In the end, as at the start, Thursday’s deal between five big banks, the Department of Justice, and the attorneys general of 49 states came down to New York, the center of mortgage securitization and securities misrepresentation, and California, the center of mortgage mis-origination. Those states’ attorneys general—New York’s Eric Schneiderman and California’s Kamala Harris, both progressive Democrats elected in 2010—weren’t about the give the banks a pass. Which is why it wasn’t until two a.m. Thursday that the deal was finalized.
CPAC, D.C.—The controversy around the Obama administration's decision to mandate birth-control coverage in health insurance has dominated the talk at CPAC. "You may not agree with what that religion agrees. That's not the point. The point is, the First Amendment still applies," Marco Rubio said in his early morning address on Thursday.
The long-awaited mortgage deal between the federal government, 49 state attorneys general, and five big banks that was announced Thursday is pretty thin gruel, but it could have been a lot worse.
Under the deal, the banks will provide relief to homeowners in a deal variously described as ranging from $25 billion to more than $40 billion. But a look at the fine print suggests that only about $5 billion cash will actually change hands. Some $1.5 billion will go directly to homeowners who went through foreclosure, with each receiving about $2,000. Other cash will go to states to help distressed homeowners.
When I was growing up, we had an infinite supply of Catholic babysitters, who all came from families of 7 or 9 or 12. If Margaret stopped babysitting, Mary stepped right in. Once Mary got too old, there was Anne. That was no longer true for my baby sister, born 14 years after me. By the 1970s, those Catholic families had mysteriously stopped adding a new child every year.
“I don't think American elections should be bankrolled by America's most powerful interests," President Barack Obama said during his 2010 State of the Union, staring down the six Supreme Court Justices in attendance. It was a week after the high court issued its decision on Citizens United. That landmark ruling—followed shortly by a D.C. Circuit Court of Appeals' decision in Speechnow.org v. Federal Elections Commission that removed the $5,000 donation limit for political-action committees (PACs)—led to the development of super PACs that can receive unlimited campaign donations as long as they do not directly coordinate with the candidates on messaging and ad creation.
The Obama campaign is setting the presidential election contest ablaze with its second designer clothing collection. Runway to Win features fashionable 2012-themed apparel created by some of fashion’s heaviest hitters. The line launches February 7, with profits going toward the Obama re-election effort.
Conservatives spent Monday being outraged about the Chrysler Super Bowl ad featuring Clint Eastwood. They were upset that the great Western hero and former Republican would highlight Detroit manufacturing, which they argued was an implicit endorsement of Obama's policies. “I was, frankly, offended by it,” Karl Rove said on Fox News. “I'm a huge fan of Clint Eastwood. I thought it was an extremely well-done ad, but it is a sign of what happens when you have Chicago-style politics, and the president of the United States and his political minions are, in essence, using our tax dollars to buy corporate advertising."
Say you’re a presidential candidate shifting to the general election after your place as the party's nominee seems firmly settled. The entire logic of your candidacy has been built on business experience as the answer to an economic downturn, and you plan to assail the community-organizer president for not understanding how the private sector works. A high rate of unemployment is your friend. Voters will be dissatisfied enough with the general state of their lives that you should easily waltz past the incumbent president without having to do the tricky work of laying out your own vision for the country. Except, after a year of laying the groundwork for this sort of campaign, the economy slowly begins to recover. Things are certainly not in good shape, but the trend lines are beginning to move in the right direction and people are once again hopeful.
The Obama administration took some hits last week after it announced that employers with religious affiliations would not be exempt from the Affordable Care Act's mandate to cover preventive services without a co-pay—including contraception. At TheWashington Post, E.J. Dionne* was quite peeved at the administration's insensitivity to the Catholic Church. Yesterday, the White House set up a news media conference call with senior administration officials to go over the decision's basic talking points.
Washington Post columnist E.J. Dionne argues against the Obama administration's laudable decision to require employer-provided health-insurance packages to cover contraception. The new rule, according to Dionne, is a "breach of faith" that the "administration should have done more to balance the competing liberty interests here." Dionne's argument is, however, extremely unconvincing.
On January 25, Egyptians marked the one-year anniversary of their revolution with another massive demonstration in Tahrir Square, the epicenter of what has become known variously as the Arab Spring, the Arab Awakening, or the Arab Uprising. Whatever term one chooses for the events that began with the self-immolation of a Tunisian fruit vendor in December 2010 and soon swept through Egypt, Yemen, Libya, and Syria—the last year has marked a decisive shift in the modern history of the Arab world. Though the situations in different countries have and will continue to take different paths, the people of the region have voiced their unmistakable rejection of the political and economic arrangements that have dominated their countries for decades.
Obama gave his 2012 State of the Union address last night, and all the eyes in the media and political world were tuned in. During the address, 766,681 SOTU-centric tweets were fired off, with 548 coming from inside the chamber. Despite the frenzy that takes over news rooms and congressional offices, the rest of the nation was more likely watching TheReal Housewives of Atlanta or Wizards of Waverly Place.
Starting in August, women will no longer have to pay more than men for the prescriptions (the Pill, Viagra, Cialis) that enable them to have active sex lives. That was the big news this past Friday, when Department of Health and Human Services Secretary Kathleen Sebelius declared that almost* all employers must now pay for contraception in their health plans under the Affordable Health Care Act's requirement that insurers cover all preventive services. No co-pays. No deductibles.