cut his buddy down from the tree.

- Last, Politico rounds up all the hilarious stuff from the weekend:



3/13 Roundup: High Roller Coaster, Do Not Pass Go, 3.141592653589793...

Cash CoasterLeader: High Roller Coaster

- Yesterday, GE was stripped of its AAA credit rating for the first time since 1956.  But it was only brought down one notch, and so shares of GE surged 13%-- that, apparently, is how desperate the market is for "good" news, even if said news would have been bad news just a few months ago.  On this and other not-so-bad news, the Dow gained 3.5% yesterday, and the S&P 500 rose 4%.

- This on the same day that the Fed released numbers revealing that American families lost 18% of their net worth in 2008-- 11 trillion dollars, poof, gone. Chinese Prime Minister Wen Jiabao added to nervousness, expressing some doubt about the safety of U.S. Treasury bonds.  Hopefully, for everyone's sake PM Wen isn't thinking about dumping his trillion-dollar investment. 

Politics

- Josh Holland of AlterNet looks at the potential for comprehensive immigration reform to become reality this year. Simon is quoted: "Getting 5 percent of the workforce out of the shadows, giving them the opportunity to unionize, getting them minimum wage protections -- this is such an important goal for progressives that they need to be willing to accept some compromise."

- Ron Kirk was approved yesterday by the Senate Finance Committee to be our next Trade Representative. He'll go before the whole Senate soon, and shouldn't face any issues.

Economy

- After pleading guilty to 11 counts of fraud, Bernie Madoff will be going directly to jail (not passing go), as the judge denied his request for bail.  His sentencing will take place in June, and from there he'll be off to Sing Sing for 150 years.  Is it wrong to take a little satisfaction in this?

International

- President Obama is considering sending National Guard troops to the U.S. border with Mexico, as concerns rise that our southern neighbor's drug war could spill over the border. He's "not interested in militarizing the border," but may soon have no choice.

- The Iraqi Shoe Hurler will spend three years in prison.  Muntader al-Zaidi pleaded not guilty, saying his action was a "natural reaction to the crimes of the occupation." His act will, no doubt, live in the Iraqi lore surrounding the American occupation of Iraq.

New From NDN

- In a new essay, Rob Shapiro explains why a multi-pronged approach to the economic crisis is necessary.  We need stimulus, and financial reform, and help for homeowners, all at once.

- Video is now available from Tuesday's event with Joe Rospars!  It was a terrifically engaging event, and you can watch it here.

- Dan Boscov-Ellen publishes his latest Weekly New Tools feature, looking at the sudden growth in the popularity of social networks. 

One More Thing

- The House of Representatives took a moment yesterday to recognize the mathematical constant pi. Next week, they'll be pausing to recognize the exclamation point for its years of service as both an emphatic mark of punctuation and as the mathematical symbol for the factorial function. 

- Last, Jon Stewart makes peace by inviting Jim Cramer on his show and ripping him to shreds in person (Huffington Post has all three, unedited original segments here)

 

3/12 Roundup: Fraudsters, New Progressive Era, Love is Dead

FraudsterLeader: Fraudsters

- Bernard Madoff pled guilty to all 11 counts of fraud this morning.  The maximum sentence for these crimes is 150 years, which should be long enough.  Later today, the judge will rule whether Madoff will be eligible for bail, or if he should be sent immediately to prison as he awaits sentencing.

- Attorneys General around the country are beginning a surge of prosecutions for financial fraud. Loan processors, mortgage brokers, and bank officials may all find themselves in the crosshairs.

Politics

- Rep. Eric Cantor is open to the idea of a second stimulus package, providing it offers ample help to "small business people." By which he presumably meant people who run small businesses, rather than diminutive shopkeepers.

- Ross Douthat of the Atlantic will be filling the shoes of Bill Kristol on the NY Times op-ed page-- shoes once worn by the big feet of William Safire.  Douthat is a young, intellectual, conservative voice, and one that will hopefully breathe a bit of sensibility into a movement that's gone off the rails. Ben Smith and I both look forward to reading his column.

- Andrew Rasiej and Micah Sifry have a piece in Politico today on the future of privacy in social networks, particularly Facebook, as they increasingly political tools.

Economy

- The Financial Times is publishing a great new series of articles on "The Future of Capitalism." A new piece today from Chrystia Freeland looks at the new progressive era President Obama is trying to define in the wake of this economic crisis. 

International

- The administration will look for an additional $100 billion to fund the IMF, and keep poor governments from falling apart. In his speech yesterday, Treasury Secretary Tim Geithner also called on other Western nations to raise their commitment to the international organization.

New from NDN

- Simon has a salute to Al From as he steps down from his role at the head of the DLC.

- Following on Jake's criticism of the new law, Zuraya yesterday attacked the provision in the stimulus that prohibits recipients of bailout money to hire foreign workers.  She calls it "bad policy and bad politics at a bad time." 

One More Thing

- Levi Johnston and Bristol Palin have broken up.  If they can't make it, I don't know what hope there is for the rest of us.

- Last, the next installment in the war between CNBC and Jon Stewart:

 

 

3/11 Roundup: Cash Windfall, Obama is a New Dem, Villanelle for Uncertain Times

Raining MoneyLeader: Cash Windfall

- Last night, the Senate approved a $410 billion spending bill that will keep the federal government running through this year. Eight Republicans joined 54 Democrats to approve the bill, still laden with earmarks, and it may be signed by President Obama as early as today. 

- The government may get even more money coming its way, as some banks have indicated that they want to return the bailout money they received, as the strings attached have become too onerous. 

- Everyone else got richer, too. "Hope staged a rally on Wall Street yesterday," quips the Washington Post, referring to the 5.8 percent rise in the Dow that cheered us all. Economists believe the rise was due to Citibank's hint that it has turned a profit this quarter. Politicos suspect it may be related to the great tie Obama wore in his speech on education yesterday.

Politics

- In case you didn't know, Barack Obama is a New Democrat.  He said so himself.  We salute him!

- Sen. Bernie Sanders is seeking to impose usury laws on credit card companies that would criminalize excessive interest rates.  Curiously, American credit card companies are exempt from the usury laws already on the books.

- Ambassador Chas Freeman, slated to become the chairman of the National Intelligence Council, has withdrawn his name from consideration.  His statement is here; he attributes "libelous distortions" as the cause of his withdrawal.  

- Politico reports that the GOP is going with a lot of retread candidates in 2010. Is falling back on their old guns the best strategy as their party struggles to define a new identity?  Hard to say, really.

Economy

- Bernie Madoff is expected to plead guilty to as many as 11 felony charges tomorrow, which will put him in jail for up to 150 years, unless he dies in the meanwhile, in which case they will remove him from jail.

International

- The US and the UK are working together to put together a package of several hundred billion dollars in international trade financing. The plan will be unveiled at the G-20 summit at the beginning of April.

- Writing on said G-20 summit, Martin Wolf of the FT argues that the states at the summit must focus on sustaining domestic demand, or else face a continued downward spiral.

New From NDN

- We had a great event here yesterday with Joe Rospars, head of Blue State Digital and new media director of the Obama Presidential Campaign.  Rospars chatted with Simon about his work on the campaign, and about the ways new media is changing... everything.  We'll have video of the event up soon. In the meanwhile, Nick Baumann covered the event in a short piece for Mother Jones.

- Jake Berliner had a couple blog posts on the economy yesterday-- one in which he agrees with David Brooks in hitting the GOP for failing to respond adequately to the Great Recession, and another panning new legislation that effectively bans foreigners from Wall Street.

One More Thing

- As this blog has once before, I will substitute today's video with a poem (we're pretty highbrow here). It's "Villanelle for Uncertain Times," by Jonathan Kern, editor of Planet Money.

Though banks are suffering a lack of liquidity
And teeter on the edge of nationalization,
Do not succumb to economic stupidity.

Though Congress is demanding more rapidity
And tugs the strings behind the Administration,
Keep at bay financial rigidity.

The credit markets all crave liquidity
And Wall Streeters contemplate defenestration.
Do not succumb to economic stupidity.

While Keynsians say the budget reeks of tepidity
And scorn what's left of privatization,
Keep at bay financial rigidity.

Zealots always demand philosophical solidity.
Hasty action always trumps contemplation.
Do not succumb to economic stupidity.

Human nature involves some cupidity.
Self interest is the market's salvation.
Keep at bay financial rigidity.
Do not succumb to economic stupidity.

3/10 Roundup: Trade & Labor, Profitable Citibank?, Evil's PR Firm

Labor and TradeLeader: Trade & Labor

- The Administration is moving toward a harsher line with our trading partners, and emphasizing domestic issues in our economic and trade policy-- including the protection of jobs susceptible to outsourcing.  

- Ron Kirk explained these positions as he breezed through his Senate confirmation hearing yesterday, on his way to becoming US Trade Representative. He said he would put "fresh emphasis on workers and the environment," and "would not do trade deals for the sake of doing deals."

- Even as the Administration seems to be positioning itself in line with labor in its trade policy, Senate Democrats are wavering in their support of the Employee Free Choice Act, worrying that the legislation would drive a wedge between business and labor, costing jobs when the economy needs them most.

Politics

- President Obama will lay out an education plan today that doesn't actually involve any new legislation.  He will call on people to educate themselves (whatever that means) and to educate their children.

- The Supreme Court ruled yesterday that minority voters don't qualify for an important protection in the Voting Rights Act-- a ruling that could have a significant impact on redistricting in 2010.  The Hill describes the situation better than I can.

- Rush Limbaugh may be a pretty good bogeyman, but the Democrats' real rival is Eric Cantor, whom Politico profiles today.

Economy

- Even as the government is weighing next steps to rescue Citibank, CEO Vikram Pandit hinted yesterday that the bank may be on its way to a profitable quarter. Curiouser and curiouser...

- President Obama took a risk letting Congress fill in the details of his budget, and he's already paying for it as Democratic leaders in the House and Senate have targeted his limit on tax deductions for the wealthiest 1.2 percent of taxpayers.  

- In the Financial Times, President Lula of Brazil brings the focus of economic discussions back to what fundamentally matters: the plight of everyday people, whether in Sao Paulo or San Antonio.

International

- After five Chinese warships harassed an unarmed U.S. Navy vessel yesterday, the Chinese government accused the Navy of violating international and Chinese law.  The incident is not likely to impact the bilateral relationship much, and can best be seen as an instance of the Chinese military indicating to the US that, as its naval power and ambitions grow, it wishes to be respected as a power in the region.

- Fifty years ago today, the Dalai Lama fled Tibet to Dharamsala, and he marked the occasion with a speech harshly critical of the Chinese government. For its part, the Chinese government has marked the occasion by putting Tibet on lockdown, and preparing for unrest elsewhere.

New from NDN

- Melissa blogged yesterday about the renewed importance of national service under the Obama Administration.  

- Simon responded to a column by Robert Kagan about the objectives of U.S. national security policy.

- Michael Moynihan has a new essay addressing the challenge of finding sustainable sources of funding for infrastructure projects.

One More Thing

- Last, when evil needs PR, evil has Burson Marsteller on speed dial. Rachel Maddow kills it:

 

3/9 Roundup: We're All in This, Bajaur Agency, Barack Obama Isn't Reading This

MarketsLeader: We're All in This

- This global economic crisis is a global one, and recent news has reinforced this fact.  The World Bank came out with a report yesterday warning that this is the first global recession since World War II, projecting that trade would drop in 2009, for the first time in more than half a century. The World Bank warned further that the needs of poorer nations would quickly outstrip the capacity of multilateral lenders. A drastic reduction in aid could lead to instability all over the world.

- Many American investors have brought their money home to the U.S., stashing it in the safety of U.S. government bonds. China, too, has continued to buy lots of American debt.  These trends have pushed up the value of the dollar, which has been a boon for the government here, but a nightmare overseas, where money is quickly drying up.

- The Obama Administration will urge other nations to increase government spending, to stimulate economies overseas.  This approach is at odds with the European notion that fixing the financial industry should be the first step toward recovery.

Politics

- Rep. John Larson, a good friend of ours, introduced a bill last week to put a tax on carbon, and to offset the cost with a reduction in payroll taxes. This initiative is one we have pushed (pdf) for through our Globalization Initiative and Green Project for some time, and we're glad to see it under debate in Congress.

- Governor Martin O'Malley of Maryland writes on the WaPo op-ed page that the federal government should take a lesson from the states, and recognize the importance of helping homeowners.  

- Jon Alter writes on the Obamas' commitment to expanding public service and to building "an army of changemakers." In line with NDN Fellows Morley Winograd and Mike Hais' argument that we are entering a new, civic era, the Obamas may just meet with success.

Economy

- Paul Krugman worries that the Administration's economic policy is falling behind the curve, and that President Obama and Secretary Geithner are out of touch.   Mike Tomasky, too, is down on Geithner for failing to provide a clear sense of direction. Dan Drezner is giving the Administration another month before allowing his "freaking out flag to fly."

- I, however, am a little closer to freaking out after reading Martin Wolf's long column in yesterday's Financial Times.  He writes that the Greenspan ideas of liberalization and untamed markets have proven to be failed ideas.  He concludes: "The era of financial liberalisation has ended. Yet, unlike in the 1930s, no credible alternative to the market economy exists and the habits of international co-operation are deep"

International

- The Obama Administration announced yesterday that it would withdraw 12,000 troops from Iraq in the next six months, in the first stage of the planned drawdown. This came on the same day that a terrorist attack directed against Iraqi police recruits in Baghdad killed 33 and injured another 61.

- The Pakistani military claims to have scored a victory in the Bajaur Agency, pushing Taliban militants out of the northern region, over the border into Afghanistan. It's more likely that the Taliban fighters have just retreated into the mountains, to wait until the heat is off.

- In the WaPo, Robert Kagan writes that, for all the rosy rhetoric, Obama has maintained more or less the same course in foreign policy.  "The basic goals and premises of U.S. policy have not shifted," he writes. The Hill, on the other hand, sees a "sharp turn" on foreign policy. I'm more inclined to agree with them-- the goals and premises may remain the same, but changing how you get there can make all the difference.

One More Thing

- John McCain's run for the presidency killed his daughter's love life-- and he thinks it's funny!  How callous...

- I now kiss my delusions goodbye: President Obama doesn't read blogs... Mr. Biden, are you reading this?!

- Last, Michael Steele, channeled by Keenan Thompson on SNL, let's us know it's all good with him and Rush:

3/6 Roundup: Taking on Water, 35 Counties, Bradelosi

Sinking ShipLeader: Taking on Water

- On a wave of bad economic news, the markets dropped four percent yesterday, and may be looking at a few more days of dreariness as more bad news arrives.  The NY Times looks at the decline of the blue chips-- AIG is trading at about 35 cents, and Citigroup dipped below a dollar yesterday.  A share of GM costs less than a gallon of gas, and you're better off buying a pair of GE light bulbs than a share of GE  stock. The Dow creeps ever closer to 6,000.

- In late-breaking news, the economy lost 651,000 jobs in February, pushing the unemployment rate to 8.1%-- the highest in 25 years. Economists expect the losses will continue into 2010. 

- The government may invite hedge funds and private equity funds to invest in the bailout of the financial system-- not a bad deal considering there's potential for major profits, but no chance of loss, as the investment will be backstopped by the government.  Why do hedge funds never  seem to lose?

Politics

- At a White House summit yesterday, President Obama reiterated his commitment to overhaul the country's healthcare system, with a focus on reducing costs. He also suggested that he would be willing to compromise on the plan he initially offered in his budget blueprint.

- Newsweek's Jon Alter writes about how Rush Limbaugh is shredding the Republican party.

- The 2010 census is just 13 months away, and Sen. Tom Carper says we're not at all ready.

- Dr. Sanjay Gupta will not, after all, be our Surgeon General.  Too bad, I say-- I thought it was an inspired choice.

Economy

- USA Today finds that more than half of all foreclosures of the past year have taken place in just 35 counties around the country.  The counties are concentrated just where you might suspect: California, Florida, the Southwest, and the industrial Midwest. Needless to say, USA Today has colorful graphics to back up their point.

- Top execs at GM are more open to the idea of a government-financed bankruptcy procedure than they were before. 

International

- In one of the world's more overlooked conflicts the government of Sri Lanka is in the midst of a major offensive against a long-standing rebellion by ethnic Tamils. The military claims to have forced the Tamil separatists into a ten square-mile pocket, but has created a humanitarian nightmare in the process-- as many as 200,000 civilians are trapped as well, facing constant shelling as food, water, and medical supplies run out. The CS Monitor looks at how the Sri Lankan government was "emboldened" by the U.S. war on terror.

- Early signs indicate that the truce between the Pakistani military and the Taliban fighters in the Swat valley of Pakistan has already allowed the Taliban to expand its harsh rule in the region.

One More Thing

- He may be Sir Ted Kennedy, but does that mean he can't be Sen. Ted Kennedy? Know your Constitution!

- Last, Nancy Pelosi very nearly falls all over herself introducing American Hero Brad Pitt, who gives deeply inspiring remarks:



3/5 Roundup: Helping Homeowners, Too Many Czars, New Swing Set

HomeLeader: Helping Homeowners

- The White House unveiled yesterday the details of its program to keep people in their homes. $75 billion will be made available to offset the costs to banks and lenders willing to let homeowners renegotiate their mortgages. People facing foreclosure who have mortgages of up to nearly $730,000 will be eligible for help.  The plan may help as many as four million families stay in their homes.

- An additional five million homeowners are likely to be helped by the second part of the government program, which will help reduce payments for people with loans through Fannie Mae and Freddie Mac.

- John Geanakoplos and Susan Koniak, on the op-ed page of the NY Times, are not pleased with the plan. They write that no plan to keep people in their homes will be helpful unless it reduces the capital owed by "underwater" homeowners.

Politics

- In old news, the Republican Party is still in trouble. In market terms, writes Politico, the party is still looking for bottom.  Mike Tomasky has a great rundown of the whole Limbaugh fiasco, even looking back into Rush's past. At least some Republicans have realize they will be irrelevant as long as they fail to get immigration policy right and win back some Latino support.  

- The LA Times covers fears that President Obama has too many czars, and that he intends to bypass congress in the creation of policy.

- Bucking the line taken by the Bush Administration, the Supreme Court yesterday ruled that, even if a drug is approved by the FDA, the manufacturers of the drug can still be sued over alleged defects.

- Facebook is changing itself to be more like Twitter. As Dan wrote last week, Twitter is more than just a fad, it's here to stay.

International

- The ICC issued an arrest warrant for Sudanese President Omar al-Bashir for atrocities committed in Darfur.  Bashir himself has, of course, defied the arrest order, and an angry mob in Khartoum agreed with him. 

One More Thing

- Sasha and Malia Obama got a new swing set, complete with tire swing.  Color me jealous.

- Jon Stewart follows Jake Berliner and gets on the beating-up-Rick-Santelli bandwagon.  Not a bad bandwagon to be on: / 1

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