Commentary Magazine


Topic: spent months imploring banks

Flotsam and Jetsam

The party of “no” is ahead in the congressional generic poll.

All that time “engaging” Iran was supposed to prepare the ground for international sanctions. But China and Russia are as unhelpful as ever. China sent only a low-level flunky to the international meeting: “China’s virtual snub has caused consternation among the four Western powers in the group, which had hoped to use the meeting to reach an agreement on whether to begin drafting a Security Council resolution on a fourth round of U.N. sanctions against Tehran.” And Russia thinks there is “still time for meaningful political engagement and efforts to find a solution.” I wonder if the Czech Republic and Poland can get their missile-defense systems back now.

Martha Coakley tells the Big Lie the weekend before the election, accusing Scott Brown of wanting to turn away rape victims from hospitals. It is so ludicrous and false (even by Boston Globe standards) that one wonders if that will be the final nail in her coffin.

More bad polling news for Coakley suggests that she was desperate to throw the long bomb.

Let’s get this straight: if ObamaCare proves to be so unpopular that Massachusetts sends a Republican to the Senate, the Democrats will try to force the hugely unpopular bill through with a bare 51-vote majority? Yup: “Democrats are prepared to use a budgetary procedure to pass healthcare reform legislation if they lose a key Senate race on Tuesday, a House leader said this weekend. … Senate Democrats had previously ruled out using reconciliation, reasoning that the maneuver was politically and procedurally risky. The tactic, for instance, leaves it up to the Senate parliamentarian to decide whether elements of the bill under consideration are relevant to the budget process, risking reforms seen as critical to Democrats’ reform efforts.” There is no reason to ever listen to the voters, they must figure.

Is there any wonder that there’s an “enthusiasm gap” in Massachusetts?

Obama is now resorting to good old-fashioned business-bashing: “The White House has spent months imploring banks to lend more money, so will President Obama’s new proposal to extract $117 billion from bank capital encourage new bank lending? Just asking. Welcome to one more installment in Washington’s year-long crusade to revive private business by assailing and soaking it. Mr. Obama’s new ‘Financial Crisis Responsibility Fee’—please don’t call it a tax—is being sold as a way to cover expected losses in the Troubled Asset Relief Program. That sounds reasonable, except that the banks designated to pay the fee aren’t those responsible for the losses. With the exception of Citigroup, those banks have repaid their TARP money with interest.”

Dana Milbank chides the Democrats for meeting in a bunker but then regurgitates the mind-numbingly silly and unsubstantiated mantra that has sent them marching over the political cliff: “They can pass health-care reform and have a losing year, or they can shelve health-care reform and have a disastrous year. Voters may not like the health-care bill, but they’ll punish the majority party even more for dithering and drifting without accomplishing anything.” Actually, I think they’re punishing them for ignoring the voters’ clear message.

The party of “no” is ahead in the congressional generic poll.

All that time “engaging” Iran was supposed to prepare the ground for international sanctions. But China and Russia are as unhelpful as ever. China sent only a low-level flunky to the international meeting: “China’s virtual snub has caused consternation among the four Western powers in the group, which had hoped to use the meeting to reach an agreement on whether to begin drafting a Security Council resolution on a fourth round of U.N. sanctions against Tehran.” And Russia thinks there is “still time for meaningful political engagement and efforts to find a solution.” I wonder if the Czech Republic and Poland can get their missile-defense systems back now.

Martha Coakley tells the Big Lie the weekend before the election, accusing Scott Brown of wanting to turn away rape victims from hospitals. It is so ludicrous and false (even by Boston Globe standards) that one wonders if that will be the final nail in her coffin.

More bad polling news for Coakley suggests that she was desperate to throw the long bomb.

Let’s get this straight: if ObamaCare proves to be so unpopular that Massachusetts sends a Republican to the Senate, the Democrats will try to force the hugely unpopular bill through with a bare 51-vote majority? Yup: “Democrats are prepared to use a budgetary procedure to pass healthcare reform legislation if they lose a key Senate race on Tuesday, a House leader said this weekend. … Senate Democrats had previously ruled out using reconciliation, reasoning that the maneuver was politically and procedurally risky. The tactic, for instance, leaves it up to the Senate parliamentarian to decide whether elements of the bill under consideration are relevant to the budget process, risking reforms seen as critical to Democrats’ reform efforts.” There is no reason to ever listen to the voters, they must figure.

Is there any wonder that there’s an “enthusiasm gap” in Massachusetts?

Obama is now resorting to good old-fashioned business-bashing: “The White House has spent months imploring banks to lend more money, so will President Obama’s new proposal to extract $117 billion from bank capital encourage new bank lending? Just asking. Welcome to one more installment in Washington’s year-long crusade to revive private business by assailing and soaking it. Mr. Obama’s new ‘Financial Crisis Responsibility Fee’—please don’t call it a tax—is being sold as a way to cover expected losses in the Troubled Asset Relief Program. That sounds reasonable, except that the banks designated to pay the fee aren’t those responsible for the losses. With the exception of Citigroup, those banks have repaid their TARP money with interest.”

Dana Milbank chides the Democrats for meeting in a bunker but then regurgitates the mind-numbingly silly and unsubstantiated mantra that has sent them marching over the political cliff: “They can pass health-care reform and have a losing year, or they can shelve health-care reform and have a disastrous year. Voters may not like the health-care bill, but they’ll punish the majority party even more for dithering and drifting without accomplishing anything.” Actually, I think they’re punishing them for ignoring the voters’ clear message.

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