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Associated Press:
$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.
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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 …
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, Washington Post, Left in the West, PoliBlog and The New Republic
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
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 …
New York Times:Auto Suppliers Share Anxiety Over a Bailout
Discussion:
DealBook, Washington Monthly, naked capitalism, Salon, Bark Bark Woof Woof and Balkinization
Pat G. / Wonk Room:Conservative ‘No-Bailout Alternative’ For Automakers Amounts To Union-Busting
Discussion:
McClatchy Washington Bureau, Bloomberg, RedState, Betsy's Page, Pam's House Blend, Firedoglake and Spin Cycle
Dana Bash / CNNMoney.com:Bank bailout funds could be used for Detroit
Discussion:
Wall Street Journal, Guardian, Oliver Willis, Alas, a blog, Emptywheel, American Street, Firedoglake, Hullabaloo and Below The Beltway
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, Taegan Goddard's …, MSNBC, Wall Street Journal, New York Times, TIME.com, Gawker and Prairie Weather
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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, Reuters, The Note, protein wisdom, Los Angeles Times, Weekly Standard, Associated Press and The Politico
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.
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 …
Bloomberg:
Madoff Charged in $50 Billion Fraud at Advisory Firm — A A A — Dec. 11 (Bloomberg) — Bernard Madoff, founder and president of a New York firm that invested funds for wealthy individuals, hedge funds and other institutions, was charged with operating what he told employees …
Discussion:
Instapundit
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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 …
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:
Donklephant
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, Talking Points Memo, Ta-Nehisi Coates, Townhall.com, Emptywheel, Sister Toldjah, Hot Air, The Note, ABCNEWS and Chicago Breaking News
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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.
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:
JammieWearingFool, Erick's blog, Right Wing News, Wizbang, Gawker, AMERICAblog News, Macsmind, The Moderate Voice, American Street and Donklephant
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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.
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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.
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