Congress

Banks Are Too Big to Fail Say ... Conservatives?

AP Photo/Jae C. Hong

Members of the Federal Reserve don’t usually make the rounds at partisan gatherings. But amid the tri-cornered hats and “#StandWithRand” buttons of last week’s Conservative Political Action Conference (CPAC)—the largest annual gathering of conservatives in the country—was Richard Fisher, President of the Dallas Federal Reserve Bank. In a Saturday morning speech, Fisher quoted Revolutionary War hero Patrick Henry, who once said that while “Different men often see the same subject in different lights,” such quibbling had to be set aside in a time of “awful moment to this country.”

The Political Is Personal

AP Photo/Mike Munden

On Friday, Senator Rob Portman of Ohio became the first Republican in the Senate to support same-sex marriage, explaining in a Columbus Dispatch op-ed that his change of heart came after his son told him he's gay. It was easy to be underwhelmed by Portman's announcement; as Michael Tomasky asked, "what if his son weren't gay?

The Boehner Rule

flickr/Talk Radio News Service

After months of Republican resistance, the House of Representative finally renewed the Violence Against Women Act (VAWA) late last month. What many casual political observers may not know is that there were always enough votes in the House for the bill to pass, but it couldn’t get a vote because of something called the “Hastert Rule”—an informal practice in the House by which only legislation supported by a majority of the majority party (in this case, Republicans) is allowed to come to a vote. How Speaker John Boehner got VAWA passed tells us a lot about what the next two years is going to be like in Washington.

The Contest Over the Real Economic Problem

flickr/Starley Shelton

“Our biggest problems over the next ten years are not deficits,” the president told House Republicans Wednesday, according to those who attended the meeting. The president needs to deliver the same message to the public, loudly and clearly. The biggest problems we face are unemployment, stagnant wages, slow growth, and widening inequality—not deficits. The major goal must be to get jobs and wages back, not balance the budget. Paul Ryan’s budget plan—essentially, the House Republican plan—is designed to lure the White House and Democrats, and the American public, into a debate over how to balance the federal budget in ten years, not over whether it’s worth doing.

Paul Ryan Still Wants to Dismantle Government

Gage Skidmore / Flickr

As he has in years past, Wisconsin Representative Paul Ryan presented his latest budget as a necessary step—the only thing we have to avert a destructive debt crisis. It may be painful to turn Medicare into a voucher program, cut spending on social services, and devolve Medicaid into a block grant for the states, but it's the only choice we have to avoid catastrophe. Here's Ryan in his own words:

All Wall Street Regulators Should be Self-Funded

Systemic RIsk Council.org

When a crew that calls themselves the "Systemic Risk Council" speaks, it's a good idea to pay attention. After all, the last time people pooh-poohed deep-seated problems within the financial system, trillions of dollars vanished into thin air and millions of people were thrown out of work. 

The Fundamentals of Immigration Reform

The United States, with more than 40 million foreign-born, a number that includes the estimated 11 million illegal residents, is not just the largest immigration player in the world; it’s larger than the next four largest players combined. Because immigration amounts to social engineering, how well we do it has profound consequences for huge swaths of our society, from education to health care to economic growth to foreign relations. Most important, how a country treats its immigrants is a powerful statement to the world about its values and the principles by which it stands.

Tyranny of the Minority

Jamelle Bouie

Adam Liptak, writing for the New York Times, has a long feature on Senate malapportionment, political science shorthand for the fact of unequal representation in the upper chamber of Congress. Our system has always had a small state bias, hence the Senate—a powerful body where each state gets equal representation—and the Electoral College, a variation on the same.

Gone In 22 Seconds: How Frequent is High Frequency Trading?

Flickr/Ars Electronica

This is a story of journalists and economists, and the confusion that can ensue when they communicate. 

The Paul Ryan Medicare Shuffle

When Wisconsin Rep. Paul Ryan ran for vice president last year, he campaigned against the $716 billion Medicare cut in the Affordable Care Act, calling it a "raid" on the program. "Medicare should not be used as a piggy bank for 'Obamacare,'" said Ryan last August, after joining the Romney campaign, "Medicare should be used to be the promise that it made to our current seniors. Period. End of Story."

Next Up: Another Budget Fight

Flickr/Ryan McFarland

Senate Democrats are set to release a budget this week, the first time they've done so since 2009. As always, it will be a collection of the party's goals and priorities—more a political statement than a plan for governing. Democrats, according to National Journal, will propose new revenue beyond the fiscal-cliff deal as well as new spending on education, infrastructure, and job training.

Politicians Awkwardly Dropping Pop Culture References

Wiz Khalifa, who recorded a song that Marco Rubio knows the title of. (Flickr/Sebastien Barre)

Can a United States senator be cool? As it happens, the current Senate has a number of members in their early 40s, and for at least some of them, that youth is a big part of what defines them. There was a time when as a 40-year-old in the Senate you'd worry about establishing your gravitas, but this group seems to be just as interested, if not more, in playing up their youth. That may be particularly true for the Republicans, since their party not only worries about its appeal to young people but wants to make sure it stays relevant in the future. But this can be tricky, especially since, with a few exceptions, the kind of person who becomes a professional politician probably wasn't the coolest person to begin with. After all, part of being cool is not looking like you're trying to be cool, and politicians usually look like they're trying too hard (because they usually are).

You may be asking, "Are you talking about Marco Rubio?" The answer is yes, but before we get to him, Rebecca Berg has an interesting story in Buzzfeed about Chris Murphy, at 39 America's youngest senator...

The Filibuster that Matters

AP Photo/Jim McKnight

The Prospect's Jamelle Bouie makes an important point about Rand Paul's rare Mr. Smith Goes to Washington-style filibuster on Wednesday. Before Paul started speaking to hold up the nomination of John Brennan to head the CIA, the Senate silently continued to filibuster Caitlin Halligan's nomination to the D.C. Circuit Court of Appeals. Paul's filibuster will get more attention, but the filibuster of Halligan is more telling.

Rand Paul's Lonely Stand

AP Photo/Charles Dharapak

Like the roomful of monkeys who eventually write Hamlet if given long enough, or the broken clock that’s on time twice a day, sooner or later an otherwise dubious political figure will find his moral compass pointing true north if he keeps spinning in place. Or maybe it’s Senator Rand Paul of Kentucky who stays in one place as the world spins, with north finally swinging into his sights. Whatever the motive, whatever paranoia fuels the worldview that drives him, whatever withering scorn he invited yesterday from fellow Republicans who found themselves in the strange position of defending a Democratic president, Paul’s filibuster of the last 48 hours was an act of patriotism more authentic than we usually see from a right that so ostentatiously professes to love a country it refuses to understand. If nothing else, Paul returned to the tradition of the filibuster some semblance of the heroism that his minority party has left in shambles the last few years with no small assist from Democratic Majority Leader Harry Reid, the eminent hack who had the opportunity to rescue that tradition a couple of months back and declined. Thus we’re left with Paul as unlikely savior of not merely tradition but the filibuster’s intent, which is to provide a venue for the expression of lonely principles. Sometimes those principles are profound enough that stopping the country in its tracks to ponder them is worth the inconvenience, before such principles are flattened by the steamroller of national consensus.  

What We Have Here Is a Failure to Communicate. Sort Of.

Congressional Republicans, apparently. (Flickr/jumbledpile)

Like any number of liberals, I have from time to time complained about the difficulty of having substantive arguments about politics when your opponents refuse to acknowledge plain facts about the world. It's hard to have a discussion about what to do about climate change, for instance, if the other person refuses to believe that climate change is occurring. It's hard to discuss how to handle market failures in health insurance when the other person holds that markets are always perfect and government health insurance is always more expensive. As frustrating as those kinds of impasses are, at least you're talking about complex systems that require at least some investment of time to understand.

But there's a rather incredible dance going on right now in the dispute over the budget that takes every stereotype liberals have about know-nothing Republicans and turns it up to 11. To sum it up, Democrats are being forced to negotiate with a group of people who are either so dumb they can't figure out what the White House's negotiating position is (unlikely) or so incredibly irresponsible that they don't care enough to find out, when doing so would literally take them about 30 seconds (probable). It's hard to find words to describe this kind of behavior. The Republican position is that this negotiation is of vital importance to the future of the country, indeed, so important that they may be willing to shut the government down and let the full faith and credit of the United States be destroyed if they don't get what they want; but they also can't be bothered to understand what it is the other side wants. And these people hold our nation's fate in their hands.

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