CJR quoting Bloomberg:

[WARREN] “I made a decision at the beginning that the experts wrecked this economy and the public has a right to know what’s going on,” she said. “It’s our economy on the line and the experts can’t be trusted. I want everyone to be part of the solution to how we want to change our economic world. If it’s risky or makes me look stupid to someone, so be it.”

Crazy talk!

Mel Watt, from NC's 12th district, is leading the charge this time. Coincidentally, I'm sure, Bank of America headquarters is also in his district.

If you disagree with this, I suggest you let Mr. Watt, and anyone who has not cosponsored this bill know.

Bloomberg:

Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

Pravda has what looks like a fine report today on AIDS programs in Washington, DC. Here's how they describe it:

About this Investigation
Over ten months, the Washington Post analyzed the spending, services, and finances of every specialized AIDS organization funded by D.C.'s HIV/AIDS Administration from 2004-2008, an estimated 90 groups, building a database from tax returns, audits, lawsuits, real estate records, D.C. Council records, and corporate and police reports. The Post also obtained grant agreements, invoices and government correspondence for about 60 of these groups. The newspaper interviewed dozens of people with HIV or AIDS patients, their families and service providers, and visited more than a dozen offices across the city.

The largest possible sum at issue seems to be $25 million, since that's the total sum available to non-profits, where the problems seem to be concentrated.

So, one question:

Simon Johnson:

Top people in the Obama administration now begin to understand what they have wrought.  The body language becomes uncomfortable when you bring up this topic and they are eager to discuss alternative ways forward.

But we are entering a new, more global era of state capture, and the US government (or, more precisely, its credit) was handed over – rather meekly – during the past 12 months.

This is interesting from Bloomberg:

Goldman Sachs Group Inc (GS.N), legendary for its clout in Washington, has inexplicably halted its political fund-raising machine.

The strange twist comes at a time when Wall Street's biggest and most powerful investment bank, nicknamed Government Sachs by critics, seems in other respects to be just as politically involved as ever.

By all accounts, its senior executives are in close contact with Washington regulators, the lobbyists on its payroll include some of the best connected, and it continues to spend heavily to influence government.

Bloomberg:

“The financial sector polluted the global economy with toxic assets and now they ought to clean out,” Stiglitz told reporters today in Istanbul, where he’s attending the International Monetary Fund and World Bank annual meetings. He said a tax is “much more feasible today” than in the past.

The IMF will study ways to tax the financial industry at the request of Group of 20 leaders, Managing Director Dominique Strauss-Kahn said last week. He dismissed the “very simplistic” idea of the so-called Tobin tax, a global charge on currency trades which he said would be difficult to implement.