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8:50 AM ET, March 17, 2008

memeorandum

 Top Items: 
Edmund L. Andrews / New York Times:
Fed Acts to Rescue Financial Markets  —  WASHINGTON — Hoping to avoid a systemic meltdown in financial markets, the Federal Reserve on Sunday approved a $30 billion credit line to engineer the takeover of Bear Stearns and announced an open-ended lending program for the biggest investment firms on Wall Street.
RELATED:
Megan McArdle:
Sold!  —  So JP Morgan has agreed to buy Bear Stearns at $2 a share.  As others have already pointed out, this is, from the point of view of the shareholders, just barely better than bankruptcy.  Talk of a bailout of the bank is silly—this wasn't a bailout; it was an orderly winding-up of business.
Discussion: Bloomberg and Obsidian Wings
Andrew Ross Sorkin / New York Times:
JP Morgan Pays $2 a Share for Bear Stearns  —  In a shocking deal reached on Sunday to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear — less than one-tenth the firm's market price on Friday.  —  As part of the watershed deal, JPMorgan and the Federal Reserve …
Paul Krugman / New York Times:
The B Word  —  O.K., here it comes: The unthinkable is about to become the inevitable.  —  Last week, Robert Rubin, the former Treasury secretary, and John Lipsky, a top official at the International Monetary Fund, both suggested that public funds might be needed to rescue the U.S. financial system.
Wall Street Journal:
Bear Stearns Closes in on Deal To Sell Itself to J.P. Morgan
Matthew Yglesias:
Sunday Financial Meltdown Blogging
Discussion: Brendan Nyhan
Landon Thomas Jr / New York Times:
Fears That Bear Stearns's Downfall May Spread
Discussion: AMERICAblog
Larry Kudlow / The Corner:
JP Morgan Chase + Bear Stearns
Discussion: The Volokh Conspiracy
RELATED:
William Kristol / New York Times:
Generation Obama?  Perhaps Not.  —  Sunday evening, Ben Affleck and Jennifer Garner held a “Generation Obama” fund-raiser at Boston's Rumor Nightclub.  In case you're not up on the Boston club scene, I should tell you that Rumor “brings together the sexiest and hippest people from around the globe” …
Tom Maguire / JustOneMinute:   Oprah, Obama, And Wright
Michelle Gallardo / WLS-TV:
Obama answers questions about Rezko, pastor
Discussion: EconoPundit
Mike Allen / The Politico:
Obama's church accuses media of character assassination
New Jersey Online:
McGreevey aide says he had sexual trysts with ex-governor, wife  —  A former aide to James E. McGreevey said today that he had three-way sexual trysts with the former governor and his wife before he took office, challenging Dina Matos McGreevey's assertion that she was naive about her husband's sexual exploits.
RELATED:
Jeane MacIntosh / New York Post:   I WAS MCG AND WIFE'S THREE-WAY SEX STUD: EX-DRIVER
Dan Balz / Washington Post:
White Male Vote Especially Critical  —  In the fierce campaign between Sens. Hillary Rodham Clinton and Barack Obama, a battle dominated by questions of race and gender, white men have emerged as perhaps the single critical swing constituency.
RELATED:
Alan Greenspan / Financial Times:
We will never have a perfect model of risk  —  The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the second world war.  It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities.
Lesley Clark / MiamiHerald.com:
Democrats unable to agree on Florida do-over  —  The ongoing problem of how to resolve Florida's outsider status in the presidential race continued to divide Democrats.  —  AIM  —  lclark@MiamiHerald.com  —  As the Florida Democratic Party gets ready to decide Monday whether to pull …
Discussion: MyDD and Real Clear Politics
Deb Riechmann / Associated Press:
Cheney to Meet With Iraqi Leaders  —  BAGHDAD — Vice President Dick Cheney opened a new U.S. push for political unity in Iraq on an unannounced visit Monday, just ahead of the fifth anniversary of the U.S.-led invasion.  —  Cheney landed at Baghdad International Airport …
Discussion: Firedoglake
Scott Helman / Boston Globe:
Many voting for Clinton to boost GOP  —  Seek to prolong bitter battle  —  For a party that loves to hate the Clintons, Republican voters have cast an awful lot of ballots lately for Senator Hillary Clinton: About 100,000 GOP loyalists voted for her in Ohio, 119,000 in Texas, and about 38,000 in Mississippi, exit polls show.
Discussion: The Caucus and PoliGazette
 
 
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 More Items: 
Linda Greenhouse / New York Times:
Gun Case Causes Bush Administration Rift
Mark Steyn / The Corner:
Bill Bradley's anger management
Discussion: Obsidian Wings
Roger Cohen / New York Times:
Obama's Brother in China
Pajamas Media:
Soft Jihad: the next phase
Warren P. Strobel / McClatchy Washington Bureau:
Iraq war's cost: Loss of U.S. power, prestige, influence
 Earlier Items: 
Jeff Jacoby / Boston Globe:
Patton and the 2008 vote  —  ON THE eve of the Normandy invasion …
Los Angeles Times:
U.S. tries to shut revolving door of illegal reentry
MSNBC:
March 16: Bill Bradley, Nita Lowey, political roundtable
Scott Horton / Harper's:
The Gathering Storm at Justice
Gallup:
Gallup Daily: McCain at 47% to Obama's 44%
ABCNEWS:
Bill Clinton: ‘Chill Out,’ Let Voters Decide
Discussion: Wake up America and TVNewser
 

 
From Mediagazer:

Mike Vorkunov / New York Times:
Sources: the WNBA's media rights deals mirror the NBA's, and the league is set to get at least $2.2B over 11 years or $200M/year, up from the current ~$50M/year

Hong Kong Free Press:
Hong Kong-based reporter Selina Cheng says she was fired by The Wall Street Journal for taking up the position of chair of the Hong Kong Journalist Association

Peter White / Deadline:
Emmy nominations numbers: Netflix took top spot with 107; FX, 93; HBO/Max, 91; Apple TV+, 72; ABC and CBS, 38 each; Prime Video, 37; Hulu, 26; and Disney+, 19

 
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