THINK PROGRESS
The Progress Report
CIVIL RIGHTS
Nutty Attacks On ACORN
In recent weeks, conservatives have escalated their attacks on ACORN, the Association of Community Organizations for Reform Now. Conservative lawmakers were able to remove a provision aimed at aiding low-income housing programs from the Bush administration’s $700 billion economic bailout bill by calling it a "slush fund" for ACORN. Before that, conservatives blamed ACORN for "precipitating the subprime crisis." And last week, they alleged that the "purpose" of ACORN is to engage in voter fraud. However, as columnist Joel McNally correctly noted, the "underlying motive for attacking ACORN" seems to be that it is the "nation's largest grassroots community organization of low- and moderate-income people." "It is an organization that engages in that dreaded community organizing," McNally wrote. "It actually tries to give a voice to the poor and most vulnerable among us." Indeed, after years of enacting policies catering to the wealthy, the right-wing seems to be fearful of millions of new low-income voters registered by ACORN casting their ballots in favor of progressive policies.
Under the Radar
ADMINISTRATION -- GELLMAN:
CHENEY WOULD SEE BAILOUT AS OPPORTUNITY
TO REINFORCE UNITARY EXECUTIVE: Vice
President Cheney has
virtually disappeared from the public spotlight since last month's
economic collapse. Although he has given seven
public speeches
since September 1, none were devoted to the economy. Cheney's
absence is puzzling considering his major role in crafting economic
policy during the first
term. Late last week, The
Progress Report asked the Washington
Post's Barton Gellman,
author of the new book, Angler:
The Cheney Vice Presidency,
about Cheney's disappearance. Gellman suggested Cheney has become a
less influential figure in the White House and Congress, handicapped by
his abysmal
approval ratings. Gellman cautioned, however, that Cheney "probably
is involved behind the scenes in shaping the policy because there
hasn't been many massive policies that he hasn't helped shape." In
reference to the original Wall Street bailout plan, which would have
given the Treasury enormous
powers
with no oversight, Gellman noted that Cheney may have viewed the
bailout as an "opportunity" to expand executive power. "He would
certainly also see [the financial crisis] as an opportunity to
demonstrate and reinforce that the
executive needs to be supreme on
big consequential national
policy," Gellman said.
IRAQ
-- TIME RUNNING OUT ON SECURITY
AGREEMENT WITH U.S., IRAQI OFFICIALS SAY:
The United States and Iraq are
currently in contentious
talks on reaching a security
agreement authorizing the U.S.
military presence in the country. "The
United Nations mandate that authorizes the U.S. military presence in
Iraq will expire on Dec. 31 and without a so-called status of forces
agreement, it's questionable whether the U.S. will have a legitimate
right to maintain its troops in Iraq,"
Vice President Tariq al
Hashimi said, according to McClatchy. Without an agreement, "the
U.S. forces will be confined to their bases and have to withdraw from
Iraq," Iraqi Prime Minister Nouri al-Maliki said. So far, multiple
scenarios are being debated. "One possibility is an extension of the
United Nations mandate that expires
at the end of the year," notes
the Washington Post. Another
alternative would amount to a "handshake agreement" between Maliki
and President Bush "to leave things as they are until a new
deal,
under a new U.S. administration, can be negotiated." The deals have
stalled over the past year in part over the issue of whether Iraq has jurisdiction
to "prosecute U.S. troops when
they aren't on their bases," which the Bush administration
has opposed. Maliki reiterated Saturday that the
agreement is for "final withdrawal by the end of 2011."
ECONOMY
-- OMB OFFICIAL: 'WE'RE NOT
PREDICTING' RECOVERY OF BAILOUT COSTS: During
the negotiations surrounding passage of the $700 billion bailout bill,
the Bush administration frequently claimed that the bailout would pay
for itself. "This is
not an expenditure. ... Money
will come back in,"
Treasury Secretary Henry Paulson said. Federal Reserve Chairman Ben
Bernanke agreed: "There's going to be a substantial amount of
recovery." "Money will flow back to the Treasury as these assets are
sold, and we expect that much,
if not all, of
the tax dollars we invest will be paid back,"
Bush declared. However, in an interview with the Washington Times, a
senior official at the White House Office of Management and Budget said
"that it is unlikely that all of the assets purchased by the government
will result in positive earnings." "You have to make a lot of
assumptions in order to conclude that we're going to make a profit on
these purchases," the official said. "There will be some purchases
where we profit, but we're
not predicting that the program as a whole would be [profitable]."
White House spokesman Tony Fratto, however, rejected that assessment,
saying "it's reasonable to expect the program will recoup the
investment." These claims are reminiscent of the rhetoric before the
Iraq war, when those advocating war repeatedly
insisted the war would pay for itself.
For example, in 2002, Richard Perle, chair of the Pentagon's Defense
Policy
Board, said that Iraq could "largely finance the
reconstruction of their own country. And I have no doubt that they
will."
Think Fast
Rep. Tim Mahoney (D-FL) -- who replaced former congressman Mark Foley (R) -- "is facing scandalous allegations of his own." ABC News reports Mahoney paid $121,000 to "a former mistress who worked on his staff and was threatening to sue him." He has called on the House ethics committee to investigate his own behavior.
President Bush announced this morning that the Treasury Department will "invest up to $250 billion in banks, receiving an equity stake in return." Under the proposal, which is similar to those initiated by European governments on Monday, the U.S. will "also guarantee new debt issued by banks for three years" in order to encourage banks to resume lending to one another and to customers.
A record 91 percent of Americans are "dissatisfied with the way things are going in the United States," according to a new USA Today/Gallup poll. Another 84 percent of those polled "predict the economy is going to get worse."
Aaron Zelinsky writes that the "secret memo" that controls the rules of presidential debates should be released. "The memorandum of understanding is a vital part of the 2008 election and the democratic process. However, both campaigns have refused to divulge the memorandum's contents. Such a stance is antithetical to the fundamental American notion of transparency in government."
"House Democrats are contemplating a huge infusion of public cash -- as much as $300 billion -- to stoke economic growth by creating public jobs and padding the wallets of struggling consumers." The spending package “would be nearly twice as big as the stimulus measure President Bush signed in February."
During a speech in Singapore today, former Federal Reserve chairman Paul Volcker said, "The economy, I believe, is in recession." He added, "The first priority is to stabilize the financial system. It is necessary even though the cost involved is heavy government intrusion in markets that should be private."
Despite conservatives claiming otherwise, federal records show that the subprime lending boom which led to the current financial crisis was initiated by "the private sector, not the government or government-backed companies" like Fannie Mae and Freddie Mac. The subprime lending crisis was enhanced "by a dramatic weakening of underwriting standards for U.S. subprime mortgages" a federal report found Friday.
And finally: In May, Sgt. Gwen Beberg and another soldier rescued a puppy from a burning pile of trash in Iraq. Beberg has been taking care of the dog, Ratchet, ever since, but the Army won't let her take him home with her when she returns to the United States next month. More than 10,000 people have now "signed an online petition urging the Army to let an Iraqi puppy come home," and Beberg’s congressman, Keith Ellison (D-MN), has written to the Army. Berberg fears that if Ratchet is left in Iraq, he could be killed.
Good News
Progressive New York Times columnist and Princeton economist Paul Krugman has won the Nobel Prize in economics "for his analysis of trade patterns and location of economic activity."
State Watch
CALIFORNIA: Gay couples "are feverishly
tying the knot ahead
of Election Day to avoid missing out if voters approve a ballot
initiative aimed at banning same-sex marriage."
MICHIGAN:
U.S. District Judge tells "state officials to immediately halt
the practice of striking from voter rolls newly registered voters whose
registration cards are returned as undeliverable by the post office."
CIVIL
RIGHTS:
"Over the last 10 years, about 200 black politicians have won positions
once held by whites in legislatures and city halls."
Blog Watch
THINK
PROGRESS: South Carolina
Democratic Senate candidate is a global
warming denier.
WONK
ROOM: We can't wait for a global
boiling bailout.
YGLESIAS:
Rep. Roy Blunt (R-MO) is on a crusade to destroy the economy.
GRASPING
REALITY WITH BOTH HANDS: The
right wing's collective head explodes
over Paul Krugman's Nobel prize.
Daily Grill
"Rove also mentioned the
[actor's] use of the f-word, which
Rove said he can't remember ever hearing from Bush in 35 years."
-- Wall Street Journal, 10/10/08,
on Karl Rove's criticism of the new film "W."
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