TARP, baby!

A mostly political Weblog.
Oct. 1 2008 10:09 PM

TARP, Baby!

Explaining Paulson's plan better than Paulson.

(Continued from Page 4)

T hings We Thought We'd Never See: Democrats Rally Against the Teachers' Unions! I went to the Ed Challenge for Change event  mainly to schmooze. I almost didn't stay for the panels, being in no mood for what I expected would, even among these reformers, be an hour of vague EdBlob talk about "change" and "accountability" and "resources" that would tactfully ignore the elephant in the room, namely the teachers' unions. I was so wrong. One panelist--I think it was Peter Groff, president of the Colorado State Senate, got the ball rolling by complaining that when the children's agenda meets the adult agenda, the "adult agenda wins too often." Then Cory Booker of Newark attacked teachers unions specifically--and there was applause. In a room of 500 people at the Democratic convention! "The politics are so vicious," Booker complained, remembering how he'd been told his political career would be over if he kept pushing school choice, how early on he'd gotten help from Republicans rather than from Democrats. The party would  "have to admit as Democrats we have been wrong on education." Loud applause! Mayor Adrian Fenty of D.C. joined in, describing the AFT's attempt to block the proposed pathbreaking D.C. teacher contract. Booker denounced "insane work rules," and Groff talked about doing the bidding of "those folks who are giving money [for campaigns], and you know who I'm talking about." Yes, they did!

As Jon Alter, moderating the next panel, noted, it was hard to imagine this event happening at the previous Democratic conventions. (If it had there would have been maybe 15 people in the room, not 500.) Alter called it a "landmark" future historians should note. Maybe he was right.

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P.S.: My favorite moment didn't concern the unions. It came when NYC schools chief Joel Klein called for a single national testing standard. Groff, a crowd favorite, made the conventional local elected officials' objection that you need flexibiity, one size doesn't fit all, "what works" in County X might not work in County Y. And he was booed! Loudly. By Democratic education wonks. Wow. (The "one size" argument cropped up in the welfare reform debate too--and I assume it's just as bogus in the education debate. We're a national economy with cities that look more or less alike. What works in County X is almost certainly also going to work in County Y.)

P.P.S.: John Wilson, head of the NEA itself, was also there. Afterwards, he seemed a bit stunned. He argued pols should work with unions, in pursuit of a "shared vision," not bash them. But isn't this a power struggle where you have to bash the other side to get leverage, I asked. "Then you have losers," he answered.

P.P.P.S.: Mickey's Assignment Desk: Has someone done the trend piece on all these smart, young, powerful bald,** black state and local elected officials--e.g., Fenty, Booker, Groff, Nutter--who are taking on their unions? You'd need a name. Hair Club for Men is already taken. Domeboys? ...

**--Nutter has a bit of hair on the sides. Maybe Groff too. Close enough for a trend. 5:12 P.M. link

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Here's that Biden clip, right on cue. ... Biden clearly sizes up "Frank," who asks him where he went to law school and where he ranked in his class, as a silly credentialist snob. It's hard not to feel a twinge of sympathy with the Senator there. But again, what killed Biden about this clip wasn't his anger, or even the uncomfortable "IQ" crack (followed by the trademark uncomfortable teeth-baring smile).  It was that Biden's insecure academic boasts were almost all bogus.**It certainly wasn't a Kinsley Gaffe. ... [Tks to reader J.]

**--Another class action suit! ... 2:23 A.M.

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Road Trip Report: 1) Things you don't want to hear from behind the counter as you buy a cup of coffee in Richfield, Utah: "You know, I think that water's cleared up enough it might be all right now." 2) Best part of trip: Spotted Wolf. 3) Worst part of trip: Worries about automated speeding-ticket cameras after horror stories from gas station night clerk; 4) What is probably a famous traffic warning (on the I-70 slope going into Denver):

TRUCKERS ARE NOT DOWN YET

It must be the hats. ...

Update: Several emailers say the sign reads "TRUCKERS YOU ARE NOT DOWN YET." Same joke! ... P.S.: None of these is the sign I remember seeing. But I was going fast. ... 1:19 A.M.

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Is David Brooks trying to sabotage Barack Obama? I think so. Discussing Obama on NPR Friday:

He's gotta tie himself to a theme that runs through everything. And the theme that's authentic to him is: He is the future. He is the kind of person who emerges in a global world. And that's what I'm looking for at the convention, whether he can do that. [E.A.]

Suggested slogan: "America is Over! Deal With It." ...  Brooks must know this is incredibly bad advice. Even Gore Vidal would recognize that this is incredibly bad advice. Heck, even Susan Estrich ... 12:20 A..M.

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Friday, August 22, 2008

Biden: Maybe when I get to Denver I'll find someone who'll explain to me why Biden is an inspired choice. He doesn't have gravitas. He has seniority. We've been waiting for him to mature for decades. Only Chuck Hagel (his chief competitor as Sunday morning gasbag) could make him look wise. ... Virtues: He's likable. ... I'm thinking. ... 11:19 A.M. link

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MoveOn, NeverMind: "MoveOn now calls their being listed [alongside AT&T and PG&E] as a sponsor 'a mistake' (they're apparently sponsoring an event at the same time), and swears they're going to get their name taken off the publicity for the event." [E.A.] ... Here's the poster  with MoveOn proudly listed. ...[Tks to reader J.]  ... Democratic Social Equality Watch: A bigger question is why any left-wing, or Democratic organization should sponsor an event with one "general" concert for the masses and a second, separate "invitation only" concert (with "VIP acts") for the elite. ... Subtle! ... The "general" bill looks better, though. ... 12:36 P.M.

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Warren Buffett on John Edwards--Sue! Buffett on CNBC this morning  [emphasis added]:

QUICK: You know, one of the things that the nation is watching is next week, the first of the conventions kicks off, the Democratic National Convention. Originally, John Edwards was expected to be speaking at that convention, but after some revelations and a spectacular fall about--some revelations about his private life, he will no longer be speaking at the convention. Warren, you're somebody who has been supporting Barack Obama. Did you ever give money to John Edwards along the way?

BUFFETT: No, I didn't--I didn't give money to John Edwards. And, in fact, I think if I'd given money to him, I'd probably be asking for it back now. It's an interesting situation because John Edwards essentially was soliciting money from people to further his ambitions for the presidency, and, you know, people sent him 50, $100, $200, and I would say that they sent it in while they were being misled by the person who was soliciting the money from them. And, you know, I think if I were Edwards, I might give up a haircut or two and refund at least, you know, the people that gave the 50 or $100, $200 items, because they-- if they had known the facts, they wouldn't have sent him the money, and he is the guy that didn't give them the facts. I mean, he knew that, in effect, he wouldn't be elected president. I mean, the story was out there during the campaign. He denied it, but it was out there. And, in fact, I've never heard of it, but it might be kind of interesting if somebody, some contributor, would bring a class-action suit on behalf of all these people who essentially were led to send money to a man under totally false circumstances, false pretenses, and where he knew it and didn't tell them the truth.

QUICK: Hm, that'd be ironic for a trial lawyer...

BUFFETT: Yeah.

QUICK: ...to have a class-action lawsuit brought against him.

BUFFETT: I've seen a lot of class-action suits with less to it than this particular case. The facts are clear. I mean, he solicited money and he wasn't telling the truth to the people he was soliciting it from.

QUICK: How--have you had any discussions? I mean, obviously, you talked to a lot of people who are high ranked in the Democratic Party. Is that something that's been thrown around out there, or did you cook this up yourself?

BUFFETT: No, I don't think--I don't think I've heard of that. The--I don't talk to a lot of class-action lawyers, but I really think--I think those people were defrauded. They sent money under--with the person who was soliciting the money from them misinforming them even when the National Enquirer came out with it during his campaign,he kept soliciting money and saying it isn't true. I would think that they--it might be a pretty good class-action suit.

QUICK: Even to this day, he says that he--they had 99 percent of it wrong, even in the most recent interview John Edwards came up with, although he admits that he did have an affair with a woman.

BUFFETT: Well, he would have a chance at a class-action suit to respond to that.

Heh! ... I would think this would be a difficult precedent to contain--can donors sue McCain because he didn't, in fact, get "the message" from the defeat of his immigration semi-amnesty bill--and he knew it? Maybe businesses have to live with this sort of uncertain class-action threat when they dissemble. Politicians will never stand for it. ... 12:32 P.M. link

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Sometimes you can look at the numbers, and doom stares you in the face. ... [snip] ... By the summer of 1988, the country had turned from believing we were on the wrong track to thinking we were on the right track. They thought my candidate, Governor Dukakis, was more conservative than he actually was — that's what beating Jesse Jackson every Tuesday will do for you.

Dukakis' campaign manager may be the only person in America who thinks he lost because he was seen as "more conservative than he actually was." ... [Tks to Z] ... Update: Emailer F suggests I'm misunderstanding Estrich:

She isn't saying people ultimately voted against Dukakis because he was too conservative.  She's saying that he initially was leading in the polls because people perceived him to be more conservative than he was.  When his ideological underpinnings became more apparent they turned against him.

That's not my reading of her column. In the very next sentence Estrich says, "By the fall, it was clear: right or wrong, they didn't like him." Would they be "wrong" if they came to correctly perceive that he was more liberal than they previously thought? Or is Estrich saying they persisted in their misperception of him? I think the latter. But "F" could be right. ... 11:34 A.M.

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Thursday, August 21, 2008

Don't tell Thomas Frank: MoveOn.org, AT&T and PG&E, together again. (But it looks like quite a bill.) [Tks to reader J.]12:12 P.M.

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Why Biden Would Be Bad: There's a  bit of C-SPAN tape that should surface quickly if he's named. ... Remember, it wasn't Biden's plagiarism that knocked him out of the 1988 race. It was "'I think I have a much higher I.Q. than you do''--a bizarre videotaped putdown that Biden immediately called into question with five (5) boasts about his academic record, four (4) of which turned out to be easily disproved B.S. ... [you got a better candidate?--ed Zinni! ] ...  [via Brothers Judd ] 1:16 A.M.

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The Cruelty of Feiler: Comedian Bernie Mac died on a Saturday a couple of weeks ago. The following Monday, someone at the regular Slate editorial meeting--maybe me-- proposed a piece on him. The immediate, unamimous response: "Too late."  Brutal! Work all your life, become a beloved public figure, go into syndication, then die tragically young--and you get, what, a day? ...

Screw that. Mary Battiata, an accidental fan of the Bernie Mac Show, explains its peculiar genius on Huffington Post.  ... 12:44 A.M.

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Wednesday, August 20, 2008

WaPo story on Fannie Mae  suggests 1) Paul Krugman was still at least deceptive  when he glibly asserted the giant government-chartered company had "nothing to do with the explosion of high-risk lending a few years ago" ** and 2) government regulations, which Krugman and others say prevented Fannie & Freddie Mac from taking on too much risk may also have been at least partly to blame for the risky subprime-loan-backed securities they did purchase:

Internal documents show that even late in the housing bubble, Fannie Mae was drawn to risky loans by a variety of temptations, including the desire to increase its market share and fulfill government quotas for the support of low-income borrowers. [E.A.]

[via NewsAlert]

**--Krugman might claim that 2006 and 2007, the years examined by WaPo, weren't "a few years ago." But most readers of his column would have missed that vague lawyerly qualifier. And Calculated Risk makes clear Fannie had quite a bit to do with fostering the subprime market before then, presumably also in pursuit of its "low-income borrower" goals. ...  3:21 A.M.

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BLOCKBUSTER! Rielle Hunter Holding Angelina Jolie's Baby? New Enquirer photo of Rielle Hunter and her child: 1) Distinctive-looking little girl; 2) Love lips! 3) But not the only baby who's got 'em! 4) More than arguably similar to the blurry baby Edwards is holding in the Enquirer's earlier "spy" photo.  ... 2:54 A.M.

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Tuesday, August 19, 2008

Sometimes it takes a while: Dick Morris says Obama should be "nominated by acclimation." So true. ...  7:18 P.M.

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Mary Ann Akers reports that "as recently as last week" John Edwards was expressing interest in attending a Denver event.

 [W]e were told by well-placed sources who asked to remain anonymous that Edwards did, indeed, express interest to One Campaign officials just last week in playing a role in Denver, where the former North Carolina senator is most certainly not welcome by party officials. (His wife, Elizabeth Edwards, is no longer scheduled to speak at the convention.)

Edwards aide Jonathan Prince now says, "Unequivocally, he is not going to Denver." ... 12:40 P.M.

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Monday, August 18, 2008

On to Denver! When it comes to rounding up John Edwards news and links, I can't hope to compete with Deceiver. ... See esp. Lee Stranahan's informed speculations about future developments in the story, which now looks like it will run right into the Democratic convention. Obama's aides are probably not pleased. ... Howie Kurtz  congratulates himself again: "I had a strong feeling last weekend when John Edwards finally acknowledged having an extramarital affair that we hadn't heard the end of this thing." Is Kurtz is the new Daniel Patrick Moynihan, able to react to any development by praising his own previous thoughts? (Even though Bill Wyman vainly pleaded, back before Edwards' semi-confession, "Howie Kurtz ...Only you can investigate why you haven't written this story.") ...

P.S.: Deceiver missed journalist Ann Louise Bardach's defense of her former tenant, Rielle Hunter, in the Santa Barbara Independent:

For two years, she rented digs from investigative reporter Ann Louise Bardach and her actor husband Bobby Lesser (Carpinteria residents) in Los Angeles, and they insist Hunter is not the Venus flytrap as portrayed on TV. They describe Hunter as smart, funny, and underneath that extravagantly New Age exterior, tough as nails and hard as rock.

P.P.S.: David Usborne asks: "Just days before the start of the Democratic convention in Denver, which will culminate in the crowning of Barack Obama, are we, in fact, seeing the early outlines of a first-rate political cover-up?" Only if Watergate was a first-rate burglary. ... 11:30 P.M.

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Last October, John Edwards phoned his local North Carolina paper's editorlied and played the cancer card in the attempt to prevent the paper from printing even his public denial of the Enquirer's original "affair" story. The only reason it can't be said the lie worked is that the paper had already wimped out, according to the editor, John Drescher. ...  P.S.: The story of the Edwards Coverup, which has only begun to trickle out, is certainly providing a useful civic education in how powerful pols actually go about attempting to influence the MSM. It's one of those situations where unsophisticated people probably think the candidate himself calls the top editor directly to baldly influence coverage, while more sophisticated people know there are institutional procedures in place to protect against that sort of crude personal lobbying. Meanwhile, the really sophisticated people know the candidate himself calls the top editor directly to baldly influence coverage. ... P.P.S.: Whom else did Edwards--or maybe Elizabeth--call? ... [via Corner via Insta ] Update: How the competing Charlotte Observer ate Drescher's lunch while his paper (The News & Observer) was demonstrating "'the restraint that has marked The N&O 'sresponsible approach to the story.'" [via Deceiver] ... 2:35 P.M.

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Once again an editor shies away from a discordant aspect of the Edwards scandal, namely the role of Elizabeth Edwards:

"Stop, stop. I don't want to go there. I do not like it, [the editor] said to a reporter's suggestion about the Elizabeth Edwards angle. "She's been hurt, she's lashed out."

Maybe the Enquirer will show up the MSM covering this angle too! Except that the editor who doesn't "want to go there" is the editor of the Enquirer. ... 1:45 A.M.

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Saturday, August 16, 2008

Obama/Kerry: The All-Snob Ticket! We're prepared. ... 2:24 P.M.

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The Unraveling--Andrew Young's Mom Isn't Buying Story #2! The mother of Andrew Young, the John Edwards aide who has claimed paternity of Rielle Hunter's daughter, makes it clear to the New York Post that she isn't buying  that story.

Jacquelyn Aldridge made clear she deeply doubts her married son--Edwards campaign official Andrew Young---cheated on his beautiful wife and impregnated Edwards' paramour, Rielle Hunter, last year. ... [snip]

Asked if she believes two-time Democratic presidential contender Edwards, 55, is the real father, Aldridge declined to answer.

"I'm not supposed to talk," said the North Carolina woman.

Time to whisk her out of the country! ... Meanwhile, MSM reporters--having deemed it unnecessary to report  on whether a leading, active Democratic pol, third-place presidential candidate and likely cabinet official cheated on his ill wife while making a big show of his loyalty and then lied about it to the public --have found an angle sufficiently tedious to be worth discussing with their readers: a possible campaign finance violation! Why does that prospect  produce sudden investigative lust? Because government investigations of campaign finance violations can last years, involving lots of lawyers and government investigators who can then leak the fruits of their subpoena power to reporters in time to let everyone make it home for their kids' soccer game. And not even the Columbia Journalism Review will object. ... Unfortunately, as difficult as it is to not break some campaign finance law, the payments from Edwards's PAC to Rielle Hunter's film company may actually have been legal, according to the WSJ. .. 11:42 A.M.

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Thursday, August 14, 2008

U.S. Senator Susan Collins of Maine isn't buying Story #2. ... [Tks. to D.B.3:29 P.M.

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Former Edwards Senate campaign manager Gary Pearce isn't buying Story #2. ... 1:09 P.M.

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How big a victim is Elizabeth Edwards? A decision tree:  Did John Edwards

A) finally come clean in his Friday evening Nightline interview! ... or

B) choose, when caught out in a lie, to recklessly erect a second edifice of BS regarding at least 1) whether this was his only affair; 2) when this affair started; 3) when it ended; 4) whether it was going on in mid-2007 when Rielle Hunter's child was conceived; 5) whether he thinks he might be the father; 6) whether he actually wants a paternity test; 7) why he visited Hunter at the Beverly Hilton; 8) whether he knew and/or tacitly approved of payments to Hunter and putative father Andrew Young. ...

If you opt for B--perhaps citing this, or this--you face a second, more interesting speculation: Why did Edwards tell his new lies? Were they

i) the same lies he told his wife, Elizabeth--that the affair ended in 2006, etc.--so the Nightline's Story #2 was really an attempt to save his marriage now that his political career is over or

ii) lies designed more to preserve the possibility of a political comeback some time in the future by admitting only to a "short" affair, before his wife's cancer recurred, that did not involve any questionable campaign practices (such as using contributions to give your mistress a job that allows her to travel with you)?

It's not surprising that People magazine's new cover story  portrays Elizabeth Edwards as the anguished victim motivated by "her determination to keep her family together." People is basicaly working from script (A), the one John Edwards undoubtedly wanted the MSM to work from when he prepared for Nightline. The Excruciating Anguish of Elizabeth (who "pushed her husband to finally come clean") would be a logical part of that PR strategy whether or not Edwards was telling the truth to Bob Woodruff.

What's surprising is that the non-MSM National Enquirer, which is decidedly not working from script (A)--it's out to puncture Edwards' Story #2-- also portrays Elizabeth as the victim. "He is still lying to America and his wife." the tab says. The Enquirer opts for B (i).

Let me raise the alternative, third possibility contained in B(ii): there is a Second Coverup and Elizabeth Edwards, rather than being its victim, is in on it up to her eyeballs! ** Why do I think this is a real possibility? First, Elizabeth was in on the first coverup, allowing her husband to go out and deny the initial Enquirer reports of his affair. (He admits to Woodruff that she knew these denials were false,) Second, she might see her legacy as bound up with her husband's--and also want her children to have a father with a political future.*** Third,  Elizabeth Edwards is famously smart, and a lawyer. Does still she really think the Enquirer is just making up the part about how Edwards' affair with Hunter restarted around the time Hunter got pregnant? Does she think her husband knew nothing about the payments?

She can't possibly be as dumb as People thinks its readers are. ...

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**--She could still be anguished!

***--I deny the Second Coverup would be designed to avoid having her children's father humiliated. If he'd actually came clean, in this scenario, it would more decisively kill his political career but arguably be less humiliating than being caught out in a second set of lies, which is what will probably happen now. Rather, the Second Coverup risked this extra double-humiliation for the sake of political survival (i.e., being able to later say "all I did was have a brief affair"). ... 2:39 A.M. link

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Kos--- characteristically gracious! ... 12:51 A.M.

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Andrew Young--paternity-claimer and ... real estate genius? [8/14 Note: See semi-major update/correction at that link] ... 12:50 A.M.

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Walter Shapiro wonders how he got taken in by the Edwardses. ... 12:06 A.M.

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Wednesday, August 13, 2008

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