Is Greece ‘Too Big to Fail’?

The next bailout candidate:

Problems with Greek debt are about to spread to other countries and could infect the US unless the nation tackles its own mounting problems, Pimco’s Mohamed El-Erian told CNBC. . . .
“We’ve seen a crisis start in a country—Greece—become regional, impact the whole of the Euro zone and is on the verge of truly going global,” said El-Erian, CEO of the world’s biggest bond fund.
He said the debt is a “transmission mechanism to go from country to region to global. So we should take this very seriously.”

The White House wants the U.S. to bail out Greece (and Spain) via the IMF, as Wendell Goler of Fox News reports:

At issue is the US share of a $39 billion loan from the International Monetary Fund, about $7 or $8 billion, which will be voted on Sunday in Washington. The IMF loan is in addition to $106 in European loans, which makes the US share of the total deal about 5% or 6%. President Obama has privately told the Greek Prime Minister that he supports the deal, but it’s a measure of the unpopularity of bailouts that in his daily briefing White House spokesman Robert Gibbs would only say “it’s an important thing for Europe to work through.” Later, the White House released a printed statement saying of the IMF loan “We strongly support this effort to help restore stability to Greece and confidence to the global financial system.”

House Republicans oppose the Euro bailout:

Rep. Cathy McMorris Rodgers (R-Wash), vice chair of the House Republican Conference . . . and House Republican Conference Chairman Mike Pence (R-Ind.) . . . sent a letter to Vice President Joseph Biden urging him to oppose a potential bailout of Spain, which appears to be teetering toward financial crisis.
“Should Spain request a bailout from the IMF, we urge you to make it clear that the U.S. will oppose such a bailout, and do all in its power as the IMF’s leading contributor to reject putting American money further at risk,” they wrote. “The U.S. did not implement the policies that have caused Spain’s debt issue and the U.S. taxpayer should not be put at risk to bail them out.”
The lawmakers have already sent a letter to Treasury Secretary Timothy Geithner calling on him to oppose the $145 billion bailout of Greece, as well as future European bailouts.

With their union supporters devoted to protectionism, Democrats are going to have a hard time explaining why taxpayers should shovel hundreds of billions of dollars into the Eurozone. And the ugly fact is, this IMF bailout plan won’t work.

Accept the truth: If you bought Greek bonds, you’re screwed.

Bob Belvedere Cancels Peru Trip

The Camp of the Saints blogger had been planning an expedition — a mission of mercy — to the rural village where Julia Manihauri lived:

A Peruvian mother of four was trapped in her bed for six months because of her giant breasts.
Julia Manihuari’s chest grew to a gigantic N cup after the birth of her third son seven years ago — leaving her unable to move, The Sun reported.
“It was awful,” she said. “If I tried to get up I would faint because my breasts were so heavy.”
Doctors believe she was suffering from a rare condition known as gigantomastia . . .

Bob Belvedere, founder of the Gigantomastia Society — dedicated to the study of this rare condition and the support of its victims — had already booked a flight to Lima. And then tragedy struck:

Surgeons had to cut 35 pounds of flesh from Manihuari’s breasts, fearing they could squash her lungs and kill her.
Manihuari emerged as a size 34B after the six-hour operation.

Belvedere and the Gigantomastia Society are now demanding that the White House designate the Peruvian surgeons as terrorists: “This is a crime against humanity. Guantanamo’s too good for these butchers.”

Ladies, if you believe you may be afflicted with gigantomastia, contact Bob Belvedere. You shouldn’t have to suffer alone . . .

Alabama Update: When Will Tim James Send a Dozen Roses to Rachel Maddow?

In mid-April, polls indicated Tim James was in third place in the Alabama gubernatorial primary. Then he released his “This Is Alabama, We Speak English” TV ad, Rachel Maddow went berserk, the New York Times condemned James and . . . Well, did I mention that this an Alabama Republican primary?

James garnered 26 percent of the vote in the May 3-4 poll of 600 likely Alabama Republican Primary voters.  Moore had 21 percent, Byrne polled at 20 percent, and 24 percent of likely voters remain undecided.  Robert Bentley stands at 7 percent. 

An Alabama source explained tonight, “We got $10 million worth of free media out of that ad.” Tell ’em again, Tim:

And don’t forget to send Rachel those roses.

Lloyd Blankfein Wallows In Clintonism

by Smitty (h/t RedState, assist Pundette)

I might have, but they would be at a general and very high level, not specific. Frankly along the lines–the same way I’m talking to you.

It’s like this, Lloyd. You can say what you want. Your definition of ‘is’ might differ substantially from the simple, common sense one under which I operate. But we live in a complex world, with all of these shades of grey. Let me express views in terms of probabilities:

Proposition Likelihood
Blankfein’s actual contact with Treasury officials is a superficial as he’s trying to sell Senator Coburn: 17%
Some jet-fuel genius who works for Blankfein drafted the regulatory input for Treasury/Congress, with Lloyd’s thorough and deep understanding of the contents: 99%

Keep fighting the good fight, Senator Coburn. The answer to ‘to big to fail’ is more, smaller banks, markets, and companies. Somehow it seems we’re moving the other direction.

PA-12: Democrats Panicking Over Impending Onslaught of AOSHQ Morons

Did somebody say “panic“? If Nancy Pelosi wasn’t already freaked out by that NRCC internal poll showing that most Democrats in the 12th District don’t even know when the election is, wait until she learns that Tim Burns just received the coveted Ace of Spades Seal of Approval.

UPDATE: Life is good:

The Democratic Congressional Campaign Committee is re-evaluating whether to continue to spend money in this month’s Hawaii special election, Chairman Chris Van Hollen told POLITICO Thursday.
With former Democratic Rep. Ed Case and Democratic state Senate President Colleen Hanabusa splitting the Democratic vote against Republican Honolulu City Councilman Charles Djou, Van Hollen said the committee recognized challenges to winning the race. . . .
A Honolulu Advertiser poll released May 2 showed Djou picking up 36 percent of the vote, with Case at 28 percent an Hanabusa at 22 percent.
The DCCC has spent over $243,000 on TV ads blasting Djou.

If the GOP wins both of these seats, what will it cost Democrats to try to win them back in November — while at the same time defending another 70-80 vulnerable seats?

UPDATE II: Jim Geraghty ranks vulnerable House Democrats, counting 13 as relative easy GOP pickups, 26 as somewhat more difficult and 33 — including PA-12 — in the “50/50” range. Having been to PA-12 and seen very good hope of a Republican victory May 18, all I can say is that if  PA-12 is more difficult than at least 39 other key races . . . oh, life is good!

This Just In: TWITTER IS NEWS!

Twitter pal Sissy Willis tipped me to a Don Irvine post about a study that found Twitter to be more about news than networking.

Which means . . .? You guessed it:

RT @SissyWillis TWITTER = NEWS http://bit.ly/bCE0ev [] Which means @Alyssa_Milano = Walter Cronkite?

C’mon, Alyssa: Just one re-Tweet is all I’m asking for . . .

UPDATE: The pas de deux continues, as Alyssa Milano Tweets:

Ummmm. I s*** you not THERE IS A PEACOCK in my front yard!!!! What do I do?

To which I replied:

Send me a DM w/ your personal cell #

And:

I’m known as “The Peacock Whisperer.” For you, I’ll waive my usual fee.

As of this minute, she’s got 816,582 followers. And all I need is just one re-Tweet . . .

On Conservative Journalism

Matthew Yglesia is a blogger, not a reporter, at Think Progress — edited by former DNC researcher and Democratic congressional aide Faiz Shakir — which is on the tab of the Center for American Progress Action Fund, which is headed by former Clinton chief of staff John Podesta.

Despite these stubborn facts, Yglesias feels entitled to gloat — over and over — that conservative journalists are a bunch of sold-out hacks too stupid to do reporting.  The latest reiteration of this hobby-horse ride links to some pretty good reporting (of the kind that Yglesias himself has never done) by Laura McGann of Washington Monthly. Of particular interest to me was this:

Conservative media . . . have stuck mostly to the model crafted by National Review founder William F. Buckley and poured their energy into punditry — long on fiery rhetoric, short on scoops. . . .
The handful of conservatives who have ventured into investigative journalism have tended to mix reporting with partisan activism, and their high-profile scores have sometimes been spoiled by their zealous pursuit of political victories. In the 1990s, for instance, the conservative American Spectator magazine, after publishing David Brock’s “Troopergate” expose on Bill Clinton’s alleged extramarital affairs, went on to spend nearly $2 million of philanthropist Richard Mellon Scaife’s money trying to dig up more dirt on Clinton. But the so-called “Arkansas Project” produced only crackpot accusations — not to mention enough embarrassing revelations about how the funds were spent to nearly sink the publication. . . .

You can, and should, read this rest — even if it is at times grossly unfair and inaccurate. As a frequent contributor to The American Spectator, I am obliged to point out that McGann’s claims about “crackpot accusations” and “embarrassing revelations” are simply wrong. The Clinton administration sicced the IRS and an army of lawyers on the Spectator, at tremendous expense to the publication, which subsequently changed ownership — the George Gilder era — and was nearly driven out of business before Al Regnery took over as publisher.

However, the “Troopergate” saga highlights a couple of real problems with conservative journalism. First, there has been a notable tendency in conservative media toward the sort of “star system” that catapulted David Brock to sudden fame in the early ’90s. Conservatives are so eager to find a David to slay the Goliath of liberal media dominance that the hoped-for-savior is like the protagonist of the Eagles’ song, “New Kid in Town”:

Great expectations, everybody’s watching you . . .
Everybody loves you, so don’t let them down . . .
They will never forget you
‘Til somebody new comes along.

You see this tendency at work when a Glenn Beck pops up and, for a while, it seems as if nobody else matters. Don’t get me wrong — it’s important for conservatives to have their own media stars, but the fetishization of stardom distracts from the unglamorous reality of everyday journalism. For every bold-faced name in the limelight, there are scores and hundreds of people working in relative obscurity whose daily labors are necessary to the success of the overall enterprise.

At Wednesday night’s Boehner reception, I found myself describing to someone the important but almost entirely anonymous work of Pete Parisi, my friend who is a veteran copy editor at The Washington Times. Has any conservative New Media guru ever given a moment’s thought to the value of a good copy editor? Hell, does any New Media guru even know what a copy editor does? I doubt it. Yet  conservative online media could very much use the distinctive skill-set of a Pete Parisi.

The second problem of conservative journalism highlighted by the “Troopergate” saga is a frantic pursuit of The Big Scoop — the “smoking gun,” the “gotcha” quote, the Lewinsky-sized exposé. Big stories cannot be manufactured at will, and while The Big Scoop is usually (a) the natural byproduct of a reporter patiently digging down on a story, it is also sometimes (b) just a fluke.

After Brock hit the big-time with the Anita Hill story — substantially based on research compiled by Senate Republican staffers — he was then assigned to get the Arkansas dirt on Clinton and scored again. But when he was next tasked to take on Hillary Clinton, Brock failed to produce the kind of “live boy/dead girl” scandal that had been expected, and the resulting disappointment led to Brock’s departure from conservative journalism.

You could draw a great many lessons from that saga, but I consider it a cautionary tale about the perils of an unhealthy obsession with The Big Scoop. How often in the history of journalism has any one reporter ever had The Big Scoop more than once? In the more than three decades that followed their famous Watergate reporting, did Bob Woodward or Carl Bernstein ever replicate that feat?

Constantly focusing on The Big Scoop, to the neglect of daily reporting, is the journalistic equivalent of a baseball player whose batting average suffers because he’s trying too hard to hit home runs. Swing hard and make contact, and you’ll get your share of home runs, but remember that games are won by singles and doubles, too. If you’re striking out because you’re always “swinging for the fences,” you’re not helping the team.

My friend J.P. Freire has said that conservative journalism needs fewer Bill Buckleys and more Bob Novaks — that is to say, less punditry and more reporting. And if you study Novak’s career, you see that he got his occasional home runs, but he was always a good contact hitter. Novak and his partner, Rowland Evans, made it a rule of their long-running column that each column should contain at least one item of original reporting. They kept that up for decades, it made a difference, and is an example worthy of emulation.

While it is easy to dismiss the hostile sneers of Matthew Yglesias as  a mere distraction, we ought not dismiss the importance of thinking more deeply about the problems of the conservative journalistic enterprise.