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7:55 AM ET, March 17, 2008

memeorandum

 Top Items: 
Paul Krugman / New York Times:
The B Word  —  O.K., here it comes: The unthinkable is about to become the inevitable.  —  Last week, Robert Rubin, the former Treasury secretary, and John Lipsky, a top official at the International Monetary Fund, both suggested that public funds might be needed to rescue the U.S. financial system.
RELATED:
Edmund L. Andrews / New York Times:
Fed Acts to Rescue Financial Markets  —  WASHINGTON — Hoping to avoid a systemic meltdown in financial markets, the Federal Reserve on Sunday approved a $30 billion credit line to engineer the takeover of Bear Stearns and announced an open-ended lending program for the biggest investment firms on Wall Street.
Wall Street Journal:
Bear Stearns Closes in on Deal To Sell Itself to J.P. Morgan  —  Bear Stearns Cos. was closing in on a deal Sunday afternoon to sell itself to J.P. Morgan Chase & Co., as worries deepened that the financial crisis of confidence could spread if Bear failed to find a buyer by Monday morning.
New York Times:
JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount  —  Bear Stearns, facing collapse because of the mortgage crisis, agreed Sunday evening to be bought by JPMorgan Chase for a bargain-basement price of less than $250 million, the two companies announced.
Matthew Yglesias:
Sunday Financial Meltdown Blogging  —  Every now and again, and then increasingly as things start looking worse, I get a comment like “how can you write about [thing that's not earth-shatteringly important] when the economy is [something terrible happening in the economy].”
Discussion: Brendan Nyhan
Andrew Ross Sorkin / New York Times:
JP Morgan Pays $2 a Share for Bear Stearns  —  In a shocking deal reached on Sunday to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear — less than one-tenth the firm's market price on Friday.  —  As part of the watershed deal, JPMorgan and the Federal Reserve …
Discussion: DealBook and Washington Monthly
Larry Kudlow / The Corner:
JP Morgan Chase + Bear Stearns
Discussion: The Volokh Conspiracy
Ronald Kessler / NewsMax.com:
Washington Insider with Ronald Kessler  —  Obama Attended Hate America Sermon  —  Contrary to Senator Barack Obama's claim that he never heard his pastor Jeremiah A. Wright, Jr. preach hatred of America, Obama was in the pews last July 22 when the minister blamed the “white arrogance” …
RELATED:
Tom Maguire / JustOneMinute:   Oprah, Obama, And Wright
Michelle Gallardo / WLS-TV:
Obama answers questions about Rezko, pastor
Discussion: EconoPundit
New Jersey Online:
McGreevey aide says he had sexual trysts with ex-governor, wife  —  A former aide to James E. McGreevey said today that he had three-way sexual trysts with the former governor and his wife before he took office, challenging Dina Matos McGreevey's assertion that she was naive about her husband's sexual exploits.
Dan Balz / Washington Post:
White Male Vote Especially Critical  —  Questions Remain Over Obama's Ability to Appeal to Demographic  —  In the fierce campaign between Sens. Hillary Rodham Clinton and Barack Obama, a battle dominated by questions of race and gender, white men have emerged as perhaps the single critical swing constituency.
RELATED:
Kate Zernike / New York Times:
Postfeminism and Other Fairy Tales  —  PERHAPS it was the “Iron my shirt!” hecklers.  Or maybe it was Senator Hillary Rodham Clinton, the object of those hecklers, having to defend her likability.  Or the resonance of her proxy, Amy Poehler, being shut out in the “Saturday Night Live” spoofs of the Democratic debates.
Alan Greenspan / Financial Times:
We will never have a perfect model of risk  —  The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the second world war.  It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities.
Deb Riechmann / Associated Press:
Cheney to Meet With Iraqi Leaders  —  BAGHDAD — Vice President Dick Cheney opened a new U.S. push for political unity in Iraq on an unannounced visit Monday, just ahead of the fifth anniversary of the U.S.-led invasion.  —  Cheney landed at Baghdad International Airport …
Discussion: Firedoglake
Roger Cohen / New York Times:
Obama's Brother in China  —  So there I was, a couple of weeks back, sitting under a mango tree in western Kenya, when Senator Barack Obama's half-sister Auma says to me:  —  “My daughter's father is British.  My mom's brother is married to a Russian.  I have a brother in China engaged to a Chinese woman.”
Warren P. Strobel / McClatchy Washington Bureau:
Iraq war's cost: Loss of U.S. power, prestige, influence  —  WASHINGTON — It was a decision that only President Bush had the power to make: At about 9 a.m. on March 19, 2003, in the Situation Room in the basement of the West Wing of the White House, he gave the “execute order” …
Discussion: LewRockwell.com Blog
RELATED:
Juan Cole / Informed Comment:
US Soldier Killed; US Second to Eurozone;
Discussion: Agence France Presse
RELATED:
New York Times:
Iraqis See a Candidate's Agenda in McCain's Visit
Discussion: AMERICAblog
 
 
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 More Items: 
Richard Perle / New York Times:
Too Heavy a Hand  —  AFTER defeating the Taliban dictatorship …
Pajamas Media:
Soft Jihad: the next phase
Jeff Jacoby / Boston Globe:
Patton and the 2008 vote  —  ON THE eve of the Normandy invasion …
Los Angeles Times:
U.S. tries to shut revolving door of illegal reentry
N. Gregory Mankiw / New York Times:
Beyond the Noise on Free Trade
MSNBC:
March 16: Bill Bradley, Nita Lowey, political roundtable
 Earlier Items: 
Scott Horton / Harper's:
The Gathering Storm at Justice
Gallup:
Gallup Daily: McCain at 47% to Obama's 44%
Rebecca MacKinnon / RConversation:
Tibet... is discussion possible?
Jeralyn / TalkLeft:
Newsweek Examines Eliot Spitzer's Life
Discussion: Newsweek
ABCNEWS:
Bill Clinton: ‘Chill Out,’ Let Voters Decide
Discussion: Wake up America and TVNewser
 

 
From Mediagazer:

Caitlin Huston / The Hollywood Reporter:
Internal memo: Hearst Magazines president announces layoffs as part of a decision to “reallocate resources” to “continue our focus on digital innovation”

Jon Brodkin / Ars Technica:
FCC Chairwoman Jessica Rosenworcel announced she will leave the agency on January 20; she was the first woman to be confirmed to lead the agency

Lachlan Cartwright / The Ankler:
Sources: MSNBC renewed Rachel Maddow's contract early this fall, but with a pay cut; MSNBC bosses' plan to shake up daytime and weekend programming

 
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