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First Read is an analysis of the day's political news, from the NBC News political unit. First Read is updated throughout the day, so check back often.

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Mark Murray, NBC Deputy Political Director

Domenico Montanaro, NBC Political Researcher



About that cash...

Posted: Monday, January 12, 2009 12:16 PM by Carrie Dann


From NBC's Mike Viqueira

Today's post-press conference news from the White House is that Barack Obama has asked President Bush to access the second $350 billion allocated under the Troubled Asset Relief Program.

The original TARP legislation allows for that request, but wary lawmakers also included language in the original bill that allows Congress to deny the authorization.

If Congress receives the formal notification today, the House has six calendar days to weigh in.  That means that, if the request comes today, then the House would have to act by Sunday, making it very likely that they would act by the end of this work week.

The entire Congress has 15 calendar days to act.

Remember, Congress can only disapprove the funds. If Congress does nothing, then the funds are freed up. But that seems unlikely...Congress will probably vote.

Barney Frank's bill imposing conditions on release of the new money is the subject of a committee hearing tomorrow and floor action in the House on Wednesday. The separate measure is designed to gain support for the release of the funds. Whether it will do the trick is an open question at this point. What is certain is that without this Frank bill, the House would disapprove the money.

If both Houses were to disapprove the second $350, then it would be up to the president, likely President Obama by that time, to override the veto. Obviously, Democrats would like to avoid having a veto of a Democratic Congress be the first notable action of the new administration.

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Barack Obama hasn't even taken office yet, and you're comparing him to Harry S. Truman?

See what I mean folks?

J. Merle Stanley


Need not worry. Soon enough they'll be comparing him to Carter. And then Nixon.
Well if the congress is going to hand out more welfare to the well heeled on wall street at least I hope they make the executives do the perp walk like the republicans insisted the unions do last month...why do republicans hate their fellow americans so much?
Someone keeping track on how much money our grandkids will be paying to support this entire nonsensical stimulus? Between them paying off the debt, medicare, social security, along with all the other federal, state, and local taxes, their take home pay will be about 10% of their gross pay. Think Denmark.
Obama is a coward, afraid of the enemy that huants us. Bush HAS kept us safe. The lame-headed on this blog don't have the decency to be grateful. Too many
Dialy Kos readers here. Put-down artists to the max.
Anomaly (Sent Monday, January 12, 2009 11:35 AM) (from another thread)

Well.  If you're talking in my direction, I assure you I'll be appropriately grateful to Bush when you point to one thing that I should truly be grateful for.  If my head is lame (and I'm not denying it), it's only because eight years of pounding it against the wall in frustration have made it that way.  

And since I don't use the name "Anomaly" much myself anymore, I can hardly begrudge it to you, can I?  But if you're trying to mock me, at least do me the honor of saying something sufficiently provocative for me to respond.  Oh, all right.  THAT much you managed to do.  

But as for "put down artists" ... well.  THERE you can't be referring to me.  I would never dream of putting down someone who can't even spell "daily."  Way too easy.  
Isn't this what republicans and those of the same ilk want?  For President Elect Obama's stimulus plan not to work, yea, republicans Country First. What a bunch of warped ideology. This  sounds too much like another Clinton Scenario; bash and oppose Obama before he raises his hand to swear in.
The recovery is going to depend on the ability of small businesses and individuals to borrow money. If the lending institutions won't lend it or spend it on foolish trips to spas etc. there will be no recovery or it will take much longer. Conditions and oversight are essential if we are going to see any benefit from giving that money to the finiancial industry. Without conditions, oversight and controls we might as well flush the money down the sewer. We have to make them loan the money. That was the whole idea in the first place.
Anyone see the Cnn documentary re economy?  Very discouraging.  The claim is it will take years for us to recover from this mess. Maybe, just maybe if we stop pointing fingers and focus on how to recover from this it can be done.  I for one will not give up HOPE!  
It would be nice to know how this money will be used

More handouts to the banks?
Any help for foreclosed properties?
Any help for borrowers facing foreclosure ?

As much as many people object to helping those who are facing foreclosure....
Foreclosures on your neighborhood will lower your property values
Foreclosed houses in your neighborhood invite vandals and squatters (In the bay area, thieves are stealing plumbing fixtures and copper wires !!)

The economy probably won't rebound until foreclosures are dealt with

an Please remember that the Banks and mortgage lenders were as irresponsible as the borrowers
To say nothing of the appraisers


If we can afford to prop up the Iraqi economy, we can afford to prop up unfortunate Americans
Good News ?

From HuffPost:

'...Sen. Hatch to back Holder  
By Alexander Bolton  
Posted: 01/12/09 12:35 PM [ET]  
The former Republican chairman of the Senate Judiciary Committee will support Eric Holder's nomination for attorney general, giving him a major boost toward confirmation.

Sen. Orrin Hatch (Utah), who chaired the panel for a decade beginning in 1995, told The Hill that he will support Holder.



“I intend to,” said Hatch.

His decision could undermine GOP efforts to stall or block the confirmation. Senate Republican Leader Mitch McConnell (Ky.) said Friday that Holder would be the only Cabinet nominee to face a tough confirmation fight.

Hatch said that Republicans should try to strike a cooperative tone with President-elect Obama during the first days of his administration.

“I start with the premise that the president deserves the benefit of the doubt. I don’t think politics should be played with the attorney general,” he said.

“I like Barack Obama and want to help him if I can.”...'

It's hard to see how the Republicans can start playing the same old political games, again.

McConJob would like to, but he may not get other Senators to join him.
Certainly, not 'non-southern' Republicans

Let's hope

It sounds like it's time to take out the trash in the House of Representatives.
Starting with Rep. Kirk !!
(or is it KKKirK ?)

From HuffPost:

'...Kirk's Idea Of Diplomacy: "It's Time To Take Out The Trash" In Gaza
by Josh Kalven on January 12, 2009 - 11:01am

While Israel’s recent incursion into Gaza is a thorny issue and one beyond our purview here at Progress Illinois, I think there's one thing we can all agree on: in times of crisis, when bombs are flying abroad and innocent civilians are being killed and maimed, diplomacy is more important than ever. That’s what makes this quote from GOP Rep. Mark Kirk last week at a pro-Israel rally in D.C. so upsetting:

U.S. Sen. Ben Cardin (D-Md.) and Reps. Eliot Engel (D-N.Y.), Mark Kirk (R-Ill.) and Frank Wolf (R-Va.) all also strongly backed the Jewish state’s actions at the hourlong rally.

“To misquote Shakespeare, something is rotten in Gaza and now it’s time to take out the trash,” Kirk said....'

To call human beings 'trash' is a step in treating them like trash

Why dehumanize other human beings ?
What crimes have children committed?

Is KKKirk advocating 'ethnic cleansing' ?
Or is he approving it?
Krugman and Reich shold be advisors to Obama
Btoh make a lot of sense

'...Now Krugman has taken Obama up on his offer. Writing in today's Times, the Nobel Prize winning economist puts together a laundry list of economic to-do's, with the general theme of making the stimulus "bigger."

• "Mr. Obama should scrap his proposal for $150 billion in business tax cuts"
• He should "get an early start on the insurance subsidies -- probably running at $100 billion or more per year"
• His plan should "include[e] a lot more public investment in his plan."
• He should not "wait for proof that a bigger, longer-term plan is needed... Right now the investment portion of the Obama plan is limited by a shortage of "shovel ready" projects, projects ready to go on short notice. A lot more investment can be under way by late 2010 or 2011 if Mr. Obama gives the go-ahead now -- but if he waits too long before deciding, that window of opportunity will be gone."


In providing Obama stimulus advice, Krugman is not alone. Writing on his personal blog, last week, former Labor Secretary Robert Reich had a specific recommendation for Obama's economic team. If you wanted to create "lots of new jobs" while also investing "in the nation's future productivity," go green, he wrote.

... there's no reason to think about "green jobs" as simply high-tech. Many low-income and low-skilled workers -- women as well as men -- could be put directly to work providing homes and businesses with more efficient and renewable heating, lighting, cooling, and refrigeration systems; installing solar panels and efficient photovoltaic systems; rehabilitating and renovating old properties, and improving recycling systems. "Green Jobs Corps" teams could be trained to evaluate and advise homeowners and businesses on these and other means of conserving energy.

[snip]

I'd suggest that all contracts entered into with stimulus funds require contractors to provide at least 20 percent of jobs to the long-term unemployed and to people within comes at or below 200 percent of the federal poverty level. And at least 2 percent of project funds should be allocated to such training. In addition, advantage should be taken of buildings trades apprenticeships -- which must be fully available to women and minorities.


As Reich and others argue, training people for "green jobs" could be a relatively cheap down payment for long-term economic growth. Employers may have to be nudged into helping -- one of the chief concerns is not the cost but that a large enough work force won't be in place -- but once the ball is rolling a green corps could provide a large bang for the stimulus buck. And Obama has offered support for the idea.

"Not only does it generate good high paying long term jobs," said Sasha Mackler, a research director for the National Commission on Energy Policy, which will be releasing a report on jobs generated from energy projects this coming spring. "It also gets us going in the direction we need to be in a lot of other fronts, including climate change and energy, which will be good for Americans in other areas."...'

Paul Krugman, you're forgiven for your nasty comments during the primary !!

Keep giving Obama your ideas
Release the funds for the purpose they were originally intended - to purchase "Troubled Assets." Remember, that's why they called it TARP??  If the banks get the money but retain the worthless loans on their balance sheets, we will be no better off than after the first $350 was distributed. It got us no where fast.  And make sure that Bush and Paulson cannot undo any of the verbiage requiring complete accountability and transparency and NO exec bonuses.  Otherwise, we will still be guilty of "misunderestimating" the what this guy can still do to the country.
Anyone see the Cnn documentary re economy?  Very discouraging.  The claim is it will take years for us to recover from this mess. Maybe, just maybe if we stop pointing fingers and focus on how to recover from this it can be done.  I for one will not give up HOPE!  

cindy, Las Vegas, Nv



If we all sprinkle magic fairy dust around us, close our eyes, and HOPE will hard, all the bad things will go away!
they gave Georgie 700 Billion Dollars, no ?'s asked;; why in the world would they ? Obama for a measly 350 billion?  at least Obama is honest;; he hasn't been giving big tax cuts to georgie's wealthy friends for the last 8 years;; which has caused this disasterious problem in the 1st placed..
for all of you americans that want obama to fail and spending so much hoping that he does fail, why do you think this way? what will you do if he is succesful as president? will you respect him or continue to dislike a man that you have been wrong about since you allowed your dislike and hatred to obama to not want success for america through this man's upcoming presidency?

is there just a need to hope for failure because he isn't a republican or because he is black? what is it? so far this man has made the decisions that have garnered respect from some of the staunchest gop members. i don't include limbaugh, coulter and those like them in that group. people such as them just preach hate and division. they do more ham to our country than good. anyone who would want to divide americans don't have an america first in mind.
o.k. for a unit of measure.  lets criticize Obama when he out spends the past 8 years of the conservative bush reign.

so with that in mind, he will have to spend more than all the previous presidents before him COMBINED and then some!
Someone keeping track on how much money our grandkids will be paying to support this entire nonsensical stimulus? Between them paying off the debt, medicare, social security, along with all the other federal, state, and local taxes, their take home pay will be about 10% of their gross pay. Think Denmark.
Bjarne Flemming (Sent Monday, January 12, 2009 12:42 PM)

**************************

As a practical matter, I think that at some point we're going to have to make some very hard choices.  We'll likely see large tax increases in the next ten years to pay for all of these bailouts, deficit spending, and wars.  We'll also see a MASSIVE restructuring of the federal entitlement programs.  What frustrates me (a 29 year old American) is that I fear that this restructuring will result in higher taxes paid by my generation to support baby boomers, but lower benefits and higher retirement ages for my generation.  When you factor in that most people in my generation do not have the benefit of pension plans, well, we're largely on our own.  I've long since accepted that, when it comes to retirement, I will likely be working til I'm 75, and funding the vast majority, if not all, of it.  

So thank you, federal government, for your policies the last thirty years that have put me and so many others in a vise.  We'll get in line for our handouts eventually I suppose.
Bjarne Flemming:

Ever think that unless Obama proceeeds with his stimulus plan to give the economy a boost your grandkids won't have to worry about taking home just 10% of their gross earnings. They won't have jobs. Then they'll have to worry about surviving by scrounging more than 10% of what they need out of the waste pits and garbage dumps. Think on that one Denmark.  
Enough with the wall street welfare...we treat poor black mothers in the projects like sh*t but we lavish hundreds of billions on mostly white male dimwits who made poor investments...yeah...thats fair
You know, I watched the Sarah Palin interview where she blames the "liberal" media for her downfall.  Listening to her I couldn't help but think that she has a real problem with denial.  That perhaps it's a real psychological condition for her to not take any responsibility for her actions, admit her own mistakes, or be willing to expand her knowledge beyond her own world view.  Now after reading all of these "Bush defenders" I've come to the conclusion that this pathological state of denial is an inherent trait of the typical Bush supporter.

Nothing is Bush's fault.  It was the Clinton's, the Democrats, the Liberal Media, etc., pretty much anyone who isn't Republican (or White, or straight, or Christian, or etc.).  Bush was the greatest president that ever lived.  He kept us safe since 9/11 while we've all been cowering under our beds in fear for the past 8 years, never mind that 9/11 happened during HIS presidency.  He protected this country and the welfare of its citizenry, that is if you don't count Katrina, Gustof, or Rita, or the failures of FEMA (good job Brownie).  He went after the terrorist, too bad he went after them in the WRONG COUNTRY, held the ones he thought were terrorist without charging them, tortured them, and created MORE terrorists who hate us.  He fought against America's enemies, who in his mind were ordinary American citizens who dared criticized his policies so he wiretapped their phones.  He upheld the Constitution, that is he held it up to a candle and let it burn.

Yes, denial is a wonderful thing.  To Bush supporters it's comfort food that feeds their guilt.  I believe deep down even they have trouble swallowing his lies, but they can't bring themselves to admit their own culpability in a presidency that resulted in over 2000 dead on our own soil, 4000 dead on foreign soil, thousands left homeless through government inaction, and thousands more left financially ruined.  The reason these people lash out so on these blogs is becasue they are fighting their own guilt and self-loathing.  I don't believe they hate Democrats or liberals, or perhaps they do.  I believe that their most severe hatred is of themselves.  Personally, I feel sorry for them, for they will have to swallow the fact that they have had their gullibility played on and preyed on for the past 8 years by a president who USED them for his own ends.  And because of that, they are unable to feel any joy at what is to come.  They would rather hope for some new catastrophe to befall this country so they can say "I told you so" and justify their own naivete.

You have my pitty, Bush-supporters.

8 Days Until Inauguration Day!
http://jawillie.blog.com
Both Eagle and MSierra have good points above.

We need accountability and oversight for the banks AND help for those facing forclosure.

Howabout some help for people who are not in foreclosure jeopardy, but who are upside down on their mortgages? Some type of loan to help them pay the closing costs on a re-fi so they can re-duce their rate.

All stakholders need to "get a hair-cut" so we can remove the housing cancer that is at the core of this debacle!

8 days to 1/20/09!
If it will help us get out of this mess, creat millions of jobs, and if we keep a very tight eye on where that money is going(and who's getting it) then use it. Other than that I think we need to start uniting rather than dividing and saying who is at fault because that is childish.
It's amazing to me that some individuals are still only talking about pointing fingers at each others preferred party affiliation when we are all in serious trouble here!!  We all have our individual opinions about the extreme left and right, which I have found are probably the minority in each party affiliation.
If we can stop putting the blame on eachother and actually get down to working together toward the betterment and advancement of our country without hidden personal agendas we may actually get out of this mess that BOTH political parties have had a hand in creating!!  It is much easier to sit around pointing fingers than to actually do something about it!
And how is Eric Holder Corrupt?  
Chris - Wheaton Ill.

Holder vetted and approved Marc Rich's pardon by Clinton. Rich of course was a major contributer to the Clintons.

Looks kind of like pay-to-play, no? You might be familiar with how that works, being from Illinois and all.
cindy, las vegas, Nv - Anyone see the Cnn documentary re economy?

Yes I did. I saw North Dakota Senator Kent Conrad whining about how much money Bush had spent during his 8 years in office (even though he forgot to mention that Congress approved all of that money). I then switched to Fox and saw of all people, Senator Kent Conrad, happily saying that he had nearly reached agreement with Team Obama on spending another trillion dollars that we don't have. The irony was so thick.
What is wrong with you people? No matter what is done, you're always complaining. Damn if you do, damn if you don't. Get a life, get a job and stop complaining about how someone is running the store. If you can do any better step in and take over. That will never happen, because you all sound and act like a bunch of idiots.
Dear Jmerle...

Barack Obama hasn't even taken office yet and millions of Americans are already bidding adios to the worst preznit ever...

so, from the heart, I add my fondest farewell to the rising chorus,


Good-frigging-by,,buckfubble!


I would much rather have Obama handling the dispursement - bush has the manure touch.  I trust Obama's judgement - I wouldn't trust bush to give me directions to the restroom.
   My hope is that many un-needed programs from the past will be cut back, if not eliminated.
   The military will probably have the biggest cuts.  Many of the programs have been hide, and will be exposed, like black ops programs.  Wait for the right wing to scream bloody murder, when their gravy train, is picked on...........  
   
It is the DOGMA and THE PRUSUIT OF GROWTH that Government(local,state,fed), unions, business, institutions, and society has made our nation psyche.
This has many strategic and conceptual traps that lead to unforeseeable growth disasters. All you have to do is look back over the last 60 years to see how we have got to where we are now. CEO under pressure from the financial community to show better ernings per share which cause to borrow a lot of money and buy back a lot of stock, sash research and development,marketing,product quality, or any other expenses aimed at long term payouts that won't affect business very much in the short term. If we would just pay attention to what is gomg on around them, far fewer would fall into groth traps. Do not forget the inflationary mirage. It created illusions of value and concealed from the inattentive a multitude of sins. Inflation can make lackluster performance look acceptable.


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