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Time is Running Out for Big Ben

Opposition has been mounting to the reconfirmation of Ben Bernanke as Federal Reserve Chairman. In recent days, Senators Barbara Boxer (D-CA) and Russ Feingold (D-WI) and John McCain (R-AZ) announced that they would vote no. Today, Senator Tom Harkin told the DesMoines Register he would be a no vote. If Bernanke does not get a vote this week, before the formal end of his first term, it would send shock waves through Wall Street.

Although he was named Time magazine's "Man of the Year" due to his handling of the financial crisis, Boxer and Feingold reprise a bit of forgotten history. “Dr. Bernanke played a lead role in crafting the Bush administration’s economic policies, which led to the current economic crisis. Our next Federal Reserve chairman must represent a clean break from the failed policies of the past,” said Boxer.

Tribune Plans Millions in Exec Bonuses while Reporting Gets Cut

A U.S. federal bankruptcy court is expected to rule this week on whether the bankrupt Tribune media company can pay its executives big bonuses despite the cuts to its reporting staff. According to Business Insider, the Tribune is seeking to pay out over $45 million to its executives (down from $70 million this summer). The Tribune company probably owns a paper near you: the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, Morning Call and Daily Press and 23 TV stations and more.

Talk about bankster envy! What's a failing media conglomerate that has slashed staff and frozen salaries doing giving such golden parachutes to management, while ad revenues plummet? It must be hard for the top dogs to take a critical look at the big bankster bonuses when they are pressing hard to line their own wallets. I must confess that I do have a bias, having seen some great investigative reporters I know laid off by the Tribune's "cost-saving" measures, which apparently do not including saving millions of dollars at the top.

Obama to Wall Street: "You want a fight? I am ready."

The President took on Wall Street Thursday. Stocks plummeted, consumer activists cheered. Now we are talking.

Obama's throwdown comes hard on the heels of the special election in Massachusetts in which public outrage over the bank bailout and the state of the staggering economy played a major role. As we have already reported, Republican Scott Brown seized the Democratic stronghold by billing himself as a man of the people and using public dismay with the Wall Street bailout to his advantage on the campaign trail. On Thursday, Obama showed he got the message.

For the first time, the President's narrative directly blamed Wall Street for the crisis and proposed a major structural reform to business-as-usual. After freeing former Federal Reserve Chairman Paul Volcker from the closet he had been stuffed in at the Treasury Department, Obama brought him out to announce new measures long advocated by Volcker.

Citizens United Is a Radical Rewriting of the Constitution by Pro-Corporate Supreme Court

Five Republican appointees to the U.S. Supreme Court just struck down critically important laws regulating corporations' influence on election and public policy. The Center for Media and Democracy strongly opposes this radical decision by a bare majority of the Supreme Court to rewrite the First Amendment and give corporations even greater influence in elections and public policy. With this decision, huge corporations like Goldman Sachs and AIG will be able to use their enormous wealth to run campaigns against the president or any person who might oppose their agenda.

In our view, this decision is terrible for our democracy. The corruption of policy development we have already seen by the big insurance companies in the health care debate, by the big banks opposing regulations to protect our economy, and the big oil companies slowing efforts to address global warming, even under the current rules that the Court just struck down, show this decision will make things worse. We cannot sit on the sidelines and let this radical decision stand.

Americans Before CorporationsYou can help us stand up to the Court by casting your vote against this judicial activist decision and sending a strong rebuke. Please sign our petition and help put Americans before corporations. Please tell your friends, family and colleagues about this important issue and urge them to sign the petition. We also have a new "Corporate Rights portal" we are launching in SourceWatch to help educate the general public about these issues and provide a gateway for getting more involved. You can bookmark this link to the Corporate Rights portal to stay up-to-date on the latest news about this issue.

Scott Brown Successfully Capitalized on the Bailout Blues

Massachusetts Attorney General Martha Coakley lost her special-election for the Senate seat vacated by the untimely passing of U.S. Senator Edward Kennedy. Much has been said about the role of health care reform in the race. Apparently everyone in Massachusetts has health care and reasonable doubts about an expensive national plan that might not improve their services.

But in the final days -- lagging in the polls -- the race was less about health care and more about the Wall Street bailout and the state of the economy. Her opponent, Scott Brown, successfully capitalized on the bailout blues and Coakley pulled out the big guns and resorted to a theme she perhaps should have emphasized throughout, bashing the big banks.

Tea Party Money-Bomb Elects Scott Brown, Blows-Up Obamacare

Six months ago, the vocal factions of the Tea Party revolt organized among anti-Obama right wingers were mostly an annoyance to the Democratic Party. Today, the Congressional Democrats are scared for their political lives after Scott Brown, with the help of a Tea Party-organized online "money bomb" and get-out-the-vote campaign, won back for Republicans Ted Kennedy's former Massachusetts senate seat. The "money bomb" is a tactic borrowed from MoveOn and the liberal netroots movement through which the Tea Party activists raised way over one million dollars online in 24 hours for Scott Brown. Even though the Republicans have only reduced the still large fifty-nine member Democratic senate majority by one person, the fact that Brown ran an uphill campaign that came from nowhere and steamrolled to victory means that all the Congressional Democrats are now looking over their right shoulders, fearing a similar populist attack as the 2010 electoral season heats up.

The Tea Party money bomb has also blown up Obamacare, the President's muddled health care reform plan. While many pundits point to local issues that helped Brown win, the fact is that Brown ran hardest against Obama's health care bill, and won despite personal appearances in Massachusetts by Obama and Bill Clinton, and despite a desperate but failed Democratic effort to beat back the insurgency.

Senator Dodd’s Dilemma: Who to Take to the Ball?

On Friday, the Wall Street Journal reported that President Obama's signature financial reform, a Consumer Financial Protection Agency (CFPA), was in trouble in the Senate.

Senate Banking Chairman Chris Dodd (D-Conn.) was considering dropping the idea of creating an independent, stand-alone consumer protection body, empowered to crack down on banking abuses, in order to get a regulatory revamp passed this year with bipartisan support. Dodd is apparently considering shrinking the CFPA into a division of an already-existing federal agency (no doubt one with a proven track-record of failing consumers.)

Dodd is faced with a dilemma. Although he introduced a rather strong financial services reform bill in Congress last year -- one which creates an independent CFPA, curtails the powers of the Federal Reserve and tackles many Wall Street abuses -- it appears that big bank lobbyists who have spent millions fighting reform are now chipping away at his bill.

Too Big to Fail, Not Too Big for Jail

U.S. Attorney General Eric Holder appeared before the Financial Crisis Inquiry Commission today. He cited his strong statutory authority to go after the firms that had a role in the worst economic disaster since the Great Depression. His team was tackling securities fraud, accounting fraud, financial discrimination and fraud related to the stimulus bill. It was an impressive list, but what was not impressive was the first case he touted – Bernie Madoff.

You remember Bernie. His kids turned him in. It appears that the FBI considers this the high-water mark of criminal detective work.

PR First, Country Second: A McCain Campaign Retrospective

On her January 12 show, Rachel Maddow of MSNBC reviewed a portion of the new book about the 2008 Presidential election, Game Change, by political reporters John Heilemann and Mark Halperin. The section was about Sarah Palin. The authors discuss Palin's prep and tutoring for the campaign trail, and conclude that "her grasp of rudimentary facts and concepts was minimal." They allege Palin didn't know why North and South Korea were separate nations, didn't know what the Fed does, and couldn't explain who her son, Track, was going to fight in Iraq. Maddow played a video clip of Palin, taped during her appearance on the Bill O'Reilly show shortly before Maddow's show that same night, in which Palin admitted that she didn't know who perpetrated the 9-11 terror attacks against the U.S. In another clip, Palin was giving a speech to American troops as they prepared to ship off to Iraq. In her speech, Palin suggested Saddam Hussein was behind 9-11, even though her campaign prep team had carefully explained to her the day before her speech that Iraq was not involved in planning or perpetrating 9-11.

Where's the Outrage Over Obama's Health Care Propagandist, Jonathan Gruber?

US News and World Report blogger Peter Roff is comparing the Obama Administration's payments to Jonathan Gruber to the the pundit payola scandal of the Bush Administration paying Armstrong Williams.

In January 2005, USA Today revealed that a U.S. Department of Education contract paid Williams to promote Bush's No Child Left Behind legislation on his TV show and to ask other African American journalists to do likewise. Democrats and media activists were appropriately outraged at such blatant and hidden government propaganda. A January 7, 2010, report by Marcy Wheeler on her Firedoglake blog exposed the similar failure of the Obama Administration and influential MIT economist Jonathan Gruber to fully and consistently reveal Gruber's role in receiving hundreds of thousands of dollars as a paid consultant to the Obama Administration, while promoting Obama's health care legislation.

Roff, a long-time Republican activist and right wing pundit, notes that in the William's payola scandal "senior Democrats in the U.S. House of Representatives wrote to President George W. Bush expressing their outrage. In one of those letters, then-House Minority Leader Nancy Pelosi and Reps. Henry Waxman, George Miller, David Obey, and Elijah Cummings denounced the payments made to Williams under a government contract as 'illegal covert propaganda' intended to influence the American electorate."

What a difference partisanship makes now that Obama is president. In the Gruber scandal prominent liberals including New York Times columnist Paul Krugman have attacked the messenger, Marcy Wheeler and Firedoglake, rather than criticizing the lack of disclosure and the money changing hands, and digging further into the relationship between Obama and his paid health care advocate Jonathan Gruber.

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