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10:40 AM ET, March 26, 2009

memeorandum

 Top Items: 
Jeffrey Sachs / Financial Times:
Obama's bank plan could rob the taxpayer  —  The Geithner-Summers plan, officially called the public/private investment programme, is a thinly veiled attempt to transfer up to hundreds of billions of dollars of US taxpayer funds to the commercial banks, by buying toxic assets from the banks at far above their market value.
RELATED:
Wall Street Journal:
China and the Dollar  —  Markets don't like Treasury talking down the dollar's status.  —  As if the dollar didn't have enough problems, Timothy Geithner took China's bait yesterday and said he was “quite open” to its suggestion this week to displace the greenback with an “international reserve currency.”
Gary D. Robertson / Associated Press:
States could lose billions in taxes to stimulus  —  RALEIGH, N.C. — President Barack Obama told the nation's governors in February that the states' $229 billion share of the federal stimulus package “will ensure that you don't need to make cuts to essential services that Americans rely on now more than ever.”
Discussion: Right Wing News
Ambrose Evans-Pritchard / Telegraph:
US backing for world currency stuns markets
The Politico:
GOP gloves off for budget brawl  —  House Republicans have begun unveiling detailed alternatives to President Barack Obama's policies — a concerted effort to push back against Democratic efforts to label them “the Party of No.”  —  On Wednesday, it was a housing plan.
RELATED:
The Huffington Post:
Cantor Watched Britney Spears Concert During Obama Presser, Landrieu Denies Rumors
Washington Post:
Geithner to Propose Vast Expansion Of U.S. Oversight of Financial System  —  Treasury Secretary Timothy F. Geithner plans to propose today a sweeping expansion of federal authority over the financial system, breaking from an era in which the government stood back from financial markets …
RELATED:
New York Times:
Geithner to Outline Major Overhaul of Finance Rules
Discussion: MSNBC, TIME.com and Free exchange
Ben Smith / Ben Smith's Blog:
Palin in Anchorage  —  Peter Hamby picks up a candid Sarah Palin speech to the Alaska GOP last week, in which she expressed her unhappiness with the media and her alienation from the McCain campaign: … The rest of the speech is here.  —  Also, Palin's PAC says it wasn't polling Iowa …
Discussion: American Power
RELATED:
Peter Hamby / CNN:   Palin unplugged in speech to Alaska GOP dinner
Chicago Tribune:
Rahm Emanuel's profitable stint at mortgage giant  —  Short Freddie Mac stay made him at least $320,000  —  Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up …
Eric Kleefeld / TPMDC:
Steele On Rush Flap: “It's All Strategic”  —  Michael Steele just doesn't know how to stop.  —  Steele appeared on CNN this afternoon, and was asked by host Don Lemon whether he's ever considered running for president, and right off the bat he managed to give the sensible, correct answer …
RELATED:
Calvin Woodward / Associated Press:
Bold claims of stimulus jobs can't be measured  —  Featured Topics: - Barack Obama - Presidential Transition  —  WASHINGTON - If space exploration were conducted like the job forecasts under the government's new stimulus law, man surely would have missed the moon.  But this isn't rocket science.
RELATED:
FactCheck.org:
Obama's Prime Time Pitch
Andrew Pergam / NBC Connecticut:
Threats to AIG: “We Will Get Your Children”  —  The anger in the threats against AIG executives is palpable.  —  “Get the bonus, we will get your children,” someone identified only as “Jacob the Killer” hauntingly writes in an e-mail.  —  His is one of dozens of threats against AIG …
Discussion: Don Surber
Wall Street Journal:
AIG Fights a Fire at Its Paris Unit  —  Executives' Resignations Put Billions in Contracts at Risk of Default  —  Amid the flap over bonuses at American International Group Inc. two of the company's top managers in Paris have resigned.  Their moves have left the giant insurer …
Jesse McKinley / New York Times:
Cities Deal With a Surge in Shanty Towns  —  FRESNO, Calif. — As the operations manager of a outreach center for the homeless here, Paul Stack is used to seeing people down on their luck.  What he had never seen before was people living in tents and lean-tos on the railroad lot across from the center.
Richard A. Epstein / Wall Street Journal:
Is the Bonus Tax Unconstitutional?  —  The Supreme Court defers too much to Congress.  —  Bills now winding their way through Congress would tax between 70% and 90% of bonuses paid to any executive earning in excess of $250,000, if he or she is employed by a business that received more than $5 billion from U.S. bailout funds.
Discussion: Betsy's Page
Brendan McGarry / Air Force Times HOME:
Death before this honor  —  Why have Iraq and Afghanistan produced only 5 Medal of Honor recipients, none living?  —  The number of Medal of Honor recipients from the wars in Iraq and Afghanistan can be counted on one hand.  —  Each of the five acted spontaneously and heroically to save the lives of comrades.
Josh Gerstein / The Politico:
Dems warn against first lady bill  —  House Republicans are pressing for a change in federal law that could force Michelle Obama and future first ladies to do more of their policy work in public.  But Democrats warn President Obama may take the attempt personally “as an attack on his wife.”
Discussion: TIME.com and Ben Smith's Blog
Jonathan Mummolo / Washington Post:
Slain Man Had Been Contractor for CIA  —  A Loudoun County man slain while out for an early morning walk with his wife worked as a contractor at the Central Intelligence Agency for several years until 2000, the CIA confirmed yesterday, and investigators said they want to meet with agency officials …
Rep. Barney Frank / The Huffington Post:
Why I Called Justice Scalia A Homophobe  —  While responding to questions from journalists about my characterization of Justice Antonin Scalia as a homophobe, I realized that the fact that I made that comment in conjunction with a potential lawsuit about the Defense of Marriage Act created …
Discussion: DownWithTyranny!
Pat Doyle / Minneapolis Star Tribune:
Senate race is a broken record  —  The old record was set by the 1962 governor's election between DFLer Karl Rolvaag and incumbent Republican Elmer L. Andersen.  —  Minnesota's U.S. Senate race set a record Wednesday for delay.  No election for statewide office in Minnesota has dragged …
Discussion: TPMDC
Roger Cohen / New York Times:
The Fierce Urgency of Peace  —  Pressure on President Obama to recast the failed American approach to Israel-Palestine is building from former senior officials whose counsel he respects.  —  Following up on a letter dated Nov. 6, 2008, that was handed to Obama late last year by Paul Volcker …
Steve Holland / Reuters:
Obama defends strategy of tackling many issues  —  President Barack Obama defended his strategy of tackling multiple challenges instead of focusing solely on fixing the U.S. economy in a return on Wednesday to the political fund-raising that helped elect him.
Discussion: TIME.com
Adam Lisberg / NY Daily News:
Bloomberg backs gay marriage in NYS  —  Mayor Bloomberg said Wednesday night he stands ready to ask the Legislature to allow gay marriage in New York State, but doesn't know when the time will be right.  —  “We see that the tide is turning, that support is mounting,” Bloomberg told …
E.J. Dionne Jr / Washington Post:
Cutting Deficit Will Require Tax Increases  —  The debate on the budget is phony, the howling on deficits a charade.  Few politicians want to acknowledge that if you really are concerned about long-term deficits, you have to support tax increases.  —  That's why the most significant moment …
Mike / Rortybomb:
Modeling an FDIC Robbery.  —  I want to explain the Geithner Put for those without a finance background who want to understand how FDIC is going to get looted.  (Warning: Will contain graphs, and be long and boring even by normal standards here.)  Recap: Banks have “toxic waste” assets, which they want to sell.
Mike Allen / The Politico:
Obama plans tough line with carmakers  —  The White House plans to take a tough line with U.S. carmakers, forcing painful restructuring before releasing more bailout funds, according to industry sources.  —  The Obama administration has repeatedly said the auto industry needs a …
Discussion: TIME.com and Wall Street Journal
David Rogers / The Politico:
Budget battle rife with contradictions  —  The White House rushed Wednesday to blur the lines between President Barack Obama and Democratic spending plans taking shape in Congress.  They're not twins but still kin, as budget director Peter Orszag put it.  —  But like many families …
 
 
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 More Items: 
Monica Davey / New York Times:
Fargo Works to Hold Back Rapidly Rising River
Discussion: TalkLeft and Politicker NY
Nicholas D. Kristof / New York Times:
Learning How to Think  —  Ever wonder how financial experts …
Discussion: Sadly, No! and Vox Popoli
New York Times:
A Legal Adviser Worthy of the Job
Discussion: The Corner
Felix Salmon / Portfolio:
Is the Geithner Plan the Least-Worst Option?
Discussion: The Daily Dish and Free exchange
Mark Preston / CNN:
Obama's political arm buys TV time to pressure Congress
Dan Balz / Washington Post:
Will Slow and Steady Win the Race?
Discussion: The New Republic and marbury
 Earlier Items: 
Jim Tankersley / The Swamp:
Another Obama nominee withdraws