FISA update

If this report is accurate, we've lost. Retroactive immunity, for the telecoms; through this, the shut-down the only functional investigation into the Bush administration, for the Bush administration and the political class; warrantless wiretapping, use of illegally-obained evidence, and no effective requirement to stop wiretapping when ruled illegal, all for the authoritarians. It's everything a corporatist authoritarian establishment in small-r republican drag could want, and it is a purely bipartisan effort; do not pretend otherwise.

There's an ACLU factsheet here. Glenn Greenwald talks about it here. It's not over until the Chief Executive signs an actual bill, but if the Democratic leadership is behind this effort - as it appears to be - then, well, the 10% or so of Congress who actually aren't part of the game simply aren't going to matter.

I have, as usual, received no response to my latest letters to my supposed representatives in Congress, nor at this point do I expect any - tho' you never know, a completely irrelevant taxpayer-funded form letter is always possible. But my commentary, after all, is irrelevant; they might as well be alphabetising it and sending it back to me for all the context I'll see in response.

The whole family

Goslings and Parents

Let's clear out this queue

A brief intersection with politics: Condé Nast Portfolio reports on some of the special treatment VIPs such as Senators and other government officials got from Countrywide on loans. Basically it's more bribery, but this kind may actually be illegal, for whatever that means anymore. So was the Bear Stearns bailout, and that didn't stop anybody; and, of course, I imagine you read my political posts and aren't just hear for the economics reports. (Or are you?)

There's been another long-belated round of downgrades alt-a MBSes. (Full story here.) Kinda late with that, guys. This does not, I repeat, not reflect the next wave of housing downturn, the Option-ARM reset avalanche that has just barely started and amounts to around US$500B. That won't even get really ramped up until 2009.

For a refreshing after-disaster mint, this is a small homeowner relief programme that seems to have some potential. No, seriously, this is a perfectly good model, if small, and it's how this is going to be ground out in real life - slowly, and over time.

Meanwhile, A lot of banks continue to be in trouble, particularly with the first bare minimum acknowledgement that the monoline insurers can't actually pay on all those useless policies.. So do a lot of hedge funds.

Mish thinks the Fed is out of options and will have to pick between a rate hike or another ride down for the US dollar (and inflation) by the end of the summer. Part of the problem is that they are facing issues with their assets, thanks to all the new "facilities" invented to prop up the banks, who are busily hoarding cash.

I didn't know that Davidowitz & Associates's Howard Davidowitz was saying that Americans are just now starting to face a 20-year-long decline in standard of living. That should make for amusing elections. On the other hand, a lot of their definitions are pretty stupid.

I mentioned this in a previous post, but here's the repost: Global crude, both conventional and unconventional, saw a production drop in 2007. The Saudis are talking about adding 200,000 barrels per day production, which is probably going to send oil futures down tomorrow, until they remember that the plan is for two months only. But I could be wrong; oil futures in Tokyo were actually up a bit (US28c/barrel) this (Monday) morning.

Okay this is such a weird theory I have to toss it out there

Found via zarq: When McCain Drops Out. The idea is that Senator McCain can't beat Senator Obama, so he'll drop out for health reasons, and the GOP will throw up someone else who the base actually trusts and who is "new" enough to toss the race back up into the air.

I think the theory is pretty cracked, but it amused me, so you get a link to it. Of the list, if I thought this theory was actually in play, I'd pick Rep. Marilyn Musgrave (R-CO). She's a firmly accredited culture warrior with a consistent authoritarian record of backing Mr. Bush (including voting to make the Patriot Act permanent, supporting warrentless domestic spying, opposing civilian supervision of spying, and supporting the federalised driver's license/national ID), she's in bed with the right corporations (opposes net neutrality, supports retroactive immunity for telecoms, opposes damn near all alternative energy plans but is all for drilling in wildlife refuges and so on), and, of course, she wants more tax cuts and lots, lots, lots more military spending. Really, she's the perfect candidate for this kind of stunt, if the GOP were to try to pull it. Sure, she's corrupt, but, well, what's that matter?