The deed is done

Here's the actual deed itself:

So, once again, we have the Good, the Bad and the Ugly:
The GOOD (NAYs --15) | ||
Biden (D-DE) Boxer (D-CA) Brown (D-OH) Cantwell (D-WA) Dodd (D-CT) | Durbin (D-IL) Feingold (D-WI) Harkin (D-IA) Kerry (D-MA) Lautenberg (D-NJ) | Leahy (D-VT) Menendez (D-NJ) Sanders (I-VT) Schumer (D-NY) Wyden (D-OR) |
The BAD (YEAs ---80) | ||
Akaka (D-HI) Alexander (R-TN) Allard (R-CO) Barrasso (R-WY) Baucus (D-MT) Bayh (D-IN) Bennett (R-UT) Bingaman (D-NM) Bond (R-MO) Brownback (R-KS) Bunning (R-KY) Burr (R-NC) Cardin (D-MD) Carper (D-DE) Casey (D-PA) Chambliss (R-GA) Coburn (R-OK) Cochran (R-MS) Coleman (R-MN) Collins (R-ME) Conrad (D-ND) Corker (R-TN) Cornyn (R-TX) Craig (R-ID) Crapo (R-ID) DeMint (R-SC) Dole (R-NC) | Domenici (R-NM) Dorgan (D-ND) Ensign (R-NV) Enzi (R-WY) Feinstein (D-CA) Graham (R-SC) Grassley (R-IA) Gregg (R-NH) Hagel (R-NE) Hatch (R-UT) Hutchison (R-TX) Inhofe (R-OK) Inouye (D-HI) Isakson (R-GA) Johnson (D-SD) Klobuchar (D-MN) Kohl (D-WI) Kyl (R-AZ) Landrieu (D-LA) Levin (D-MI) Lieberman (ID-CT) Lincoln (D-AR) Lugar (R-IN) Martinez (R-FL) McCaskill (D-MO) McConnell (R-KY) Mikulski (D-MD) | Murkowski (R-AK) Murray (D-WA) Nelson (D-FL) Nelson (D-NE) Pryor (D-AR) Reed (D-RI) Reid (D-NV) Roberts (R-KS) Rockefeller (D-WV) Salazar (D-CO) Sessions (R-AL) Shelby (R-AL) Smith (R-OR) Snowe (R-ME) Specter (R-PA) Stabenow (D-MI) Stevens (R-AK) Sununu (R-NH) Tester (D-MT) Thune (R-SD) Vitter (R-LA) Voinovich (R-OH) Warner (R-VA) Webb (D-VA) Whitehouse (D-RI) Wicker (R-MS) |
The Ugly -- (Not Voting - 5, Kennedy and Byrd are sick, the others have no excuse, running for President is not an excuse and Clinton isn't even running any more and made a big show yesterday of being back in DC) | ||
Byrd (D-WV) Clinton (D-NY) | Kennedy (D-MA) McCain (R-AZ) | Obama (D-IL) |
I tried -- I wrote, I called, I e-mailed and contributed. I hope the Act Blue organization (currently has $322,223 from 5,596 donors, I think raised in just the last week) set up by Glenn Greenwald (many good posts) does what it was set up to do -- go after (and more importantly, frighten) those who take the wrong position on this issue.
NAYs ---40 | ||
Akaka (D-HI) Baucus (D-MT) Bingaman (D-NM) Boxer (D-CA) Brown (D-OH) Byrd (D-WV) Cantwell (D-WA) Cardin (D-MD) Casey (D-PA) Conrad (D-ND) Dorgan (D-ND) Durbin (D-IL) Feingold (D-WI) Harkin (D-IA) | Inouye (D-HI) Johnson (D-SD) Kennedy (D-MA) Kerry (D-MA) Klobuchar (D-MN) Kohl (D-WI) Lautenberg (D-NJ) Leahy (D-VT) Levin (D-MI) Lincoln (D-AR) McCaskill (D-MO) Menendez (D-NJ) Mikulski (D-MD) Murray (D-WA) | Nelson (D-FL) Pryor (D-AR) Reed (D-RI) Reid (D-NV) Rockefeller (D-WV) Salazar (D-CO) Sanders (I-VT) Stabenow (D-MI) Tester (D-MT) Webb (D-VA) Whitehouse (D-RI) Wyden (D-OR) |
YEAs ---53 | ||
Allard (R-CO) Barrasso (R-WY) Bayh (D-IN) Bennett (R-UT) Bond (R-MO) Brownback (R-KS) Bunning (R-KY) Burr (R-NC) Carper (D-DE) Chambliss (R-GA) Coburn (R-OK) Cochran (R-MS) Coleman (R-MN) Collins (R-ME) Corker (R-TN) Craig (R-ID) Crapo (R-ID) DeMint (R-SC) | Dole (R-NC) Domenici (R-NM) Ensign (R-NV) Enzi (R-WY) Feinstein (D-CA) Graham (R-SC) Grassley (R-IA) Gregg (R-NH) Hagel (R-NE) Hatch (R-UT) Hutchison (R-TX) Inhofe (R-OK) Isakson (R-GA) Kyl (R-AZ) Landrieu (D-LA) Lieberman (ID-CT) Lott (R-MS) Lugar (R-IN) | Martinez (R-FL) McConnell (R-KY) Murkowski (R-AK) Nelson (D-NE) Roberts (R-KS) Schumer (D-NY) Sessions (R-AL) Shelby (R-AL) Smith (R-OR) Snowe (R-ME) Specter (R-PA) Stevens (R-AK) Sununu (R-NH) Thune (R-SD) Vitter (R-LA) Voinovich (R-OH) Warner (R-VA) |
Not Voting - 7 | ||
Alexander (R-TN) Biden (D-DE) Clinton (D-NY) | Cornyn (R-TX) Dodd (D-CT) McCain (R-AZ) | Obama (D-IL) |
Big Blowback for 'Small Price'
The fallout over Minority Leader John Boehner's "small price" comment about the Iraq War continues. Two House Democratic leaders have raised their objections to the comment, and CNN has picked up the story, or more precisely, returned to it. Boehner's remarks were made earlier in the week in a CNN interview with Wolf Blitzer but gained attention after being flagged by TPM's Greg Sargent.
Many Democrats seem content to sit around and wait for demographic trends to make them the majority party. But a warning -- these voters won't be inspired to work and vote for a party that is unsure of its convictions and afraid to stand strong for what it believes. Or for Democrats who insist on sticking with the status quo in that corrupt cesspool that is Washington D.C. Or Democrats that continue to enable Bush's disastrous war in Iraq.Both parties have seen their brands in the gutter. People have given up on Republicans, but they want to see Democrats rehabilitate theirs. It remains to be seen whether we can make that happen.
I hope for the best for Sgt. Murphy (one of the authors who was shot in the head and being attended to in the course of writing this article) and all seven soldiers (Buddhika Jayamaha is an Army specialist. Wesley D. Smith is a sergeant. Jeremy Roebuck is a sergeant. Omar Mora is a sergeant. Edward Sandmeier is a sergeant. Yance T. Gray is a staff sergeant. Jeremy A. Murphy is a staff sergeant.). The way to honor them is to bring them home. It will be brutal for Iraq when we leave, but each day we stay makes the brutality that will occur when we leave that much worse.At the same time, the most important front in the counterinsurgency, improving basic social and economic conditions, is the one on which we have failed most miserably. Two million Iraqis are in refugee camps in bordering countries. Close to two million more are internally displaced and now fill many urban slums. Cities lack regular electricity, telephone services and sanitation. “Lucky” Iraqis live in gated communities barricaded with concrete blast walls that provide them with a sense of communal claustrophobia rather than any sense of security we would consider normal.
In a lawless environment where men with guns rule the streets, engaging in the banalities of life has become a death-defying act. Four years into our occupation, we have failed on every promise, while we have substituted Baath Party tyranny with a tyranny of Islamist, militia and criminal violence. When the primary preoccupation of average Iraqis is when and how they are likely to be killed, we can hardly feel smug as we hand out care packages. As an Iraqi man told us a few days ago with deep resignation, “We need security, not free food.”
Numerian's argument is basically that this process of securitization created debt upon debt for all sorts of things -- setting up a process of credit creation parallel and eventually larger and more important than banks' traditional credit creation process. It started with ABCP's then spread to mortgages and eventually was used to fund huge leveraged buyouts and became the engine for hedge fund's wild growthOne focal point in the current credit market meltdown is a sector of the market known as Asset-Backed Commercial Paper (ABCP). This paper is issued by legal entities called conduits or Structured Investment Vehicles (SIVs) set up by the largest banks to purchase mortgage securities, auto loans, credit card receivables and all sorts of other debt that these banks want to issue but do not want to keep on their own balance sheet. To finance these assets, the conduits issue short term commercial paper, and the investors who buy this ABCP know it is not an obligation of the bank, but only of the conduit. Theoretically, if the conduit fails the investors may lose all their investment, because they cannot turn to the bank for help.
Because of this legal independence, conduits have an array of credit protections, often including an emergency loan facility from the bank to provide liquidity if the conduit is having trouble selling its commercial paper. Investors cannot always be sure if the ABCP they are buying is going to be collateralized by mortgage assets, auto loans, etc., so in the current crisis many are assuming that sub-prime mortgages are involved and they are refusing to buy the paper. The conduits are now facing potentially dire circumstances because they survive only on the steady reissuance of their commercial paper. Many are beginning to turn to their bank sponsors to take down emergency loans from the bank. There is an estimated $1.2 trillion of ABCP currently in the market, so we are talking about multi-billions of dollars of emergency liquidity being required from the banks.
The ABCP business sprung up to help Wall Street move a growing number of mortgages from the balance sheets of the banks to the hands of investors through securitization. But this business also showed banks that the credit creation machine didn’t have to stop at mortgages, but could include other forms of retail debt. And if this could be done, why not apply the concept of securitization to corporate debt?
It's a battle between the very-very-very rich (who already have gotten out to the newest secret spot to hide their money) and the only very-very rich (who may actually take a teeny tiny loss). But if this is an insolvency crisis rather than a liquidity crisis there's a hole in the boat and all the bailing in the world just puts off the inevitable.The global economy cannot survive for long on the traditional credit creation process, and unless Wall Street can revive confidence in its securitization process almost immediately, a global recession starting later this year is a high likelihood. Wall Street might have a chance if it could make public very soon the nature and extent of the problems with its credit creation process. But this is one of the key differences between the two processes – problems in the commercial banking system are quicker to surface, and there are regulators ready to intervene. Not so with the complex, sprawling, opaque, and unmanaged Wall Street process, whose raison d’etre seemed to be to generate fat bonuses for many involved, with little thought to the systemic and economic risks being created.
We shall see what good the Fed and other regulators can do with interest rate cuts and any other interventions they can think of, but the problems are so large and unwieldy that no one should hold out much hope. The implosion of the Wall Street credit creation process is unprecedented in its depth and international scope, and the global economy will be fortunate indeed to avoid severe and prolonged damage.
Fitzgerald Deserves Top U.S. Law Post, Comey Says (Update1)Target-rich, indeed!
By Patricia Hurtado and David Voreacos (Bloomberg)
``I think he would make a spectacular attorney general,'' said former Deputy U.S. Attorney General James Comey, now general counsel at Bethesda, Maryland-based Lockheed Martin Corp., the world's largest defense contractor. ``He certainly is one of the very best federal prosecutors in America.'' ...
Fitzgerald, who has held his job for almost six years, declined to be interviewed by Bloomberg News. His spokesman, Randall Samborn, wouldn't discuss Fitzgerald's career plans. ...
Fitzgerald, who is single, is the son of Irish immigrants. He grew up in the Flatbush section of Brooklyn, and attended Catholic elementary school before going to Regis High School in Manhattan. During summers, he worked as a doorman, like his dad. ...
He spent years pursuing mobsters and terrorists before focusing on al-Qaeda leader bin Laden, long before Sept. 11, 2001. Four months before the attacks, he won terrorism convictions of four bin Laden associates for embassy bombings in Africa that killed 224 people.
``This is a guy who's spent time in small rooms in a lot of countries around the world with people who've killed a lot of people,'' Comey said. ``He's not intimidated by pressure.'' ...
Former Deputy U.S. Attorney General Comey, who got to know Fitzgerald as a law student when they shared a summer house in Spring Lake, New Jersey, said his friend once competed fiercely in rugby and darts.
``He drank a lot of beer without paying for it,'' Comey added with a laugh.
Fitzgerald now enjoys traveling, exploring caves in New Zealand, going white-water rafting, and visiting relatives in Ireland, Comey said.
Fitzgerald may return to New York, said Chicago attorney and best-selling novelist Scott Turow.
``Pat is deeply committed to public service,'' Turow said in an e-mail. ``But I never heard anyone say that he'd like to stay on'' as U.S. attorney in Chicago.
Daniel Richman, a Columbia Law School professor who worked as a prosecutor with Fitzgerald, disagreed.
``I think that something that's gotten lost in the focus of his role in the Libby investigation is how committed and excited he's been to be working in Chicago,'' Richman said. ``And he certainly seems to be in a target-rich environment.''
It is difficult to overstate how irrational this theme is, and yet it is equally difficult to overstate what a decisive role it just played in ensuring the continuation of the war. Polls consistently demonstrate that Americans overwhelmingly favor compelled withdrawal [emphasis in the original] of the troops from Iraq. Other than defunding, they overwhelmingly favor every legislative mechanism for achieving that goal -- from a straightforward bill setting a mandatory time deadline to a rescission of the resolution authorizing military force to compulsory benchmarks. Yet polls are equally uniform in showing that a solid majority of Americans oppose de-funding.
Yet, rationally speaking, this makes absolutely no sense. De-funding is nothing more than a legislative instrument for ending the war, and is substantively indistinguishable in every way from the other war-ending legislative means which Americans favor. Congress has used de-funding or the threat of de-funding multiple times in the past to compel the President to cease military action, and to invoke it, Congress simply consults with the military, determines how much time is needed to effectuate a safe withdrawal, and then de-funds the war accordingly [emphasis added].
Back under Clinton, we were working toward getting universal health care AND free public junior-college education.
Six years later, under Bush, we're hoping we can hold on to habeus corpus.
If you want to understand Harry Reid, think back to another Harry who was also feisty and blunt – President Harry Truman. Running in 1948, Truman was ridiculed by major newspapers as a hopeless loser. But voters picked up the beat and they gave him a surprise victory.
On the campaign trail, Truman would encounter voices from the crowd shouting, "Give ‘em hell, Harry." The president would respond, "I don't give them hell. I just tell the truth about them and they think it's hell."
"We just had an election where Americans repudiated this war and made clear that they want to withdraw. Yet somehow, within a matter of weeks, Washington power circles were able to shoo that election result away like the annoying mosquito that it is and supplant their own pro-war judgment as the "mainstream" view to which all serious people, by definition, pledge their allegiance.If the Democrats are not willing to make this their national security position they will fail. If the Dems try to be Rep-light one more time (through the item in the 100-hour plan to supposedly finally implement the 911 commission's recommendations) they will miss what a majority of the people thought they were voting for.
"When 2008 comes around and we still have between 130,000-150,000 troops occupying Iraq (at the cost of $8 billion per month) -- and another 20,000 or 30,000 American soldiers are dead or maimed and a few hundred thousand or so more Iraqi civilians are dead -- we can look back at this moment when the Washington Establishment, yet again, blocked the path of withdrawal."
While traditional media sources are focusing on what a cranky bastard Jim Webb is for not responding with cheerful bootlicking when Bush asked about his son (stationed in Iraq), it seems there may be more to the story. From Not Larry Sabato:
As President Bush is well aware, a couple of weeks before this dinner the tank riding next to Jimmy's in Iraq was under fire and three marines died.
My sources are telling me that the way President Bush approached Webb with his tone, it appeared he was asking the question of how Jimmy was doing in a mocking manner, while he was certainly aware of the tragedy that had hit his unit a few weeks earlier.
It sounds entirely consistent with President AWOL's chummy, condescending frat-boy manner of intimidating conversational banter. The Washington Post, however, is quick to quote those on the Hill who conclude from this outburst that Webb is not made of The Right Senatorial Stuff ("I think he's going to be a total pain").
And Chuck Schumer adds helpfully:
"He's not a typical politician. He really has deep convictions," said Schumer, who headed the Senate Democrats' campaign arm.
From this we infer that Schumer believes that typically, most politicians have no deep convictions. Whether you want to file this under projection or just simple self-awareness is a matter of personal choice, I suppose.