Drill Baby…Spill.

“‘There’s no way to wash the oil out of a Spartina marsh,’ said Thomas Shirley, a professor at Texas A&M University’s Harte Research Institute for Gulf of Mexico Studies. Spartina, or cordgrass, is the dominant plant in these marshes. ‘It’s just a big sponge.” Several weeks after the President embraces coastal offshore drilling, reversing a notable campaign pledge — 11 dimensional chess! — the Fates conspire to remind us all why this might not be a very good idea. Along with the 11 missing (and presumed dead) workers, “Secretary of State Hillary Rodham Clinton suggested that cleanup efforts could end up costing billions of dollars.“

Well, I say “the Fates,” but it sounds like Halliburton may have royally screwed up also. But, hey, maybe they’ll acquire another no-bid clean-up contract for their troubles. And speaking of our old friends on the right, it seems the “Drill Baby Drill!” camp has gone mysteriously silent…for now. [Image via Boston’s Big Picture.]

Update: “The problem with the April 20 spill is that it isn’t really a spill: It’s a gush, like an underwater oil volcano. A hot column of oil and gas is spurting into freezing, black waters nearly a mile down, where the pressure nears a ton per inch, impossible for divers to endure. Experts call it a continuous, round-the-clock calamity, unlike a leaking tanker, which might empty in hours or days.” It’s even worse than it sounds, and that’s assuming the wellhead isn’t lost. [Track the spill here.]

The Great Deficit Witchhunt.

“‘The frame of the debate is between those who think the witches have taken over the entire community and the whole lot of them should be burned and those who think there are only a few witches and burning just a few of them would be enough to appease the demons,’ said James Galbraith, the Lloyd M. Bentsen Jr. Chair in Government at the University of Texas. ‘There are a few of us operating safely removed from the bonfires who maintain there is no such thing as witchcraft.‘”

As more troubling details emerge about its funding and backers, and as commission member Andy Stern, late of SEIU, settles into a troubling Lanny Davis-ish “those fringe liberals are ruining everything” mode, The Huffington Post‘s Sam Stein reports in on the early doings of Obama’s deficit commission.I went over my thoughts on deficits and this commission in my SotU post a few months ago, but to repeat myself:..

On deficits: “We know exactly what happens when you cut spending too quickly after a virulent recession — It was called the 1937 Roosevelt recession, and it would be flagrantly idiotic to repeat it. Just because the GOP doesn’t seem to understand basic Keynesian economics doesn’t mean we should follow them down the rabbit hole of flat-earth thinking, just so we can look bipartisan…[Besides, p]eople were not looking to President Obama for this sort of deficit tsk-tsking and small-bore, fiddling around the margins.“

On this commission: “It’s clear to everyone involved that the entire point of this commission is CYA: i.e, to create political cover for raids on entitlement spending, while once again ignoring the grotesquely swollen defense budget…In other words, this commission will basically just be a chance for deficit peacocks to pretend they’re Serious People and ‘make tough decisions,’ while in fact the one really tough idea that actually needs to be tackled — reining in defense spending — will be completely avoided.“

What I said then still stands. At best, this commission always sounded to me like centrist kabuki theater for deficit peacocks, and, given what we’re learning about some of its backers, it could end up being much, much worse.

Bank to Basics.

“The big U.S. banks were the source of the global financial crisis, in part because their bigness and their practices were copied by major banks around the world. What happens in this reform effort is being watched avidly in many countries, because it will say much about how global finance is to be conducted. What is often missing in these discussions are the assumptions people make about banking and its role in a modern economy. We should begin therefore with some first principles.“

As the manifestly fradulent behavior by Goldman Sachs of late comes to full light — one among many, it seems — Numerian of The Agonist goes back to basics to make a case for strong banking reform. “The very first lesson we should learn from this crisis, which we thought this nation learned in the 1930s, is never again…The second lesson we should learn from this crisis is that we should not as a nation have to learn these lessons over and over again every 80 years. Something has to be done to make the legislative changes this time stick.”

HCR: Where’s My Stuff?

Since I was talking to old friends on Facebook yesterday and realized once again that few folks outside of DC have a good sense of what’s actually in the recently passed health care bill, here’s a handy interactive graphic that delivers the what-for for the first year. There’s also a handy embed code there for wider distribution (but sorry, the death panel protocols are still classified. You’ll learn them when they come for you.)

Hudson Hawks (Lehman’s Garbage).

“‘How can anyone — regulators, investors or anyone — understand what’s in these financial statements if they have to dig 15 layers deep to find these kinds of interlocking relationships and these kinds of transactions?’ said Francine McKenna, an accounting consultant who has examined the financial crisis on her blog, re: The Auditors. “‘Everybody’s talking about preventing the next crisis, but they can’t prevent the next crisis if they don’t understand all these incestuous relationships.’“

The NYT delves into the sordid story of Hudson Castle, a.k.a. Lehman Brothers’ alter-ego, which they used to squirrel away shady investments. (This shell game didn’t even make the recent Lehman report, which apparently found enough “materially misleading” behavior to warrant criminal charges against Lehman’s leadership.)

Blunt Rebuke.

“‘Access for kids who have pre-existing conditions, who would be against that?’ Blunt asked a group of health care professionals in Springfield, MO. ‘But access for adults who’ve done nothing to take care of themselves, who actually will have as I just described every incentive not to get insurance until the day that you know that you’re going to have medical expenses–that’s a very different kind of story.‘”

Thanks, Roy! Republican congressman and ostensible chair of the “GOP Health Care Task Force” Roy Blunt actually comes out in favor of repealing the ban on denying coverage for pre-existing conditions, one of the few provisions in the recent health care law that usually garnered bipartisan support. For its part, leukemia declined to comment.

The Nuclear Option: Ignorance.

“If there were any doubts that Sarah Palin is a total idiot, she settled them with that single statement….Tip to Sarah Palin: Obama may have some vulnerabilities, and you may have some strengths, but command of the issues doesn’t fall in either category.” As the up traffic here in DC, Slate‘s Fred Kaplan beats back some of the dumber GOP attacks on Obama’s nuclear policy, while Joe Conason tries to explain what Ronald Reagan really thought about nukes.

Sigh…Pick any issue these days, and for far too many of the GOP opposition, the question seems to come down to whether they’re out-and-out venal or just incompetent. Sadly, the answer seems to be yes.

The Failure at the Crack.

Another very busy week at work, and haven’t had time to do a real update. But, in the meantime, via @Normative and since today is Tolkien Reading Day (i.e. the day Isildur’s Bane was destroyed and Sauron fell), here’s a great editorial cartoon on the dangers of the ring on the executive power front. (I presume that’s meant to be Russ Feingold in the Elrond role.) The Hearts of Men are easily corrupted, and the Ring of Power has a will of its own…

Here’s to our Health.

“As our colleague John Lewis has said, ‘We may not have chosen the time, but the time has chosen us.’ We have been given this opportunity, an opportunity right up there with Social Security and Medicare: health care for all Americans. I urge my colleagues in joining together in passing health insurance reform — making history, making progress, and restoring the American dream.”

So, as you may have heard, the House passed the health care bill 219-212 late last night. It was a long and busy weekend, and a long and busy week is ahead, formulating the death panels and whatnot. Still, we’ve been talking about this bill since I got here last July, so it feels quite good to finally get this done. Now, let’s make it better. (Pic via here.)

Update: Here’s what goes into effect right away, and here’s what it means for you.

The Government We Paid For.

“‘This is the earliest that the Center has ever offered an estimate,’ Krumholz said. ‘As election observers across the political spectrum work to assess the impact of Citizens United, this prediction offers a solid baseline to compare new spending levels against.'” Before even taking the torrents of campaign cash expected in the wake of the Citizens United decision into consideration, the Center of Responsive Politics estimates that the 2010 midterms will cost over $3.7 billion. (FWIW, the year 2006 clocked in at $2.85 billion.) Sigh…fasten your seat belts — It’s going to be a bumpy ride.