Nice work if you can get it.

“‘We’ve come a long way from Harry Truman,’ said Leon E. Panetta.” At long last, the Clintons release their tax returns (to Drudge first), and the total post-White House tally amounts to $109 million, “with the former president collecting nearly half of that money as a speaker hired at times by companies that have been among his wife’s most generous political supporters.” The numbers are still being parsed, and the connections to key members of Clintons’ post-presidential rogues gallery — Ron Burkle, Vinod Gupta, the Quellos Fund, etc. — itemized and assessed. Still, the news that leaps off the page here is [a] the Clintons have done very well for themselves since leaving the White House, and [b] speechifyin’ pays top dollar in certain circles. “Sen. Clinton’s financial disclosure forms have offered a glimpse into her husband’s speaking career and the nexus between his clients and her campaign donors. The New York investment giant Goldman Sachs paid him $650,000 for four speeches in recent years…On one day in Canada, he made $475,000 for two speeches, more than double his annual salary as president.“

Now, how ’bout those Foundation records?

Ok, ok, we need oversight.

“‘Our current regulatory structure was not built to address the modern financial system with its diversity of market participants, innovation, complexity of financial instruments, convergence of financial intermediaries and trading platforms, global integration and interconnectedness among financial institutions, investors and markets,’ Paulson said this morning.” Stick a fork in free market fundamentalism: In light of recent economic events, Dubya Secretary of the Treasury Henry Paulson proposes a massive overhaul of the nation’s regulatory apparatus. The plan, which among other things bolsters the powers of the Fed and phases out the SEC, isn’t getting the most favorable reception from Dems thus far. Said Chris Dodd: “Regrettably, the Administration’s blueprint, while deserving of careful consideration, would do little if anything to alleviate the current crisis — which was brought on by a failure of will.” Still, with even Team Dubya and its allies signing off on the need for it, regulatory reform of Wall Street and financial markets looks to be on the table to stay, one way or another.

Kuttner: He’s the real deal.

“Barack Obama’s speech on the financial crisis was a remarkable breakthrough…I wish I had written the speech. It is this kind of leadership and truth-telling that is the predicate for the shift in public opinion required to produce legislative change. A radical, appropriately nuanced, and deeply public-minded description of what has occurred, the speech was Roosevelt quality: the president as teacher-in-chief.“

The American Prospect‘s Robert Kuttner praises Obama’s economics speech of yesterday, and calls out Paul Krugman for his blatant partisanship: “Unlike some of my friends, I have not fallen in love with Obama…But Krugman, ordinarily an ornament of fair-minded progressive economics commentary, writes almost as if he has become part of the Clinton campaign. His latest characterization of Obama’s proposals in commenting on the New York speech — ‘cautious and relatively orthodox‘ — was preposterous.“

The New Deal fights on.

“Despite sustained efforts to tear down the New Deal — from the repeal of the Glass-Steagall Act in 1999 to President George W. Bush’s ill-fated 2005 efforts to dismantle Social Security — the 1930s-vintage infrastructure has proved remarkably durable…Although the Tennessee Valley Authority has yet to pitch in, four 70-year-old agencies are helping to cushion the blow of the housing bust. Let’s count them.” Slate‘s Daniel Gross examines how the New Deal is working to mitigate today’s credit crisis. (He also has a funny line about Sen. Clinton’s bizarre call yesterday to have Greenspan wave a magic wand to fix things: This “is a little like Chicago appointing a cow to a panel on preventing disastrous fires.“)

Bare Stearns. | We are all NOLA?

“The Wall Street titans have turned into a bunch of welfare clients. They are desperate to be bailed out by government from their own incompetence, and from the deregulatory regime for which they lobbied so hard…It’s just fine to make it harder for the average Joe to file for bankruptcy, as did that wretched bankruptcy bill passed by Congress in 2005 at the request of the credit card industry. But the big guys are ‘too big to fail’ because they could bring us all down with them.” After the Bear Stearns deal and all it would seem to portent about the condition of the Dubya economy, E.J. Dionne reads the riot act to free market fundies.

In related news, WP’s Dan Froomkin’s notes how Dubya’s handling of the economy is now being compared to the aftermath of Katrina. ‘As the storm clouds gathered, was President Bush once again asleep at the wheel? A consistent theme in today’s political and economic coverage is that Bush’s failure to recognize the severity of the ongoing financial crisis and act accordingly is reminiscent of his disastrously slow and inept response to Hurricane Katrina….’As with the war in Afghanistan, the Iraqi war aftermath, the Hurricane Katrina disaster and current efforts at Mideast peace, investors are concerned that the president is responding too late and with inadequate understanding, resources and creativity.'”

Spitzer’s Out…Hubris or Death Wish?

“I am deeply sorry that I did not live up to what was expected of me. To every New Yorker, and to all those who believed in what I tried to stand for, I sincerely apologize. Over the course of my public life, I have insisted — I believe correctly — that people regardless of their position or power take responsibility for their conduct. I can and will ask no less of myself. For this reason, I am resigning from the office of governor.” Spitzergate comes to its inevitable close as the Governor resigned this morning, paving the way for Lt. Governor David Paterson to take office in Albany. (Yes that means Clinton -1.)

I know that some Dems have argued that Spitzer shouldn’t resign, citing David Vitter in particular, and that something is fishy about the Dubya Justice Department’s handling of this case. To be sure, I haven’t been relishing the unsightly upsurge in schadenfreude among the GOP, Wall Street, and exactly the type of corporate ne’er-do-wells Spitzer spent a lifetime fighting.

But, let’s get real here: Spitzer’s actions weren’t only brazenly and colossally dumb, they were patently illegal. Now, one can question the purported immorality of the world’s oldest profession, and I would be among those who think it’s a relatively victimless crime, situations like human trafficking excepted. But given that Spitzer is a guy who’s personally put people in jail for prostitution and then condemned them in the press, this would seem to be a no-brainer. He had to go down for this, or he would have put himself above the law. So whether or not Spitzer had well-connected political enemies — and, of course, he does — is somewhat beside the point here. The real problem here is that Gov. Spitzer was so unfathomably stupid as to engage in illegal acts that he — better than virtually anyone else alive — knew would result in his downfall. And the tragedy is that, given what Spitzer might’ve accomplished in office otherwise, everyone now pays the price for his apparent inability to restrain his appetites.

Where there’s smoke?

“‘What is the holdup?’ said Sheila Krumholz of the Center for Responsive Politics, a nonprofit group that tracks the role of money in politics. ‘She hasn’t exactly made it clear as to what process is making it so cumbersome to just release them.” Campaign finance watchdogs wonder aloud why Sen. Clinton still hasn’t released her tax returns for the past seven years. “‘This is a level of disclosure the American people have come to expect and deserve from those in the White House, or those who aspire to the White House,’ said Mary Boyle of Common Cause, a government reform advocacy group.” And let’s remember, we’re not talking about her 2007 returns, which may not yet be complete. We’re also talking about the previous six years, which should just be sitting on file, and would take all of five minutes to release to the public. That is, unless there’s something shady therein…

The Wolf who cried Starr.

“I for one do not believe that imitating Ken Starr is the way to win a Democratic primary election for president, but perhaps that theory will be tested.” A Starr is born? Clinton flunky Howard Wolfson makes the implicit explicit and directly likens Senator Obama to independent counsel and GOP bogeyman Ken Starr, suggesting that any criticism of the Clintons must be rooted in the “vast right-wing conspiracy.” Well, Wolfson, I don’t know Ken Starr personally. But, as fate would have it, I wrote the book on Ken Starr. And, news flash, Barack Obama is no Ken Starr. Y’see, I did copious research for And the Horse He Rode In On, and I discovered while doing so that Ken Starr, despite his self-righteous persona, was pretty much your run-of-the-mill hypocritical scumbag of a party hack. Now that doesn’t really describe Sen. Obama very well, but, as it turns out, that is exemplary shorthand for one Howard Wolfson.

Exhibit A: What prompted Wolfson’s “Ken Starr” smear today? That would be the Obama campaign’s call to have Senator Clinton release her tax returns for the past seven years, something she’s continually refused to do despite the fact that it would take all of five minutes to accomplish and is considered relatively standard in political campaigns at any level, let alone a race for the presidency. Now, let’s flashback to 2000 for a sec: Then, Clinton flunky Howard Wolfson was running around with a guy in an Uncle Sam suit demanding that GOP Senate candidate Rick Lazio…wait for it, wait for it…release his tax returns.

Their hypocrisy knows no limits.

Edwards is Out.

“It’s hard to speak out for change when you feel like your voice is not being heard. But I do hear it. We hear it. This Democratic Party hears you. We hear you once again.

And we will lift you up with our dream of what’s possible: one America — one America that works for everybody; one America where struggling towns and factories come back to life, because we finally transformed our economy by ending our dependence on oil; one America where the men who work the late shift and the women who get up at dawn to drive a two-hour commute and the young person who closes the store to save for college, they will be honored for that work; one America where no child will go to bed hungry, because we will finally end the moral shame of 37 million people living in poverty; one America where every single man, woman and child in this country has health care; one America with one public school system that works for all of our children; one America that finally brings this war in Iraq to an end and brings our servicemembers home with the hero’s welcome that they have earned and that they deserve.

Today, I am suspending my campaign for the Democratic nomination for the presidency. But I want to say this to everyone: with Elizabeth, with my family, with my friends, with all of you and all of your support, this son of a mill worker is going to be just fine. Our job now is to make certain that America will be fine.“

Senator John Edwards calls it quits. [Transcript, Obama response, Clinton response.] As I’ve said a few times now, Edwards has run a quality campaign focusing on the important and neglected issue of poverty’s persistence, and he should be applauded for it. And, if nothing else, he’d make a great attorney general in the next Democratic administration. And, now, there are two…

While he left the race on his own terms this morning, my guess is Senator Edwards will endorse Obama sometime in the relatively near future (although perhaps after Super Tuesday.) Even if calling Clinton “the candidate of the status quo” in the New Hampshire debate a few weeks ago didn’t telegraph his preference, I’m guessing Clinton’s anti-Edwards robo-calls in South Carolina probably rankled. (And Edwards campaign manager Joe Trippi is on the record as no friend of Mark Penn.) So, let’s hope he comes out for Senator Obama sometime relatively soon.

That being said, I’m not sold at all on the notion that Edwards supporters will now drift into the Obama camp. True, a sizable amount of Edwards voters are likely anti-Clinton votes. But, I’m guessing an equally sizable number were drawn to Edwards’ “I’m a fighter” message, in which case they might prefer Clinton’s recent pit bull tactics over Obama’s message of unity. And, of course, Edwards’ base was mostly white working-class and rural voters, and — while Obama did well with this demographic in Nevada — thus far said group has leaned toward Clinton. So, it’s an open question.

If nothing else, though, a 2-person race should help to mitigate the Florida-Michigan delegate issue. And it should make tomorrow’s debate that much more interesting…

Another False Clinton Mailer.

Another state, another patently false mailer. According to TPM‘s Greg Sargent, the Clinton campaign has now blanketed Nevada with the negative mailer above, one which (once again) falsely distorts Senator Obama’s record. It reads: “Nevada families need to keep more of their hard-earned dollars not less…we need a president that will help hard-working families keep more of what they earn.”

It then goes on to read: “Barack Obama. A plan with a trillion-dollar tax increase on America’s hard-working families. Lifting the cap on Social Security taxes to send more of Nevada families’ hard-earned dollars to Washington. Senator Obama said “I think that lifting the cap [on Social Security taxes] is probably going to be the best option.“

So, what’s the problem here? Mainly this: Only somebody who hangs out with the monied likes of Robert Johnson all day could honestly think Senator Obama’s plan involves a tax increase for “hard-working families.” Let’s let Senator Obama explain it:

“Now there’s one more way of solving the problem. And that is raising the cap on the payroll tax. Now what that means is, currently, you only pay Social Security on the first $97,000 of income. Now it turns out that here in Nevada, 97% of the people in Nevada make $97,000 a year or less. So essentially, everybody except 3% — if this was a random sample of Nevada, there are only about 3% of you who make more than that, everybody else, you gotta pay payroll tax on 100% of your income.

Now, what I’ve said is that what we should do is we should adjust the cap, so that billionaires like Warren Buffett are paying more, because right now they’re paying a fraction of 1% of their income to payroll tax. And my answer is, that’s not fair. Why would we have the wealthiest Americans pay such a smaller percentage of the payroll tax when everyone else is
paying basically 100%?

So I propose raising the cap. We might exempt middle class folks for maybe $97,000 for up to $200,000; there might be some exemptions, but those people are making over $200, $250,000, they can afford to pay a little more on payroll tax. So this is what I propose, this is what Senator Clinton is calling a trillion-dollar tax cut on hard-working Americans.”

So, which is it, then? Does Senator Clinton think the top 3% of Nevadans represents the “hard-working families” of the middle-class, or is this another blatant attempt at misinformation disguised to confuse voters about Obama’s real record? If I had to guess, I’m thinking this is the latter, and it’s another disgusting, GOP-worthy lowball.