Plastic Surgery.

“‘This is landmark legislation that is going to make the credit card marketplace more transparent and more fair for millions of consumers,’ said Travis B. Plunkett, legislative director for the Consumer Federation of America. ‘In particular, it’s going to prevent credit card companies from suddenly and unjustly increasing interest rates which is pushing many consumers with credit card debt into bankruptcy.’” The Senate passes legislation aimed at reining in the more blatant and arbitrary instances of credit card usury by a vote of 90-5, with a bill expected on President Obama’s desk by Memorial Day.

This sounds like a clear step in the right direction…but funny how times change, isn’t it? It doesn’t seem like all that long ago that many of these same Senators passed the 2005 bankruptcy bill, which dug the financial hole deeper for millions of Americans in the name of an easy buck for the credit card industry. Better late than never, I suppose.

Hedge of No Return.

“But while many stakeholders made sacrifices, some did not. In particular, a group of investment firms and hedge funds that hoped to hold out for a taxpayer-funded bailout. I don’t stand with them. I stand with Chrysler’s employees, management and suppliers. I don’t with stand with those who held out when everybody else made sacrifices.” President Obama announces that Chrysler will file for bankruptcy, and lays the blame squarely at the feet of hedge funds who rejected an 11th-hour deal to save the company, apparently in the hopes of garnering more bailout cash.

The hedge funds in question have fired back, of course. Apparently, they’re all for the “rule of law” and upholding our “world-leading bankruptcy code.” I’d probably be more inclined to take them seriously on these matters if they weren’t also trying to spike regulation of their industry that is long overdue. At it is, i’m thinking profit is more of a motivator here than principled civil disobedience.

At any rate, I think Salon‘s Andrew Leonard is exactly right about where public opinion will come down on this one. Says one observer (cited by Leonard) of what happened today: “The banksters are eagerly, shamelessly, and openly harvesting their pound of flesh from financially stressed average taxpayers, and setting off a chain reaction in the auto industry which has the very real risk of creating even larger scale unemployment than the economy already faces. It’s reckless, utterly irresponsible, over-the-top greed.” From my admittedly limited vantage, that sounds like a plausible reading.

A Republic of Knowledge.

“I believe it is not in our character, American character, to follow — but to lead. And it is time for us to lead once again. I am here today to set this goal: we will devote more than 3 percent of our gross domestic product to research and development. We will not just meet, but we will exceed the level achieved at the height of the space race, through policies that invest in basic and applied research, create new incentives for private innovation, promote breakthroughs in energy and medicine, and improve education in math and science.“

It’s poetry in motion: In a clear break with his predecessor, President Obama pledges $420 billion for basic science and applied research. “And he set forth a wish list including solar cells as cheap as paint; green buildings that produce all the energy they consume; learning software as effective as a personal tutor; prosthetics so advanced that you could play the piano again and ‘an expansion of the frontiers of human knowledge about ourselves and world the around us.’” Huzzah! (And fwiw, I would also like more manned spaced exploration…and a jetpack.)

U.S. History for Dummies.

As many readers here well know, I’ve spent a good bit of time over the past decade studying US history. (In fact, over the past few years, I’ve occasionally helped my advisor keep a textbook up to date that recently drew the ire of right-wing blowhard Bill O’Reilly. Apparently, those damn pesky facts were somehow mitigating O’Reilly’s ability to spew forth the usual idiotic blather.)

Anyway, over that period of time, I believe I have in fact learned me a few things. So, as a public service of sorts, and because, after this morning’s revelations, I’ve reached the limit of craven and/or patently stupid falsehoods that I can feasibly ingest over so short a time, some “U.S. History for Dummies.” I expect most everyone who comes by this site with any frequency knows all this, but ya never know. Apologies for the didacticism in advance — if this were this a Coors Light commercial, this would be where i vent. (And thanks to Lia for the timely visual tax lesson, above.)

The Tea Party: As you no doubt know, the Boston Tea Party of 1773 was recently appropriated by FOX News and the conservative group Freedomworks to simulate a widespread popular uprising against high taxes. (In other words, it was an “astroturf,” rather than a grass-roots, movement.) And, yes, the inconvenient fact that President Obama and the Democratic Congress actually lowered income taxes for 95% of Americans earlier this year didn’t seem to dissuade them from trying to jury-rig some rather dubious anti-tax ramparts and gin up enough disgruntled FOX-watchers to man them.

At any rate, as most people remember from high school, the original 1773 Tea Party was not a protest against high taxes or high prices at all. (In fact, legally imported tea — i.e. that of the East India Company, which was both suffering serious setbacks over in India and losing market share to smuggled Dutch tea at the time — was actually cheaper in the colonies after the Tea Act, since it was now exempt from the usual obligations.)

In small part a reaction of the East India’s commercial rivals to this sweetheart deal, the Boston Tea Party was mainly held to uphold the principle of No taxation without representation. Which I don’t think I need to explain. So, with the minor exception of DC-area conservatives who attended the tea gathering in Washington (without crossing over from Virginia or Maryland), the, uh, “teabaggers” don’t really have a leg to stand on here. This is particularly true after you consider that both ruthless gerrymandering and the vagaries of the Electoral College (I’m looking at you, Wyoming) actually tend to lead to over-representation of conservative Republicans in our halls of governance, even despite heavy losses for the “Grand Old Party” in 2006 and 2008.

The “Right” of Secession: Apparently, Rick Perry, the right-wing governor of Texas, really wants to keep his job. As such, he’s scared stiff of the forthcoming primary challenge by Sen. Kay Bailey Hutchison, who happens to be much more popular than he is among Texas Republicans. So, to sow up his “activist” (re: freak show) bona fides, this desperate fellow has been doing anything and everything he possibly can to prostrate himself before the paranoid ultra-right, including appearing before the current poobahs of the GOP’s lunatic fringe, Glenn Beck and Michael Savage. As you no doubt know, this recently culminated in Gov. Perry’s upholding Texas’ right to secede before a crowd of rabid teabaggers. Said the Governor: ““We’ve got a great union. There’s absolutely no reason to dissolve it. But if Washington continues to thumb their nose at the American people, you know, who knows what might come out of that…“

Well, in fact, no state in the Union has any legal right to secede. (Not even Texas.) The existence of such a right was posited and debated quite often in the early years of the republic: by Jefferson and Madison in the Virginia and Kentucky resolutions, by the members of the Hartford Convention, by South Carolina’s philosopher-politician John C. Calhoun, and countless others.

But the illegality of secession was eventually confirmed — in blood — when eleven states attempted to pull out of the Union in 1861, due mainly to differing opinions on the institution of slavery and its expansion into the western territories. As a result of this insurrection by the southern states, a violent conflict broke out, which we call the Civil War. It lasted four years, and it was kind of a big deal.

Prior to the war, the states of the Confederacy believed secession to be their natural right, while those remaining in the Union believed it to be tantamount to an act of treason. With the Union victory in that conflict, and the subsequent readmittance of southern states in such a manner that reaffirmed that no right of secession exists, the question was settled. So it remains to this day.

Waterboarding, Torture, and “Just Following Orders”: In the wake of recent revelations, there’s been a renewed push among certain conservatives to laugh off waterboarding as not being constitutive of torture. (See also Rush Limbaugh’s fratboy defense of Abu Ghraib a few years ago.) But (as even John McCain concedes), in the years after World War II, there was no question among Americans that waterboarding is torture. In fact, Japanese soldiers were tried and convicted of war crimes for waterboarding American GIs and Filipino prisoners. When you think about it, it’s not really a tough call.

Another argument we’ve heard lately — today Sen. McCain made it with his usual comrades-in-arms, Sens. Lieberman and Graham, while trying to protect Dubya’s lawyers — is that the CIA officials who actually conducted these recent acts of torture should be exempt from prosecution, because they were following the legal dictates of those higher-up in the administration. (To follow the reasoning around the circle, the torturers should be exempt because they were listening to the lawyers, and the lawyers should be exempt because they didn’t do the actual torturing. Cute.)

Anyway, whatever you think of the merits of this argument, this is usually referred to as the Nuremberg defense, and it is in fact no defense at all. Argues Principle IV of the Nuremberg Principles, devised by the Allies after WWII to determine what constituted a war crime: “The fact that a person acted pursuant to order of his Government or of a superior does not relieve him from responsibility under international law, provided a moral choice was in fact possible to him.” Insert “CIA interrogator” for person in that last sentence and you can pretty much see the problem.

Is America a Christian Nation?: At the end of his recent European tour, President Obama told an audience in Turkey the following: “We do not consider ourselves a Christian nation or a Jewish nation or a Muslim nation. We consider ourselves a nation of citizens who are bound by ideals and a set of values.” This statement — well the “not a Christian nation” part of it, at least — prompted no small amount of consternation from the porcine-moralist wing of the GOP — James Dobson, Karl Rove, Newt Gingrich, and sundry other freaks of the industry — all of whom fell over themselves to proclaim to the Heavens and preach to the FOX News choir that, yes, Virginia, America is a glorious Christian nation.

America is not a Christian nation. This will be patently obvious to anyone who’s ever heard the phrase “separation of church and state.” Unlike, say, England, America does not have and has never had an official, established church. This is very much by design. For proof of this not-very-radical claim, see the very first clause of the very first amendment to the Constitution: “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof.”

If that doesn’t do it for you, see George Washington’s famous 1790 letter to the Jewish residents of Newport, Rhode Island. “May the Children of the Stock of Abraham, who dwell in this land, continue to merit and enjoy the good will of the other Inhabitants; while every one shall sit under his own vine and fig tree, and there shall be none to make him afraid.“

Or consider that Thomas Jefferson skipped his presidency on his tombstone to make room for his authorship of the Virginia Statute for Religious Freedom: “Be it enacted by the General Assembly, That no man shall be compelled to frequent or support any religious worship, place, or ministry whatsoever, nor shall be enforced, restrained, molested, or burdened in his body or goods, nor shall otherwise suffer on account of his religious opinions or belief; but that all men shall be free to profess, and by argument to maintain, their opinion in matters of religion, and that the same shall in no wise diminish enlarge, or affect their civil capacities.” (We could also make mention of the Jefferson Bible, but let’s start slow.)

Is the reasoning here too circuitous for Rove, Gingrich, et al to follow? Ok, then, here’s the cheat sheet: the 1797 Treaty of Tripoli, passed by a Congress of our Founders without declaim and signed into law by President John Adams. It begins: “As the Government of the United States of America is not, in any sense, founded on the Christian religion…” Did y’all catch it this time? Good, let’s move on.

A Smile for Chavez: Our new president also attended the Summit of the Americas recently, at which he was photographed smiling and shaking hands with Venezuelan autocrat Hugo Chavez, a particular bete noire of the right who has said all manner of unpleasant things about America over the past few years.

After the picture was taken, conservatives went predictably livid, with Matt Drudge headlining the offending photograph with the usual red text, Dick Cheney deeming Obama “a weak president” on FOX News, and Gingrich arguing that it made Obama look “weak like Carter.” “We didn’t rush over, smile and greet Russian dictators,” said Newt, and he wasn’t the only potential 2012’er aghast at Obama’s behavior. Sen. John Ensign of Nevada called the president “irresponsible” and the consistently shameless Mitt Romney painted Obama a “timid advocate for freedom”.

Um, ok. Well, let’s see here…

I could go on. With regards to that last one — Reagan yukking it up with Mikhail Gorbachev, then of “the evil Empire” — it didn’t take long before (surprise) Newt was caught in a contradiction. Apparently, Gingrich had previously argued on his website that Ronald Reagan’s good humor with Gorby was a sign of strength, not weakness.

Speaking of which, as Lawrence O’Donnell noted on MSNBC the other day, saintly old Ronald Reagan didn’t just smile and shake hands with America’s enemies. His administration sold them weapons under the table. So, please, assorted puddin’-heads of the GOP talkocracy, spare me your warmed-over tripe about poor diplomacy and weak leadership. As with everything else above, I’ve swallowed enough of your swill over the past few weeks to last me a lifetime.

Help: Need Money for Cadre of Lobbyists.

“‘Taxpayers are subsidizing a legislative agenda that is inimical to their interests and offensive to what the whole TARP program is about,; said William Patterson, executive director of CtW Investment Group, an activist group affiliated with a coalition of labor unions. ‘It’s business as usual with taxpayers picking up the bill.” Sigh. The WP’s Dan Eggen reports on GM and a host of financial firms using bailout money to lobby for the status quo. “Major recipients of federal bailout money spent more than $10 million to lobby lawmakers in the first three months of 2009, including arguing against pay limits for corporate executives, according to newly filed disclosure records.“

No Better Investment.

“In a remarkable illustration of the power of lobbying in Washington, a study released last week found that a single tax break in 2004 earned companies $220 for every dollar they spent on the issue — a 22,000 percent rate of return on their investment.” A new study by three University of Kansas profs tries to quantify exactly the amount of lucre generated by the lobbyists and influence-peddlers aswarm in Washington for their employers. And the answer? A whole lot. “The paper…examined the impact of a one-time tax break approved by Congress in 2004 that allowed multinational corporations to ‘repatriate’ profits earned overseas, effectively reducing their tax rate on the money from 35 percent to 5.25 percent. More than 800 companies took advantage of the legislation, saving an estimated $100 billion in the process.” [Hattip: Tim C. and Marginal Revolution.]

We are the World.

We are its leaders. We are the ones who make a brighter day, so let’s give a trillion. “Mr. Brown, who organized the meeting in a hangarlike conference center in London, said: ‘This is the day the world came together to fight against the global recession. Our message today is clear and certain: we believe that global problems require global solutions.’“

In the meantime, Slate‘s Fred Kaplan applauds the return of real, honest-to-goodness American statecraft in London. “Vast multinational conferences, like the G20 summit…are useful mainly for the ‘bilaterals’ — the one-on-one side-room conversations — and, in these forums, President Barack Obama is living up to high expectations. Which is to say, the United States seems to be returning to diplomatic basics — a development that in the wake of the last eight years is practically revolutionary.“

At the very least, the president’s diplomatic mojo seemed to work on Russian president Dmitry Medvedev. “‘Yesterday I spoke about this with my new comrade President Barack Obama,’ Medvedev told reporters travelling with him to the London summit…’I liked the talks. It is easy to talk to him. He can listen. The start of this relationship is good,’ he said, adding: ‘Today it’s a totally different situation (compared to Bush).'”

Obama’s Progressive Solution.

“Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.” With the AIG bonuses setting the table, the Obama administration prepares to unveil an overhaul of the nation’s financial regulatory apparatus. “It will propose that many kinds of derivatives and other exotic financial instruments that contributed to the crisis be traded on exchanges or through clearinghouses so they are more transparent and can be more tightly regulated. And to protect consumers, it will call for federal standards for mortgage lenders beyond what the Federal Reserve adopted last year, as well as more aggressive enforcement of the mortgage rules.”

Whatever malarkey you hear from the GOP about “creeping socialism” over the next few weeks, keep in mind that no less a Republican than Teddy Roosevelt deemed this sort of solution — accountability, transparency, tighter oversight of the financial sector by the federal government — the “New Nationalism” a century ago. In this arena, at least so far, President Obama seems to be living up to his Progressive promise.

Update: “‘Our system failed in basic fundamental ways,’ Geithner told the committee. ‘Compensation practices rewarded short-term profits over long-term returns. Pervasive failures in consumer protection left many Americans with obligations they did not understand and could not sustain. The huge apparent returns to financial activity attracted fraud on a dramatic scale..,To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game. And the new rules must be simpler and more effectively enforced.‘” Secretary of the Treasury Tim Geithner unveils the new regulatory package. [Highlights.] “He said financial products and institutions should be regulated according to their economic function and the risks they pose, not their legal form. ‘We can’t allow institutions to cherry-pick among competing regulators and shift risk to where it faces the lowest standards and weakest constraints,’ he told the committee.”

Paging the Populists…and Howard Beale.

“As Congress and President Obama rush to balance solidarity with a new wave of populist anger alongside the need for smart policy during a crisis, they might reflect on how well previous politicians fared at the task. History does not repeat itself. But sometimes it does hum a familiar tune.” In the wake of the furor over the AIG bonuses, and borrowing heavily from Alan Brinkley‘s Voices of Protest as well as his own work, historian Michael Kazin gives a brief historical overview of populism in Newsweek. (See also Rick Perlstein in the same magazine, who thinks that recent cries of “populist rage” might be somewhat overstated: “What makes this rage ‘populist’? This is ordinary rage, rational and focused…You might more accurately call that common sense.“)

I must confess, I find the very-recent press fascination with its latest toy, “populism,” to be more than a little irritating. This is partly because, as with the “socialism!” craze of a few weeks ago, the discussion — above articles excluded — rarely goes any more than an inch deep, and is clearly fueled more by whatever dodgy sound-bites emanated from the Limbaugh-types that morning than any sort of grounded historical thinking. It’s also because, to my mind, the endless tirade of ignorant, self-satisfied, surface-skimming blather vomited forth by the establishment media these days is as much a cause for a populist uprising as the rapacious greed of the asshats at AIG.

From the manifestly idiotic and off-topic lines of questioning of the White House press corps last night, to partisan hacks like AP’s Ron Fournier carrying water for the broken GOP by pushing dumb memes about teleprompters (see also Rick Santelli a few weeks ago), and from self-important blowhards like Howard Fineman conjuring up nonsense out of thin air about the purported dissatisfaction of his chummy club to the host of distractions and non-issues we are endlessly barraged with these days, the mainstream press is worse than failing us — it’s part of the problem.

This is nothing new, of course. From l’affaire Lewinsky to Judy Miller’s WMD to any number of other issues, the establishment media has been at best lazy, simpering, ratings-driven schlock and at worst dangerously ennabling of corrupt GOP behavior over the years. It’s aggravating at the best of times. But we really can’t afford this idiotic water-carrying for Republcans or the smug sense of entitlement that exudes from every pore of the establishment-media overclass, at the moment, as we try to extricate ourselves from the gimongous economic hole dug over the past eight years.

So, Lou Dobbs and your like, next time you endlessly prattle on about how angry the people are getting at Wall Street and/or Obama right now, just remember: Be careful what you wish for. If push comes to shove, there’s a good bet you’ll end up on the wrong end of the pitchfork as well. (AL link via Liam.)

Stimpak Applied.

“We have begun the essential work of keeping the American Dream alive in our time. Now, I don’t want to pretend that today marks the end of our economic problems. Nor does it constitute all of what we’re going to have to do to turn our economy around. But today does mark the beginning of the end…The American Recovery and Reinvestment Act that I will sign today — a plan that meets the principles I laid out in January — is the most sweeping economic recovery package in our history.” Back in Denver for the day, President Obama signs the ARRA economic stimulus bill into law. [Remarks.] “‘We have done more in 30 days to advance the cause of health-care reform than this country has done in an entire decade,’ Obama said, prompting a standing ovation.“

As with the initial versions, the final bill passed without a single GOP vote in the House and only three Republicans — Snowe, Collins, Specter — in the Senate. Y’know, it’s bad enough that these situationally-ethical jokers stand in the way of what obviously needs to be done to get our economy moving again. (I don’t remember any calls for spending restraint, or any worries about pork, in the flush times when Boss DeLay was running the show, or when both Reagan and Dubya were ratcheting up the deficit to all hell.) But, it offends the senses to have to listen to the aggressively stupid talking points Republicans tend to trot out these days. For example, the party’s new leader, Michael Steele: “Not in the history of mankind has the government ever created a job.” (The armed services notwithstanding, who does he think the runs the government? Elves? Hey, Mr. Steele, look down — we call those roads.) Or consider South Carolina Sen. Jim DeMint: “This is not a stimulus bill. It’s just a spending bill.” Econ 101: A stimulus bill is a spending bill. (They do in fact teach this in SC — I can attest to it.)

Worse still, the national newsmedia has been failing miserably in their coverage of the stimulus battle, by continually enabling these Republicans to spout their inanities without comment. It reminds me of Paul Begala’s “Neil Armstrong Principle,” which I heard him break down on Charlie Rose a few months back: “If John McCain and Sarah Palin were to say the moon was made of green cheese, we can be certain that Barack Obama and Joe Biden would pounce on it, and point out it’s actually made of rock. And you just know the headline in the paper the next day would read: ‘CANDIDATES CLASH ON LUNAR LANDSCAPE.’” Too true.

Well, at least the durned thing passed. I’m sure the bill has its problems, not the least that it was transformed and watered down in an attempt to placate a bunch of Republicans who were never in a million years going to vote for it anyway. Perhaps, when we move forward now, we can focus on writing good policy that will get this economy and our country moving again, rather than catering to the whims of the naysayers, political opportunists, and/or flat-earth morons that comprise today’s GOP.