Tuesday’s Mini-Report

Today’s edition of quick hits.

* AP: “Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under an initiative the Bush administration announced Tuesday. Dubbed ‘Project Lifeline,’ the program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus of previous relief efforts…. These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. The homeowners will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to homeowners.”

* About once a year, Bush says something I agree with: “President Bush said Tuesday that recent displays of nooses are disturbing and indicate that some Americans may be losing sight of the suffering that blacks have endured across the nation. ‘The era of rampant lynching is a shameful chapter in American history,’ Bush said in an event marking African-American history month at the White house. ‘The noose is not a symbol of prairie justice, but of gross injustice,’ the president said. ‘Displaying one is not a harmless prank, and lynching is not a word to be mentioned in jest.'”

* Funny, I remember the White House’s allies bragging about the president cutting the deficit in half: “The federal budget deficit is running at a pace that is more than double last year’s imbalance through the first four months of the budget year. In its monthly review of the government’s finances, the Treasury Department said Tuesday that the budget was in surplus in January, but the deficit totals $87.7 billion so far this budget year, double the $42.2 billion imbalance recorded during the same period in 2007…. The Bush administration sent its final budget request to Congress last week, projecting that the deficit for all of 2008 will total $410 billion, very close to the all-time high in dollar terms of $413 billion in 2004.”

* AP: “A federal judge agreed Monday to allow a private group to delve into the operations of an office at the White House as part of a controversy over whether large amounts of e-mail have disappeared. Permitting any private organization to inquire into White House functions is an unusual step, a point U.S. District Judge Colleen Kollar-Kotelly underscored in her six-page order…. The issue for Kollar-Kotelly is whether the Office of Administration operates with substantial independent authority. If the judge finds that it does, the private group can pursue data about what went wrong with the White House e-mail system.”

* TPMM: “Speaking to a conference call of reporters this afternoon, Sen. Chris Dodd (D-CT) said that, reflecting on the string of defeats in the Senate today, he thought the House was the best hope for stripping retroactive immunity from the final surveillance bill.” Dodd has vowed to filibuster the bill that emerges from conference, if it includes retroactive immunity.

* On a related note: “Signaling the fight ahead when lawmakers get together to sort out the differences between the Senate and House surveillance bills, House Judiciary Committee Chairman John Conyers (D-MI) wrote White House counsel Fred Fielding today to deliver two messages: 1) from what he’s seen of the documents relating to the administration’s warrantless wiretapping program, there’s no reason to grant the telecoms retroactive immunity (he prefers the term ‘amnesty’), and 2) Congress needs to know more before it can be expected to consider granting that amnesty.”

* The exodus continues: “Rep. John Shadegg (R-Ariz.) will announce this evening that he will retire from the House upon the conclusion of his current term, according to a well-placed Republican source. Shadegg is announcing his retirement a little more than one year removed from his campaign to be House Minority Whip, which he lost to Rep. Roy Blunt (Mo.)…. Shadegg is the 29th House Republican to announce he will not seek another term.”

* I had no idea the Washington GOP primary would turn into this big a mess.

* The caucus process can be complicated. But a caucus/primary hybrid in Texas? It’s just bewildering. (Put it this way: Clinton could get more votes, while Obama gets more delegates. And that’s not even the most complex part.)

* I simply don’t understand how a) Michael Savage stays on the air; and 2) why anyone would listen to voluntarily: “Discussing the recent death of Rep. Tom Lantos, Michael Savage stated, ‘You’re not supposed to talk badly about the dead. I generally wouldn’t do it. But in the case of Tom Lantos, I’ll make an exception. I think he was one of the most — he was a scoundrel. And I’ll tell you why I detested Tom Lantos. The man survived the Holocaust of World War II and used it as a weapon the rest of his life.'”

* And finally, I was delighted to read about Marla Spivack, a student at New England prep school Choate Rosemary Hall, who challenged Karl Rove at an event yesterday, asking him to explain why gay marriage endangers others. Rove dodged, saying it was an issue for legislators and voters. “‘You never actually answered, how does it threaten anyone?’ she asked. Rove asked, what’s the compelling reason to throw out 5,000 years of understanding the institution of marriage as between a man and a woman? What, Spivack countered, was the compelling reason for society to allow interracial relationships when they had once been outlawed. Then Rove invoked the Declaration of Independence before Spivak interjected that its reference to ‘life, liberty and the pursuit of happiness seemed to support her claims.” Point, set, match.

Anything to add? Consider this an end-of-the-day open thread.

All the tips I’ve been sending you bounce back, Steve. Have I been blacklisted?

It’s nice of Bush to recognize nooses symbolize something for black people. Of course, his outreach to the black community could go a lot further if he simply stopped disenfranchising them. That holds some symbolism as well.

  • Why did Senator Clinton skip the FISA vote on telecom immunity today? Does she think it was a case of damned if you do, damned if you don’t? She missed voting on one of the most significant constitutional issues in recent times.

    The woman is starting to annoy the shit out of me.

  • Right Wing Succeeds In Campaign To Bring Down Progressive College President

    Gene Nichol, the President of the College and William and Mary, resigned today in protest of a politically-motivated decision by the College’s Board of Visitors not to renew his contract. Michelle Malkin and other conservative commentators have seized on his resignation as “victory” and inaccurately characterized his departure as “disgraced.” The reality is quite different.

    Conservatism must be a disease, not a choice.

  • Does tonight represent the final nail in Hillary’s coffin? Does the House of Clinton fall tonight?

    I tell you what, there are millions of democrats who have been waiting for this day for a long time. We must return the moral standing of our party, and the fall of Clinton represents a rejection on the part of democrats to the dishonest and even criminal methods of Hillary and Bill.

    Could be a great night for America!!

    Bill Clinton warned us about false hope. But in the unlikely story that is America, there has never been anything false about hope!!! Stick that in your pipe and smoke it, Hillary!!!

  • So Karl rests his beliefs about marriage on 5,000 years of history, huh? Which would put it back to about 3,000 B.C., or around the time of the founding of Troy.

    Word to your mother, Karl. Those ancient Greeks knew all about man-on-man relationships and had way less problems with them than you and your buddies do. (Insert ‘wide stance’ joke of your choice here.)

    From Wikipedia: ” In battle the lovers fought side by side; and it is worthy of notice that before entering into an engagement the Spartans sacrificed to Eros. It was reckoned a disgrace if a youth found no man to be his lover.”

    Before you start using history to bolster your braindead arguments, Karl, it would be nice if you actually knew something about it.

    Moron.

  • Curious point on Bush’s comment, “The noose is not a symbol of prairie justice.” Damn right. The prairie regions aren’t known for lynching because, by definition, prairies lack the trees to hang someone from. Nor are the prairie states known for a history of lynchings. I’m sure this was just the typical Bush misnomer, but odd nonetheless.

    Michael Savage, they just turned up the heat in the hottest circle of hell reserved just for you. Lantos fought for human dignity; you prove again and again that you have none.

  • President Bush said Tuesday that recent displays of nooses are disturbing…

    …and then went on to say that a better way to show how racist you are is to remind the people of New Orleans how well it is working out for them, like Mommy.

  • “Project Lifeline” is little more than a lifeline for the banks and other lending institutions who hold the notes on all those “foreclosure-pending” homes. They loaned at 125% of market value in many instances, and when coupled with the additional train-wreck of collapsing home values, the banks would be eating billions in losses on assets than there’s no longer a demand for. Here’s how it looks:

    Bank A finances a house for Buyer B. Buyer B can’t manage the payments any more, so the house moves into foreclosure. Muyer B financed, let’s say, a $200,000 home at 125%, so the initial balance on the note is $250,000. Because of depreciating demand, a glut in supply, and overall depreciation in market value, the property loses 10% of its value. What Bank A is looking at is a foreclosure on a $250,000 liability that carries with it an asset-value of $180,000. That’s an immediate loss of $70,000; maybe more, if they can’t find someone to buy the thing.

    Extrapolate that over, let’s say, 4% of the total housing in existence—we’ll call it 2 million homes. That’s $140,000,000,000 in potential smack-down for the home financing industry.

    Say it with me now, kiddies—One. Hundred. Forty. Billion. Dollars.

    Now, extend this into the next extrapolation (yep—there’s more than one). Bank A had this debt repackaged into an investment note and sold it to a trader, who then repackaged it seven different ways and sold it to foreign investors, who managed to get it repackaged again—and sold it back to Bank A. every “repackage” upped the investment in the debt, but the raw value of that house never went up a dime—it actually went down 10%. Top that off with the fact the the repackaging also failed to account for the inflated loan amount—125% of raw value—and it should be safe to say that Bank A is in a very leaky lifeboat.

    I won’t bother you with the other extrapolation—the one that allowed this same type of reckless financing behavior to be used in commercial and industrial real estate ventures….

  • Sooo, Hillary traded her Latina campaign manager for an African-American one. Kind of an iffy move right before Texas.

  • petorado @6: There are still many who believe the noose does stand for cowboy justice.

    They just made gallows instead.

    PS: Our prairies have at least as many trees as towns. Probably because ‘water’ is required for either to form.

  • g8grl @9,

    I tend to disregard most of what Mr. Wilson says at this point…since he is on Sen Clinton’s campaign staff. He’s hardly the impartial ex-foreign service officer he portrays himself as. And, yes, i did read the article.

  • THE BELTWAY BEATDOWN!!!

    WOW!!!

    Obama should extend his lead to 100+ pledged delegates after tonight. And he’s statring to win the latino vote.

    Hillary is going to go from Feb 5th through March 4th losing all 10 contests, and dropping over 100 delegates in what was a tied campaign.

    That illusary lead the ny times likes to show (when they count superdelegates) won’t even work after tonight.

    Will Hillary even make it to Texas/Ohio?

  • Washington Post is apparently reporting Clinton’s deputy campaign director just resigned. (Thank goodness they kept the MD polls open. Traffic is a mess with the freezing rain.)

  • On February 12th, 2008 at 7:19 pm, Crissa said:
    Hillary Clinton: Still in the lead.

    CNN now says Barack’s delegate total exceeds Clintons even including unearned superdelegates.

    Please remove that from your Hilbot cut and paste queue.

  • If it’s true that Obama is winning the Hispanic vote, that’s going to be a tough bit of news for Hillary. She was really counting on everyone accepting her inevitable win in Texas because of the large Latino population. If the demographic advantage is no longer a sure thing, she’s going to be put in the awkward position of “I was counting on Latinos, but I am still capable of winning based on the issues.”

    On the whole, I think her campaign has had too much of a fetish for the word “inevitable”. It’s not entirely their fault, of course, but they have certainly emphasized it when it seemed to be to their advantage.

  • The Clinton campaign staffer leaving is Mike Henry.

    I saw some exit polling that said Obama got 6 out of 10 female voters.

  • Michael Savage said: ” I think he was one of the most — he was a scoundrel. And I’ll tell you why I detested Tom Lantos. The man survived the Holocaust of World War II and used it as a weapon the rest of his life.’”

    I wonder… when Michael Savage gets his man-crush on McCain… if the same will apply: ” I think he was one of the most — he was a scoundrel. And I tell you why I detest John McCain. The man got shot down over Vietnam due to his own incompetence, enjoyed preferential treatment in the Hanoi Hilton – with Paris no less! – and has been using it as a weapon ever since he got back from his P.O.W. vacation.”

    Would look good as a ‘swiftboat’ ad… According to Republicans that would be considered the truth, and no need to be taken off the air. Only dreaming here..

  • This exchange from HuffPo (on O’Rielly discussing how NBC is pro Obama and anti Hillary):

    hopemeanstruth (my comment: nice handle)

    I’ll be damned! O’Reilly is actually right for once. I must admit, I am a Hillary supporter but I have no grudge against Obama and if Obama is the nominee I will support him passionately. But, regardless of who you support, you must admit that the MSNBC coverage has very anti-clinton and very pro-Obama. Chris Mathews is the most obvious in his campaign against Hillary, Shuster is his little buddy. I have turned to Fox News for the Election 2008 coverage (and I am liberal) because they have been the only media covering the democrat side fair.

    And the reply:


    You’re a liberal, huh? Was this before or after you got into bed with Bill Orally?

    Also, you give yourself away as a conservative troll when you say that Fox News is covering anything in a fair way and when you call it the “democrat” side and not the “Democratic” side.

    Go back to LittleGreenFootballs and lament the loss of your hero, Willard Romney.

    This exchange, to me, proves what I have been saying for a while. Those who come here and post their over the top MY CANDIDATE ONLY rants are mostly trolls who are trying to divide and conquer. Many do not have the mental capacity (e.g,, saying they are a liberay and for the democrat side – GAG!) to be able to pull off sounding intelligent, hence more than likely liberal, but there are those who do it well.

    And it frustrates the rest of us to think that we are as intolerable as goopers.

    I don’t think we are. And we lose members of our community here for infighting. I think we are being played.

    Just MHO.

  • ‘The noose is not a symbol of prairie justice, but of gross injustice,’ the president said. ‘Displaying one is not a harmless prank, and lynching is not a word to be mentioned in jest.’

    Y’know the movie Sommersby, where the guy comes back from the civil war and everyone suspects he’s an imposter because he’s nice to people? Or, closer to the mark, Dave.

    Who are you, and what have you done with George W. Bush?

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