Jim Johnson's Legacy Builds: Politico gravy-train Fannie Mae in trouble despite its massive implicit government subsidy, because new accounting rules would apparently require it to list billions of dollars of now off-the-balance-sheet mortgage guarantees as liabilities. Of course, the agency formerly headed by Obama's ex-veep-vetter will probably wriggle out of the new rule thanks, as always, to political pressure:
"I would bet my firstborn that they will be excluded from the accounting change. It would bankrupt them," said Paul Miller of the investment firm Friedman, Billings, Ramsey Group.
So everything's OK then! ... Backfill: Eerily prescient David Smith post here. See also this E-Z-2-Follow post on Fannie Mae's balance sheets. Cheap visual devices are used, and also the word "Augean." ... 12:35 P.M. link
Monday, July 7, 2008
Getdrunkandvote4mccain.com The Republican base comes home, plastered. ... 1:49 A.M.
PearSneak of the Day-- "Employers Fight Tough Measures on Immigration": Robert Pear is the acknowledged master at sneaking not-as-important-as-they-sound policy stories into the lead position on the NYT front page on slow news days. These Pear pieces are often leaks from liberal interest groups, who then benefit from the prime placement. But it was Julia Preston who pulled a Pear yesterday, with a lead A-1 piece that seemed to be mainly a press release for Tamar Jacoby's new lobbying organization, ImmigrationWorks USA.
1) Some of Preston's evidence of an employer fight-back against the immigration crackdown is ludicrously weak. "Unhappy California business won the support of Mayor Antonio R. Villaraigosa of Los Angeles, who wrote a letter" protesting immigration raids. Yes, a letter! From a mayor! Meanwhile: