NUTHIN' BUT 'NET
Posted: Tuesday, July 31, 2007 2:19 PM by Daily Nightly Editor
Filed Under:
Nuthin' but 'Net
By Chris Colvin, News Writer, Nightly News
Hi. Starting out with the economy and the stock market today with a focus on the folks who are making the case that the credit squeeze is nowhere near abating. Also, some musings on a high-profile Iraq op-ed, some back and forth over AG Gonzales and perjury, a "culture of corruption" update, and a musical tribute to a guy who loved music.. and was loved much more than he knew.
Lots of soothing talk today about how the credit problems have roiled the stock market are "contained" and "easing." Uhhh. Calculated Risk posts a statement from huge Real Estate Investment Trust American Home Mortgage (some estimates say AHM underwrote 1 in every 20 mortgages in this country last year.) They are having some rather extreme financial difficulties at the moment, and it's important to note they have NO subprime exposure in their portfolio. All their lending is to Alt-A and prime borrowers. Trader/blogger Genesis finds this quite alarming. And the big investment banks are feeling the pain as well. The Boston Globe's Robert kuttner looks at some historical analogies. And good Lord, check out CNBC's king of the booya Jim Cramer advising people to walk away from their overpriced, over-mortgaged homes! The WSJ's Mullins and Lueck report Democrats on Capitol Hill are losing their appetite for raising taxes on hedge fund and private equity managers who pay a 15% rate on much of their income. Michael Barone thinks Americans are stupid for feeling that the country is off on the wrong track.
On the Iraq front: David Kamiya writing in Salon connects President Bush's religious convictions to the neocon war fantasies that didn't pan out and traces responsibility for Iraq to the sin of pride. Willisms thinks yesterday's the O'Hanlon/Pollack op-ed will tar the Democrats as the party of failure. But Glenn Greenwald reminds us of other stuff O'Hanlon and Pollack have said along the way. (Hint.. they've been wrong. A lot.) And more Greenwald on the media fallout from the op-ed. Juan Cole picks up on Lisa Myers' investigative report on Nightly last night, exposing corruption at the highest level of Iraq's government.
David Ignatius of the Washington Post argues that the U.S. shouldn't wait until al Qaida attacks here again to strike at the camps in Waziristan.
The Carpetbagger Report notes that Vice President Cheney told CBS News yesterday that he really does think he is a sort of government chimera: not executive and not legislative.
The Washington Post's Ruth Marcus sticks up for embattled AG Alberto Gonzales, saying it may have been dissembling but it wasn't perjury. The Anonymous Liberal begs to differ. And Powerline feels compelled to talk about why they bother to defend Gonzales from Democratic "bullies."
The Anchorage Daily News wraps up the FBI/IRS raid on Senator Ted Stevens' home yesterday. And the New York Times put out a handy chart this weekend that shows the balance of the "bi-partisan culture of corruption" tilts pretty heavily to the GOP side. (click on the picture for chart.)
John Harwood of the WSJ and CNBC wraps up Giuliani's health care reform pitch, which centers on large tax breaks for families so they can buy private insurance. If Judith (not Judi dammit!) Giuliani really is a hyper-driven striver and social climber, this Vanity Fair profile is not the kind of publicity she had in mind.
Slate's John Dickerson writes about what he perceives as Barack Obama's biggest liability: lack of experience. Here's a possible two word response: Dick Cheney.
And ending on a personal note today.. a little music in memory of one of the funniest, most lovable colleagues and friends I've ever had. Eric, you're missed.
