Demand Comprehensive Preventative Measures For The Financial Industry

A sign of preventative economics to come?
WASHINGTON/NEW YORK (Reuters) –

BofA, Citi, Wells need capital under stress tests
Regulators are ordering some of the largest U.S. banks to find tens of billions of dollars of capital to cushion themselves in the event of a deep economic downturn.
The results of government "stress tests" of the ability of the 19 largest U.S. banks to weather a deep recession will be released on Thursday at 5 p.m. EDT and are expected to show about half the banks need more capital.

On the Rachel Maddow show last night, Naomi Klein echoed many of my worries and discomfort over the continuity of Bushco unorthodoxy through this Obama Treasury Department. Glad-handling by financial industry lobbyists seems to be working all too well. Big Business LOBBYING SEEMS TO BE COMING DIRECTLY FROM INDIVIDUALS IN THE GOVERNMENT itself. The conflicts are rife.

In the soup that makes up the whirly-gigging world of the Beltway, the blurring of roles of elected politicians to lobbyists to corporate head quarters has made for a very unpleasant roux.

Why in the hell is Obama forcing Americans to partake of this foul concoction borne of Wall Street K Street, 1600 Pennsylvania Avenue and the Hill?

The hangover of a betrayed hope...
From Naomi's lexicon:

Political scientist Sam Gindin wrote recently that the labor movement can do more than protect the status quo. It can demand, for instance, that shuttered auto plants be converted into green-future factories, capable of producing mass-transit vehicles and technology for a renewable energy system. "Being realistic means taking hope out of speeches," he wrote, "and putting it in the hands of workers." Which brings me to the final entry in the lexicon. Hoperoots. Sample sentence: "It's time to stop waiting for hope to be handed down, and start pushing it up, from the hoperoots."

Senate Breaks Open New Opportunities For Homeowners To Save Their Homes

The WNJ lists items from yesterdays Senate foreclosure relief bill ~

THE HOUSING RESCUE BILL WOULD:
• Modify a Federal Housing Administration foreclosure rescue program enacted in 2008 to make it more appealing for lenders, including reducing FHA fees and boosting incentives for adjusting mortgages for struggling homeowners.
• Provide a safe harbor to protect mortgage-holders from investor lawsuits if they modify home loan terms.
• Take $2 billion of the $700 billion Wall Street bailout fund to pay for the FHA program changes.
• Increase from $100,000 to $250,000 the amount in bank deposits the Federal Deposit Insurance Corporation will insure. The Senate version would sunset this provision in 2013.
• The House bill would enable a bankruptcy judge to lower an individual's mortgage payment. The Senate rejected this measure.
• The Senate bill would expand loan-modification opportunities for rural houses.

Jud Bennett Writes: A Visit With Sussex County Community Organized Regiment Meeting (SCCOR)

Dear Friends,

I attended for the first time last night (Wednesday, May 6th at 7:30 PM) a Sussex County Community Organized Regiment Meeting (SCCOR) held at the VFW on Route 24. I was there for the sole reason of learning first hand exactly what this group is about, its goals, and method of operation. Ron Macarthur, a reporter from the Cape Gazette was there, as well, and I'm sure he will be presenting his perspective for the local newspaper.

The way I see it, contrary to rumors and innuendo, this growing group is neither a regiment, a quasi military group, or a radical organization of any kind. It is merely a group of ordinary, like -minded, hard working Sussex County citizens from a variety of back grounds who are seriously concerned about their financial futures and how this aspect of their lives is affected by both local and national politics. SCCOR (as it is called) is basically a conservative, political organization (not necessarily all Republicans ) for all intents and purposes whose members believe fervently in the constitution, are deeply concerned about the way things are going under the Obama administration, and indeed want to bring about political change. The organization and its members definitely intend and hope to be a viable political force in Delaware that will affect the outcome of future elections. They have already formed a PAC Fund called SCCOR-PAC which has begun to raise money and will contribute to political campaigns in the next election cycle.

That being said, there were two guest speakers last night. One was controversial, Representative John Atkins (D) who was there to explain his votes on Sports Betting and his position on Manufactured Housing rent payments and Senator Colon Bonini (R) who was there to present his budget ideas for Delaware.

I felt that Representative John Atkins handled himself very well and fielded some of the tough questions with firm resolve and dignity, especially in light of the fact that many folks in attendance did not agree with him.

Senator Colon Bonini, who without a doubt is Delaware's least effective Senator (due to President Pro Temp-Senator Thurman Adams' personal disdain for him) and refusal to let him get any bills out of committee, actually presented an interesting and viable financial plan for the State of Delaware. The plan was based on reduced spending and Senator Bonini nicely and clearly broke down the ridiculous and considerable waste that the State of Delaware now participates in. Of course, since Senator Bonini has never voted to approve any budget in his 15 years in the Senate makes his recent promotion even more interesting. Could Senator Colon Bonini be hyping his plan for a future run for Governor, especially since he is ineffective in the Senate due to his obvious, Republican, minority position and tenuous relationship with Senator Adams? Regardless, his presentation last night was well received and impressive.

All in all, I found the SCCOR group to be a positive and productive organization that may very well make a difference in future elections as it keeps growing. Freedom to express ideas and concerns is what America is supposed to be about. That's it for now. AMEN

~*~

From The Inbox ~ Science Debate And Barack Obama Want Your Ideas On How To Restore The Science Integrity Of Government

Dear Nancy :
Barack Obama pledged to Science Debate that he would "restore the science integrity of government and restore transparency of decision-making...". He has referred to this pledge several times since, most recently in his speech to the National Academies of Science. On March 9, the president formally asked the White House Office of Science and Technology Policy (OSTP) to make recommendations on how the executive branch can meet this pledge.

The OSTP has opened a public comment period regarding this directive, giving you the opportunity to share your thoughts on what the next steps should be.

Comments are due by Wednesday, May 13. The OSTP is looking for recommendations on the six issues President Obama identified in his memo:

• hiring and keeping qualified scientists
• defining new policies to ensure integrity
• using "well-established scientific processes" like peer review
• disclosing scientific findings
• ensuring that principles of scientific integrity are being adhered to
• adopting additional policies like whistleblower protections

The OSTP is accepting comments via email and through their blog, HERE.
Their original request for input can be found HERE (pdf). Many organizations in Washington will be giving their opinions of what the OSTP plan should entail. We believe it is important for scientists and other science supporters to be included in that process, and for you to indicate to the White House how science and scientific integrity affect your work, your families, and your communities.

If you're interested in more background information, visit the scientific integrity site of our friends at the Union of Concerned Scientists HERE.

If you like our work, please contribute - we are all volunteer, and individually funded.
Thanks -- and we hope to see you this weekend in New York!

-The team at ScienceDebate.Org

Just A Regular Joe

Joe Biden is Onionized ~ WASHINGTON—Taking advantage of the warm spring weather Monday, Vice President Joe Biden parked his 1981 Trans Am in the White House driveway, removed his undershirt, and spent a leisurely afternoon washing the muscle car and drinking beer.
White House aides said that Biden pulled into the driveway shortly before noon, the chorus of Night Ranger's "(You Can Still) Rock In America" blaring from his car's stereo. According to witnesses, Biden spent several minutes maneuvering the Trans Am into the perfect spot, and was observed drumming his fingers on the steering wheel until the song came to a close.

(h/t two sentz)

And To Think,The Only Thing New Castle County Council Is Worried About Is Some Run-Of-The-Mill Humiliation

From Kos ~

Atrios is right. Email death threats are rare. I've gotten maybe 3-4 in all my years as a high-profile liberal boogeyman.
Now you've seen the kind of stuff people send in my Saturday Hate Mail-Palooza (here, here, here, and here) -- stuff like "I hope you die" or "I hope God strikes you down" or stupid stuff like that. Those aren't "death threats", but I bet that 99.9 percent of the time, people crying about online death threats are referring to that kind of stuff.
Hoping someone dies isn't a threat, it's a hope. And while it may be rude to email someone telling them you wish they were dead, that doesn't rise to the level of "I'm going to kill you".

~~~~~
Delaware bloggers, and other "non-standard media", were raised as potential threats to the well-being of New Castle County Council this week, as a few councilmen defended their stand against providing public access via internet and/or teevee.

Chrysler's creditors in bankruptcy were equally feeble in attempts to deny public access...in this case, access to their identities. They blamed bloggers and anonymous commenters as potential threats to their well being.

However, the creditors couldn't substantiate their claim of harrassment and death threats and federal bankruptcy judge, Arthur J. Gonzalez, put the kibosh on their request.

- Via Atrios who joked:
PEOPLE ON THE INTERNETS ARE MEEEAAAAANNN

Judge Gonzalez earlier ordered the disclosure of identities of the Chrysler creditors, who had said making them public could lead to retaliation. A lawyer representing them claimed that the creditors had been harassed, and some had even received death threats.

Judge Gonzalez, said that their lawyers had not presented enough evidence of risk and gave the creditors until Wednesday morning to reveal their identities. The primary evidence cited by their lawyers was a set of anonymous comments on The Washington Post Web site.

Obey Signals Hope And Change: Appropriating Further War Funds Will Be Conditional Upon Concrete Results

Obey applies sorely-needed breaks on the Pentagon's purse strings.
The Nation ~

Appropriations chairman, Representative David Obey, of Wisconsin, said he would allow only one year for the White House to show concrete results, and repeatedly likened Mr. Obama's approach to President Richard Nixon's plans for Vietnam in 1969.

And Obey is planning to attach conditions to aid that President Obama wants:

Mr. Obey, whose committee oversees all federal discretionary spending, said Monday that in the supplemental war-funding bill the House Democrats plan to require the White House to report to Congress next year with measurements of progress from Afghanistan and Iraq in five specific areas: political consensus, government corruption, counterinsurgency efforts, intelligence cooperation and border security.

He added: "I am not going to be looking at those standards like I am the permanent president of the optimists' club." At stake is at least $1 billion in immediate funding for Pakistan's war and for economic aid, along with -- potentially -- $1.5 billion a year in additional aid that Obama wants for the next five to ten years.

Bring on those conditions and benchmarks ~

"We are at the beginning of a great storm that is about to sweep the country," said Ibn Abduh Rehman, who directs the Human Rights Commission of Pakistan, an independent organization. "It's red alert for Pakistan."

It's ugly, and getting uglier. But I don't think it's panic time yet. And Obey is right to be skeptical. Bring on those conditions, and benchmarks!

~*~

From The Inbox: Health Care Progress Report By Think Progress

The Erosion of Employer-Sponsored Health Insurance
When Chrysler filed for Chapter 11 bankruptcy on April 30, the company granted the United Auto Workers union a 55 percent stake in the restructured firm. As a result, the Voluntary Employee Benefit Association (VEBA), the union's health care trust established by the Big Three automakers in 2007, "will own most of Chrysler's assets." But as Ken Terry of BNET Healthcare explains, the arrangement represents "another blow to the tottering system of employer-based insurance." The union "will accept this equity in lieu of $5 billion in cash, or about half the amount that Chrysler promised to invest in the VEBA," Terry writes. "If the ailing automaker gets dismembered in bankruptcy proceedings, or fails to recover in coming years, its retirees could lose all or part of their healthcare benefits." Nationally, the percentage of Americans "under the age of 65 with employer sponsored insurance declined to less than 63 percent in 2007, from more than 67 percent in 1999," and employers are now reporting that they plan to shift more health costs to employees. According to a new survey of businesses, "one-fifth of the companies said they planned to add or switch to a high-deductible or 'consumer-directed' health plan with a health savings account, perhaps doubling the percentage of employers who offer such plans." As the Wall Street Journal's health blog observes, "A big reason is that employers say the recession isn't just crimping business; it's also expected to drive up their health care costs. Those surveyed said they expect their health benefit costs to spike an average 7.4 percent this year (compared to the 6 percent increase employers originally forecast)."

MORE AMERICANS LOSING EMPLOYER INSURANCE: Employers have shed 5.1 million jobs in the last 15 months, and approximately "2.4 million workers have lost the health coverage their jobs provided since the start of the recession." In fact, a new analysis of data from the U.S. Census Bureau and the Bureau of Labor statistics by the Center for American Progress concludes that the worst losses have been in the first three months of 2009, when more than 1 million workers lost health coverage. In March alone, more than 320,000 Americans lost their employer-provided health insurance, "which amounts to approximately 10,680 workers a day." Manufacturing, construction, and professional and business services accounted for three-quarters of total jobs lost, while employees in the durable goods manufacturing sector bore "the greatest burden of the losses in coverage with approximately 733,600 workers becoming uninsured since December 2007," the report concluded. Still, estimates of the rise in the number of uninsured "do not reflect the full extent of health coverage loss due to lost employment." As the report explains, the numbers represent a "conservative estimate of the number affected, since it leaves out spouses and children who may have also lost coverage as a result of a spouse or parent losing their jobs."

'DOCTORS FOR AMERICA' SUPPORT EXPANDING COVERAGE: Overall, the number of Americans without insurance has increased 13 percent since 2007, "the largest two-year leap since the last effort at national health reform in 1994." States like North Carolina, Indiana, and Nevada experienced some of the highest increases of the uninsured. The growing national crisis has led a diverse group of stakeholders and interest groups to advocate for expanding health insurance coverage to all Americans. Yesterday, John Podesta, President and CEO of the Center for American Progress Action Fund, hosted a teleconference with Senate Finance Committee Chairman Max Baucus (D-MT), and President and Co-founder of Doctors for America Dr. Vivek Murthy to announce new efforts by Doctors for America -- a grassroots organization of 11,000 doctors from all 50 states -- to amplify physicians' voices in support of health care reform. "What's a key priority for us is that whatever plan is put forth really does improve access for patients and improve choice for patients," Murthy said on the call. The group will "work to convey the ideas and experiences of physicians to achieve healthcare reform based on four key pillars: affordable coverage, expanded access to care, high quality care, and practice environments that allow physicians to focus on patient care."

REPUBLICANS LEAVE WORKERS WITH NO PLAN: But while health care providers are developing solutions for expanding access to coverage, the Republicans are busy vilifying President Obama's proposals. On Saturday, Republican Party leaders Rep. Eric Cantor (VA), former Florida governor Jeb Bush (R), and former Massachusetts governor Mitt Romney (R) participated in a pizza parlor town hall in Arlington, VA to launch the National Council for a New America. The Council, an effort to rebrand and revive the GOP, was established by Cantor to "duel with the Obama administration in policy areas" where Republicans have a "track record." After almost 40 minutes of speeches, including several reminders that Republicans should not be "nostalgic about the past" -- the speakers opened up to questions from the audience. Ed McKee, the owner of the pizza parlor, asked what Republicans would do to reform health care, citing his own business' struggle to deal with "health insurance rates," which recently "went up 34 percent." Responding to McKee's question concerning the dramatic health care cost hike, Cantor said "that should be a sure sign we ought to be promoting anything that can try to bring health care costs down." But rather than offering any ideas or policy plans for addressing health care costs, Cantor launched into a set of attacks on the health systems in the UK and Canada, saying any reform should not reflect a "government takeover." The National Council's policy paper on health care is similarly vague and lacks a single policy plan.

Jud Bennett Writes: Kent Levy Court Commissioner Talks Spending Cuts

LEVY COURT COMMISSIONER ERIC BUCKSON (R) PRESENTS VIABLE SOLUTIONS TO MONEY CRUNCH-- HE IS AN EXCELLENT COUNTY LEGISLATOR. I wish he were in Sussex. Please read his letter below:

"During the 2010 Kent County Levy Court budget hearings, I identified systemic economic flaws in how our government operates. I stated that if Kent County was a business, it could not ignore these flaws because they would directly impact our long term bottom line. To demonstrate the seriousness of my concerns, I asked the finance director to give me a pay cut for 2009 and 2010. Simply put, if our government was a business and I was the CEO, I could not expect to make the same salary this year as I did last year.

Over the past two years Levy Court has cut spending by 8 million dollars. We have done this by delaying capital projects, implementing an ERO, lowering utility/travel expenses, and utilizing other forward thinking ideas. A substantial amount of our “Rainy Day” account also contributed to making ends meet. These cuts were not easy, and I do not want to make light of them, but unfortunately, these solutions are temporary and eventually will be eliminated. That is why I am pushing to implement revolving savings that streamline government expenses and save money annually.

Currently, the county does not require contributions towards retirement and health care. The reason for the lack of contribution is simple. In years past, Kent County did not pay their employees as well as other governments paid theirs. To make up for this shortfall, Levy Court decided to provide a lucrative benefit package for said employees. This practice made sense when the county workers were underpaid. Several pay studies over the past ten years have erased the disparity in pay between city, state, and county employees. This change in salaries has been well deserved by county workers. The problem is that the increase in salaries combined with our benefits package over the past ten years have contributed to county personnel making up 75% of general fund expenses.

In 2010 the county will pay 2.1 million dollars to maintain a fully funded pension. That is up from 1.2 million in 2009 and up from 550,000 in 2004. Over the past ten years the county has seen health care costs rise by an average of 10% annually. The bottom line is that the county does not bring in enough money to afford these expenses. That is why I have introduced several ordinances that will require new employees to contribute towards health care and pension costs. Adopting these ordinances will lower the burden that is required by tax payers throughout the county and reduce the need for a tax increase in the future.

None of the ideas I am presenting are new. Other local governments have already implemented these changes to address rising costs. I realize that these changes will face opposition and that not all the commissioners will support them. I only ask that those in opposition to these changes look at the numbers and explain to me how we can afford not to change. "

Sincerely,
Eric Buckson, Levy Court Commissioner 4th District

Max Baucus Is A Chump

Speaking of politicians tossing people out of chambers yesterday ~

Underscoring the strong feelings about that [single payer/public option], Tuesday's meeting began with Capitol Police ejecting protesters who interrupted senators by shouting in favor of a single-payer plan. Finance Committee Chairman Max Baucus, D-Mont., has said that's not on the table.
"We want a seat at the table," shouted one protester.
"We want police," Baucus responded.
Capitol Police removed eight people.

Who is John Edwards' Baby Mama?

Rielle Hunter?
This chick probably learned how to scam from the cradle. Her father, James Druck, Esq., earned a living defending insurance companies but died in prison convicted in a scheme to murder horses for the insurance money.
Nice. He had her own horse killed and somebody even wrote a book about it. Supposedly every miserable thing this person did in her life revolves around the terrible things her 'daddy did'.
Wiki ~

Born Lisa Jo Druck March 20, 1964 Fort Lauderdale, Florida
Other names Lisa Druck, Lisa Jo Druck, Lisa Hunter, Lisa Jo Hunter, Rielle Jaya James Druck
Occupation Actress, Filmmaker
Known forThe horse murders scandal, Story of My Life, John Edwards extramarital affair, Internet Political Media Producer

(image from Radar)

Delaware Gambling Expansion Fails In The House

Mike Matthews was at leg hall live-blogging this debate. Where else are you going to read that Speaker Gilligan tossed a lobbyist out of the chamber!

537 pm: Speaker Gilligan just laid the shit down! Told legislators that they are NOT to speak to lobbyists while the House is conducting business on the floor!

709 pm: Oh my! Speaker Gilligan just threw out Harrington race dude Rick Bayard for speaking to a legislator while debate was ongoing. Like I said earlier, Speaker Gilligan laid it down and told all lobbyists to have no contact with legislators during the debate. Pimp Daddy Gilligan is showin’ ‘em who’s boss.

WNJ comment rescue on possible consequences of the failed legislation ~

What you people don't get is the casino share has been way way way out of wack since the first bill was passed in 1994. Markell needs a favorable opinion from the state supreme court...AFTER the final bill is passed for sportsbetting to work. The owners of the racinos have made hundreds...yes hundreds of millions of dollars.

This is huge defeat for Markell and the State of Delaware. Greed, special interests and the forever selfish, small minded legislators who are more concerned about their own lucrative pensions, their next free dinner and getting re-elected carried the day once again...and don't forget jobs for their families at the tracks. If they can't pass this, they have no shot at making the hard decisions to move this state forward to get this structural financial crises behind us. The legislators are just pathetic. Where are the leaders..It is a shame there is so much apathy in the state regarding the future well being of our kids and grandkids.

Private Health Insurers Are In Business To Make A Profit At The Public's Expense

Phoenix Woman asks, "Would a “public plan” for health insurance drive the private insurers out of business? Senator Chuck Schumer warns that any public plan “must be subject to the sameregulations and requirements” as all private plans.

“Does this mean the public plan would drop coverage for anybody who filed a claim? Refuse to pay for prescribed drugs if there’s a cheaper alternative, even if the cheaper alternative was ineffective? Override doctors’ decisions? Deny coverage to anybody who actually needs medical treatment?”

The private insurers’ objection to a public plan effectively shows that they’re in business to make a profit, not to actually provide health care. Ifthey don’t want to be run out of business by a plan that offers what people actually need, then they’ll just have to improve their own product. A business plan that consists of “maximize profit by minimizing product” is not sustainable in the long run.

MoveOn.Org Is Asking Delawareans To Register Their Disappointment That Tom Carper Is Under The Thumb Of The Banking Industry

Dear MoveOn member,

Last week, Sen. Carper had a chance to stand with struggling homeowners in Delaware when he voted on a key part of President Obama's housing plan. The measure would have made it easier for families facing bankruptcy to stay in their homes.
But instead of standing with Delaware families, Sen. Carper did exactly what the banks wanted, and voted against the measure.1 Led by the Mortgage Banking Association, big banks ran an all-out effort to kill this bill. And sadly, as Senator Dick Durbin, the sponsor of the legislation said, "The banks...are still the most powerful lobby on Capitol Hill. And they frankly own the place."2
There will be lots of key votes this year that pit Wall Street against regular folks, and Sen. Carper needs to know that he should be looking out for his constituents, not the banks. Can you call him now and let him know that you're disappointed he sided with the banks?

Senator Thomas CarperPhone: 202-224-2441
Then, please report your call by clicking HERE

Even though the banks drove our economy off a cliff, they still have lots of influence in Washington. And because of the huge sums they donate to politicians every year, even when they're unpopular, they can get their voices heard.
That's why this legislation, which would have allowed judges to alter the terms of a mortgage for a family in bankruptcy, failed. Bankruptcy courts can already take this common-sense step with investment properties, cars, and even yachts—but the banks don't want that authority expanded to include primary homes.
Unfortunately, after taking close to $2 million from the financial industry in his career,3 Sen. Carper wasn't among those who stood up to the banks. Forty-five Democratic senators did the right thing, choosing to protect homeowners rather than the banks' bottom line. But we're going to need every Democrat (and maybe even a few brave Republicans) to stand with regular folks if we're going to win on key issues like reforming the credit card industry and re-regulating Wall Street.
The big banks aren't going to back down, so it's critical that Sen. Carper hears from you today. He needs to know that you'll be watching his votes and that you'll get his back when he stands up for people like us. Can you let him know how disappointed you are—and that you hope he will stand up to the banks in the future.

Sources:
1. "Roll Call Vote on S.Amdt. 1014 to S. 896 (Helping Families Save Their Homes Act of 2009)," The Senate Bill Clerk, April 30, 2009
2. "Durbin on Congress: 'The Banks Own the Place'," Progress Illinois, April 29, 2009
3. "Carper: Campaign Finance/Money—Industries—Career," OpenSecrets, May 4, 2009

"Say What?" -Moderate Congressmen From Delaware- "Say Who?"

From Allan Loudell's blog: a look at two Congressional polls ~

It may surprise some Congressman Mike Castle (R-DE) didn't make The HILL newspaper's Top 10 list of the most bipartisan Republicans in the U.S. House; I'm told he DID get a mention.

(The HILL surveyed about a fifth of the U.S. House. In contrast, the inside-the-beltway publication and website was able to interview the entire Senate off-the-record, when it found Senator Carper to be the second most bipartisan Democrat in the Senate.)

Allan cautions about the "Susquehanna poll of Delaware voters: Castle's opponents might be tempted to dismiss this as a Republican-leaning poll (much as Mason-Dixon's polls tend to be!)."
About The Hill's list (this is good stuff!) ~

Over the last couple of months, The Hill asked more than 100 House lawmakers to name the hardest and easiest members to work with. Democrats were asked about Republicans and Republicans were asked about Democrats. Questions about the least bipartisan members were posed on a not-for-attribution basis so that lawmakers could discuss their views frankly.

The most partisan GOP legislator is Rep. Tom Price (Ga.), who heads the conservative Republican Study Committee. Rep. Virginia Foxx (R-N.C.) was a close second (see chart below). House Energy and Commerce Committee Chairman Henry Waxman (Calif.) was deemed the second most partisan Democrat behind Pelosi.

Who's a get-a-long?

[Hoyer] is popular among Republicans. Several GOP members praised Hoyer for being approachable and for trying to reach consensus, when possible.
Ross Baker, a professor of political science at Rutgers University, said that he was not surprised that Pelosi was singled out as the most partisan Democrat.“As far back as I can remember and beyond that, every Speaker has been seen as a staunch partisan because being partisan comes with the job,” Baker said. Asked about Hoyer’s different reputation, Baker responded, “It is a good cop/bad cop situation. She is the czarina, and he is conciliatory prime minister.”

Who's both the most partisan and the most bi-partisan?

Frank is the only House lawmaker who made both the bipartisan and partisan lists.

Mike gets a mention ~

Reps. Pete Hoekstra (R-Mich.) and Mike Castle (R-Del.) mentioned Frank as one of their favorite members to work with, adding that he always keeps his word.

Best Line ~

[Pete Stark (D-Calif.)] said, “I can’t give you a favorite Republican because they’d be kicked out of the party!”

Hatin' Will Get You Noticed And Not In A Good Way, Mr. Savage

I first heard about Mike Savage when local activists staged a protest around his visit to Wilmington (circa 2004?).
LONDON —

Britain for the first time has published a list of people barred from entering the country for what the government says is fostering extremism or hatred.The list includes popular American talk-radio host Michael Savage, who has called the Muslim holy book, the Quran, a "book of hate." Savage also has enraged parents of children with autism by saying in most cases it's "a brat who hasn't been told to cut the act out."

The list Tuesday also includes Americans Stephen Donald Black, a white supremacist, and anti-gay preacher Fred Phelps.Hamas parliament member Yunis Al-Astal and Egyptian cleric Safwat el-Higazi also are on the banned list.

James Inhofe Joins The Green Revolution? WHEW!

"[Soot]'s not a pollutant, it's a particulate matter. So we are talking about two different things and I am surprised that anyone would be at all surprised that I would be trying to find out about black carbon while I don't buy the idea that anthropogenic gases are causing global warming."
- Inhofe

At Eschaton earlier, a British commenter posted this link from the Guardian:
US climate change denier James Inhofe joins Al Gore in fight against soot
In a surprise U-turn, the Republican senator has put forward a bill to review the dangers of black carbon to health and the environment

Could James Inhofe, a conservative Republican senator from Oklahoma, be the newest recruit to Barack Obama's green revolution?

Inhofe, in a surprise move, joined Democratic senators in putting forward a bill for an official review of the dangers of soot or "black carbon" to public health and the environment late last month. "Black carbon ... is thought to be the second largest contributor to global warming after carbon dioxide," the bill said.

...Inhofe has been fighting for years against the growing body of science that claims human activity causes climate change.

"I want to know more about it – nothing sinister about this at all," he said. "Should I apologise that Al Gore and Barbara Boxer agree that we need to know more about black carbon. I don't think so."

~*~

Federal Reserve Bank Of NY Chair, Stephan Friedman, Profits In Sickening Conflict Of Interest With Goldman Sachs

I've been reading about this Wall Street Journal story all day today.

New York Fed Chairman's Ties to Goldman Raise Questions

The Federal Reserve Bank of New York shaped Washington's response to the financial crisis late last year, which buoyed Goldman Sachs Group Inc. and other Wall Street firms. Goldman received speedy approval to become a bank holding company in September and a $10 billion capital injection soon after.

During that time, the New York Fed's chairman, Stephen Friedman, sat on Goldman's board and had a large holding in Goldman stock, which because of Goldman's new status as a bank holding company was a violation of Federal Reserve policy.

I started with Yves Smith at Naked Capitalism, linked by BooRadley at FDL, and ended with David Sirota on OpenLeft via Atrios. I'm sure that by now its been documented across the blogosphere in lefty, righty and middlin' blogs from A to Z.
I sure hope so, anyway.

~*~

Duvall vs Wal-Mart: "Capitalism Coupled With Sensitivity" Means SAVE U.S. BATTLEFIELDS FROM BOX STORES

AP - LOCUST GROVE, Virginia –

Academy Award-winning actor Robert Duvall has fired a verbal salvo against plans to build a Wal-Mart Supercenter near a Virginia Civil War battlefield where Confederate Gen. Robert E. Lee first fought the Union's Ulysses S. Grant.
Duvall, who is a descendant of Lee, said he will help preservationists in "chasing out" the retailer from a site near the Wilderness Battlefield.
At a news conference on Monday, Duvall said he has no grudge against Wal-Mart but believes in capitalism coupled with sensitivity.
Duvall, who won an Academy Award for best actor in "The Apostle," was joined by Congressmen Peter Welch of Vermont and Ted Poe of Texas, representing states that lost many lives at the Wilderness battle 145 years ago.
The Wal-Mart proposal must first be approved by Orange County supervisors.

The question remains whether DEDO's uber-capitalist, Alan Levin, can figure out how to apply capitalism with sensativity to Delaware's lone battlefield, from 1777, near Cooch's Bridge at Glasgow. And, not just for honor's sake, but for the potential in tourism dollars if the site was eventually 'developed' to ensure that our heritage is preserved and enjoyed by all.

~*~

WNJ has more ~

Joined by two congressmen whose states suffered heavy losses in the Battle of the Wilderness, Duvall — who lives in Virginia's horse county — pledged to do "anything we can" to support the fight against the Wal-Mart store. The proposed construction has drawn opposition from 250 historians, including David McCullough and James McPherson, and filmmaker Ken Burns.


"We'll help first by graciously chasing out Wal-Mart," the Academy Award-winning actor said during brief remarks on the back porch of Ellwood Manor, a former plantation house that dates to the 1700s and served as a hospital for Confederate troops. Confederate General Stonewall Jackson's left arm, amputated during fighting at nearby Chancellorsville, is buried in a small graveyard nearby.


Wal-Mart, which did not immediately respond to criticisms leveled at the news conference, has argued that its proposed 138,000 square foot store is planned for an area already zoned for commercial use. It also has said the store's location, near a strip mall and across from McDonald's along busy Route 3, will not diminish the battlefield.

General Assembly: Who Is Not Willing To Support SB 59 - Building Code Requirements For Fuel Efficiency?

FYI-- IMPORTANT--Forwarded ANNOUNCEMENT by JUDSON Bennett-Coastal Network

Hi All,
On April 27 I asked that you contact your State Senator and indicate your support for SB 59. Many of you did and from what we've heard, your emails were noted. We thought that SB 59 would be heard on the Senate Floor last week, but that didn't happen. It is on the Senate Agenda for Tuesday, May 5.

FYI: SB 59 updates building code requirements for energy efficiency. Updating building codes in this act will ensure that Delaware will receive its full share of Federal Stimulus dollars.

The lobbying efforts against this bill are intense. Among those trying to defeat or weaken SB 59 are a number of Sussex County realtors, the Positive Growth Alliance, some developers and most members of the Sussex County Council.

Please, if you have not done so, contact as many Senators as you can by MONDAY.
I was in Dover this past week, and believe me the opposition is out in force. And if you wrote last week please consider sending a follow-up to as many Senators as you can.

I also plan to contact members of Sussex County Council and remind them that they represent the residents of Sussex County and I expect to be able to voice my views on an issue before they take a public stand. I also want them to know I appreciate Joan Deaver's actions on behalf of Open Government.

You can find County Council contact information HERE
State legislators' email addresses and phone numbers HERE
Below are excerpts from an email from Pat Gearity, spokesperson for Citizens for Clean Power. It has some great talking points.

Thank you again!
Joanne Cabry
~~~~~

Dear Sussex County (SC) supporters of clean air, It's rare for CCP to divert attention to areas like energy efficiency building codes. However, we think SB59 deserves your phone call or email to your State Senator and Representative. I'm told this bill will come up for a vote this Tuesday. The only Sussex County legislator co-sponsoring the bill is Sen. George Bunting.
On April 9, 2009, a letter went to Sen. Thurman Adams under the letterhead of the Sussex County Council, which stated that "members of the Council" have objections to certain clauses in the bill.

However, Council Member Joan Deaver was neither briefed nor included in the conference about this bill. The matter was not handled before the public. Apparently, most SC Council members have no problem sending out positions on important state legislation without the advance knowledge of other members, or the public. Why? Who do they really represent?

The main opposition to SB59 seems to be in two areas: First, opponents want to strike authority to the Delaware Energy Office to "promulgate" procedures to certify a builder's compliance with the new, higher building code standards. Instead, they want DEO to make mere "recommendations." This would basically gut the requirement unless each County Council creates a procedure to confirm compliance. Do you think that responsibility should be left to the Sussex County Council? Do you trust they would commit the necessary funds, staff and oversight to make certain that compliance isn't merely on paper? Second, the opposition wants to drop the requirement in SB59 for "zero net energy" capability for all new residential construction by 2025. According to the bill, "A zero net energy capable home is defined as a commercial building or residence that annually, through the use of energy efficient construction, lighting, appliances and on site renewable energy generation uses no more energy than is produced on site..." The deadline for new commercial construction would be 2030. A requirement of this nature could give homeowners flexibility to choose renewable energy options such as geotherm and solar over more expensive, non-renewable energy sources
currently dictated to homebuyer by developers. Delaware's energy consumption is substantially higher than any of its bordering states.* Delaware is still using energy efficiency codes from 2000, despite the fact that the codes have been updated at least twice since then. Delaware's Legislature refused to update the code requirements in 2006 and 2007. It is time to get with the 21st century.

Please call or email your state
Senator/Representative by this Monday.

SB59 deserves their support:
1. Retain the bill language authorizing the Energy Office to "promulgate," not just recommend, statewide, consistent procedures to verify compliance.
2. Retain the requirement for net zero energy capability for residential construction by 2025 and for commercial construction by 2030. It's the right thing to do to reduce our carbon footprint, save energy and help you control future energy costs.*

From Governor Jack Markell's Energy Plan Council report: http://www.dnrec.delaware.gov/energy/Documents/Energy%20Plan%20Council%20report%20-%20Final.pdf -

"More broadly, in 2006, Delaware’s total energy use per person was 11% higher than Pennsylvania, 17% higher than New Jersey, 36% higher than Maryland, and 40% higher than Rhode Island. Given that we spent some $3.6 billion on energy in 2006, an 11% reduction would save us $400 million each year. If we used New Jersey as the standard to meet, we would see a $600 million annual savings. Matching Maryland means a $940 million savings. If Delaware wanted to be a leader with a per capita energy consumption rate equivalent to Rhode Island, we would have saved Delawareans over $1.5 billion dollars in 2006 alone!"

Successful Fugitive Safe Surrender In Wilmington

WDEL reports ~

A program giving fugitives in Wilmington a second chance is considered a success. The final numbers for the four-day Fugitive Safe Surrender in Wilmington are not yet in, but through the first three days nearly 650 people with outstanding charges turned themselves in to authorities.

The program used New Destiny Fellowship as a safe, faith-based center for its operations During the first three days, law enforcement also cleared more than 25-hundred warrants.

Handling Wins The Race As Long As You Have The Horse!

The jockey's NBC interview, seconds after winning the Kentucky Derby, was some of the best teevee I've seen in a while. Borel, no-teeth, scrawny and sweet-as-pie, raised a finger to-god-mom-and-dad, alternately weeping and whooping with joy. He's like many of the backside riders I've known - 90 lb, huge-hearted fire-crackers who'd jump up on the horses in the early mornings at Delaware Park and Fair Hill.
As the field neared the far turn ~ Calvin "Bo Rail's' ride.
In the Derby, Mine That Bird got squeezed at the start

...and Borel, as is his custom, began to ease the colt to the rail. At one point, he was last. But in the turn for home, Mine That Bird was flying on the rail. He had to move out to go around one horse, then went right back to the rail and slipped through a narrow opening and sprinted clear. Asked how he made it through such a small hole, Borel said while laughing, “He’s a small horse.”

[Trainer, Bennie] Woolley

...on NBC's telecast was asked about how little anyone knew of him or his horse before the race. "They know me now," he said.

"Those cowboys,"

...trainer Bob Baffert said, "they came with a good horse."
..."All I asked him was to lay the horse back and be patient, and he did that magically," Woolley said.
..."I learned by Street Sense being so patient with these 3-year-olds," Borel said. "They can only go so fast, so far. When I hollered at him, he just went on."
...Mine That Bird, the son of 2004 Belmont Stakes winner Birdstone, became the ninth gelding to win the Derby and just the second in the last 80 years, joining 2003 winner Funny Cide.

~~~~~
This horse was barely blowing! What a racehorse. What a ride!

Borel was winning the Derby for the second time. He also won with Street Sense in 2007. Borel gave Mine That Bird an almost identical ride, dropping back to last and then hugging the rail.
"I just took him back, rode a Street Sense race," Borel said. "I knew at the three-eighths, if I got through, Katie bar the door."

(National Thoroughbred Racing Assn, ESPN, Bloodhorse, AP, Reuters images)

Breaking ~ How J.P. Morgan Chase Made Money With Madoff

FDL has the scoop ~ J.P. Morgan took care of itself at the expense of third parties is normal practice. Investors who think bankers will protect their interests are idiots.

[U]nder current law, banks don’t have to act on their knowledge of outright fraud and theft. Instead, they are allowed to prosper from that fraud.
It isn’t at all unusual for a bank to allow overdrafts in an account which is being used to operate a Ponzi Scheme, charge the account with overdraft fees and NSF fees which it takes from the victims, and still have no duty to stop the scheme.

Summary:

How come no one caught on to Bernie Madoff? Usually when people ask that question, they mean the regulators screwed up. Not so for MLSMK Investment Company. It sued (PDF) J.P. Morgan Chase Bank (“Chase”) and its parent, J.P. Morgan Chase & Co., (J.P. Morgan) saying they knew what Madoff was doing, and let it happen because it benefited them.

Friends of the Furness Railroad District Are Smiling

NYC Arch. (Jefferson Market link)
*
The early 1900's architecture of Wilmington's Amtrak Train Station was styled like so many of artist John Sloan's favorite subjects: in High Victorian Gothic neo-late Romanesque (style shown) and was designed by the "idiosyncratic" Philadelphian, Frank Furness.
*
How apt then, as the Frank Furness Railroad District landmarks celebrate their centennial, they're getting some 21st Century stimulus money to boot.
Markell Presser ~

Vice President Biden to Attend Kickoff Event at Wilmington Train Station; Will Highlight Progress of the Recovery Act

On Monday May 4 at 11 AM, Vice President Biden will attend the official kickoff event for the restoration and renovation of the Wilmington Train Station. The Vice President will be joined by Governor Jack Markell, United States Senators Tom Carper and Ted Kaufman, Congressman Mike Castle, and City of Wilmington Mayor Jim Baker.
Work on the Wilmington Train Station has been accelerated thanks to funds from the American Recovery and Reinvestment Act of 2009. The Vice President, a daily Amtrak commuter out of the Wilmington Train Station for over 36 years, will discuss how this funding from the Recovery Act will help repair and update critical needs of our nation’s infrastructure.

~*~

Jefferson Market, 1917/22, depicts an iconic Village scene with a vintage glow. Old and new worlds coexist in The City from Greenwich Village, 1922. In the foreground is one of the landmarks that ground many Sloan paintings, the Sixth Avenue El, a structure that would soon disappear. On the horizon, the spires of Wall Street rise like a distant Oz

Wilmington's Furness Railroad District captures the “pedestrian aesthetic” of John Sloan, who, in the tradition of the Parisian flâneur, attentively strolls the city to experience it"
Wilmington Amtrak Station
100 South French Street
Wilmington, DE
Monday
11AM

Senator Tom Carper, Kavips Has Called You Out On Foreclosure Relief

HERE

_

*

"I invite Carper to explain his vision in the comment section below, for it sounds slightly misleading to be vitally concerned on whether banks make a profit, but not allow the same privelige to a homeowner… It seems rather cruel to have a homeowner have to give up 90% of his profit up to a financial institution… There has to be something in the mix that is not being spoken, and the invitation is open for Carper to eludicate and educate us here…."

*

Harpers' Scott Horton Harshes Condi

HERE So I score this: Stanford student 6, Rice 0. Rice needs to do some homework before her next appearance on campus. But first perhaps she’d better hire a good lawyer.

~~~~~

Supreme Court nominees? ...

Meanwhile at Stanford, a possible SCOTUS nominee, Pamela S. Karlan from the NYT ~

Cass R. Sunstein, Elena Kagan and Diane Pamela Wood, three names likely to be on Mr. Obama’s list, are all former colleagues at University of Chicago. When Mr. Sunstein was married last summer, Mr. Obama sent a long toast to be read at the wedding. Another possible nominee, Pamela S. Karlan, co-wrote an election law textbook that Mr. Obama not only taught from but also contributed comments to when it was in draft form.

Pamela S. Karlan's Biography

A productive scholar and award-winning teacher, Pamela S. Karlan is also the founding director of the school’s extraordinarily successful Supreme Court Litigation Clinic, where students litigate live cases before the Court. One of the nation’s leading experts on voting and the political process, she has served as a commissioner on the California Fair Political Practices Commission and an assistant counsel and cooperating attorney for the NAACP Legal Defense Fund.
Professor Karlan is the co-author of three leading casebooks on constitutional law and related subjects, as well as more than four dozen scholarly articles. She is a widely recognized commentator on legal issues.
Before joining the Stanford Law School faculty in 1998, she was a professor of law at the University of Virginia School of Law and served as a law clerk to Justice Harry A. Blackmun of the Supreme Court of the United States and Judge Abraham D. Sofaer of the U.S. District Court for the Southern District of New York. Karlan is a member of the American Academy of Arts and Sciences and of the American Law Institute.

(h/t David Derbes)

Presser ~ Lt. Governor Denn and DEDO Launch “Stimulus Opportunities For Small Businesses” Road Show

Wilmington- Lt. Governor Matt Denn, Delaware Economic Development Office (DEDO), and local Chamber of Commerce chapters are hosting forums statewide to describe what the potential opportunities are in the Federal Stimulus Package for Delaware's small businesses. Small businesses will hear from representatives of various state agencies and state departments on what they know to date about the Recovery Package.

“This administration and DEDO are absolutely committed to Delaware’s small businesses. These forums are bringing together one of the largest collections of state agency representatives in one room together to give information directly to our small businesses. We are taking advantage of our state’s small size so we can provide better access to information,” Lt. Governor Denn said. “We want to make sure that Delaware gets every dollar to which we are entitled.”

“The Federal Stimulus Package is going to help our economy by helping Delawareans get back to work,” said Governor Markell, “Moving our economy forward is the only way we are going to address this challenge we are facing.” “I encourage all Delaware business owners to learn more about ways their company can benefit from Recovery Package.”

The first of three forums is Wednesday, May 6th at the Delaware State Chamber of Commerce at 12th and Orange in Wilmington from 8am to 9:30am with Governor Jack Markell delivering opening remarks from 8am to 8:15am and Lt. Governor Denn will give closing remarks.
The objectives at these forums are as follows:

• Outline the Small Business Administration (SBA) Programs that may provide direct and immediate assistance to small businesses
• Explain which Delaware agencies expect to have expanded opportunities in Delaware due to the influx of other projected stimulus funds
• Identify stimulus funded programs that may have some potential for small businesses within DelDOT, Department of Education, the Department of Health and Social Services, the Department of Housing and the Department of Natural Resources and Environmental Control
• Ensure attendees are aware of DEDO's new Small Business Stimulus Limited Investment for Financial Traction (LIFT) Program
• Provide available details on the new TARP provision attempts to revitalize the secondary market for SBA loans

There will be representatives from DelDOT, the Department of Education, the Department of Health and Social Services, the Department of Natural Resources and Environmental Control, the Department of Housing and the Small Business Development Center and the Small Business Administration.
Event Dates & Location

May 6, 2009, Hosted by Delaware State Chamber of Commerce, 12th and Orange, Wilmington, DE, 8am to 9:30am at the Chamber in the Board Room; Governor Jack Markell will deliver Opening Comments from 8am to 8:15am; RSVP to Sharon Reardon (302) 655-7221 http://us.mc313.mail.yahoo.com/mc/compose?to=srreadon@dscc.com; http://www.dscc.com/
May 11, 2009, Hosted by Rehoboth Beach/Dewey Beach Chamber of Commerce, 9am to 10am, Convention Hall Rehoboth Beach, DE; RSVP to Carol Everhart - (302) 227-6446 http://us.mc313.mail.yahoo.com/mc/compose?to=carol@beach-fun.com http://www.beach-fun.com/
May 13, 2009, Hosted by Central Delaware Chamber of Commerce starts at 8am, Hilton Garden Inn, 1706 N. Dupont Hwy, Dover, DE; RSVP to Judy Diogo (302) 678-0892 http://us.mc313.mail.yahoo.com/mc/compose?to=jdiogo@cdcc.net

Important Stimulus Websites:
Research the details of American Recovery & Reinvestment Act for Delaware and see State Grant Applications at www.Delaware.Recovery.gov
Federal stimulus funding notifications by program - www.recovery.gov
Small Business Administration Recovery - www.sba.gov/recovery

Kowalko Presser Set For 10AM Tuesday - Alternatives To $91M Proposed In Markell's Salary Cuts

ALTERNATIVE PROPOSAL TO STATE EMPLOYEE SALARY CUTS
State Representative John Kowalko, State Representative in the 25th District, will unveil his alternative option proposal to the public at a meeting of

State Workers United for a Better Delaware

10:00 am, Tuesday, May 5 at the Delaware State Troopers Association, 6349 N Dupont Hwy, Cheswold, DE (302) 736-9958)

State Workers United is a coalition of unions representingstate workers, teachers and school employees. State Representative Kowalko said it would be economically irresponsible to not reconsider the imposition of salary cuts on State Workers. “These cuts do, in fact represent a tax of disproportionately large amounts on 6.8% of the Delaware work force, ensuring that the 91M raised would not be available to sustain the economies of our small and large businesses in Delaware.”
Many Economists agree that these types of cuts can deny on a dollar for dollar basis, the infusion of consumer spending necessary to ensure small business success and rebuild consumer confidence especially in this type of recessive environment.
The enormity of these salary cuts, on a per capita basis virtually assures that the overall economic health of Delaware will suffer. “This is not a sustainable revenue source and we must look at a more diverse and balanced accumulation of revenue by considering a menu of options and alternatives that can be combined to displace the proposed salary cuts.” Therefore today I am releasing to the public my proposal that lists the actual dollar advantage to an assortment of options that can be combined in various proportions to displace the the $91M proposed in the salary cuts.
“I am convinced that we can improve Delaware's quality of life by making our revenue system fairer and more up-to-date.”
I've submitted this proposal to the Joint Finance Committee, The General Assembly and the Governor's Office and today it is being made available to the Public and the Media for consideration.
For more details and full presentation and remarks go to www.johnkowalko.com
Below is a sum mary of the potential additional revenue options in my proposal ~

• raises the Franchise Tax Cap for Corporations$107.5 million increases the minimum fees on corporations from $75 to $100.; $5.94 million
• increase annual coporate filing fee from $25. to $40., $3.96 million
• increase annual fee on LLC and LC from $250. to $300. $28.95 million
• increase filing fees on foreign corporations from $100. to $250 $1.575 million
• establishes fees for statutory trusts from $0 to $200. $2.1 million
• utilizes 25% of Rainy Day Fund $46.5 million
• establishes fees on inherited wealth over $4,000,000. $40 million
• increases gasoline tax by .05¢ $25.7 million
• 3 furlough days for non-public school employees $3 million
• looks at the personal income tax codes to make them more progressive, $82.75 million

My alternative solution is equitable for all citizens of Delaware, sustainable past the current budget crisis and responsible by moving us out of the current crisis rather than making it worse.

AP's TOP CEO Earners of 2008

The total pay figures are rounded and are based on the AP's compensation formula, which adds up salary, perks, bonuses, preferential interest rates on pay set aside for later, and company estimates for the value of stock options and stock awards on the day they were granted last year.
1. Aubrey McClendon, Chesapeake Energy Corp., $112.5 million
2. Sanjay Jha, Motorola Inc., $104.4 million
3. Robert Iger, Walt Disney Co., $51.1 million
4. Lloyd Blankfein, Goldman Sachs Group Inc., $42.9 million
5. Kenneth Chenault, American Express Co., $42.9 million
6. Vikram Pandit, Citigroup Inc., $38.2 million
7. Steven Farris, Apache Corp., $37.2 million
8. Louis Camilleri, Philip Morris International Inc., $36.9 million
9. Kevin Johnson, Juniper Networks Inc., $36.1 million
10. Jamie Dimon, JPMorgan Chase & Co., $35.7 million

There's No Keeping A Public Health Insurance Option On Ben Nelson's Table?

Comment rescue on the public health insurance option ~

Dr. Dean's plan is to simply allow anyone to sign up for Medicare. The insurance companies claim they just can't compete. Even with cherry picking their customers.

We're talking different populations. Seniors who had no other choice and the general public, the majority of whom are getting insurance through their employers. People don't like change all that much. If they are satisfied with what they have, or just a bit lazy they won't rush out and change. The only big rush will be from those that don't have insurance. That will impact Medicare, but not the insurance companies.

The change over will be gradual and I imagine a lot of the displaced workers will be absorbed by Medicare itself. In the meantime we'll have a healthier populace and one that isn't afraid that one medical incident will bankrupt the entire family. We'll also have a populace that won't be afraid to change jobs. - QL

~~~~~
[Sen. Ben Nelson told CQ] Thursday "that he will oppose the creation of a government-run health insurance plan as part of a health care overhaul, contrary to the position held by many of his fellow Democrats."
Is it a coincidence? ~

The company Nelson finds himself in is laid out clearly: business, the insurance industry, and Republicans. Of course, this isn't surprising, considering his campaign donation history. Open Secrets says Nelson received $608,709 from the insurance industry in 2007-2008, making the insurance industry his biggest donor group, more than lawyers and even lobbyists.
And so, Nelson has decided to bow to the wishes of his campaign contributors, instead of standing up for what 73% of the American public want: A choice of a public health insurance option.

(via MultiMedium)

Would A Freeze In Mortgage Credit Result From Cramdown Legislation?; Cramdown FAIL vs Do Nothing FAIL

Will forced mortgage rate re-re-set [cramdown] legislation negatively effect affordable mortgage credit rates?

Comment rescue ~

Hooray for Carper and the other Dems (including Specter) who voted against this ridiculous [Dick Durbin's] amendment.
It would have had the eventual effect of freezing the mortgage lending market. Need a loan? Sorry, can't take a chance someone will change the terms later based on a whim.

Would it now? Is it Dick Durbin's mere "whim" to act to prevent a mounting number of foreclosures? I say any libertarian-like urge to leave-bad-enough-alone should be measured against the chaos and decay certain to follow non-intervention.
Cramdown FAIL vs Do Nothing FAIL
Via Atrios, here's some data attached to doing nothing to change mortgage re-set expectations (as it looked in 2007). This data shows the glorious profiteering that had been projected for mortgage re-sets through the last year. Things haven't exactly worked out that way, have they?

Instead, the federal government has thrown trillions (to include the Federal Reserve) at home-mortgage-related "black holes" in the last half year and with little to show for it on the home front. No?

This 2007 Credit Suisse graph shows the killer-rated subprimes (in light green) as shorter-term pay-outs ,receding by early 2009 while, like financial product whack-a-mole, the pay-outs attached to Option Adjustables (in light yellow) are only just getting started.

What percentage of homeowners will fail to hold on in the next cycle? This depiction of coming indebtedness is like the ghost of crisis future in a classic Dickens tale. This foreshadowing is one of crisis; it's one of the multi-brokered next wave of the mortage crisis that, just perhaps, is something we should act to mitigate now.
CalculatedRisk wrote this in October of 2007 ~

This chart from Credit Suisse via the IMF shows the heavy subprime resets in 2008, plus it shows the reset problems with Alt-A and Option ARM loans in later years. Although many of the homeowners in the 2009 to 2011 reset periods will refinance (if they can), this shows that the problems in housing will linger for several years. What is especially concerning is all these Option ARM resets in 2010 and 2011. Most of these homeowners are selecting the minimum payments (negatively amortizing) and many homeowners will be upside down when the ARM resets.

Scary? Those holding a piece of these high-risk mortages would be better off cutting a deal now and 'share the pain'.

~*~