by Charles Lemos, Mon Aug 23, 2010 at 06:40:15 PM EDT
Here are some of the other news stories making the rounds today.
Judge Royce C. Lamberth, a US District Court judge, granted a preliminary injunction Monday to stop federal funding of embryonic stem cell research that he said destroys embryos, ruling it went against the will of Congress. Lamberth's ruling said all embryonic stem cell research involves destroying embryos, which violates the Dickey-Wicker Amendment included in federal spending bills. The ruling overturns the guidelines issued by President Obama early in his Administration to allow federal funding for embryonic stem cell research.The full story from CNN.
General David Petraeus, the top commander of US and NATO forces in Afghanistan, said the Afghan Taliban's momentum has been reversed in the southern provinces of Helmand and Kandahar, as well as near Kabul. The Christian Science Monitor has the details.
One in four Californians lack health insurance according to a study released Monday by the UCLA Center for Health Policy Research. According to the latest estimates, the state's uninsured population rose by over 31 percent over the past two years. The number of uninsured has reached 24.3%, or about 8.4 million, up from 6.4 million in 2007. In Los Angeles County, 28.9% of residents were uninsured for all or part of last year, the largest number of uninsured residents of any county in the state. The Los Angeles Times has more on this story.
My former colleague at Goldman Sachs, Wallace Turbeville writes about how an SEC/CFTC roundtable exposes how little is being done about the next financial time bomb in a post entitled Derivatives Clearing: At the End of the Beginning over at New Deal 2.0. The post tackles the issue of clearinghouses that were set up the recently passed 880 page Dodd-Frank Financial Reform Law and that are dominated by ten or so large financial institutions. As Yves Smith over at Naked Capitalism writes "we were skeptical of derivatives reform efforts as inadequate to deal with the product that needed to be reined in, credit default swaps, and subject to evisceration depending on how various details were sorted out" noting that "if the types of contracts that wind up being covered are reasonably broad, the new derivatives clearinghouse is merely another too big to fail entity." Turbeville suggests that new derivatives clearinghouses "are, or soon will be, Too Big to Fail." This, of course, points to the problem of doing incremental, if not half-assed, reform. No credit will be rewarded for moving the ball forward and all blame will come due when the inevitable failure occurs.
Former House Majority Leader and de facto leader of the Tea Party Movement Dick Armey (R-Texas) on Sunday said lawmakers who have not signed onto Rep. Paul Ryan’s plan to balance the budget lacked “courage” and could be targeted by the conservative tea party movement as a result. “All Paul Ryan is saying is let Social Security be voluntary, let Medicare be voluntary,” Armey said. “The fact that he only has 13 co-sponsors is a big reason why our folks are agitated against the Republicans as well as the Democrats — the difference between being a co-sponsor of Ryan or not is a thing called courage.” Or political suicide. More from the Congressional Quarterly.