It seemed like it was easier when health care was pretty much the only political news. Now, news on so many issues gushing up so quickly, we need a round-up thread to cover it all:
Correction: no decision on amendments today Contrary to my earlier report that the Democratic caucus will make a decision today on whether amendments to Wall Street reform will require 51 or 60 votes to pass, I have heard from Harry Reid's office that no decision will be made today. That was an error on my part.
Economic Crisis: Greenspan kept Fed worries about housing bubble secret:New transcripts from 2004 show that many senior officials at the Federal Reserve feared that there was a speculative housing bubble that could lead to economic catastrophe. However, their fears were deliberately hid from the public by then-Fed chair Alan Greenspan, because he figured the Fed knew best and didn't want to alarm the stupid public:
As top Federal Reserve officials debated whether there was a housing bubble and what to do about it, then-Chairman Alan Greenspan argued that the dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less well-informed than themselves.
"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting.
Apparently, it was best to keep the public in the dark about fears of a possible economic collapse, and then do nothing to avert the possible collapse. Because, you know, the Fed knows best.
Oil Spill: Attach this amendment to anything you want passed: Senator Bob Menendez, chair of the DSCC, has introduced a bill raising the liability of oil companies from $75,000,000 to $10,000,000,000 (update: originally I left off three zeroes) in the event of a spill. Even though some Senators undoubtedly will still vote against this, it is still hard to believe that a bill like this would not comfortably have 60 votes to pass right now. Aas such, it seems like it would be a good idea to turn this bill into an amendment, and quickly attach it to something that is difficult to pass.
PA-Sen: Sestak closing on SpecterA new poll from Muhlenberg in Pennsylvania shows Joe Sestak only 6% behind Arlen Specter in the May 18th Democratic primary. This is actually going to be a daily tracking poll, so it will be easy to keep tabs on the state of the campaign. Two weeks ago, Rasmussen showed Sestak closing to within 2%, although that was hard to believe given that Sestak had not yet gone on the air. A new Quinnipiac poll comes out tomorrow morning.
AR-Sen: Racist anti-Halter ad to keep running through the election. In an ad that could become known as the Willie Horton ad of Democratic primaries, an offensive anti-Halter ad will continue running in Arkansas through the May 18th primary:
The president of a group airing an advertisement using Indian actors and images to raise claims Senate candidate Lt. Gov. Bill Halter outsourced jobs says he doesn't think the spot is offensive.
Americans for Job Security president Stephen DeMaura said he has no plans to pull the spot that begain airing Monday on Arkansas' airwaves. He says the ad will continue for two weeks.
Halter and Sen. Blanche Lincoln have both condemned it as offensive.
You can watch the ad here. Ugh.
Immigration debate moves to the right. Right wing forces on immigration have gained a lot of ground since 2006, and not just because of what happened in Arizona. As Ron Brownstein explains, a bill that passed the Senate in 2006, when Republicans were in the majority, was further to the left then the bill currently lacking support in the Senate. The main shift has been among Republicans, who have turned hard-right on the issue.
Political news is back, big time. The post-health care slump is over.
