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10:25 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  —  There was more than one whip at last night's Britney Spears concert in Washington DC.  —  Three GOP aides confirmed to the Huffington Post that House Minority Whip Eric Cantor (R-Va.) …
Jim Newell / Wonkette:
Exclusive: Cantor, ‘Democrats’ Attend Britney Spears Concert During Obama Presser
Discussion: TPMDC and BeltwayBlips
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
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
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:
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 …
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.
Arshad Mohammed / Reuters:
Clinton says North Korean launch would come at a cost  —  MEXICO CITY (Reuters) - U.S. Secretary of State Hillary Clinton said Wednesday a potential missile launch by North Korea would be a provocative act that would have consequences for talks on Pyongyang's nuclear ambitions.
Discussion: Taylor Marsh, TIME.com and Daily Dose
RELATED:
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
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
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 …
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 …
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 …
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.
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 …
New York Times:
A Legal Adviser Worthy of the Job  —  In the Bush administration, the Office of Legal Counsel gave a green light to many objectionable policies, from a lawless expansion of executive power to the use of torture.  President Obama has nominated Dawn Johnsen to lead the office …
Discussion: The Corner
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 …
Nicholas Dawidoff / New York Times:
The Civil Heretic  —  FOR MORE THAN HALF A CENTURY the eminent physicist Freeman Dyson has quietly resided in Prince­ton, N.J., on the wooded former farmland that is home to his employer, the Institute for Advanced Study, this country's most rarefied community of scholars.
Jeremy W. Peters / New York Times:
Albany Reaches Deal to Repeal '70s-Era Drug Laws  —  ALBANY — Gov. David A. Paterson and New York legislative leaders have reached an agreement to dismantle much of what remains of the state's strict 1970s-era drug laws, once among the toughest in the nation.
Nicholas D. Kristof / New York Times:
Learning How to Think  —  Ever wonder how financial experts could lead the world over the economic cliff?  —  One explanation is that so-called experts turn out to be, in many situations, a stunningly poor source of expertise.  There's evidence that what matters in making a sound forecast …
Discussion: Sadly, No! and Vox Popoli
 
 
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 More Items: 
Fredric U. Dicker / New York Post:
TRIAL LAWYERS' BOON
Discussion: PointOfLaw Forum
Pat Doyle / Minneapolis Star Tribune:
Senate race is a broken record
Discussion: TPMDC
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: 
Conor Clarke / The Atlantic Business Channel:
The war on charity and prosperity, part III
Jim Tankersley / The Swamp:
Another Obama nominee withdraws