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Politics and Media Headlines 4/3/09

Matt Davies

Here's news: G-20 summit actually achieved something (by Kevin G. Hall and Steven Thomma, McClatchy)
The leaders of the world's major industrialized nations accomplished something at their G-20 summit here Thursday that rarely happens at such gatherings of heads of state. They produced large achievements. They pledged the first-ever global regulation of hedge funds and private-equity firms, big players in global finance that have enjoyed operating under the regulatory radar. They agreed to a require banks to set aside more capital in good times to help them function in bad times. They vowed to crack down on tax haven nations that allow the wealthy to escape taxation. And they pledged $1.1 trillion to the International Monetary Fund and related institutions to help revive the global economy.

In short, the summit marks the end of an era of unbridled global capitalism and a turn toward stronger government oversight of economics, coordinated globally. Leaders of the Group of 20 effectively closed the door on an era of history and opened the door to a new one.

President Obama Heralds 'Historic' Effort at G-20 (by Jake Tapper at Political Punch, ABC News)
President Obama (Thursday) afternoon expressed confidence that the economic and regulatory steps the G-20 countries committed to this afternoon will mark "a turning point in our pursuit of global economic recovery."

An IFI success (by Paul Krugman)
Credit where credit (line) is due: the G20 outcome was better than I expected, with something substantive and important emerging - namely, much bigger funding for international financial institutions (IFIs), plus expanded trade credit. This will help smaller, currency-crisis countries a lot. A turning point? No. But realistically, most big-time international meetings produce nothing; this did something significant.

House, Senate budget plans boost Obama agenda (AP)
Passage by both House and Senate of companion budget plans gave President Barack Obama and his allies on Capitol Hill a key victory, but the debates also exposed some of the president's vulnerabilities. Obama's Democratic allies passed plans broadly supporting the young administration's agenda of higher spending on domestic programs like education and overhauling the nation's health care system. The $3.6 trillion House plan passed by a 233-196 vote Thursday.

But 20 House Democrats, mostly lawmakers representing GOP-leaning areas, abandoned Obama on the final vote. That reflected considerable unhappiness over unending deficits. Even after modest cuts to Obama's budget, the House plan predicts a $598 billion deficit in five years, while the Senate plan would produce a $508 billion shortfall.

Bayh And Nelson Vote Against Obama Budget Because It 'Costs Too Much,' But Support Costly Estate Tax Bill (Think Progress)
While not a single Republican broke with their party to vote yes on the measure, two "moderate" Democrats-Sens. Evan Bayh (D-IN) and Ben Nelson (D-NE)- voted no. Nelson defended his vote in a prepared statement: "...it just costs too much." Similarly, Bayh issued a statement saying he opposed the budget in an attempt to be the voice of "fiscal responsibility"...But if Bayh and Nelson are really concerned about the cost of the budget, why then did they also vote yesterday in favor of a $250 billion tax cut for the rich? As the AP explains, Bayh and Nelson along with eight other "moderate" Democrats broke with Obama and voted to reduce estate taxes from which 99.7 percent of Americans were already exempt.

What we're dealing with:

Employment Report: 663K Jobs Lost, 8.5% Unemployment Rate (Calculated Risk)

Part Time for Economic Reasons Hits 9 Million (Calculated Risk)

The Full Picture: Broader Unemployment Hits 15.6% (Real Time Economics, Wall Street Journal)

Bankruptcy filings mount amid growing job losses (McClatchy)

Worrisome trend: FHA sees rise in defaults on its mortgages (McClatchy)

One in 10 Americans gets help from U.S. to buy food (Reuters)

Bonus Quote of the Day (Political Wire)
"My administration is the only thing between you and the pitchforks." -- President Obama, quoted by Politico, in a behind-the-scenes account of the president's recent meeting with Wall Street CEOs.
Yes, and if you don't stop coddling them, President Obama, we'll be coming after you, too. Politically, of course.-Caro

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Carolyn Kay
MakeThemAccountable.com