The Commentariat -- Sept. 14, 2012
CW: This would be a good day to journey to the bottom of the post.
NEW. Dean Baker has a good piece on David Brooks' column. Headline: "Did Public Schools Fail David Brooks?"
Ben Bernanke holds a press conference to explain the Fed's action:
Felix Salmon of Reuters: "The main news isn't the fact that the Fed is back in the market, buying bonds. Indeed, as Binyamin Appelbaum [of the New York Times] points out, QE3 in volume terms, at $40 billion per month, is significantly smaller than QE1 and QE2.... [The big deal is that] QE3, unlike QE1 and QE2, has no set expiry date. The Fed's ... promising a steady extra flow of monetary fuel for the foreseeable future -- or at least until the labor market improves 'substantially.' ... But the Fed went even further ... where they all but promised zero interest rates until mid-2015." ...
QE3 -- Good for Everybody! Josh Barro of Bloomberg: "While overly tight monetary policy has hit the unemployed the hardest, it has been bad for almost everybody, including rich people. It's true that disinflation has been good for certain securities, particularly low-risk bonds. But wealthy bondholders also tend to be wealthy stockholders, and Fed policies that hold economic growth down are bad for equities...." ...
... Paul Krugman makes some remarks on the Fed's move. ...
... Michael Tomasky of Newsweek: "Republicans are piling on in the expected ways. Romney calls it another 'bailout.' I'd watch that word if I were he; that word is no friend of his (oh, by the way -- Obama is up 10 in Michigan).... If Republicans want to be in the position of opposing an effort by the Federal Reserve Bank to lower the jobless rate, that's their problem.
Krugman: You might be a Keynesian if ... you believe reports that sales of the new iPhone 5 is likely to stimulate the economy.
Josh Rogin of Foreign Policy: "President Barack Obama didn't intend to signal any change in the U.S.-Egypt relationship last night when he said Egypt is not an 'ally,'" the White House [said Thursday]. Here's the full transcript of the Telemundo interview. In response to the question, "Would you consider the current Egyptian regime an ally of the United States?" Obama responded, in part,
I don't think that we would consider them an ally, but we don;t consider them an enemy. They're a new government that is trying to find its way. They were democratically elected. I think that we are going to have to see how they respond to this incident. How they respond to, for example, maintaining the peace treaty ... with Israel.... Certainly in this situation what we're going to expect is that they are responsive to our insistence that our embassy is protected, our personnel is protected, and if they take actions that indicate they're not taking responsibilities, as all other countries do where we have embassies, I think that's going to be a real big problem.
Finally, Juan Cole raises the question that likely occurred to all of us: "Why in the world [Ambassador Chris Stevens] was in an insecure minor consulate in a provincial city on September 11 is a mystery to me." Read Cole's whole post; he is an expert on Middle East politics, & he gives a more nuanced sense of what happened in Libya & Egypt.
Presidential Race
And You Thought Voter ID Laws Were Abominable. Evan McMorris Santoro & Ryan Reilly of TPM: "Kansas Secretary of State Kris Kobach, an informal advisor to ... Mitt Romney, said on Thursday he and his fellow members of a state board were considering removing President Barack Obama from the Kansas ballot this November." CW: the Kansas board won't get away with this of course, but it is important to realize to what lengths Banana Republicans will go to blow up the democratic process & exactly what their commitment is to "American values." Thanks to Jeanne B. for the link.
Jim Rutenberg of the New York Times: "President Obama spent the second day of what was to be an upbeat swing through the politically vital Mountain West on Thursday balancing the somber tone that a foreign policy crisis demands and the hyper-partisan rhetoric that eight thousand Coloradoans came to hear."
The Obama campaign released this Web video yesterday, hitting Romney on his secret tax returns again. Donovan Slack of Politico has a related story:
This Didn't Take Long. McKay Coppins of BuzzFeed: the Romney camp is blaming the "liberal" press for its problems. One "Republican said, 'Experienced political operatives say they've never seen the press be so unhinged and determined to write 'Republican in disarray' stories.'"
... Tim Egan on the burdens of free speech by hatemongers -- and Romney, whose popping off was the "most revealing moment of the campaign." ...
... Roger Cohen of the New York Times: "This September surprise has given the world cause to appreciate the cool head in the White House and worry about the hothead who aspires to replace him. Romney, in Jacques Chirac's immortal phrase, 'lost a good opportunity to keep quiet.'" ...
... Ruth Marcus of the Washington Post in a column titled "Romney Owes an Apology": "... no one should be surprised by Mitt Romney's decision to ... exploit the attack on U.S. diplomatic outposts in Egypt and Libya as ammunition in the presidential campaign. After all, [he] ... wrote a book in 2010 premised on, and titled with, the false notion that Barack Obama has been going around the world apologizing for America.... To Romney, apologizing means never actually having to say you're sorry." ...
... Glenn Kessler: "Earlier in the week, we hesitated about handing out Pinocchios because not all of the facts had been established. But now it is pretty evident that the Romney campaign misstated the facts on Tuesday, on Wednesday -- and then again on Thursday, even after the peculiar circumstances of this embassy statement had been made abundantly clear." ...
... Gene Robinson: "The most charitable explanation is that he's in a panic over polls that show Obama opening a lead. If this is not the case, then Romney's ignorance of foreign policy is more profound -- and potentially dangerous -- than anyone could have suspected.... You have to wonder whether he knows there are moments when the guiding principle has to be 'America first.' Not 'me first.'" ...
... Jonathan Alter in Bloomberg News: "It's hard to avoid the conclusion that [Romney] is trying to pander to the Republican base, almost one-third of which still believes -- against all evidence -- that Obama is a Muslim.... Americans recognize that judgment, prudence, instinct and a sense of what the moment demands are all job requirements for the presidency. Romney met none of them this week." ...
... Frank Rich talks with New York magazine's Eric Benson about the new soap "All My Cheap Shots," starring Mitt Romney (or something like that).
I think the challenge that I'll have in the debate is that the president tends to, how shall I say it, to say things that aren't true. -- Mitt Romney, to George Stephanopoulos:
... CW: I've taken down the video of part of George Stepheanopoulos' interview of Mitt Romney because it may be the cause of some readers' computers freezing up. You can see video of the whole interview & read the transcript here.
Ashley Parker of the New York Times: "Speaking to a modest-sized crowd in Northern Virginia on Thursday, Mitt Romney sought to move beyond his criticism of President Obama's response to the turmoil in Libya and Egypt and instead broadly paint the president as weak on foreign policy.... At the mere mention of Libya, however, a man in the crowd began shouting: 'Why are you politicizing Libya?' As the crowd shouted down the protester, Mr. Romney tried to continue, before concluding, 'I would offer a moment of silence, but one gentleman doesn't want to be silent so we're going to keep on going..., strong military..., American leadership,' blah-blah.'" CW: So he's going to stand up to the world, but he caves to a lone protester? ...
Philip Rucker of the Washington Post: "Advisers to Mitt Romney on Thursday defended his sharp criticism of President Obama and said that the deadly protests sweeping the Middle East would not have happened if the Republican nominee were president.... Mitchell Reiss, a top Romney policy adviser, said in an interview, 'There are things that we can do in terms of what we say, the constancy of what our vision is -- pluralism, respect for law, human dignity -- these are things that you don't hear from the administration, and the people in the region want to hear that.'" CW: I guess Mitt Romney was expressing his "vision" of "human dignity" when he said Israelis were more successful than Palestinians because of "cultural differences." And I suppose he was expressing respect for "pluralism" when he said Muslims should not be able to build a mosque within the vicinity of Ground Zero. Yessiree, those are great ways to win Muslim friends. ...
... Benjy Sarlin of TPM points out that Richard Williamson, the Romney advisor who claimed the attacks on U.S. embassies in the Middle East would never have happened if Romney were president, was an official in the George W. Bush administration, & "Numerous deadly attacks on diplomatic compounds in countries like Pakistan, Yemen and Syria took place during the Bush administration."
If we [conservatives] want to win the battle of ideas in the long term, we should be willing to face the fact that Mitt Romney is likely to lose -- and should, given that he's neither a true conservative nor a courageous moderate. He's just an ambitious man. Nothing wrong with that, except when you want to be president. Great leaders combine ambition and ideas and conviction. -- Joe Scarborough, host of MSNBC's "Morning Joe" & a former Florida Republican Congressman who was one of the managers of the Clinton impeachment trial
Alex Seitz-Wald of Salon: where were Romney & RNC Chair Reince Priebus when President George W. Bush was actually apologizing for anti-Muslim actions & remarks by Americans?
A Diplomat Goes Rogue. Max Fisher of the Atlantic: "A senior public affairs officer at the U.S. embassy in Cairo, [Larry] Schwartz on Tuesday wrote a much-discussed memo stating that the embassy 'condemns the continuing efforts by misguided individuals to hurt the religious feelings of Muslims,' as well as several defensive tweets, some of which he later deleted.... State Department officials back in Washington, it turns out, had reviewed the memo and explicitly told Schwartz not to publish it, which he did anyway."
In yesterday's Ledes, there's a New York Times report on how President Obama told Israeli PM Netanyahu the U.S. would not accommodate his latest appeal. By contrast, Mitt Romney has said he would cede U.S. policy on Iran to Netanyahu.
Dana Milbank: "Paul Ryan ... is scheduled to address the [Family Research] Council's 'Values Voter Summit' in Washington Friday morning.... He is making a mistake."
Daily Kos: "For the first time in 98 years, the 330,000-member Fraternal Order of Police (FOP) will not endorse a candidate for president this year. The FOP supported the Republican candidate for President in 2008, 2004, and 2000, and its non-endorsement is seen as a refutation of Mitt Romney. Why the change? One big reason was Mitt Romney's support of Senate Bill 5 in Ohio, which stripped collective bargaining rights from police officers."
AND Bruce Dickenson wants more cowbell:
... "Christopher Walken Endorses Obama." ...
... Thanks to contributor Lisa for her extensive research & virtual authorship of the "More Cowbell" feature.
FINALLY, Greg Sargent chooses this Fox Nation headline the Headline of the Day:
News Ledes
NBC News: "The bodies of four Americans killed in an attack on the U.S. Consulate in Benghazi, Libya, earlier in the week were returned to the United States and honored in a somber ceremony at Joint Base Andrews, Md., on Friday." Secretary Clinton & President Obama speak:
... New York Times: "The violently anti-American rallies that have roiled the Islamic world over a video denigrating the Prophet Muhammad expanded on Friday to nearly 20 countries, with demonstrators storming the American Embassy in Tunisia in a deadly clash and protesters in Sudan's capital broadening the targets to include Germany and Britain." ...
... Washington Post: "The team of FBI agents assigned to investigate the deaths of four Americans in Libya has not been able to get into the country because of the volatile situation there, according to law enforcement officials." ...
... Al Jazeera: "Protesters in Egypt, angry at a video they say insults Prophet Mohammad, have hurled stones on a police force that prevented them from marching towards the US embassy in Cairo. On Friday, police in riot gear fired tear gas and threw stones back at the demonstrators. A burnt-out car was overturned in the middle of the street that leads to the fortified embassy from Tahrir Square." Al Jazeera has a liveblog of news about this & other protest incidents related to the anti-Islam film. ...
... AP: The "Egyptian ... president went on state TV and appealed to Muslims to protect embassies, trying to patch up strained relations with the United States.... Islamist President Mohammed Morsi spoke for more than seven minutes on state TV, his most direct public move to contain protests...."
... Washington Post: "As the anti-U.S. demonstrations spread, the [Obama] administration acted on a variety of fronts to convey two messages: that it had nothing to do with the offending video and that violence was not an acceptable response to the material." CW: a comprehensive story with info on a number of developments. ...
... ABC News: Glen Doherty, "one of the Americans killed alongside Ambassador Christopher Stevens in an attack on a U.S. diplomatic mission in Libya Tuesday, told ABC News before his death that he was working with the State Department on an intelligence mission to round up dangerous weapons in the war-torn nation."
... The Washington Post also reports on the "mystery" surrounding the video's producer(s).
Friday Afternoon News Dump. New York Times: The White House delivered a report to Congress Friday "detailing line by line what will happen next year if Washington fails to act to head off about $100 billion automatic defense and domestic spending cuts scheduled to begin Jan. 2. The Obama administration had been reluctant to show its hand on the true impact of so-called sequestration, but once forced to do so by Congress, the White House budget office did not scrimp on the details. 'As the administration has made clear, no amount of planning can mitigate the effect of these cuts. Sequestration is a blunt and indiscriminate instrument. It is not the responsible way for our nation to achieve deficit reduction,' the report concludes." You can read the report here.
Chicago Tribune: "Chicago Public Schools and the teachers union have reached a tentative agreement on a new contract and classes could resume for 350,000 students on Monday, according to school and union officials."
Washington Post: "The U.S. House of Representatives has approved a six-month stopgap government funding bill on a 329 to 91 vote, putting aside the partisan warfare of the past 18 months in bipartisan resolve to avoid a budget showdown ahead of the November election. The Senate is expected to pass the same measure late next week, providing funding for agencies for the first six months of the fiscal year and avoiding any threat of a government shutdown when the year ends Sept. 30."
New York Times: "Two Republican state senators who provided pivotal votes to legalize same-sex marriage last year fought opponents to a standstill on Thursday in primary races so close that they will be decided only after absentee ballots are counted."