Wall Street Royal Jamie Dimon deigned to appear before a Senate Committee yesterday, and the Senators mostly sucked up to him. I’m surprised they didn’t ask if he needed a pillow for his chair. MSNBC: Senate treats JPMorgan CEO Dimon with kid gloves
Dimon was expected to receive a frosty reception in his first congressional appearance since he announced the bank sustained a trading loss some analysts now estimate is at least $3 billion. It was a massive loss for the nation’s biggest financial institution.
Instead, Dimon, who has won praise for bringing JPMorgan (JPM) through the financial crisis relatively unscathed, was treated cordially by most of members of the Senate Banking Committee. They peppered him with questions about regulation and risky practices at the bank, but did not press him to give an update on the losses resulting from the trade. JPMorgan is expected to give an update to shareholders when it reports its second-quarter earnings July 13.
“I think it was a pretty favorable day,” David Konrad, a Keefe, Bruyette & Woods banking analyst, told CNBC. Konrad said he was surprised that the questioning of Dimon by lawmakers was so “professional.”
Excuse me, “professional” for a Senator would have been sending this man to the woodshed. NPR’s Marketplace called the treatment of Dimon “a wake for Dodd-Frank.”
Yahoo has named the winner of the “Most Tepid Endorsement of Mitt Romney” contest: it’s a bumper sticker that reads “At least he’s not a communist.”
Until recently, it appeared that no one could unseat Indiana Gov. Mitch Daniels as the champion of the tepid Romney endorsement. Since Yahoo News started conducting reader polls on the politicians who supported Mitt Romney in the least enthusiastic terms, Daniels has defeated original champ George Pataki and defended the crown against Newt Gingrich, Rick Santorum and George W. Bush. (The former president came the closest to unseating Daniels.)
We thought the book was closed on the tepid endorsement bracket until Yahoo News reporter Chris Moody spotted a bumper sticker at last weekend’s regional CPAC conference in Chicago bearing these words of praise: “At least he’s not a communist.”
You can read the other tepid endorsements at the link.
First Romney made fun of Obama for wanting to help cities and states pay for cops, teachers, and firefighters. Then he went on Fox News and said it was a “strange accusation” for anyone to say he didn’t want to hire teachers and first responders.
After an extended skewering of President Obama for a gaffe about the private sector last week, ending with the charge that it was proof the president was “out of touch” Romney was asked by Fox and Friends’ Brian Kilmeade for his response to Obama saying it was Romney who was clueless (Romney’s comment comes at about the 1:40 mark) :
[BRIAN] KILMEADE: He says that you’re out of touch. He says you want to cut firefighters and teachers, that you don’t understand what’s going on in these communities. What do you say to that, Governor?
ROMNEY: Well, that’s a very strange accusation. Of course, teachers and firemen and policemen are hired at the local level and also by states. The federal government doesn’t pay for teachers, firefighters or policemen. So, obviously that’s completely absurd.
But of course the federal government does subsidize states and they often use the money to pay for these public employees. In fact, the reason so many teachers, firefighters and cops are getting laid off now is because stimulus money has run out.
Yesterday Greg Sargent pointed out that Romney’s plan would indeed cut billions from cops, firefighters and teachers
Yesterday Mitt Romney claimed that it was “ completely absurd” of the Obama campaign to argue that he favors cutbacks in cops, firefighters and teachers. “The federal government doesn’t pay for teachers, firefighters or policemen,” Romney said, adding that they were paid by states and localities.
What’s getting lost in the back and forth here is that Romney’s actual economic plan would, in fact, cut billions of dollars in federal money that goes to cops, firefighters, and teachers — perhaps more than $10 billion a year, in fact.
This is the conclusion of the Center on Budget and Policy Priorities, which analyzed Romney’s plan through the prism of the debate over public workers at my request.
As Michael McAuliff reported yesterday, despite Romney’s claim, the federal government does give billions of dollars to states and localities through programs like Title 1, the COPS program, FEMA and others — which pay for first responders and teachers.
This is amazing. Romney finally broke down and decided to talk to a media source that isn’t Fox News! He will be on Face The Nation on Sunday morning.
A full year into his presidential campaign, presumptive Republican nominee Mitt Romney will venture out of his Fox comfort zone this Sunday to make his first appearance on a rival network’s political talk show.
Romney has been interviewed several times on ”Fox News Sunday” this campaign cycle, but has declined repeated invitations to appear on any of the other Sunday shows, occasionally drawing scorn from veteran anchors accustomed to interviewing presidential candidates.
Let’s hope Shieffer asks a few tough questions. One thing Shieffer will probably ask about is Romney’s choice of Vice President. One of the leading contenders, Marco Rubio, announced yesterday that he supports the illegal Florida voter purge.
“How can you argue against a state identifying people who are not rightfully on the voter rolls?” he said at a Bloomberg event, according to the Tampa Bay Times.
Rubio’s comments put him in line with Florida Gov. Rick Scott (R) who on Tuesday declared the debate on the merits of the purge “over,” because the probe had supposedly turned up more than 50 non-citizen voters who had cast ballots.
The Department of Justice didn’t agree. Later Tuesday, it announced it was launching a federal lawsuit against Florida over complaints that the purge was taking place within 90 days of its August 14 primary election, as well as over its alleged violation of a voting rights law meant to prevent states from suppressing voters.
That might not help Romney win over Latino voters.
John Avlon has a piece at CNN on Jeb Bush and other “moderate” Republicans who are starting to fight back against Grover Norquist:
This is what happens when politics starts looking like a cult: Jeb Bush gets attacked for being a traitor to the conservative cause.
The former Florida governor has been speaking with the freedom of someone not running for office, saying that both his father and Ronald Reagan would have had a hard time in today’s hard-right GOP and questioning the wisdom of Grover Norquist’s absolutist anti-tax pledge.
That set off a fascinating public fight between Bush and Norquist, two faces of competing factions within Republican Party. It is the latest evidence of a growing GOP backlash against the ideological straitjacket Norquist has attempted to impose on governing in the United States.
And Jeb is not alone.
As it turns out, Norquist has reason to be concerned. It’s not just Jeb Bush. A growing number of Republicans are rejecting his pledge. Oklahoma conservative Sen. Tom Coburn called the pledge’s effective veto of deficit reduction plans “ridiculous” when talking with Erin Burnett on “OutFront.”
Sen. Lindsey Graham of South Carolina on Tuesday declared his independence from the pledge, saying, “We’re so far in debt, that if you don’t give up some ideological ground, the country sinks.”
Add to those voices seven other Republican U.S. senators — from Maine’s Susan Collins to Iowa’s Chuck Grassley to Wyoming’s John Barrasso — and 11 Republican House members, ranging from centrist New Yorker Richard Hanna to tea party Floridian Allen West.
In pedophile news, Jerry Sandusky had another bad day in court yesterday with three victims testifying that he manipulated and threatened them into putting up with his sick sexual behavior.
The trio of young men who testified against Jerry Sandusky on the third day of his sexual-abuse trial couldn’t have been more different in personality and temperament. Yet each of their testimonies was sexually graphic and disturbing—and midway through the prosecution’s fast-tracked arguments, a clear pattern has emerged in their allegations.
I’m not going to quote all of the sordid details–there are too many of them anyway. You can read it all at the link. I’ll just give you one excerpt that shows what Sandusky is all about:
Then, the witness told the jury of a time he visited the Sandusky home.
“We were in the basement. We were wrestling,” he said in a monotone frequently heard from abuse victims who have had to tell their stories multiple times. “The defendant pinned me to the floor, pulled down my gym shorts, and started to perform oral sex on me.” Asked by prosecutor Joe McGettigan what his reaction was at the time, the witness said, “I freaked out.”
“Did he ever say anything to you about it?” McGettigan asked.
“He told me if I ever told anyone I’d never see my family again,” the young man replied. “Later he apologized and said he didn’t mean it, that he loved me.”
I hope Sandusky goes to prison for life, and I want to see prosecutions of his enablers at Penn State. It’s an outrage that he was allowed to go on abusing children for years after many at the school knew about his behavior.
And then there’s the Catholic Church: U.S. Catholics still suspect priests sexually abuse children: Report
The National Review Board said that, a decade after the US Conference of Catholic Bishops issued a child protection charter, there has been a “striking improvement” in the way the Church deals with the abuse of minors by clergy.
“Children are safer now because of the creation of safe environments, and action has been taken to permanently remove offenders from ministry,” said the report, released as the Conference began its annual spring meeting in Atlanta.
But it acknowledged: “Despite solid evidence (to the contrary), many of the faithful believe that sexual abuse by clergy is occurring at high levels and is still being covered up by bishops.”
Well, what did they expect? I’m certainly not surprised. In fact I’d be surprised if there aren’t still pedophile priests abusing children.
I’ll end with the strange story of “Forest Boy.”
Berlin police on Wednesday released photos an English-speaking teenage boy who wandered into the city nine months ago saying he had been living for the last five years in the forest with his father.
Police spokesman Thomas Neuendorf said all attempts to identify the boy since he emerged in the German capital on Sept. 5 have been unsuccessful, and they are now hoping the release of his photo may produce some leads.
“We have checked his DNA against all missing person reports, sent the data to Interpol so that they could check it internationally, but unfortunately without any success,” Neuendorf said.
The boy has told authorities his father called him “Ray” and that he was born June 20, 1994, but claims not to know his last name or where he’s from.
He said his mother, Doreen, died in a car accident when he was 12 and after that he and his father, Ryan, took to the forest. He said they wandered using maps and a compass, staying in tents or caves overnight.
He told authorities that after his father died in August, 2011, he buried him in the forest and then walked five days north before ending up in Berlin, and showed up at city hall.
As of last night, the identity of the boy was still a mystery even after release of the photos.
What’s on your reading and blogging list today?
I’m filling in for Dakinikat today, while she wends her way back down to New Orleans after her daughter’s great big Bollywood wedding. It’s another very slow news day today, but I’ve tried to dig up some interesting reads for you anyway.
The U.N. Security Council has condemned Syria’s government for the Houla massacre.
An emergency council meeting in New York on Sunday accused President Bashar al-Assad’s forces of unleashing havoc in the town, calling the bombardment of residential areas “an outrageous use of force” which violated international law.
“The security council condemned in the strongest possible terms the killings, confirmed by United Nations observers, of dozens of men, women and children and the wounding of hundreds more … in attacks that involved a series of government artillery and tank shellings on a residential neighbourhood,” the non-binding statement said.
Russia, which has resisted previous western-led condemnations of its Damascus ally, signed up to the declaration, signalling the extent of revulsion over images of infant corpses lined side by side after Friday’s slaughter, one of the worst incidents in the 14-month conflict.
You probably heard that John McCain, who for mysterious reasons is a permanent fixture on the Sunday talk shows even though he’s wrong about everything, has called Obama’s foreign policy and especially his caution on Syria “feckless.” The Villagers really love that word for some reason….why not just say “irresponsible” or “lazy”? Those are some of the definitions of the word.
On the other hand, outgoing Indiana Senator Richard Lugar, who is a lot more thoughtful than McCain, thinks Obama is right to be cautious on Syria. From TPM:
“I think that he has been very cautions. And I think that he’s cautions because he’s in the process of withdrawing our troops along with NATO from Afghanistan, pivoting our policy toward China and the east, more toward a situation of using robots – the ability to not to have to send in troops. It’s a difficult situation. So when you talk about Syria, and you talk about troops or intervention, the president has been very cautious. I think properly so.”
Also on the Sunday shows, Bob Shieffer asked Romney adviser Ed Gillespie why Mitt won’t appear anywhere except Fox News. Gillespie responded that Romney meet with “some schoolchildren last week.” Shieffer said, “I know schoolchildren are happy to see him.”
Good one, Bob!
On Candy Crowley’s show Rudy Giuliani was supposed to be playing surrogate for Romney and pulled a Cory Booker. Giuliani began by announcing that Romney is “the perfect choice” and then proceeded to “trash” Romney’s Massachusetts record while “explaining” his trashing of Romney back in 2008.
“Well, I mean, there’s a certain amount of personal ego in that — at that point, I was probably comparing his record to my record,” he said about his dings at Romney. “And maybe it was circumstances or whatever, but I had massive reductions in unemployment. He had a reduction in unemployment of about 8,10 percent — I think it was 15 percent. I had a reduction of unemployment of 50 percent. He had a growth of jobs of about 40,000; we had a growth of jobs of about 500,000. So I was comparing what I thought was my far superior record to his otherwise decent record. … That’s all part of campaigning.”
But, he added, Romney is much better than President Barack Obama.
I guess it’s still not quite as bad as the “endorsement” Romney got from Mitch Daniels.
Politico has a somewhat long piece for them on why Republicans are afraid that Romney “lacks the ‘vision thing'” For example:
“At the end of the day, you can’t just be all, you know, anti-Obama,” said former Ohio Secretary of State Ken Blackwell, whose state is key to Romney’s chances. “It has to be, I think, two parts that and one part here’s the antidote, here’s the vision, here’s the path that I would like to lead America down.”
And GOP strategist Mark McKinnon — who advised former two-term Republican president George W. Bush — said it’s time for Romney to outline his agenda.
“It’s important to establish the problem when you are a challenger because you are asking voters to fire the incumbent. So, Romney has to file his grievances,” McKinnon said. “But at some point he has to show that he has a vision of a better way. He can’t just say ‘The future is bleak, follow me.’ Because no one will.”
That sounds a little bit like the “advice” Mitch Daniels gave to Mitt. Sadly, Mitt has no vision for a better way. He just wants to be King so he can order everyone around and fire people when he feels like it.
I’ve been so focused on politics for the past several years that I’ve somewhat lost touch with popular culture. So it came as a shock to me today when reading an article about the Cannes Film Festival that one of the movies being shown there is an adaptation of Jack Kerouac’s On The Road. I knew instantly it would be horrible. Every Kerouac adaptation has been.
I used to be fascinated by Kerouac. I was on the Lowell, MA, Kerouac Festival Board for a few years, I’ve done two major research projects on Kerouac’s life and work, one of which I presented at at academic conference. I’ve read everything Kerouac has written, including his letters. I will never see this film, because I don’t want the book ruined for me. Trust me on this, just read the book if you haven’t already, and skip the movie.
The Washington Post has a piece on the Wisconsin recall election which is coming up on June 5: Scott Walker’s fate will have November implications.
Walker made national headlines last year when he eliminated most collective-bargaining rights for public employee unions, triggering huge protests. The fight put friends, neighbors and family members on opposite sides and left the state as polarized as any in the nation. It will culminate in next month’s recall election, only the third for a sitting governor in U.S. history.
The Democrats need to get off their butts and into Wisconsin soon or Walker is going to win. That would be disastrous, and would likely put the state in play for Romney in November. Wisconsin Democrats have been begging for help from the DNC, and it has been slow in coming.
I recently heard an interesting interview on NPR about Lulu DeCarrone, a coffee shop owner who decided to pull the plug on WiFi in her shop. She suddenly realized that her customers were sitting alone at tables for hours just staring at their computers and not talking. No one was having fun anymore and Lulu wasn’t making much money either. Quoting her:
It happened around three or four years ago. One afternoon, I was standing behind the counter and I allowed laptops for a while. And there were four tables, and four people sitting with laptops there. And I remember thinking, “This is like a crypt. I don’t like the feel of it.” Well, two ladies came in a little bit later and they were having such a good time. They were old friends, they haven’t seen each other in a long time and they were laughing and just carrying on. And the people who were sitting on the laptops kept glaring at them. And I made the decision right then and there. I thought I would rather lose my business and sell pencils out of a hat in front of the British Art Museum, than have this atmosphere in my store….
I thought, “Oh my God, maybe no one will come. Maybe I’ll lose it.” And I swear to you, that I was willing to do that. But it worked in reverse. I am the absolute opposite of what Starbucks does, and I’m very happy about it.
It’s become like Mecca for people who are disgusted. I never expected this. This has blown my mind; I never thought that would happen. I get compliments every single day. So I think that’s what it’s given me: Not a big bank account, certainly not driving a fancy car — but it has given me something that’s much harder to get, joy.
I’m no Luddite, but I have to admit, I do get disgusted sometimes the way gadgets have taken over and replaced socializing in public. When I was teaching at a large university, it was rare to see a student who wasn’t either listening to music on headphones, talking on the phone, or texting. They were completely out of touch with whatever was happening in their surroundings in the present moment. And so I also enjoyed this piece at the WaPo on people who ruin things for everyone around them by talking loudly on their cell phones. Here’s a sample:
I love taking the train and typically enjoy the ride. It can be so peaceful, and you don’t have the stress that comes with flying. But if I don’t get a seat in the “quiet car” that Amtrak has designated for those us who want peace, I’m privy to some conversations that should only be conducted in private.
I understand the occasional short conversation to let someone know when to pick you up or that the train is running late, but people are holding long and involved conversations, often about inane stuff. Businessmen are barking orders or, in one case I overheard, holding a conference call. I really don’t want to know your business.
On a recent Amtrak trip, a woman sat next to me and made a call to her friend who, I learned, was afraid she had a sexually transmitted disease. Thankfully, another seat opened up and the woman moved. But I could still hear her describing the test for the disease.
And have you noticed that many people seem to have no compunction about making you wait while they take calls? Why not just call the person back later and talk to the person you’re with?
OK, that’s all I’ve got. What are your recommended links for today?