TPM News

Geithner: Banks Cannot Be Separated From Risk Treasury Secretary Tim Geithner is scheduled to testify today at the Financial Crisis Inquiry Commission, where he will say that stability cannot be achieved by separating banks from risk. The Treasury released an excerpt from his remarks: "The lesson of this crisis ... is that we cannot make the economy safe by taking functions central to the business of banking, functions necessary to help raise capital for business and help businesses hedge risk, and move them outside banks, and outside the reach of strong regulation."

Obama's Day Ahead President Obama will receive the presidential daily briefing at 9:15 a.m. ET, and the economic daily briefing at 10 a.m. ET. He will meet at 11 a.m. ET with his national security team on Afghanistan and Pakistan. He will meet at 3:30 p.m. ET with Secretary of State Hillary Clinton.

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Rep. Joe Sestak's (D-PA) latest ad targeting Sen. Arlen Specter (D-PA) in the tightening Democratic Senate primary ties the ex-Republican to former President George W. Bush and former Alaska Gov. Sarah Palin.

It also twice shows a clip of Specter saying, "my change in party will enable me to be re-elected."

"Arlen Specter switched parties to save one job -- his, not yours," the narrator says while a picture of Specter and Palin appears on screen.

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Just a week after condemning a third-party ad aimed against her primary opponent Bill Halter as offensive for its racially-tinged use of Indian actors, Sen. Blanche Lincoln (D-AR) has a new mailer has a new mailer that attacks Halter for allegedly sending jobs to India, and prominently features a picture of the Taj Mahal.

As the Huffington Post reports, the Lincoln campaign has a new mailer that asks: "Can we really trust Bill Halter to stop outsourcing - after his company sent American jobs to India?" Included in the mailer is a photo of Halter, rendered to look like a Polaroid photo, juxtaposed with a similarly Polaroidesque photo of the Taj Mahal.

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With the passage of an amendment this afternoon to change the way the Democrats' proposed Wall Street reforms would wind down failed financial institutions, the debate is truly, finally, on. Now all that's left is for Democrats to blast through 100 or so separate amendments in the next few days to meet their goal of finishing up work on the bill by early next week.

That wouldn't be so hard under ideal circumstances: Democratic and Republican negotiators could sift through the pile, eliminate redundancies, toss out non-germane proposals, combine others into a managers amendment, and hold up or down votes on the remaining batch.

But in this highly partisan atmosphere, a single objection at a key moment could set things back for days, and that would leave Democratic leadership forced to choose between pushing back their deadline, or retracting their promise to allow an open amendment process.

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Fox News host Neil Cavuto delivered an impassioned defense of ex-FEMA chief Michael Brown today, asserting that Brown never said that the White House was behind the Gulf Coast oil spill.

As we have previously reported, Brown accused the administration of playing "pure politics" with the spill and delaying its response so it had an excuse to shut down offshore drilling.

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The Family Research Council sends over a statement on George Rekers, a co-founder of the group and leader of the ex-gay movement who was caught hiring a male escort. The council's president, Tony Perkins, denies his group has had any contact with Rekers over the past decade.

He also said it's "not surprising" when a "Christian leader engages in the very activities that they 'preach' against."

The full statement from Perkins:

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Scott Lee Cohen, the Chicago pawnbroker who dropped out of the Illinois lieutenant governor race only to announce this week that he's running for governor, said on MSNBC today that Democrats had forced him out of the race because he "stood for honesty and integrity."

"I was forced out by the Democratic Party," Cohen said today on MSNBC. "Because I wasn't the good ol' boy, I wasn't a career politician. I was a successful small business owner. I stood for honesty and integrity, something that Illinois politics doesn't know."

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Just two days after taking office, New Orleans Mayor Mitch Landrieu held a press conference today to announce he has asked the Justice Department to intervene and force a "complete transformation" of the city's troubled police department.

"I have inherited a police force that has been described by many as one of the worst police departments in the country. This assessment is made based on several indicators including the number of violent crimes, incidents of rape, and malfeasance by members of the police department," Landrieu wrote in a letter to Attorney General Eric Holder.

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Sen. Joe Lieberman (I-CT) is not backing down. Americans who side with terrorists, he says, should lose their citizenship.

Lieberman has been making waves for the last day or so over his proposal to revoke the citizenship of Americans who become terrorists. Lieberman's push comes on the heels of naturalized American citizen Faisal Shahzad being charged in Saturday's failed Times Square car bomb attempt.

"If you're attacking your fellow Americans in an act of war you lose the rights that come with citizenship," Lieberman said yesterday.

And today, the senator from Connecticut isn't backing down.

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