MERS, a tiny data-management company, claimed the right to foreclose, but would not explain how it came to possess the mortgage notes originally issued by banks. Judge Logan summoned a MERS lawyer to the Pinellas County courthouse and insisted that that fundamental question be answered before he permitted the drastic step of seizing someone’s home.
“You don’t think that’s reasonable?” the judge asked.
Indeed. You might build a "progressive" "movement" on truthiness and lies, but you can't build a left, or even a liberal movement that way. Lies are extremely expensive to propagate and maintain. In fact, it can take an entire "creative" [cough] "class" to do so -- especially if we include the Wall Street quants and hedge fund managers in there, as I think we must. But we can't afford the lies -- in any sense. Read more about I heart BTD
(As Hunter Thompson once wrote.) Scott Horton (go read), after reviewing the OLC memoranda, then a newly declassified report of the Senate Armed Services Committee, and finally an amazing document that Attorney General Eric Holder released yesterday, which has still gained little attention, writes:
The central role played by Rice and Bellinger helps explain the State Department’s abrupt about-face on international law issues related to torture immediately after Rice became Secretary of State and Bellinger became Legal Adviser. [The Holder document] also makes clear that Vice President Cheney and President Bush were fully informed of what has happened and approved.
Bill Moyers' Journal tonight--Simon Johnson and Michael Perino, author of new book on Pecora Commission, for the hour
Michael Perino, the author, seems less audacious than Simon (or Krugman or Stiglitz). This is a comment which sort of grew into live blogging of the discussion, but, fortunately, Moyers will have an excellent transcript up soon and the video is available at his site.
While this financial failure has it's own peculiarities, it's still very much the same old/same old.
Perino, the author of the book, is saying there's a danger of going overboard, that just recently the questions have changed from "what went wrong" to "who caused this." Moyers pushed back on that, saying aren't both important. Read more about Bill Moyers' Journal tonight--Simon Johnson and Michael Perino, author of new book on Pecora Commission, for the hour
Emanuel, 49, a former congressman from Illinois, rejected criticism by some investors that the reviews are based on overly optimistic assumptions, saying they reflect “pretty strenuous economic conditions.”
“The stress test was developed as a way to have a demarcation that put that fear and confusion aside,” Emanuel said. “That will be the test of the stress test: whether it actually removes the fear and gives you a sense of clarity.”
Larry Summers falls asleep during Obama’s meeting with credit card executives. (Think Progress)
[Thursday] President Obama met with credit card industry officials at the White House. After the meeting, he pledged to push for a law that would offer "strong and reliable" protections for credit card users in the United States. He called the session with the industry executives "open and productive conversation." However, one person who seemed less than interested in the meeting was White House economic adviser Larry Summers, who fell asleep.
What, me worry?
The Fed says the 19 companies that hold one-half of the loans in the U.S. banking system won't be allowed to fail — even if they fared poorly on the stress tests. The tests are intended to measure whether banks have enough capital to withstand losses on mortgages and other assets if unemployment rises and home prices fall further. Investors had feared the tests would highlight some banks' vulnerability to failure.
[Welcome, Naked Capitalist readers!* If any of you have tips for this series, please feel free to mail me at lambert_strether DOT corrente AT yahoo DOT com. --lambert] Read more about Day 3 of the "Why Won't #Krugman Post On Bill Black?" Watch
In a second day of major bloodshed, two suicide bombers wearing explosive vests blew themselves up at the gates of a Shi'ite Muslim shrine in Baghdad on Friday, killing 60 people, Iraqi police said.
The attack was the deadliest single incident in Iraq since 63 people died in a truck bomb blast in Baghdad on June 17 last year, and came amid growing concerns that a recent drop in violence might turn out to have been just a temporary lull.