Weekly Audit: A Year of Bad Decisions

by Zach Carter, Media Consortium MediaWire blogger

As Congress finally winds down what House Financial Services Committee Chairman Barney Frank, D-Mass., refers to as "the session that will not die," most of us have already contracted cases of outrage exhaustion from the barrage of Wall Street-related absurdities that the government has embroiled itself in over the past year.

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Cabinet Diary 2 - Secretary of the Treasury (with poll)

It's time to continue our look at the Cabinet in the upcoming Obama administration. Second - Secretary of the Treasury, perhaps the most important appointment President-elect Obama will make, given the current economic circumstances.

There are several excellent options - some who served in the Clinton Administration - some outsiders - and even some paradigm breaking choices. For convenience, I've taken the list from a betting site (yes, it is in the order of the oddsmakers' favorite).

There were Republicans on the list, and I've left out the "I don't believe it" names still on the betting lines such as Phil Gramm and Bob Zoellick. There's also some chatter about keeping Paulson on, temporarily to administer the bailout. So as distasteful as it seems, I kept his name on the list.

Perhaps one key criteria (which you're free to throw to the side of the road) is whether the candidate would inspire confidence in the markets.

(X posted at OpenLeft - will X post at DK, as soon as the clock allows me to post another diary there)

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Crossposted fromMY LEFT WING

The Bush/Paulson Economic Bail Out Proposal is an American Kristallnacht in the making.

So posits a DKos diarist named Mr. Tek.

And before anyone starts screaming about Godwin's Law and the Jewish persecution of Kristallnacht... THIS IS ABOUT ECONOMICS. As was Kristallnacht, as Tek's essay explains.

I have taken the liberty of editing Tek's piece for spelling, grammar, syntax and punctuation, and emphasising elements of the essay I feel are important to the historical parallel. I've also reproduced only that part of the essay I believe relevant to the argument.

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McCain had a VERY bad week.

"Sen. McCain bragged about how as chairman of the Commerce Committee in the Senate, he had oversight of every part of the economy. Well, all I can say to Sen. McCain is, `Nice job. Nice job.'" -Barack Obama

This past week was the week of the economy, as Wall Street tanked and we looked to the candidates to see what THEY would do in the situation (we really didn't believe that Bush could do anything and, leaving the control of all of this to Secretary Paulson, we were right.)

Barack called together a committee of economic stars (Rubin, Volcker et al) and appeared Presidential, while McCain and Palin held a "Town Meeting" to blame Obama for the entire economy. And, unbelievable as it seems, most of the press noticed this, too.

Rachel Maddow summed up McCain's week on Friday night:

In the coming week, with Bush's (read Paulson's) request for $700 Billion Bucks to buy up bad debt, we will have to watch how the two candidates continue their economic campaigning.

Under The LobsterScope

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