by Charles Lemos, Fri Aug 06, 2010 at 11:09:57 PM EDT
Some of the other stories and other interesting reads making the rounds today.
Lt. General (ret). James Clapper won Senate approval to become the Director of National Intelligence after Senator John McCain removed his hold on the nomination. Senator McCain placed a hold on the Clapper nomination in order to force the Obama Administration to release a report assessing a controversial spy satellite program. McCain released his hold Tuesday once he got the information he was seeking. The retired three-star Air Force general, whose intelligence career spans two score and six years, will be the fourth Director of National Intelligence in five years. More from the Wall Street Journal.
The Senate sent the nomination of Peter Diamond, one of President Barack Obama's three nominees for the Federal Reserve Board, back to the White House because of objections from at least one lawmaker. Alabama Senator Richard Shelby, the senior Republican on the Banking Committee, said last week that Diamond, while a “skilled economist,” may not be qualified to make decisions on monetary policy.
The Senate took no action yesterday on the other two nominees, including San Francisco Fed President Janet Yellen for Vice Chairman and Sarah Bloom Raskin for a Governor slot, leaving them to await confirmation after senators return September 13. That means that if Governor Donald Kohn, whose separate term as Vice Chairman ended in June, departs as planned on September 1, the Fed will work with only four of seven Governors for the indefinite future. More from Bloomberg News.
Jonathan Chait of the New Republic looks at the tightening margins for confirming Supreme Court Justices and wonders if Elena Kagan might be President Obama's last nominee to the Court.
The New York Times profiles US District Court Judge of Vaughan Walker who wrote the landmark decision that overturned Proposition 8 in California. The title Conservative Jurist, With Independent Streak pretty much says it all.
In a related story, Governor Arnold Schwarzenegger and Attorney General Jerry Brown filed briefs asking Chief U.S District Judge Vaughn Walker to lift his stay and allow gays and lesbians to marry while the Perry v Schwarzenegger winds its way through the appeal process. More from CNN.
Michael Cooper in the New York Times writes on the extremes to which state and local governments are going in order to balance budgets. Clayton County, Georgia, a suburb of Atlanta shut down its entire public bus system. Its last buses ran on March 31, stranding 8,400 daily riders. Colorado Springs switched off a third of its 24,512 streetlights to save money on electricity, while trimming its police force and auctioning off its police helicopters while Hawaii closed its schools on 17 Fridays during the past school year to save money, giving students the shortest academic year in the nation.
The FDIC seized the assets of Ravenswood Bank, a bank in Illinois. Ravenswood Bank is the 109th FDIC-insured institution to fail in the nation this year, and the thirteenth in Illinois. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $68.1 million. Twenty-five banks failed in 2008 while 140 banks failed in 2009.
David Weigel, now working for Slate, writes in the Washington Post on the five myths of the Tea Party.
Mark Hurd, the CEO of Hewlett-Packard, was forced to resign today in the wake of a disclosure that he had allegedly falsified documents to conceal a relationship with a former contractor. The HP Board of Directors said in a statement that its standards of business conduct were violated. Hurd's "systematic pattern" of submitting falsified financial reports to hide the relationship convinced the board that "it would be impossible for him to be an effective leader moving forward and that he had to step down," HP general counsel Michael Holston said on a conference call Friday with analysts. Hurd will receive a $12.2 million severance payment.
Editorial of the Day
The editorial board of the New York Times castigates the GOP for their xenophobia and fear-mongering for American votes.
Leading Republicans have gotten chilly toward the Constitution’s 14th Amendment, which guarantees citizenship to people born in the United States. Senators Mitch McConnell, John McCain, Lindsey Graham, Jeff Sessions and Jon Kyl have been suggesting that the country should take a look at it, re-examine it, think it over, hold hearings. They seem worried that maybe we got something wrong nearly 150 years ago, after fighting the Civil War, freeing enslaved Africans and declaring that they and their descendants were not property or partial persons, but free and full Americans.
As statements of core values go, the 14th Amendment is a keeper. It decreed, belatedly, that citizenship is not a question of race, color, beliefs, wealth, political status or bloodline. It cannot fall prey to political whims or debates over who is worthy to be an American. “All persons born or naturalized in the United States, and subject to the jurisdiction thereof,” it says, “are citizens of the United States and of the State wherein they reside.”