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Flotsam and Jetsam

Get the feeling that Michael Steele has no friends these days? “Republican National Committee political director Gentry Collins resigned from his post Tuesday morning with a stinging indictment of Chairman Michael Steele’s two-year tenure at the committee. In a four-page letter to Steele and the RNC’s executive committee obtained by POLITICO, Collins lays out inside details, previously only whispered, about the disorganization that plagues the party. He asserts that the RNC’s financial shortcomings limited GOP gains this year and reveals that the committee is deeply in debt entering the 2012 presidential election cycle.”

Get ready for a really, really tough punishment for Charles Rangel. “A House panel on Tuesday found Representative Charles B. Rangel guilty of 11 counts of ethical violations, ruling that his failure to pay taxes, improper solicitation of fund-raising donations and failure to accurately report his personal income had brought dishonor on the House. … While the committee has the power to recommend expulsion, that is highly unlikely. Ethics experts and committee members have said that Mr. Rangel, 80, is more likely to face a letter of reprimand or a formal censure.” OK, maybe just a hand slap.

Get government to downsize? Puleeze. David Malpass explains what’s so bad about the Fed’s $600B bond-purchase scheme. “By buying longer term assets, whose value will decline when interest rates rise, the Fed is engineering a fundamental change in the nature of U.S. monetary policy. This has undercut global confidence in the Fed, as reflected in high gold prices, dollar weakness, and large-scale investments abroad by U.S. companies and wealthy individuals. … Both fiscal stimulus and Fed asset purchases raise the same giant red flag. As the government expands its role in the economy, business confidence and hiring decline in the knowledge that there’s no free lunch.”

The Obama team simply doesn’t get it: once again, Secretary of Defense Robert Gates throws cold water on the use of military force for preventing Iran from going nuclear. They sure have gone out of their way to give the mullahs assurance that they can defy us without risking a military strike.

Bibi says he needs to get the U.S. bribes promises in writing. “Prime Minister Binyamin Netanyahu said Tuesday that Israeli approval of a 90-day settlement freeze was contingent upon a written US pledge regarding a package of incentives that insured his country’s security and national interests, diplomatic sources told The Jerusalem Post.” Now, there’s a “rock-solid” relationship for you.

House Dems get their anger out. “Disgruntled Democrats finally had a chance to confront Speaker Nancy Pelosi face-to-face for the first time during a raucous closed-door caucus meeting Tuesday, as defeated Rep. Allen Boyd called her ‘the face of our defeat.’ ‘We need new leadership,’ Boyd, a Florida Democrat, told his colleagues, according to sources in the room. … Pelosi, her top elected lieutenants and her aides have been scrambling to defuse discontent following the election. They are actively working to prevent a delay in the leadership vote and to deny support to a slate of proposals by moderate ‘Blue Dog’ Democrats that would weaken her hand in the minority by making top appointive positions subject to caucus election.”

Investors get jittery: “Global stock markets’ steady march higher was interrupted by concerns about growth in China, debt in Europe and the Federal Reserve’s $600 billion plan to stimulate the U.S. economy. Tuesday’s world-wide selling was touched off by a 4% stock drop in Shanghai. It spread to Europe, where markets fell more than 2%, and then to the U.S., pushing the Dow Jones Industrial Average down 1.6%, its worst point and percentage decline since August 11.”


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