Items of Interest:
David Stout / New York Times:
Stimulus Bill Passes in the House With No G.O.P. Support — The House approved a $787 billion economic stimulus package Friday afternoon, with Democrats successfully promoting it as a boost for middle-class Americans and Republicans countering in vain that it will only stimulate wasteful government spending...
discussion:related:Washington Post: Senate Begins Voting on Economic Stimulus BillAlan Colmes' Liberaland: Should The Stimulus Package Be Signed So Quickly?Donald Douglas / American Power: Democrats Ram Through Stimulus in House VoteMary Phillips-Sandy / Indecision: House Passes Stimulus Bill, House Republicans Pass WindDownWithTyranny!: Stimulus Bill Passes The House Without A Single Vote From Limbaugh's …Mac Ranger / Macsmind: Porkulus Passes in House, NO Republicans to Blame, Dems DOOMED in 2010Steve M. / No More Mister Nice Blog: “IT IS THEREFORE NECESSARY TO EDUCATE OUR COMRADES …Economist.com / Democracy in America: We need it, so I'm voting against it — ANH “JOSEPH” CAO …
Olivier Knox / Agence France Presse: Obama poised for big stimulus winSteve Benen / Washington Monthly: LESSONS LEARNED.... The White House is no doubt pleased …Jonathan Weisman / Wall Street Journal: Emanuel: Team Lost Message on StimulusLaurie Kellman / Associated Press: Winter break: Bon voyage time for some in CongressThink Progress: Obama's Wasted Efforts At BipartisanshipMichael Goldfarb / Weekly Standard: Obama's Greatest Weakness: Too Darn BipartisanAri Berman / The Nation: Obama's Bipartisan Utopia Mugged By RealityLibby Spencer / The Impolitic: Obama takes the leadBen Smith / Ben Smith's Blogs: Rahm's admission — JMart and Mike Allen write up Rahm Emanuel's view …Jay Cost / HorseRaceBlog: The Plusses and Minuses of CampaigningChris Bowers / Open Left: Expect New, More Populist Tactics From President ObamaGreg Sargent / The Plum Line: Obama To Hit The RoadJennifer Rubin / Commentary: Re: The Prince and His CourtiersJoAnne Allen / Reuters: Senate confirms Leon Panetta to head CIA
Rahm: Obama Lost Control Of Stimulus Debate -- White House Chief of Staff Rahm Emanuel, in an interview with reporters, conceded that President Obama lost control of the stimulus debate by focusing too much on bipartisan outreach. The Wall Street Journal reports...
discussion:Al Giordano / The Field on the Narcosphere: Stimulating! — The US House has approved the final House …Dday / Hullabaloo: Not One Single Vote, AgainSteve Chaggaris / CBS News: Morning Bulletin - Friday, Feb. 13, 2009HughS / Wizbang: Emanuel: White House Lost Control Of The Message
Caterpillar Workers Oppose Stimulus, Despite Obama's Visit, Implausible Promises -- Rep. Aaron Schock's constituents were urged by the president himself to tell Schock to vote "yes," but he was not approached by one constituent, Caterpillar employee or otherwise, asking him to support the stimulus. Democrats can pass this monstrosity because they control both houses, but they should never get away with painting criticism of it as unreasonable or purely partisan. Criticism comes from every quarter— even from laid-off workers who are subject to an onslaught of the president's patented Promises of an Implausible Nature and Grandiloquence of Economic Gloom...
discussion:Abdon M. Pallasch / Chicago Sun Times: Obama: Stimulus package will get Caterpillar working againMark Impomeni / Political Machine: Caterpillar CEO Says, Stimulus or Not, Jobs not Coming BackMaggie Gallagher / The Corner: But Will It Play in Peoria? — Will the stimulus bill play in Peoria?Betsy Newmark / Betsy's Page: How to help Caterpillar - hint, hint - it's not the stimulus spending bill
discussion:Nate Silver / FiveThirtyEight.com: The Political Specter-um — Rasmussen has an interesting poll …Ed Morrissey / Hot Air: Yo, Arlen. Couple o' guys want a word wit' ya.Eric Kleefeld / TPMDC: Poll: Specter's Stimulus Support Could Hurt Re-Election With GOP Voters In 2010John / Power Line: PORK VOTE HURTS SPECTERChris Good / The Hill's Blog Briefing Room: Poll: Specter's Stimulus Support Hurts Him in Pa.Kyle Trygstad / Real Clear Politics: Poll: Stimulus Vote Hurting Specter
How the Crash Will Reshape America -- The crash of 2008 continues to reverberate loudly nationwide—destroying jobs, bankrupting businesses, and displacing homeowners. But already, it has damaged some places much more severely than others. On the other side of the crisis, America’s economic landscape will look very different than it does today. What fate will the coming years hold for New York, Charlotte, Detroit, Las Vegas? Will the suburbs be ineffably changed? Which cities and regions can come back strong? And which will never come back at all?...
Sadly and unjustly, the places likely to suffer most from the crash—especially in the long run—are the ones least associated with high finance. While the crisis may have begun in New York, it will likely find its fullest bloom in the interior of the country—in older, manufacturing regions whose heydays are long past and in newer, shallow-rooted Sun Belt communities whose recent booms have been fueled in part by real-estate speculation, overdevelopment, and fictitious housing wealth. These typically less affluent places are likely to become less wealthy still in the coming years, and will continue to struggle long after the mega-regional hubs and creative cities have put the crisis behind them.
The Rust Belt in particular looks likely to shed vast numbers of jobs, and some of its cities and towns, from Cleveland to St. Louis to Buffalo to Detroit, will have a hard time recovering...
Paul Kedrosky / Infectious Greed: How the Crash Will Reshape America
Fed Calls Gain in Family Wealth a Mirage — The leap in wealth that Americans thought they were enjoying over the last several years has already turned out to be a mirage, according to new estimates by the Federal Reserve...
Why This Recession Seems Worse Than '70s and '80s -- If you think this recession is the worst since World War II, chances are you weren't born or working during the downturns of the 1970s and '80s, you're listening to President Obama too much or you're a white-collar worker in financial services.
If all three are true, you may even think we’re on the verge of another Great Depression.
At this point, the only thing that may be true is your age and employment status.
“The current situation has nothing in common with the Great Depression,” says economist Steve Hanke of the Cato Institute and Johns Hopkins University. “The sooner they [in Washington] stop spinning the bad news story and say nothing, the sooner we’ll be more confident.”Hanke is not alone in dismissing what appears to be a potent cocktail of misinformation and doom and gloom, wherein the current recession—now in its 13th month—is already considered worse than the 16-month ones of 1973-1975 and 1980-1982...
Daniel Gross / Slate: This Isn't Your Grandfather's Recession
- Economic Dominoes Are Still Falling - Samuel Brittan, Financial Times
- Why Is Tim Geithner Postponing Economic Recovery? - Susan Lee, Forbes
- In Defense of Tim Geithner - Jim Cramer, New York Magazine
- The U.S. Economy Isn't Rising to the Challenge - Paul Krugman, NY Times
- The Politics of Getting America's Economy Back on Track - Economist
- Can Obama Balance Taxpayers and Wall Street? - Allan Sloan, Fortune
- Inside President Obama's Economic War Room - Nina Easton, Fortune
- Next Challenge: Spending the Stimulus Money - S. Power & N. King, WSJ
- Man Up! Fund Man's Advice for Wall Street - Michael Lewis, Bloomberg
- Blame the Left for Lackluster Stimulus and Bailouts - John Judis, TNR
- Don't Let Judges Tear Up Mortgages - Todd Zywicki, Wall Street Journal
- Nationalization Is the Only Answer - Richardson & Roubini, Washington Post
- There Are Bigger Problems Than Bankers' Pay - Tracy Corrigan, Telegraph
- Are We Looting Social Security? - William Greider, The Nation
- Stimulus Will Undo Welfare Reform - Michael Tanner, New York Post
- There's Too Little In Return for Stimulus - Editorial, Los Angeles Times
- Stimulus Is An Egregious Waste - Editorial, Investor's Business Daily
- Lesson of the New Deal Is We Didn't Spend Enough - Bruce Bartlett, Forbes