Among the atrocities, you forgot to mention the legislation that that explicitly exempted CDSs and other derivatives from regulation. As described in today's NY Times (under the banner, 'Greenspan's legacies') we see that this legislation was pushed through by Rubin and signed by Clinton. There may be multiple causes to the current mess, but no one can argue today that that wasn't one of the big ones.

We cannot forget the Democrats role in all of this. We fought and lost to neoliberalism inside the party in the 90's, let us hope we completely purge that stain from our midst during the Obama administration.

Of course we vote of Obama. What Clinton did was adapt Republican positions and call them neoliberalism.

Posted at October 9, 2008 4:52 PM in response to Keeping an Eye on Both Parties

Glad to see this is a minor thread here at the TPM world. Chris deserves no more. It sounds like he is now crawling back to his original progressive readership (I will admit to being entertained and amused by many of his essays in the past). I am not impressed with his attempts to ingratiate himself with us by denouncing the coverup of war crimes, but not the crimes themselves for which he was such fervant advocate.

Above I suggested he should be shunned. I think a good historical precedent is what happened to Ezra Pound. Of course, Chris is no Ezra Pound, he is a very good essayist that has perfected typical British witticisms in his essays that many Americans find enlightening. Sort of like PBS hiring newsreaders from Britain who sound so refreshing to our ears. But getting back to Ezra. Now here was someone who was a true word smith. But someone with hideous political judgement, such that he embraced Italian fascism and supported Mussolini. After WWII he became a pariah in America though most intellectuals were abe to accept that he wrote some good stuff in his time. But he was still excluded from polite company.

We should recognize Chris in the same way. Yes you have been clever from time to time. But your ideas have gone no where and in your oportunistic careerism you supported war crimes. Until, you can come to grips with that problem please go away. We don't want you here. Your complaining about the cover up to those crimes is not sufficient.

Posted at October 5, 2008 3:25 AM in response to The Dog That Did Not Bark

touche' anna am. Ellen can be most obtuse. But her main point remains valid -- Dean did make a good point and you either missed it or tried to obfuscate it.

Posted at October 4, 2008 12:42 AM in response to Stock Market Closes Below Monday Low: Come On Let's Have Some Hysteria!

What was so frustrating the last week is that many of us believe that equities remain over-valued because of the coming recession, but that Monday's plunge gave the bailout boys the upper hand politically. Now that the bill has passed, it appears as if the market is starting to pay attention to the rest of the economy. They noticed that there is some bad news out there that the bail out can't touch.

And once that .7 trillion has been sucked into the pit of 2 or more trillion dollars of bad debt, we will still have a credit crises on our hands. The fact that the TED spread remains at record levels means that the banksters are fully aware that the bailout is insufficient. It is they after all that set the Libor rates.

Posted at October 3, 2008 5:23 PM in response to Stock Market Closes Below Monday Low: Come On Let's Have Some Hysteria!

Is this the same Chritipher Hitchens, Nation writer, extrotsykist drunk, neocon convert, who bacame a Bush disciple, that helped us into the Iraq war? And he is complaining about the destruction of evidence of war crimes. What did he expect? Of course war is one series of war crimes. That is part of this war. And the big crime is the coverup? Face it fool, the crime is the war. Please go away Chris. You are not welcome here.

Posted at October 3, 2008 4:01 AM in response to The Dog That Did Not Bark

It is true, I felt good about Biden tonight. But, and it is a big but, Biden has been an unrepetent warmonger for so long. He helped Obama tonight, let us hope that his policies do not become part the Obama administration.

Posted at October 3, 2008 1:25 AM in response to Biden, Great In The Clutch

You overlook the fact that we already have massive government intervention. Bear Sterns, AIG, Wa Mu, Indy Mac and Wachovia have huge potential price tags. Much of it still unknown. If the costs of these come in below .5 trillion we will be lucky. This .7 trillion is on top of that. And as Jim's banker friend pointed out it still does not address the basic problem, namely the total losses on the MBSs that are unkowable until the realestate market final reaches bottom. If the total losses in bond market reaches $2 trillion (a Roubini estimate that is consistent with a simple back of the envelope calculation I have seen) then this $.7 trillion will simply disappear into the ether.

Neither will it stop the coming steep recession. All Congress will accomplish by voting for this bailout will be to position themselves into not being held responsible for another few thousand point drop in the Dow. It is only wishfull thinking to say that will not happen in any case.

We have two rational choices, to do nothing or to do something that will give the taxpayer optimal protection. Unfortunately, we are taking a third choice.

Posted at October 1, 2008 2:53 PM in response to Senators, Beware!

If the realestate market is still about 25% overvalued then encouraging the gses to become more aggressive will perhaps slow down the decline but not stop it. If these are 10% down mortgages they are destined to go under water. These are the situations when the rational economic decision is for the owner to default.

How is that going to help us get out of this credit crisis?

Posted at October 1, 2008 8:58 AM in response to Democrats Beware

Dean thanks for some sanity. Now take Nathan out behind the barn and knock some sense into him. If the crisis is as bad as they say, then we should nationalize the banks until this blows over. Then, after zeroing out their equity, we can sell them back. Sounds simple. Otherwise, we should ride out the storm.

Posted at October 1, 2008 2:40 AM in response to How Do You Make a DC Intellectual Look Less Articulate Than Sarah Palin Being Interveiwed by Katie Couric?

MJ thanks for the heads up on HR362. I wrote my rep (Mike Thompson, an orginal sponsor) objecting and he responded to say that there was explicit language saying it was not a war resolution. I wrote back pointing out the blockade language and he then came back and said he would withdraw his support if that language was not withdrawn. Wow. One small step for sanity. You guys did a good job letting us know what was happening.

Posted at October 1, 2008 2:13 AM in response to AIPAC's Iran War Resolution Defeated