Monday Mashup Part One (5/3/10)

  • 1) Are you as under-whelmed by the entry of billionaire speculator Jeff Greene into the Florida Senate race as I am?

    As the Murdoch Street Journal tells us here, Greene made a fortune on credit default swaps against the collapsing Florida housing market; also, somewhat astutely I think, Greene had previously donated to the campaign of real Democratic candidate Kendrick Meek (here).

    Oh, and I got a kick out of the Journal highlighting the fact that Meek is supposedly a “high roller” because he has $3.8 million in campaign funds; gee, wouldn’t it have been “fair and balanced,” as it were, if they pointed out that presumptive Repug nominee Marco Rubio raised very nearly that amount in the first quarter alone (here)?

    Also, the fact that Greene has brought on board DLC Dems Joe Trippi and especially Doug Schoen tells you all you need to know about Greene’s allegiances (didn’t Terry McAuliffe try this in Virginia, ultimately helping to elect Repug Bob McDonnell as governor?).

  • 2) Also, I’m glad some news organization somewhere on this planet is calling out Laura Bush for that claim that she was supposedly poisoned in Germany in 2007 (here)…

    We see absolutely no evidence to support (these allegations) at all,” said Christian Ploeger, a spokesman for the Fundus Group that owns the Grand Hotel Heiligendamm in northern Germany where the Bushes stayed for a G8 summit.

    “The food was checked by security staff,” he said.

    “I suspect that this may be just to try and sell more copies of the book.”

    Word to that, yo (and how disgusting is it for her to make a charge like that when, for example, the enemies of our ol’ buddy Vlad Putin routinely seemed to be ingesting exotic chemicals that ultimately killed them – I mean, when they weren’t falling out of buildings to their deaths, that is?).

    Oh, and speaking of the former first couple, just when you thought that only David Broder was concocting the dreaded “Bush bounce” stories, I give you this.

  • 3) Finally, I’m scratching my head over this bit of Old Gray Lady wankery from John Harwood (here)…

    Bush administration officials had multiple arguments for war with Iraq. But to anchor their public case, Paul D. Wolfowitz, the former deputy secretary of defense, once explained, “We settled on the one issue that everyone could agree on, which was weapons of mass destruction.”

    For similar reasons, Republicans accused Mr. Obama and fellow Democrats of perpetuating bank bailouts through their proposal for shutting down failing Wall Street institutions. Though the plan explicitly aimed to prevent bailouts, Republicans seized on potential loopholes in hopes of capitalizing on public resentment.

    Senator Bob Corker questioned fellow Republicans’ arguments, helping shift debate toward issues like Senator Blanche Lincoln’s derivatives spinoff plan.

    But Mr. Obama called that argument “cynical and deceptive,” and Senator Bob Corker, Republican of Tennessee, publicly questioned its credibility. Senate Republican leaders could not hold rank-and-file members against beginning floor debate, especially as Democrats signaled willingness to compromise on disputed provisions.

    OK, the last paragraph is pretty much rooted in the real world, so I think that’s OK. However, the line about “Democrats…perpetuating bank bailouts through their proposal for shutting down Wall Street institutions” is factually wrong.

    As noted here…

    STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Republicans oppose this idea of a bail-out fund, saying it will institutionalize “too big to fail.”

    FRANK: Well, there is no bail-out fund. Your use of the phrase, frankly, ought to make Mitch McConnell happy, because there is no bail-out fund. A bail-out fund suggests that there is money that is going to help an institution.

    DHUE: So we should call it a “dissolution fund”?

    FRANK: Yes, it is — actually, it is a “funeral expenses fund.” And it’s a dissolution fund, which is, in fact, what we do call it.

    A bail-out fund suggests that you take money from the tax-payers and give it to institutions that have screwed up to keep them alive. None of that applies to our fund. In the first place, what it is is money that is raised from financial institutions, not from the tax-payers. Secondly, it can only be spent to help put the institution to death. What we do in this bill, first of all, is to say that unlike the current law, the regulators don’t have to pay — they don’t have to choose between paying all of the debts and none of the debts. They can pay only those debts of an ongoing — of an institution that are necessary to avoid a collapse.

    But there is no bail-out. There is no public money. And more importantly, the institution is dead. Not a penny can be spent until the shareholders lose everything, the CEO is fired, the board of directors is fired, the company is basically dissolved.

    Of course, since Senate Democrats lack the spine of House Democrats, the fund was dropped, as noted here; also, for reasons that utterly escape me, President Obama bought into the wingnut talking point that the fund would be used for bailouts, when, as Barney Frank already pointed out, no such thing would have occurred.

    It should also be noted that the whole “bailout fund” talking point has been echoed everywhere by our corporate media, including former Bushco flak Dana Perino here, who defended the GOP’s actions on financial reform, saying the party was “leading” (as noted here, though, this is one of many topics about which she is not an expert – claims from the prior post include misinformation about Fannie Mae and Freddie Mac and the entire question of whether or not our economy was even in a recession as far as she knew while her boss’s term in office mercifully concluded).

    And just to make sure that Perino’s misinformation is current on financial matters, I give you this also.

    Oh, and one more thing, Harwood – Iraq’s WMD were never found (apparently it is necessary for me to remind you of that).

  • Advertisements

    Leave a Reply

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s

  • Top Posts & Pages

  • %d bloggers like this: