There are lots of reasons we’re excited to be launching the Obama 2012 campaign’s new Tumblr today. But mostly it’s because we’re looking at this as an opportunity to create something that’s not just ours, but yours, too.
At the end of his remarks, Obama turned to Warren and kissed her on the cheek. She smiled gamely, though if there are kisses a woman can do without, this was one of them. A Judas kiss, some would say. But if so, the betrayal was not just of Elizabeth Warren. In his remarks, Obama would hint at what had happened to Warren, commenting that she had faced “very tough opposition” and had taken “a fair amount of heat.” He also alluded to the powerful forces arrayed against her, and against the C.F.P.B.—“the army of lobbyists and lawyers right now working to water down the protections and reforms that we’ve passed,” the corporations that pumped “tens of millions of dollars” into the fight, and “[their] allies in Congress.” But he was mincing his words. The fight against Warren and the C.F.P.B. was one of the most brutal Washington battles this year, up there with the debt-ceiling showdown and now the looming battle over the jobs bill—but part of the same war. Arrayed against Warren, and today against the very existence of the C.F.P.B., was the full force of what many, most notably Simon Johnson, the M.I.T. professor and former International Monetary Fund chief economist, have called the American financial oligarchy: Wall Street firms and banks supported mainly by Republican members of Congress, but also politicians on the other side of the aisle, along with members of Obama’s own inner circle.
Michael Lewis paints a bleak picture of California’s economy over at Vanity Fair.
Synopsis: “The smart money says the U.S. economy will splinter, with some states thriving, some states not, and all eyes are on California as the nightmare scenario. After a hair-raising visit with former governor Arnold Schwarzenegger, who explains why the Golden State has cratered, Michael Lewis goes where the buck literally stops—the local level, where the likes of San Jose mayor Chuck Reed and Vallejo ﬁre chief Paige Meyer are trying to avert even worse catastrophes and rethink what it means to be a society.”
The point of Meredith Whitney’s investigation, in her mind, was not to predict defaults in the municipal-bond market. It was to compare the states with one another so that they might be ranked. She wanted to get a sense of who in America was likely to play the role of the Greeks, and who the Germans. Of who was strong, and who weak. In the process she had, in effect, unearthed America’s scariest financial places.