memeorandum: Cheney: It's ‘Herbert Hoover’ time (Manu Raju/The Politico)

11:00 AM ET, December 12, 2008

Top Items:

$14B auto bailout dies in Senate — WASHINGTON - A bailout-weary Congress killed a $14 billion package to aid struggling U.S. automakers Thursday night after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year's end.

Steve Benen / Washington Monthly:

‘THE PARTY OF HERBERT HOOVER’.... On Wednesday, Dick Cheney met with Senate Republicans and emphasized the importance of keeping the American automotive industry afloat. “If we don't do this, we will be known as the party of Herbert Hoover forever,” the vice president said.

Discussion: The Hill's Blog Briefing Room, Left in the West, Washington Post, PoliBlog, The New Republic, Wonk Room and Shakesville

Wall Street Journal:

Rescue Bid for Detroit Collapses in Senate — WASHINGTON — A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Big Three. — Senate Majority Leader Harry Reid of Nevada suggested …

Discussion: Hugh Hewitt's TownHall Blog, The Opinionator, The Corner, Environmental Capital, Talking Points Memo, Washington Post, Washington Monthly, LiberalOasis, Portfolio, BoomTown, Fausta's Blog, Commentary, MSNBC, Law Blog and Bob Cesca's Awesome Blog!

Pan Pylas / Associated Press:

World markets plunge as US auto bailout fails — LONDON - World stock markets plunged Friday as the U.S. Senate's rejection of a $14 billion deal to rescue Detroit's ailing automakers stoked concerns that the recession in the world's largest economy will be even longer and deeper than projected.

Discussion: The RBC

Mike Allen / The Politico:

Bush changes mind, may save auto giants — Facing the potential bankruptcy of iconic American firms, President Bush on Friday abandoned his longstanding objection to using using the Wall Street bailout fund to help save G.M. and Chrysler. — A frustrated Republican congressional official said …

Discussion: Reuters, Pajamas Media and Associated Press

Manu Raju / The Politico:

Cheney: It's ‘Herbert Hoover’ time — Senate Republicans' dramatic revolt against a White House-backed auto industry rescue plan is fraught with political risk. — While the high-stakes gambit places them squarely within the mainstream of anti-bailout public sentiment …

Discussion: TIME.com, Time, Hot Air, Democracy in America, Hullabaloo and The Politico

The Huffington Post: Hale “Bonddad” Stewart: The Republicans Want A Depression

Frank James / The Swamp: Detroit 3 bailout now rests with Paulson

New York Times:
Auto Suppliers Share Anxiety Over a Bailout

Discussion: DealBook, Bark Bark Woof Woof, naked capitalism and Salon

Jim Puzzanghera / Los Angeles Times:
Senate Republicans kill auto bailout bill

Discussion: AMERICAblog News, The Note and The Reaction

CNN:
Auto bailout bill dies in Senate

Discussion: The Moderate Voice and the talking dog

Eli Saslow / Washington Post:

Obama Worked to Distance Self From Blagojevich Early On — Like every other politician in Illinois, Gov. Rod Blagojevich waited for Barack Obama's call this summer. He told colleagues that he expected a speaking role at the 2008 Democratic National Convention, a nice bit of payback …

Discussion: Power Line, Associated Press, Los Angeles Times, TPMCafe, NewsBusters.org, Taegan Goddard's …, MSNBC, Wall Street Journal, New York Times, TIME.com, Gawker and Prairie Weather

The Politico:

Obama damage control — He was elected president on a promise of “transparency” but barely five weeks later, Barack Obama is scrambling to meet his first big test on openness. — Obama's campaign lawyer Bob Bauer is taking a leading role in conducting what one top aide described as …

Discussion: Ben Smith's Blogs, protein wisdom, The Note, Weekly Standard and Associated Press

Chicago Sun Times:

Obama chief of staff Rahm Emanuel ducks reporters' questions — President-elect Barack Obama's chief of staff, Rahm Emanuel, refused to take questions from reporters this morning about whether he was the Obama “advisor” named in the criminal complaint against Gov. Rod Blagojevich.

Discussion: Stop The ACLU, QandO, Riehl World View, theheretik.us, JammieWearingFool, Hot Air, Top of the Ticket, Fox News, Political Machine, RedState, Don Surber, Marc Ambinder, Pejman_Yousefzadeh's blog, WBBM-TV, Gateway Pundit and Little Green Footballs

Carrie Budoff Brown / The Politico:

Rendell slams Obama over Blago — Pennsylvania Gov. Ed Rendell today criticized Barack Obama for not being more upfront about the Illinois corruption scandal. — Now, he said, the story will continue to dominate the media's attention. — “They have never been in an executive position before …

Discussion: The Swamp, Washington Post and Political Machine

New York Times:
Obama to Air Any Staff Talks About Senate Seat

Discussion: Washington Post, Los Angeles Times, The Caucus, TIME.com, Spin Cycle, Wall Street Journal, Real Clear Politics, Lost in Transition, Chicago Breaking News, Associated Press, ArchPundit, Political Punch and Talking Points Memo

Chicago Tribune:

Blagojevich fundraiser held by Jackson allies Saturday — As Gov. Rod Blagojevich was trying to pick Illinois' next U.S. senator, businessmen with ties to both the governor and U.S. Rep. Jesse Jackson Jr. discussed raising at least $1 million for Blagojevich's campaign as a way to encourage …

Discussion: Time, Firedoglake, Associated Press, Talking Points Memo, Sister Toldjah, Ta-Nehisi Coates, Townhall.com, Emptywheel, Hot Air, The Note, Gateway Pundit, Doug Ross and ABCNEWS

Chicago Sun Times:
What's next for Jesse Jackson Jr.?

Discussion: Political Machine, TIME.com and On Deadline

Reuters:

Bernard Madoff arrested over alleged $50 billion fraud — NEW YORK (Reuters) - Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion “Ponzi scheme” in what may rank among the biggest fraud cases ever.

Discussion: The Sideshow and Donklephant

New York Times:

Prominent Trader Accused of Defrauding Clients — On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades. At age 70, he had become an influential spokesman …

Discussion: theheretik.us, The RBC and Balloon Juice

Bloomberg:
Madoff Charged in $50 Billion Fraud at Advisory Firm

Discussion: Instapundit and A Blog For All

Wall Street Journal:
Top Broker Accused of $50 Billion Fraud

Discussion: naked capitalism, Moonbattery, The Swamp and Pajamas Media

U.S. Securities and Exchange Commission:
SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme

Discussion: The Washington Independent

Charles Krauthammer / Washington Post:

The Real Obama — Barack Obama has garnered praise from center to right — and has highly irritated the left — with the centrism of his major appointments. Because Obama's own beliefs remain largely opaque, his appointments have led to the conclusion that he intends to govern from the center.

Discussion: Swampland, Soccer Dad and Betsy's Page

CNN:

Powell: GOP ‘polarization’ backfired in election — (CNN) — The Republican party must stop “shouting at the world” and start listening to minority groups if it is to win elections in the 21st century, former Secretary of State Colin Powell said Thursday. — In an interview with CNN's Fareed Zakaria …

Discussion: Erick's blog, JammieWearingFool, Right Wing News, Wizbang, Gawker, AMERICAblog News, Donklephant, Macsmind, The Moderate Voice and American Street

Amanda Terkel / Think Progress:
Powell lashes out at Palin: I'm from the South Bronx, 'and there's …

Discussion: The Raw Story and Pam's House Blend

Ben Smith / Ben Smith's Blogs:

McCain pollster: Wright wouldn't have worked — John McCain's top pollster, Bill McInturff, said this evening that attacking Barack Obama over his relationship with Rev. Jeremiah Wright would not have helped McCain's campaign and could have destroyed his presidency, had he been elected.

Discussion: Donklephant and marbury

Adam Nagourney / The Caucus:
From Obama Camp, a What If? — CAMBRIDGE, Mass. …

Discussion: TIME.com

Scott Horton / Harper's:

Politics and the Federal Prosecutor — The criminal complaint filed against Illinois Governor Ron Blagojevich is getting ample attention on a number of fronts. The political entertainment value of the materials filed with the indictment, particularly including the transcripts of some internal conversations, is hard to beat.