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The Roundup for January 25, 2012

Quite a day. And tomorrow will be quite a day-er!

• Much more on this later, but Kamala Harris is still publicly standing strong against the 50-state settlement. Very good news.

• On top of everything else last night, there was a hostage resuce in Somalia by the same Navy SEAL unit that took out bin Laden. Here’s the President’s statement. How’d Bill McRaven handle this from the First Lady’s box?

• I’m willing to agree that Mitt Romney has flip-flopped on housing issues, but this attempted hit from Think Progress is a mess. Romney owns mortgage backed securities. So? There’s no indication that he had anything to do with the sign-off on foreclosures, which are largely at the discretion of servicers anyway. If the Schneiderman panel works out, he would be defending the rights of investors in MBS, people like Mitt Romney, who were themselves defrauded.

• Richard Cordray did have to withstand criticism at that House Financial Services committee hearing yesterday. I didn’t like that he said bank violations of the Servicemembers Civil Relief Act were “unintentional” and fixed. He does seem poised to go after servicers, however.

• If nothing else, the new panel on securitization adds to the exposure of the big banks, who get hit with a new lawsuit on their mortgage backed securities every day.

• One thing to keep in mind as we enter discussions on tax reform – the capital gains tax is set to rise sharply in 2013, some of it from the health care reform law.

• Gabby Giffords resigned from Congress in an emotional scene in the House today, but not before getting one last bill passed.

• Speaking of Giffords, this is really horrendous business in Missouri, with the targeting of female lawmakers with cross hairs.

• When will our elites realize that nobody will comparison shop after suffering a heart attack?

• Politifact again soils themselves trying to please wingnuts. Just put them out of business already.

• The Alliance for American Manufacturing calls out Matthew Yglesias for his Slate story I mentioned earlier in the day.

• Illinois AG Lisa Madigan sued Standard and Poor’s today, for violating consumer fraud and deceptive practices statutes in the state. I need to look into this a bit more before commenting.

Huge crowds gathered in Tahrir Square today to mark the one-year anniversary of the Egyptian uprising. Some of the protesters haven’t left.

• Tim Geithner is a one-term Treasury Secretary. That does suggest that the right move is to draw out any bank resolutions until after next year.

• If Senate Democrats actually hold a vote on the carried interest loophole I’d be more than a little pleasantly surprised.

• Early polling in eight competitive House races shows that Republicans are in at least a little trouble and may not hold on to their majority.

• Jared Bernstein on the FHFA’s principal reduction aversion.

• The Joint Economic Committee estimates that GDP growth would fall by 1.7% if the payroll tax and unemployment insurance don’t get extended by the end of next month. 3.3 million unemployed Americans would lose benefits.

• The elites at Davos are starting to get nervous. Good.

• Sen Mark Kirk could see loss of some motor function even after he recovers from his stroke.

• The House will pass a repeal of the CLASS Act next week. The Obama Administration has already shut the long-term care insurance program down.

• Not only are corporations people, says Mitt Romney, they’re also not bad people.

• This is a particularly nasty domestic abuse case from a Marco Rubio staffer.

• I’m assuming that Newt Gingrich’s vow to potentially bomb Castro as President is just a reaction to Castro calling the GOP primary “the greatest competition of idiocy and ignorance the world has ever seen.”

• Google is starting to go evil with their new privacy rules.

• That Julian Assange chat show will air on Russia Today.

• Why is this guy the Democratic standard-bearer for a Senate seat in Arizona, again?

• There’s not much new in most State of the Union addresses.

• Michele Bachmann either will or won’t run for re-election, depending on when you ask her.

What your favorite blog says about you. Hilarious (and introduced me to some new blogs!).

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David Dayen

David Dayen