BIRMINGHAM NEWS: Senator Richard Shelby receives praise in insider account of the bank bailout
A new book from the former government watchdog over the bank bailouts includes a flattering portrait of one of the bailouts’ biggest opponents, Sen. Richard Shelby of Alabama.
In “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street,” Neil Barofsky writes about his run-ins with top Treasury Department officials and regulators that he alleges were too cozy with big banks. Barofsky was appointed by President George W. Bush and worked through the first two years of President Barack Obama’s term policing the Troubled Assets Relief Program, or TARP.
Shelby opposed the $700 billion program as undeserved public aid to those responsible for the financial crisis, not the taxpayers and homeowners who were its victims. His opposition was early and entrenched and, despite his high rank on the Senate banking committee, Shelby largely avoided the congressional negotiations before the program became law in 2008.
National & International Politics
FOX NEWS SUNDAY: Supreme Court Justice Scalia Makes Way for Gun Rights Limitations
United States Supreme Court Justice Antonin Scalia sat down with Chris Wallace on Fox News Sunday. The longest serving member of the court explained his approach to making decisions as outlined in his new book “Reading Law: The Interpretation of Legal Texts” which was written with law professor Bryan Garner. Scalia told Wallace that using the approach of originalism means to give the Constitution “the meaning that it had with respect to those phenomena that were in existence at the time.”
Watch the fascinating full interview:
BREITBART: ROMNEY: JERUSALEM CAPITAL OF ISRAEL
Today, Mitt Romney drew a clear contrast between himself and the Obama administration on the State of Israel. Standing before a backdrop of Jerusalem’s Old City on Judaism’s Ninth of Av – the day designated for mourning the destruction of the First and Second Temples – Romney didn’t flinch from embracing Jerusalem as Israel’s capital, even as the Obama administration continued to refuse even that simple statement.
“It is a deeply moving experience to be in Jerusalem, the capital of Israel,” said Romney.
WEEKLY STANDARD: Carney Unable to Identify Capital of Israel
In today’s press briefing, White House spokesman Jay Carney was unable to identify the capital of Israel. Carney would not say whether President Obama believe it’s Tel Aviv or Jerusalem. For nearly a minute, in response to repeated questioning, Carney only says that “our position hasn’t changed” and that he hasn’t gotten that question in a while.
The Emergency Committee for Israel responded with this ad:
NEW YORK TIMES: Bill Clinton to Have Leading Role at Party’s Convention
Former President Bill Clinton is set to play a central part in the Democratic convention, aides said, and will formally place President Obama’s name into nomination by delivering a prime-time speech designed to present a forceful economic argument for why Mr. Obama deserves to win a second term.
The prominent role of Mr. Clinton, which is scheduled to be announced on Monday, signals an effort by the Obama campaign to pull out all the stops to rally Democrats when they gather for their party’s national convention in Charlotte, N.C. An even more important audience will be the voters across the country who will see the address carried by television networks.
“There isn’t anybody on the planet who has a greater perspective on not just the last four years, but the last two decades, than Bill Clinton,” David Axelrod, a top strategist to the Obama campaign, said in an interview on Sunday. “He can really articulate the choice that is before people.”