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The Bullpen

27 Jul 2011

House Dems: Use the 14th Amendment and Get This Over With

House Democrats have been largely silenced in the debt limit debate. They’re the minority in a majoritarian body, so that’s somewhat natural. But seeing that the numbers are so close for any plan in the House that Democrats could hold the margin of victory, it’s a little curious. Now, House

27 Jul 2011

Back in the Game: Boehner Plan Gains Momentum Among House GOP

It must have been the clip from The Town that did it. Republicans have an affinity for hurting people with baseball bats, apparently. Because that appears to be the touchstone to get John Boehner’s debt limit plan in a better position to pass the House. A number of House conservatives

27 Jul 2011

DoJ Civil Rights Division Investigating Wells Fargo for Mortgage Fraud

Many observers have noted that one of the few bright spots in the Justice Department under Barack Obama has been the Civil Rights division, under the direction of Thomas Perez. They have restored that division to its core mission of protecting minorities. So it’s no surprise that they, not the

27 Jul 2011

Standard and Poor’s Desperately Making Up for Failure With More Failure

I’m told that the Fed may not have the authority to allow Treasury to overdraw on their account. Besides, the rating agencies would be justified in downgrading US debt when the Treasury is overdrawn. And the White House – and Congress, potentially – fear downgrade more than default. What the

27 Jul 2011

White House, Carmakers Close to Announcing New 54.5 MPG Fuel Economy Standard

I always try to reserve space for at least one silver lining story. That’s been getting more and more difficult of late. Here’s what I could come up with today: carmakers and the White House have reached a deal on new fuel economy standards. The Obama administration is preparing to

27 Jul 2011

Fed Unlikely to Allow “Overdraft Solution” to Debt Limit Crisis

Enterprising saviors of the Republic continue to look for ways out of the debt limit box, and here’s another one: the Treasury Department could simply go overdrawn at the Federal Reserve: This is nothing to do with the 14th Amendment or with coin seignorage — this is just the simple