In the wake of a report from a Senate subcommittee showing that Apple avoids billions of dollars in taxes by routing a huge portion of its income through an Ireland-based subsidiary that has neither employees nor offices in Ireland, Apple CEO Tim Cook went before the Senate today to explain just why Apple does so well on April 15. The senators barely laid a glove on him. A number of them did, however, explain how much they love Apple's products, and one made a request for some tech support. "What I really wanted to ask is why the hell I have to keep updating the apps on my iPhone all the time?" asked John McCain.
Ken Cuccinelli’s plan for winning the Virginia gubernatorial race is straightforward. Avoid outspoken statements on social issues—the same ones that alienate most Virginians but excite his right-wing base—and focus the campaign on jobs and growth.
It hasn't gotten too much attention given the other things that are going on, but there is a battle looming this summer over the filibuster, one that could be a significant milestone in the already poisonous relationship between the parties on Capitol Hill. As Republicans have moved from filibustering every significant piece of legislation to also filibustering cabinet nominees (something that was extraordinarily rare until now), Democrats' frustration on the filibuster has grown. Senate Majority Leader Harry Reid is threatening to use the "nuclear option," forcing a vote to change Senate rules to circumvent the filibuster (though probably only on presidential nominations).
Reid would no doubt be cheered by many on the left if he did so, but others will warn to be careful what you wish for. After all, once you remove the filibuster, doesn't that open the door to Republicans running roughshod over the Democrats if and when they get the majority back in the Senate?
Let's be realistic here. Unless there's some kind of major upheaval within the Republican party that moves it back to the center, when the day comes that there's a Republican president and a Republican senate, the filibuster will be gone.
The Senate confirmation vote on Richard Cordray this week won’t have much to do with Richard Cordray.
As I wrote when the Senate Banking Committee considered the Cordray nomination back in March, nobody disputes the idea that the former Ohio Attorney General, who has led the CFPB since January 2012, is highly competent and supremely qualified to continue in his position. Nor is the impact of the agency itself in doubt: in 2012 alone, 6 million U.S. consumers received refunds from financial services companies as a result of CFPB enforcement actions, according to Americans for Financial Reform, and the agency has handled more than 130,000 consumer complaints since it opened its doors less than two years ago.
Whether it’s protecting consumers from the type of reckless and deceptive mortgage lending that sparked the economic downturn or beginning to oversee the massive credit reporting companies that shape the financial lives of American consumers, the CFPB has proven itself to be a critical consumer watchdog.
Do you remember Mitt Romney’s election-year promise to create 12 million jobs during his first term? It came in for a fair amount of criticism, not because it was too ambitious—and thus unattainable—but because it was banal. Twelve million was the baseline for job creation over the next four years. Absent a major economic shock, the U.S. economy would have created that many jobs regardless of who was president.
In testimony last week before the Senate Foreign Relations Committee and House Foreign Affairs Committee, Undersecretary of State for Political Affairs Wendy Sherman made clear that the U.S. would continue to look for ways to raise the pressure on Tehran, even as it remained committed to a negotiated solution to the standoff over Iran’s nuclear program. But she also cautioned against steps that would foreclose diplomatic options or damage the international consensus that the administration has worked so effectively to forge. “As we move forward, it will be critical that we continue to move together and not take steps that undo the progress made so far,” Sherman said.
The main item of business before JP Morgan Chase’s annual shareholder meeting, which will convene today in Tampa, is whether JPM CEO Jamie Dimon will be stripped of his additional post as chairman of JPM’s board of directors. A range of institutional investors concerned about the over-concentration of power atop the nation’s most powerful institutions, and upset by the $6 billion loss JPM took last year at its London trading desk, won roughly 40 percent shareholder support last year to separate the two positions. This year, they hope to do better, even though the bank’s public-relations offensive on Dimon’s behalf has made the prospect of winning a majority more difficult.
Over the last week and a half of scandal-mongering, most people on the left have agreed on the basic contours of the story. Benghazi isn't a "scandal," because tragic as the killings there were, there's no evidence of malfeasance on the part of Obama administration—no crimes, no cover-up. (And no, interagency bickering over talking points does not constitute a cover-up). The IRS, on the other hand, is potentially scandalous, there having almost certainly been inappropriate behavior on the part of some of the agency's employees, but it doesn't seem to reach up to the White House. And the Justice Department's subpoenaing of phone logs from the Associated Press isn't a "scandal" as much as a disagreement over policy.
Over the weekend, the Obamas—both Barack and Michelle—gave commencement speeches to historically black colleges and universities. At Bowie State University in Maryland, the First Lady mixed praise and encouragement with the kind of moral scolding that is familiar to anyone who has spent time with a certain generation of African Americans: