Fed Thinks about Thinking about Doing Something. Binyamin Appelbaum of the New York Times: "A growing number of officials have concluded that the Federal Reserve needs to expand its stimulus campaign unless the economy soon shows signs of improvement." ...
... Ezra Klein: for one thing, the Fed could "begin buying huge numbers of mortgage-backed securities with the simple intention of bringing the interest rate on a 30-year mortgage down to about 2.5 percent and holding it there for one year, and one year only. The message would be clear: If you have any intention of ever buying a house, the next 12 months is the time to do it."
... Fire Tim Geithner. Jia Lynn Yang & Danielle Douglas of the Washington Post: "Treasury Secretary Timothy F. Geithner has said that he sounded the alarm four years ago to regulators about problems with the benchmark interest rate known as Libor. But Geithner, who was then head of the Federal Reserve Bank of New York, did not communicate in key meetings with top regulators that British bank Barclays had admitted to Fed staffers that it was rigging Libor, according to people familiar with the matter. Instead, regulators at the Commodity Futures Trading Commission and the Justice Department worked largely without the Fed’s help to build a case against Barclays. That work has culminated in a massive scandal rocking the banking industry on both sides of the Atlantic." ...
... CNBC: "Former Citigroup Chairman & CEO Sanford I. Weill, the man who invented the financial supermarket, called for the breakup of big banks in an interview on CNBC Wednesday.... He essentially called for the return of the Glass-Steagall Act, which imposed banking reforms that split banks from other financial institutions such as insurance companies."
Robert Pear of the New York Times: "The Congressional Budget Office said Tuesday that the Supreme Court decision on President Obama's health care overhaul would probably lead to an increase in the number of uninsured and a modest reduction in the cost to the federal government when compared with estimates before the court ruling. Of the 33 million people who had been expected to gain coverage under the law, 3 million fewer are now predicted to get insurance, the budget office said...." ...
... Jonathan Cohn of The New Republic, once again: "The [Affordable Care Act], when fully implemented, will dramatically reduce the number of Americans without health insurance. It will also reduce the deficit. This last part remains a big deal, if only because so many conservatives -- and, yes, so many members of the public -- refuse to believe it. Over and over again, you hear people saying that Obamacare will run up the deficit. The CBO, which is our most reliable guide on such matters, begs to differ."
Charles Lane of the Washington Post: Europeans tut-tut about the U.S.'s lax gun laws, but "All told, European Union members shipped just under a million handguns to the United States in 2010. Their domestic markets may be limited by gun control, but Europe's small-arms makers can still get rich, and create jobs, thanks to the Second Amendment." Among those are the Glock, the Walther P22 & the Sig Sauer P232, mass-murders' weapons of choice.
New York Times Editors on companies in the business of background-checking: "The federal government clearly needs to step in. It should require companies to be federally registered, outline standards for accuracy, make sure that job applicants have a reasonable time to respond to erroneous reports and seek monetary and other penalties from companies that flout the law."
Rod Nordland of the New York Times: "... Al Qaeda and other Islamic extremists are doing their best to hijack the Syrian revolution, with a growing although still limited success that has American intelligence officials publicly concerned, and Iraqi officials next door openly alarmed. While leaders of the Syrian political and military opposition continue to deny any role for the extremists, Al Qaeda has helped to change the nature of the conflict, injecting the weapon it perfected in Iraq -- suicide bombings — into the battle against President Bashar al-Assad with growing frequency."
Stupid Voter Tricks. Larry Bartels in the Monkey Cage: the hot, dry summer could hurt President Obama at the polls because voters punish the party in power when the weather is bad. CW: Bartels is right. I've been more worried about the weather's effect on the election than on the price of corn.
Another Illegitimate GOP Presidency. Harold Meyerson: "If voter suppression goes forward and Romney narrowly prevails, consider the consequences. An overwhelmingly and increasingly white Republican Party, based in the South, will owe its power to discrimination against black and Latino voters, much like the old segregationist Dixiecrats. It's not that Republicans haven't run voter suppression operations before, but they've been under-the-table dirty tricks, such as calling minority voters with misinformation about polling-place locations and hours. By contrast, this year's suppression would be the intended outcome of laws that Republicans publicly supported, just as the denial of the franchise to Southern blacks before 1965 was the intended result of laws such as poll taxes."
Kate Nocera of Politico: "It’s not exactly the Ron Paul revolution in full. But on Wednesday afternoon, a small piece of his grand vision will hit prime time, when a great majority of the House will vote to pass his Audit the Fed bill. To understand how remarkable this moment is -- coming near the end of Paul's congressional career -- consider this: When Paul first introduced his bill a decade ago, it was written off as another piece of his far-flung libertarian worldview."
Just Wow! ("a surprising move since the seat could be in play for Republicans.") --
Horserace. Mark Murray of NBC News: "In the presidential horserace, Obama leads Romney by six percentage points among registered voters, 49 percent to 43 percent. That's a slight change -- within the margin of error – from last month’s poll, which showed Obama ahead by three points, 47 percent to 44 percent." But both men's negatives are up. "Romney would be the first GOP presumptive presidential nominee since 1996 to head into his nominating convention with a net-negative favorable/unfavorable score." ...
... Nate Silver: "... as of Tuesday afternoon, President Obama's lead in the RealClearPolitics average of national polls was 1.3 percentage points over Mitt Romney. But Mr. Obama led by a mean of 3.5 points in the RealClearPolitics averages for the 10 states (Ohio, Virginia, Florida, Pennsylvania, Colorado, Iowa, Nevada, Michigan, New Hampshire and Wisconsin) that are most likely to determine the election outcome."
... Rachel Weiner of the Washington Post: "President Obama is pushing back on ... Mitt Romney's 'You didn't build that' attacks in a new ad. It's a sign that the White House is worried that the quote, while taken out of context, is doing the president real damage." ...
... Adam Serwer or Mother Jones: "The problem [with Romney's 'you didn't build that' meme] is that the real-world examples Romney keeps seizing on include people who got help from the government. As ABC News' Jake Tapper reported Monday, the star of a recent Romney ad hitting Obama over 'you didn't build that' had received millions in government loans and contracts. Romney stopped in Costa Mesa, California Monday to meet with a 'roundtable' of small business leaders, held in front of a sign that says 'We did build it!' Naturally, it turned out that at least two of the companies represented ... had received hundreds of thousands of dollars in government contracts." Ditto at a Boston Romney event."
Secret Mitt, Con'd. Maureen Dowd: "Mitt's casting a shadowy silhouette, hiding his fortune in foreign tax havens, hiding tax returns, destroying and hiding records as head of the Olympics and as governor, hiding a specific sense of where he would take the country."
New York Times Editors: "Mitt Romney [had a chance] to show that he could be a better international leader than President Obama, who has already proved himself in that field. He fell far short." ...
... Michael Crowley of Time: "Mitt Romney has a commander-in-chief problem." ...
... Daniel Drezner of Foreign Policy: "After the [Romney VFW] speech, Chuck Todd tweeted that 'The Romney VFW speech felt like it was aimed at GOP voters, not swing voters.' I'd agree. Foreign policy doesn't matter that much to swing voters, but rhetoric like this is a great way to appeal to and energize the base. If Romney were to actually follow through on this speech, then the consequences would range from insignificant to quite serious. But it could be that Romney simply doesn't care about foreign policy all that much, and is using these kind of speeches strictly as a tool to cater to key political constituencies."
We are part of an Anglo-Saxon heritage, and he [Romney] feels that the special relationship is special. The White House didn't fully appreciate the shared history we have. -- Romney Adviser. CW Translation: he's black.
... Same batch of advisers, still on the same topic: "The advisers, who 'spoke on the condition of anonymity because Mr Romney's campaign requested that they not criticise the President to foreign media,' were unable to provide the Telegraph with 'detailed examples of how policy towards Britain would differ under Romney,' other than restoring the bust of Winston Churchill to the Oval Office." CW: Excellent foreign policy initiative, and a reminder that Obama replaced the Churchill bust with a bust of Abraham Lincoln -- associated with freeing American slaves (wow, they were black, too!). So, um, would Romney ditch the bust of Lincoln, the first Republican president, & replace it with a representation of a "foreigner" (okay, Churchill's mother was American, but still)?? ...
... AND as Judd Legum of Think Progress reminds us, "The comments were the latest attack by the Romney campaign on Obama's multi-cultural heritage. Last week, Romney campaign co-chair John Sununu said Obama didn’t understand the 'American system' because he 'spent his early years in Hawaii smoking something, spent the next set of years in Indonesia.' Sununu also said Obama needed to 'learn how to be an American.' (Sununu later apologized for that remark.) Later that day Romney called Obama's policies 'extraordinarily foreign.'" CW: clearly, Team Romney has decided that racism is a winning campaign tactic, & they are keeping at it.
Go for the Gold, Mitt. Priorities USA has a new anti-Romney ad that will run in swing states. It's Olympics-oriented, and it's funny:
Jeff Zeleny of the New York Times: "A Republican group backed by the casino magnate Sheldon Adelson is starting a new effort in battleground states to win over Jewish voters who could be persuaded to turn away from President Obama and support Mitt Romney. The group, the Republican Jewish Coalition, plans to begin a multimillion-dollar advertising campaign in the coming weeks called 'My Buyer's Remorse,' targeting voters in Florida, Ohio and Pennsylvania, aides said. The campaign uses testimonials from people who say they regret supporting Mr. Obama because of his economic policies and his posture toward Israel...."
Wells Tower's GQ piece is mostly about a journalist's life on the road with Mitt. It's inconsequential really, but an enjoyable read. "I'm thinking how emotionally fatiguing it would be to spend all day, every day telling America it can be rescued by rich men and hymns and keeping secret for the quiet room his real worries for the land he wants to govern. Secrets are exhausting."
Right Wing World
Kevin Drum of Mother Jones: "The mountain of idiocy building up around 'you didn't build that' has just about reached wrist-slitting proportions, both because of the sheer rapturous levels of dishonesty surrounding the quote itself and because of the ensuing, more intellectually-minded dishonesty that's now dedicated to proving that the government has never done anything for anybody -- not no how, not no way. The latest is Gordon Crovitz, who has decided to see if he can con the Wall Street Journal's readership into believing that government research dollars had virtually nothing to do with the invention of the internet."
CW: I haven't followed the Mike Huckabee Chick-fil-A to-do, but Dana Milbank has the particulars. Well, I don't eat at Chick-fil-A anyway, and Huckabee -- along with Chick-fil-A's president Dan Cathy -- have provided me with a few more good reasons to stay away.
Stupid Democrat Tricks. Milwaukee Journal-Sentinel: "State Sen. Tim Cullen quit the Senate Democratic caucus Tuesday, saying Senate Democratic leader Mark Miller had snubbed him by refusing to give him a meaningful committee chairmanship.... The flap comes just a week after Democrats took control of the Senate after winning a recall election last month in Racine County. Miller then ascended to majority leader and restructured the committees."
Politico: "Timothy Geithner came under fire Wednesday from lawmakers who wanted to know what he did to head off the now-emerging Libor manipulation scandal when he was president of the New York Federal Reserve Bank in 2008 -- when red flags were first going up. Appearing before the House Financial Services Committee to present the Financial Stability Oversight Council's annual economic report, Geithner told members of the panel that he had taken the 'fully appropriate' actions by alerting regulators in both the U.S. and the U.K." Uh-huh.
Washington Post: "Greenland's surface ice cover experienced a broader thaw during a three-day period this month than in nearly four decades of satellite record-keeping.... About half of the surface of Greenland's ice sheet melts on average each summer. But between July 11 and 13, roughly 97 percent of the the sheet -- from its coastal edges to its 2-mile-thick center -- experienced some thawing."
AP: "Britain is suffering a far deeper recession than thought, official figures showed Wednesday in a development that is likely to increase the pressure on the government to ease up on its tough austerity approach."
Washington Post: "Japan posted its biggest first-half trade deficit on record, according to government figures released Wednesday, highlighting the economic consequences as this nuclear-averse country imports fossil fuels to meet its energy needs."
Reuters: "Protesters broke windows of least a half-dozen storefronts in Anaheim on Tuesday and five people were arrested in the second major clash between police and demonstrators since an officer shot dead an apparently unarmed man. Tom Tait, mayor of the southern California city, had called on Monday for a state and federal review of the shooting of the man, a suspected gang member."
Guardian: "Ghana's president, John Evans Atta Mills, has died suddenly, aged 68."
AP: "North Korea state TV is reporting for the first time that leader Kim Jong Un is married."