Swedish Meatballs
17 hours ago
In one of the most extraordinary days in Wall Street’s history, Merrill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis while another storied securities firm, Lehman Brothers, hurtled toward liquidation, according to people briefed on the deal.The collapse of Fannie Mae and Freddie Mac was huge, but probably a little too far removed from people's day-to-day lives for them to understand. I felt that way -- I knew it was huge but couldn't quite get my arms around it.
The dramatic turn of events was prompted by the cataclysm of losses that has shaken the American financial industry over the last 14 months.
The moves came after a weekend of frantic negotiations between federal officials and Wall Street executives over how to avert a downward spiral in the markets. Questions still remain about how the market will react and whether other firms may still falter like A.I.G., the large insurer, and Washington Mutual, both of whose stocks fell precipitously last week.
Coming just a week after the government took control of mortgage lenders Fannie Mae and Freddie Mac, the magnitude of the industry’s reshaping is staggering: two of the most powerful firms on Wall Street, Merrill Lynch and Lehman, will disappear.
The weekend’s once unthinkable outcome came after a series of emergency meetings at the Federal Reserve building in downtown Manhattan in which the fate of Lehman hung in the balance. In the meeting Federal Reserve officials and the leaders of major financial institutions were trying to complete a plan to rescue the stricken investment bank.
In a recent interview, John McCain said that Governor Palin “knows more about energy than probably anyone else in the United States of America.” If anyone covering the campaign is allowed to interview Senator McCain or Governor Palin again before Election Day, it might be worth asking how, given her expertise, she managed to so wildly misstate the amount of energy produced by her own home state. Governor Palin said that Alaska supplies 20 percent of U.S. energy, and Senator McCain repeated the false claim. The correct number is 3.5 percent. Facthcheck.org called their claim “Not true. Not even close.”And that's the issue she's smartest on. But more importantly, McCain again lied, or was so out of touch, so confused, that he has no idea what he's talking about anymore. No wonder they won't let him do a real interview. Read More......
WALLACE: What does McCain do that goes a step too far?Read More......
ROVE: McCain has gone, in some of his ads, similarly gone one step too far in sort of attributing to Obama things that are, you know, beyond the 100% truth test.
Palin has come under fire in recent days for misleadingly saying she told Congress “thanks but no thanks,” refusing an earmark for a bridge to a sparsely inhabited island in her home state. Independent groups and media fact-checkers have said Palin advocated for the federal earmark before opposing it, only ended after Congress had essentially killed it, and kept the $223 million for the appropriation after the project was killed.The reason McCain has embraced lying as his primary campaign tactic isn't just that he has Karl Rove's deputies at the helm of his campaign. It goes deeper than that. These aren't just Karl Rove's deputies. They're George Bush's staffers. The Bush White House embraced the art of the lie, and the corporate media didn't bat an eye at disseminating Bush's lies far and wide. We are seeing the logical next step in what happens when the media refuses to do its job, refuses to hold politicians accountable. The politicians learn the lesson - you can lie with impunity, and it works. It's not just that McCain's campaign is run by Rovies - it's run by Bushies. McCain sold his honor in order to win an election. Read More......
Palin had cut the refrain from her speech during her three-day visit to Alaska. But she came back to it today, citing it as an example of earmark reform she and McCain would push for in the White House.
“I told Congress thanks but no thanks to that Bridge to Nowhere -- that if our state wanted to build that bridge, we would build it ourselves," she said....
Nevada Lt. Gov. Brian Krolicki said on stage that 10,000 people were in the crowd, but parks officials said the pavilion held only 3,500 people.
In the small circle of advisers close to the governor, these people say, Mr. Palin is among the closest, and he plays an unpaid but central role in many aspects of the administration of Ms. Palin, the Republican nominee for vice president.Todd stories keep popping up. I suspect we haven't heard all of them, yet. Read More......
Mr. Palin’s involvement in the governor’s office has prompted an irreverent quip by some capital staff members when decisions are to be made that might affect the governor: “What would Todd do?”
Mr. Palin has encouraged lawmakers to support his wife’s agenda, helped her review budget items and polish speeches, surprised some lawmakers by sitting in on meetings and received copies of top administration staff e-mail messages.
Senator Barack Obama’s campaign announced today that more than half a million new donors contributed to the Obama campaign during the month of August, bringing the total raised for the month to over $66 million and the cash on hand to more than $77 million. More than 2.5 million people have contributed to the campaign.From the NY Times:
“John McCain says that he’ll take on the special interests and lobbyists, but McCain can’t fix a problem he’s been part of for three decades. The 500,000 new donors to the Obama campaign demonstrate just how strongly the American people are looking to kick the special interests out and change Washington. We are proud of the millions of volunteers and more than 2.5 million donors to the Obama campaign who are contributing to help us deliver the change we need instead of letting John McCain just continue the same failed Bush policies while middle class Americans struggle,” said David Plouffe, campaign manager of Obama for America.
While the figure is a considerable sum of money, it is a baseline for what Mr. Obama has to raise every month to meet his campaign’s goals. He is not taking public financing – an $84 million cash infusion from the United States Treasury – so his fund-raising burden is considerably higher than his Republican rivals.Various reports indicated McCain took in $47 million in August. McCain is now receiving public funding so his campaign committee cannot raise money. But, the RNC can - and is raising money for McCain with the help of George Bush (click photo for larger image):
A new group financed by a Texas billionaire and organized by some of the same political operatives and donors behind the Swift Boat Veterans for Truth campaign against Sen. John F. Kerry in 2004 plans to begin running television ads attacking Barack Obama, a signal that outside groups may play a larger role than anticipated in the closing days of the presidential race.If you thought the past couple weeks were ugly, hold on. It's going to get much, much worse.
The American Issues Project has amassed a multimillion-dollar fund, and the group is putting the final touches on an eleventh-hour campaign targeting the Democratic presidential nominee, sources said.
"We expect to be doing both issues and express advocacy between now and November and beyond," said Christian Pinkston, a spokesman for the group.
On the Democratic side, much of that effort appears to be falling to labor unions and a handful of well-known advocacy groups such as MoveOn.org and the Sierra Club. In the spring, a coalition of liberal groups that included the AFL-CIO announced plans to spend $350 million on political activities during the 2008 campaign season, but they have been slow in coming together.MoveOn.org knows how to throw punches. The counter attack is going to have to be ruthless. Read More......
Ilyse Hogue, the campaign director for MoveOn.org confirmed that the group will spearhead an ad campaign focused on what has emerged as the central theme of the fall campaign, the question of which candidate is better equipped to bring change to Washington.
"The fight is over whose plan for change is real, whose is genuine. And we're looking to put that in front of voters," Hogue said. "When you look at McCain and [GOP vice presidential nominee Sarah] Palin's ties to Big Oil, it doesn't pass the laugh test that they are for change."
Having spent recent elections watching conservative groups bombard Democratic candidates by taking a disciplined message to the television and talk radio airwaves, the leaders of several major left-leaning groups said they are ready to answer back.
"After years of watching the other side do this, it's finally something we've really gotten strong at," Hogue said.
ABC's "This Week" — Sen. Claire McCaskill, D-Mo.; Carly Fiorina, adviser to John McCain; former Federal Reserve Chairman Alan Greenspan.Read More......
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CBS' "Face the Nation" — Gov. Janet Napolitano, D-Ariz.; Sen. Kay Bailey Hutchison, R-Texas; Rep. Debbie Wasserman Schultz, D-Fla.; former acting Gov. Jane Swift, R-Mass.
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NBC's "Meet the Press" — Former Mayor Rudy Giuliani, R-N.Y.; Sen. Charles Schumer, D-N.Y.; Bob Woodward, associate editor for The Washington Post and author of a new book on the Bush administration.
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CNN's "Late Edition" — R. David Paulison, administrator of the Federal Emergency Management Agency; Govs. Tim Pawlenty, R-Minn., and Bill Richardson, D-N.M.; Sen. Dianne Feinstein, D-Calif.; Rep. Marsha Blackburn, R-Tenn.; Linda Douglass, adviser to Barack Obama; Nancy Pfotenhauer, adviser to McCain.
"Fox News Sunday" _ Former Gov. Tony Knowles, D-Alaska; Lt. Gov. Sean Parnell, R-Alaska; Jim Laychak, president of the Pentagon Memorial Fund.
Alan Greenspan says the country can't afford tax cuts of the magnitude proposed by Republican presidential contender John McCain — at least not without a corresponding reduction in government spending.Read More......
"Unless we cut spending, no," the former Federal Reserve chairman said Friday when asked about McCain's proposed tax cuts, pegged in some estimates at $3.3 trillion.
"I'm not in favor of financing tax cuts with borrowed money," Greenspan said during an interview with Bloomberg Television. "I always have tied tax cuts to spending."
McCain has said that he would offset his proposed cuts — including reducing the corporate tax rate and eliminating the Alternative Minimum Tax that has plagued middle-class families — by ending congressional pork-barrel spending, unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security.
Democrats pounced on Greenspan's comments, in part because McCain professed last year that he was weaker on economics than foreign affairs and was reading Greenspan's memoir, "The Age of Turbulence," to educate himself.
"Obviously he needs to go back to that book and study it some more," Sen. Claire McCaskill, D-Mo., said during a conference call arranged by the campaign of Democratic nominee Barack Obama.
McCaskill said eliminating congressional earmark spending — estimated at $17 billion annually — cannot offset McCain's proposed tax cuts.
Wearing white chef's aprons, Whitlock and DeMoss were doing a brisk business at noon Saturday selling the waffle mix to people crowded around their booth. Two pyramids of waffle mix boxes stood several feet high on the booth's table.Read More......
"It's the ultimate political souvenir," DeMoss told a customer.
Asked if he considered the pictures of Obama on the box to be racial stereotypes, Whitlock said: "We had some people mention that to us, but you think of Newman's Own or Emeril's — there are tons and tons of personality-branded food products on the market. So we've taken that model and, using political satire, have highlighted his policies, his position changes."
Indeed, in her 20 months in office, Palin's toughest financial decisions involved dickering with the Legislature on creative ways to spend and salt away the billions of dollars in oil revenues pouring into the state treasury.Windfall oil profit taxes, just like Obama suggested and the McCain and the GOP rejected. What a phony baloney fiscal conservative, but typical. She cut spending about as much as the GOP Congress during the Bush years. Read More......
At times, Palin has been more economic populist than small-government conservative, partly because of Alaska's unique government financing system.
With no statewide income or sales tax, Alaska funds about 90 percent of the state budget from royalties and taxes on oil producers. Soaring oil prices and a higher windfall oil profits tax - an increase pushed through by Palin, now the Republican vice presidential nominee - have state coffers overflowing with petrodollars. The Alaska oil industry calculates that its annual payments to the state doubled in a single year to $10.2 billion.
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