"Executive privilege is a dubious federal defense in the most charitable sense, I never even thought it was possible to have a State governor invoke it, but Palin’s people have given the finger to their subpoenas, too, oh well on the rule of law in the Republican Party, it’s not just a Bush thing, nope."
What in the hell did you expect. Bush opened the door big enough to drive a Hummer through. From this point on, anyone in Government who doesn't want to accept a subpoena will just scream "executve privilege." The only thing that hasn't happened yet is for Todd to say "sorry, I have executive privilege because my little woman is the Govenor."
Posted by Judith at September 18, 2008 06:20 AMdoes exec priv, apply to emails sent from a yahoo account?
does j. mac know who the prime minister of spain is? where is the media coverage of his equating zapatero as a latin american dictator???
At first it sounds like McCain is taking a hard neocon line against Prime Minister Zapatero, but as the interviewer continues to press the point, it becomes pretty obvious that McCain has no idea who she's talking about.
His broad, generic answer is clearly meant to cover Latin American leaders generally, known and unknown -- sort of a blanket "we'll stand up to tinpot dictators" -- even if they happen to be NATO prime ministers.
foreign policy is my strong suit-- jonny mac.
this is a big, big gaffe...
Posted by anthony at September 18, 2008 06:32 AMThe turmoil during these last few days just proves one thing: The State is the ultimate guarantee for a functioning free market. It is stupid to drown it in a bathtub.
Posted by at September 18, 2008 06:37 AMJust saw PIMCO's Managing Director freaking out about how the taxpayer has got to pay for Wail Streets excesses and greed, like we don't and won't anyway, or the world will come to an end.
It occurs to me that actually, we don't need to, and shouldn't, and let these thieves and cowards stew in their own juices. In reality, the meltdown is really largely in the Wall Street Universe, yes, it has impacts everywhere else, but I don't feel the need to send my money to pay for some private equity's miserable greed and failure. I'm doing okay, screw the street, they need to be orn up and repaved with new eco friendly materials anyway.
Posted by Duckman GR at September 18, 2008 06:52 AMHave no fear.
Our dear leader has cancelled his political fund raising efforts to stay in Washington and "focus on the economy".
Doesn't that just raise your spirits?
Posted by snark at September 18, 2008 07:03 AMJohn McPOW thinks Spain is a language South Americans speak.
Posted by T2 at September 18, 2008 07:15 AMBush is on right now with a special report on the economy.
Posted by Judith at September 18, 2008 07:16 AMNever mind. Bush wanted to tell us that the situation is bad. WTF? Well, that took 3 minutes and no questions by the media.
Posted by Judith at September 18, 2008 07:18 AMNever mind. Bush wanted to tell us that the situation is bad. WTF? Well, that took 3 minutes and no questions by the media.
Oh, Bush said he did cancel a trip to be in Washington today due to the seriousness of the situation. Two words Bush "fuck you."
Posted by Judith at September 18, 2008 07:21 AMFrom what I see, you ain't seen nothin yet. T-bills moved at essentially ZIRP. Money for nothin...and if you're in the Interior Department...your chicks for free.
What drove all of this crap was deregulation over a 25 year period (Thanks again, Ray-Gun) and undercapitalization. Financial institutions didn't have to cover their shitty investments with adequate net capital, and restraints on incurring debt were largely nonexistent. So how does the Fed react?
I shit you not, the Feds just removed another regulation and decided "Goodwill" is a core capital asset. Ergo, investment banks can now borrow (from their own commercial banking operations) the real capital displaced by the fake capital of "goodwill". The Feds just shoved all the chips in and removed all economic regulations requiring capital reserves.
Your bank accounts? They are now "Good Will" because the investment bank portion of your bank took the money. Maybe you'll get a voucher when you go to the bank, or a lovely stuffed bear named "Good Will, FDIC". Maybe it'll be a plush stuffed penis to symbolize your getting "Fucking-DIC'ed".
In short, the Feds responded to the problem of deregulation by removing ALL regulations. Good luck!
Posted by phidipides at September 18, 2008 08:45 AMBush, in those three minutes, said something profound. I will be watching the situation and "CONSOLING with my advisors."
Are we more comforted by this thought?
Posted by goalkeeper at September 18, 2008 09:01 AMOh, my, here we go. It's Clinton's fault, of course:
The Real Culprits In This Meltdown
Posted by ann at September 18, 2008 09:56 AMYeah, it's well known that Bushco couldn't do anything because Clinton had been president before them. Just their luck, Clinton will probably be "governing" beyond the grave.
That worthless editorial hasn't a single date, example or data point. It's utter shit. And to the extent that Clinton's HUD required Fannie/Freddie to buy subprime mortgages in the 90s, it was in small amounts, Bush took over in 2001, for God's sake, and he could have changed the HUD regulations whenever he wanted---they are promulgated by that agency!
Instead, Bush INCREASED the number of subprime mortgages it wanted the GSEs to buy in 2004(!), as the WaPo recently reported. So this editorial is absolutely a pack of misleading lies, devoid of actual data or argument and utterly illogical. It must be from a right wing garbage trough site.
Posted by euzoius at September 18, 2008 10:08 AMOh, my, here we go. It's Clinton's fault, of course:
Well, the underlying meme of the piece is it's really the fault of black people, and Clinton was just "obsessed with multiculturalism" in banking practices.
McCain/Palin 08: Hey! At least we're white!
And, WOW, just fucking WOW. Elizabeth Drew bailed on McCain. Holy hell...
The GOP had better start caging republi-con votes as well. Just get a list of republi-cons losing their butts in the financial melt down. Why the hell should they get to vote?
Posted by phidipides at September 18, 2008 10:21 AMNaomi Klein's already explained it for us, I think.
Posted by Sharkbabe at September 18, 2008 11:36 AMMuck: Are you better off now than your great great great great grandfather was in 1880?
Posted by TIKI AL at September 18, 2008 11:55 AM"Hope for the best. Do everything you can to elect Barack Obama,"
Uhm...hope is not a plan...the reason we haven't outrage is...
Obama’s financial advisors and staff:
Austan Goolsbee: Obama’s Economic Advisor; Professor at the University of Chicago’s conservative business school; ideologue of “free trade” policies; supports NAFTA and other free trade agreements which deeply impoverish farmers and producers in colonized countries; in a 2007 New York Times opinion piece he disputed whether "subprime lending was the leading cause of foreclosure problems," and defended the targeting of African and Latino homeowners for subprime, stating “the existence and spread of subprime lending helps explain the drastic growth of homeownership for these same groups.”
Jason Furman: Obama Economic Policy Director; centrist; supporter of free trade; supporter of Wal-mart; Protégé of Wall Street insider, Citibank head and Clinton’s Secretary of the Treasury, Robert Rubin; considered to be an assurance to Wall Street that an Obama presidency will be subservient to the interests of the big banks.
Penny Pritzker: Obama’s Finance Chair; heir to Hyatt Hotel fortune; one of the key bankers who designed, packaged and launched the sub-prime mortgage to Wall Street investment bank Merrill Lynch; she convinced people who had fixed mortgages to convert to subprime; Pritzker’s Superior Bank defaulted in 2001 due to subprime investment and shady practices; bank customers lost all their money while the Pritzker family walked away with millions of dollars.
Obama’s financial backers:
* One third of Obama’s record breaking contributions of nearly $400 million have come from donations of $1,000 or more—a total of $112 million, more than McCain or Hillary Clinton.
* Obama has more than 500 “bundlers,” professional fundraisers and lobbyists who each collected a minimum of $50,000.
* Two thirds of Obama’s bundlers come from law, securities and investments, real estate and entertainment.
* At least 100 Obama bundlers are top executives or brokers from investment firms; nearly two dozen work for Wall Street giants like Lehman Brothers, Goldman Sachs or Citigroups; about 40 others come from the real estate industry.
* Obama gets more donations from Wall Street than any other candidate in the 08 campaign.
Tiki, my ancestors came from another country to find a better future here in America. Every generation since has improved their financial well being. That's why Obama's plan to raise taxes and go to some centrally-planned government scheme goes against everything my family has ever worked and fought for.
Posted by Muck at September 18, 2008 12:17 PMWhat do you think of GOoPer President Paulson's centrally planned government scheme?
And Obama tax plan lowers taxes for all but the rich---which I'm betting you're not. Too bad, I'd like to see your federal taxes go up, muck.
work and fight, muck, work and fight!
Posted by euzoius at September 18, 2008 12:29 PMMuck: Glad to see you are still lurking out there, I was worried that you may have jumped out of a skyscraper due to the greed of your fellow republicans.
God bless the bottomless taxpayer bailouts.
Posted by TIKI AL at September 18, 2008 12:35 PMsome centrally-planned government scheme
Wonder what they would think of the giant bailouts?
And your family story is pathetic. Many of my family were here when the terrorists came in 1492. So you can fuck yourself, spunky.
Uhm...hope is not a plan...the reason we haven't outrage is...
Dollar to a donut that was peter.
Posted by phidipides at September 18, 2008 12:50 PMeuzoius, thanks for your take on that editorial. a conservative "friend" sent it to me and I honestly didn't know what to think since I hadn't heard anyone else spouting that analysis.
Posted by ann at September 18, 2008 12:57 PM"some centrally-planned government scheme"
What the hell is this supposed to mean anyway?
Posted by ann at September 18, 2008 12:58 PM