Kf Stops the Bleeding!
Plus: No time for Dems to unpanic.
Murphy is through! Finished! There is noone named Mike Murphy. I don't quite see how Mike Allen of the Politico can write sentences like this:
Mike Murphy, a political consultant who helped Sen. John McCain (R-Ariz.) mastermind his 2000 campaign, will not be reboarding the Straight Talk Express. ... [snip].
With Steve Schmidt taking over operations last week, the matter is now resolved. Murphy will be seen on television and may offer McCain private counsel. But he won't be in the bubble. [Emphasis on overly definitive statements added.]
Yes, Murphy isn't coming on board in the current shakeup. But if McCain is still behind and flailing at the end of the summer, is he really going to say, "We resolved that matter of my campaign's structure back in July." Or is he going to panic and bring in Murphy? I don't know, but neither does Allen. (Or the NYT fool who titled Nagourney's item "Count Murphy Out for McCain Campaign.") ... Murphy certainly didn't close the door. ("I do not expect to join the campaign.") He had to say something to tamp down overheated reports of his imminent arrival.) ... Backfill: Zengerle refines his position. Search for "knife." ...
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
Photograph of John McCain on the Slate home page by Alex Wong/Getty Images.