In other economic news, Treasury secretary cum Banking Czar Henry Paulson is trying to convince the rest of the world that they need to follow the U.S. model for restructuring and regulating the global economies. Snippet:
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.
“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.
"I'm going to be pressing our colleagues around the world to design similar programmes for their banks and institutions," said Paulson during a round of interviews on Sunday. "Our system is a global one."Britain, the article goes on to note, is not having any of it. Why should they?
Meanwhile, the LA Times reports that things aren't so sunny for the Palindrone in Alaska:
The standoff has ended any vestiges of bipartisan goodwill for Palin in Juneau, after just 21 months in office. "The level of money [the McCain campaign] sent up here to attack people is unprecedented in a small state like this. If [McCain] were truly a reformer, he'd end this nonsense and apologize to all the people he's attacked up here," said Rep. Gara, a Democrat.
"I don't know why they're trying to paint this [legislative investigation] as a Democratic partisan attack," said state Sen. Wielechowski. "The thing I constantly remind people of is: Democrats didn't push this. You know who pushed it? It was the Republicans. This is the thing people conveniently forget now. There were no Democrats out there screaming for an investigation."
The House Judiciary Committee vote to endorse the issuance of the subpoenas included five Republicans and two Democrats.