Ryan Griffin in HuffPo, yeah yeah:

A bloc of African American House Democrats, angry and worried that not enough is being done about high unemployment by the administration, forced the postponement of a much-anticipated vote Thursday on comprehensive financial regulation reform.

And "progressives" couldn't do the same thing on health care why, exactly?

Look, I'm totally sure that paying to bail out the insurance companies by cutting Medicare won't have any real effects on old people who are going to die soon anyhow. Especially given this great news:

Senators from both parties on Tuesday put new pressure on Speaker Nancy Pelosi to turn the power to trim entitlement benefits over to an independent commission.

Sens. Conrad, Gregg, Evan Bayh (D-Ind.), Dianne Feinstein (D-Calif.), Mark Warner (D-Va.), Joe Lieberman (I-Conn.), George Voinovich (R-Ohio) and Jeff Sessions (R-Ala.) publicly vowed to vote against raising the debt ceiling if a budget reform commission bill doesn't come along with it.

Six others had previously made such threats, bringing the total to 13 senators drawing a hard line on the committee legislation.

“You rarely do have the leverage to make a fundamental change,” [shock doctrine!] said Senate Budget Committee Chairman Kent Conrad (D-N.D.), who said he hasn’t ruled out offering the independent commission legislation as an amendment to the healthcare reform bill.

Yay!

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.

No Associated Press content was harmed in the writing of this post

Issues of financial reform and regulation can be intimidating to laymen (this layman anyway) because of its insanely complex nature. It is easy to imagine the system as a big Jenga tower, and moving one piece might cause the whole thing to come crashing down. No one wants to be seen as inadvertently - but earnestly! - advocating for a ruinous policy. Of course, that means the opposite extreme is then in play: Turning into Hamlet and endlessly agonizing over what to do at the expense of actually doing something. Not to mention the fact that, not to put too fine a point on it, wide swaths of our leadership has for years now been deliberately advocating ruinous policies both at home and abroad. That should certainly make those of us in the unwashed masses comfortable with forcefully advocating what seems reasonable based on available data. It's not as though we could screw it up any worse.

Still, it would be nice to have a rule of thumb, compass point or guiding principle to go by. Having been a reasonably close observer of the meltdown and its aftermath, here is one I have come up with: It is necessary (but not sufficient) that any proposal be strenuously opposed by Goldman Sachs (GS). In a largely protected industry Goldman appears to be the closest thing to untouchable as we have. It is in Matt Taibbi's already-legendary description "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." It has installed a revolving door between the highest levels of the government and its board room, enjoys privileged lines of communication with the Treasury secretary exceeding even that of our closest allies, was happily positioned as a key competitor died, then days later benefited as a key debtor was drenched in cash (Yves Smith called it a "massive backdoor subsidy to the likes of Goldman"), and as it happens was the second largest contributor to the president in the 2008 election cycle. More so than any other player in financial services, GS always seems to be nearby when bad things happen.

I'm guessing No, but perhaps I'll be pleasantly surprised:

Rep. Anthony Weiner (D-N.Y.) secured a commitment from Pelosi and House Energy and Commerce Committee Chairman Henry Waxman (D-Calif.) for a vote on a fully government-run, “single-payer” insurance program in July to get liberal support for moving the bill out of committee. Weiner said Thursday that he'd been told “all systems are go,” but leaders have pointedly declined to confirm that.

Odd, that.

Elliott Spitzer:

The first structural issue that Phil Angelides and his colleagues should investigate is what corporate boards knew about the state of corporations they governed and why they did so little to protect them. ... Tracing the information flow will also permit us to understand whether the risk analysis was wrong from its inception, ignored by those up the chain, or filtered as it went up the chain.

Pennsylvania representative asks Ario to probe AHIP, Humana lobbying

The chairman of the Pennsylvania House Insurance Committee has asked the Pennsylvania Insurance Department to investigate health insurance industry lobbying, especially the TV advertisements of America’s Health Insurance Plans, on national health care reform.

Via Wired:

America’s spy agencies want to read your blog posts, keep track of your Twitter updates — even check out your book reviews on Amazon.

In-Q-Tel, the investment arm of the CIA and the wider intelligence community, is putting cash into Visible Technologies, a software firm that specializes in monitoring social media. It’s part of a larger movement within the spy services to get better at using ”open source intelligence” — information that’s publicly available, but often hidden in the flood of TV shows, newspaper articles, blog posts, online videos and radio reports generated every day.

AP actually does some reporting; turns out it's not really banksters who own Timmy; it's just a few banksters, among them our favorite, Goldman Sachs:

The calendars, obtained by the AP under the Freedom of Information Act, offer a behind-the-scenes glimpse at the continued influence of three companies -- Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. -- whose executives can reach the nation's most powerful economic official on the phone, sometimes several times a day.

What the calendars show, however, is that only a select few can call the treasury secretary.

Cappy McGarr in the Times, today:

Back in the 1990s, I was the founding chairman of Texas’ state-run purchasing alliance — an exchange, essentially — which ultimately failed. There are lessons to be learned from that experience, as well as the similar failures of other states to create useful exchanges.

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.