Could be a crazy weekend, so light posting. Or, maybe not!
• Man is Larry Summers a tremendous asshole. This is the must-read of the day.
• So we have a better name for the Schneiderman panel or UMOSA or whatever. The Justice Department is calling it the Residential Mortgage-Backed Securities Working Group. So RMBS Working Group is, well, workable. Incidentally, check out Eric Holder letting his slip show here in his remarks today:
Over the past three years, we have been aggressively investigating the causes of the financial crisis. And we have learned that much of the conduct that led to the crisis was – as the President has said – unethical, and, in many instances, extremely reckless. We also have learned that behavior that is unethical or reckless may not necessarily be criminal. When we find evidence of criminal wrongdoing, we bring criminal prosecutions.
• The White House’s blueprint for financial aid is here. As per the State of the Union, the big story is this idea of linking financial aid to college affordability. If the college isn’t affordable, it doesn’t get as much aid.
• France is getting out of Afghanistan a year early, in 2013. And because this ties in to all the NATO drawdown plans, it could really throw a wrench into the 2014 plans. This time in a good way.
• I’m thinking everyone working in private equity firms right now wishes the world never heard of Mitt Romney.
• Romney, by the way, is pulling away in Florida, even as Newt Gingrich extends his lead nationwide. Newt’s only chance is this hard negative ad.
• The Senate has almost finished up work on a bipartisan surface transportation bill, but the House version is really horrible, so it’s unlikely there will be agreement this year.
• Problem: we’ve locked up so many people for so long that the prison population has become elderly and medical costs are soaring. Tough on crimes bites back.
• Here’s a real scandal from Murray Waas: how ex-regulators helped Ponzi schemer Allen Stanford evade prosecution for years.
• TARP just goes on and on and on.
• Rick Perlstein’s latest for Rolling Stone, on Newt Gingrich and the 1994 Contract With America, and how you can trace its roots back to Ross Perot.
• BP and its partners on the Deepwater Horizon rig are still arguing over financial responsibility.
• Cory Leibmann has lots of questions for Scott Walker.
• Thirty-seven people died in protests in Syria, as Russia said it would not agree to any Security Council resolution calling on Bashar al-Assad to step down.
• Yes, Ron Paul approved those newsletters. It was a business operation, why wouldn’t he?
• Pretty sure that Wolf Blitzer doesn’t know a damn thing about the foreclosure crisis. You’ve seen him on Jeopardy, right?
• Mortgage originations from 2010 and 2011 are not defaulting because lending standards have returned to something approaching reality.
• Today was Fitch’s turn to cut credit ratings for Eurozone countries. Spain, by the way, is also destroying itself through austerity.
• This doesn’t look like a serious peace offer on the part of Israel. But I promise not to call whoever proposed it an Israeli official, because that would be a baseless smear.
• Interesting back and forth between Matt Yglesias and Kevin Drum on trade and manufacturing.
• At least Rick Perry got the grifter part of running for President right.
• The whole posthumous conversion to Mormonism thing is completely bizarre. And yes, Mitt Romney practiced it.




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About FDL News Desk
I was right from the very beginning about “Eric the Sellout”.
Asshole.
Can’t wait for Cynthia Kouril to weigh in on the “illegal vs unethical” question.
Can’t imagine an entire semester of graduate seminar with Summers. Arrrrrrrgh.
Greece debt talks ‘close to deal’
Greece could reach a deal with its creditors over the weekend, according to a senior European official.
LINK.
Homeland Security Wants to Spy on 4 Square Miles at Once
“The Department of Homeland Security is interested in a camera package that can peek in on almost four square miles of (constitutionally protected) American territory for long, long stretches of time.
“Homeland Security doesn’t have a particular system in mind. Right now, it’s just soliciting “industry feedback” on what a formal call for such a “Wide Area Surveillance System” might look like. But it’s the latest indication of how powerful military surveillance technology, developed to find foreign insurgents and terrorists, is migrating to the home front.”
LINK.
Why?
US seeks greater military ties with China LINK.
Obama administration using loophole to quietly sell arms package to Bahrain LINK.
I’m glad people are starting to focus again on the Allen Stanford saga. There is no question in my mind that government contacts helped protect his Ponzi scheme, which in that sense makes it even worse than Madoff, and many of his accomplices remain unindicted.
Why can’t Congress proactively ban arm sales to Bahrain? This sounds like one more case where everybody’s trying to pass the buck.
Michael Greenberg in the latest NY Review of Books:
What Future for Occupy Wall Street?
Yeah, busily trying to pass the buck while Bahrain gets the arms.
This is creepy: Obama and two Bushes.
Speaking of baseless smears, I always felt that Spencer Ackerman when he was at FDL was intolerant of anti-Israel views. Now I see others are starting to pick up on this. Good.
In other news, there was a major flood and landslide combination in Fiji.
Syria is on the brink of a real disaster. Don’t forget it has 1 million refugees and 300,000 persons without country, and is now hemorrhaging 33,000 refugees of its own. The number of possible factions if it disintegrates is large, the ICRC reports that weapons are moving quickly within the country.
Russia turned down the SC resolution proposal (brought by Morocco on behalf of the Arab League) but said it was willing to negotiate on points it didn’t like. This, and not the nuclear tap dance, is where the powder keg is w/resp to Iran, so it might be worthwhile to pay just a little more attention to the people getting shot there. It needs people speaking up on behalf of peace and it needs them now, not when there are loud voices saying otherwise.
Syria is in a sphere of influence that the U.S. has tried to destroy at every turn. The U.S. has no helpful role to play in bringing peace to that country.
On the Mormons; I toured the Temple up in MD before it was officially open. Did anyone know they had wedding chapels for marrying the dead to each other? They had the rolling carts for moving the caskets and everything.
Long story, since non-devouts were not supposed to see past the first floor. (They gutted the floors we toured since we were never supposed to see the insides). Decadent is too weak a word for that place, it makes the Catholic Church look like pikers.
I have to say I have never personally known a Mormon that wasn’t a very nice person (a far better percentage than “Christians”), but that religion is just plain weird.
Maybe, maybe not. But you do.
Here’s a link to that Russia-Syria story, for those who might be interested in pursuing it.
US plans Mid-East ‘mothership’
“THE US military is rushing to send a large floating base for commando teams to the Middle East, as tensions rise with Iran, al-Qaeda in Yemen and Somali pirates, among other threats”
LINK.
After 120 years, Hull House has closed–because they had no money to continue. We have come to this.
(Linking to this source because of the wonderful picture of Jane Addams. You can get to the original article easily.)
On the financial aid to colleges, they do not have a bureaucracy competent or staffed to determine the appropriate level of tuition at individual institutions. This is just another way to ration, i.e., CUT aid. Health “care” “reform” all over again.
The Roots of Christian Zionism: How James Scofield Sowed the Seeds of Apostasy – 1 hr video http://t.co/FA1HB6Ni – good for sharing with evangelicals.
George Soros on the Coming U.S. Class War,
He’s scaring the crap out of the fabulously wealthy in Davos.
So are you saying they dug them up?
I always thought the mormons stuff looked so.. beige.
Catholics have color! colored leaded glass, blood red robes, dark wood, shiny smokey things.