- The Galleon insider-trading case, in which billionaire Raj Rajaratnam was charged and the securities-rating firm Moody’s was implicated? Has been assigned to Judge Jed Rakoff. Yeah, this Jed Rakoff. (I hope the judge is taking extremely good care of his health, if you know what I mean, because he is making life intolerable for some very, very wealthy and powerful people.)
- Former Fed Chairman Paul Volcker, who got us both into and out of the ’81-’82 recession, thinks we need to kind of restore the Glass-Steagall Act, which kept commercial banks from doing investments (and being dragged under when those investments went south) before its 1999 repeal. But he’s having trouble selling that idea to all the Goldman Sachs alumni on Team Obama.
- If this hearing in fact happens tomorrow — I read or heard somewhere it could get delayed — it could get real ugly real fast for Fed Chairman Ben Bernanke and former Treasury Secretary Hank Paulson. Hell, it might even get ugly for current Treasury Secretary Tim Geithner. I’d be OK with any and/or all suffering some consequences, because you don’t have to be a Harvard MBA to know Bank of America shareholders got screwed.
- Speaking of Hank Paulson, turns out that while he was still secretary, he met in Moscow with the board of Goldman Sachs. But nothing improper happened. Really. Move along; nothing to see here. These are not the droids banksters you’re looking for.
- Dana Perino, concern troll. Memo: advice on how to conduct yourself from a PR standpoint from someone who used to take money to call people traitors and supporters of terrorists is probably not worth what you’re paying for it.
- Shorter Congressman Jeb Hanserling (R-Texas): I’m here to protect banks; screw the consumers.
- Another Republican, this time John McCain, thinks another earmark, this one $325,000 for earthquake study in Memphis, is a waste of money, and once again is wrong. Three words: New Madrid Fault.
- Shorter Timothy Noah: Whatever happened to, you know, reporting?; or, The public option was always popular, you morons — you just pretended otherwise or weren’t paying attention.
- More Noah, because this is just so good and so true: “Political reporters are momentum junkies, forever plotting out momentary trends to infinity. If they were meteorologists, they’d interpret 90-degree temperatures in July to predict 160-degree temperatures in December.”
- John Cole righteously dopeslaps neocon pinhead Pete Wehner.
- Sure, Sarah Palin’s $29 book can become a bestseller — when you sell it for $9 or give it away with a magazine subscription.
- The Bush and Obama administrations actually threatened not to share intelligence with the U.K. if it released evidence of our torture of a guy named Binyam Mohammed. (Yeah, let’s stop sharing info with our oldest and most trusted ally. Genius.) Fortunately, Britain’s highest court is calling their bluff.
- The maker of Tasers, which has long claimed that Tasers aren’t lethal, now concedes that they might be, potentially, well, a little bit, um, lethal. I’m guessing someone finally talked to their lawyer and figured that just maybe they might want to do a little butt-covering.
- Socialism … and its potential benefits.
- OTOH, let’s foster competition and innovation, not hinder it.
Finally, a bit of a health-care roundup:
- The House Judiciary Committee voted 20-9 today to strip the health-insurance industry of its federal antitrust exemption. This is such a good idea that three Republicans even went along with it. I dearly hope my own representative, Howard Coble, was one of them. (thomas.loc.gov hasn’t been updated yet so I don’t know.)
- You can too get a hip replacement under the Canadian health-care system even if you’re of retirement age. Ignore the urban legends/propaganda.
- Sen. Richard Burr’s health-care reform plan: fail. Not epic fail, not actual sabotage of what the bill purports to support, but also not enough recognition of certain economic and financial realities.
- Expand Medicare to include — well, anyone who wants in? That’s a public option even some Blue Dogs can believe in.
- And even if we choose a real public option, the Congressional Budget Office says it won’t cost as much as opponents have been claiming.
- Apparently, U.S. Sen. Arlen Specter had no idea that some people were unable to start their own businesses, or stuck in jobs they hate or aren’t suited for, because they can’t afford the health insurance costs they’d have to pay if they made those moves. I mean, c’mon, how imaginative do you have to be before that possibility occurs to you?
- Last but not least, Al Franken humbles a Hudson Institute hack on health-care finance:
Senator Al Franken: I think we disagree on whether or not the healthcare reform we’re talking about now in Congress should pass. And you said that, kind of the way we’re going will increase bankruptcies. I want to ask you, how many bankruptcies because of medical crises were there last year in Switzerland?
Diana Furchtgott-Roth: I don’t have that number in front of me but I could find out and get back to you.
Franken: I can tell you how many it was. It’s zero. Do you know how many medical bankruptcies there were last year in France?
Furchtgott-Roth: I don’t have that number but I can get back to you if you like.
Franken: The number is zero.