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Flotsam and Jetsam

So much for the notion that it wasn’t a referendum on Obama. “I’m not recommending for every future President that they take a shellacking like they — like I did last night.” Notice the “I.”

So much for the Bill Clinton–like adjustment. “Obama admits he got a ’shellacking,’ but shows no sign of budging on core agenda.”

So much for the wishful thinking of the left blogosphere: “Republicans have picked up a net gain of 53 seats and were leading for another 13 Democratic-held seats. If current trend holds, Republicans could record their largest gains in the House in more than 70 years.”

So much for historical accuracy: “The newly divided government could be a recipe for gridlock or, as some veteran Capitol Hill operatives suggest, an opportunity for President Barack Obama and Congress to improve their weak standing with the American public by working together — a la Bill Clinton and Speaker Newt Gingrich.” Um, I don’t think Gingrich improved his standing.

So much for lessons learned. The left blogosphere is still spinning: “I think the root of the Democrats’ political troubles lies in the initial flurry of activity — the stimulus, restructuring TARP, and the auto bailout. In the public mind, this all become jumbled together as ‘the bailouts’ — a conflation carefully nurtured by Republicans — even though obviously Keynesian fiscal policy is not the same thing as a bailout. But the truth is that all those policies were highly unpopular, and all came to symbolize big government rescuing bad actors while average people paid the bill. It became a frame that colored perceptions of the entire Democratic agenda.” It didn’t “symbolize” big government — together with ObamaCare, it was big government.

So much for Rahm Emanuel’s handiwork. “The Democrats who handed Speaker Nancy Pelosi her majority were largely wiped out of Congress on Tuesday. Fourteen members of the freshman class of 2006, dubbed by Pelosi (D-Calif.) as her ‘majority makers,’ and 21 freshman elected in 2008 lost their seats with a handful of races still undecided. Republicans were able to win several more open seats that Democrats had won in those cycles.” No wonder Rahm developed a yen to be mayor.

So much for getting our money back. “GM said it intends to sell almost a quarter of its 1.5 billion shares of common stock, at a price between $26 to $29 a share. It also intends to sell 60 million shares of preferred stock with a liquidation value of $50 a share. That price range would suggest that the Treasury Department’s 60.8% stake in the company would be worth between $23.7 billion to $26.5 billion once the stock starts trading. That value would be well below the $40 billion in taxpayer money GM received from the government and has yet to repay.”

So much for stonewalling. Rep. Lamar Smith, who together with Rep. Frank Wolf labored to get to the bottom of the New Black Panther Party scandal, will be the House Judiciary chairman. Eric Holder therefore may be the first subpoenaed member of the administration. I sense a stampede of officials at DOJ running to spend more time with their families.



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