The Commentariat -- 1/1/11
Stephen Colbert weighs in on so-called Reps. Mike Fitzpatrick & Pete Sessions taking their oaths of office on the teevee:
Sudeep Reddy of the Wall Street Journal: "To an extent rarely seen in recessions since the Great Depression, wages for a swath of the labor force this time have taken a sharp and swift fall."
Ben Bernanke Is the Best Fucking Banker in the World. Felix Salmon of Reuters: "The Fed ... managed to earn net income of $80.9 billion in 2010. Which means that its return on assets was incredibly high at 3.3%, while its return on equity was an astonishing 143%. I think it’s fair to say that no bank in the history of the world has ever had income of anywhere near $80 billion in one year: that’s over $700 per US household. Somehow, the Fed is making roughly $60 per household per month, and remitting that money straight to the Treasury.... $80 billion is enormous — more than four times the Fed’s profit in 2004, for instance. And it’s a useful reminder of ... how monetary policy can make a serious dent in the funding-need side of fiscal policy."
Ezra Klein: Paul Ryan, who will be charged with writing the federal budget, pretends to be a deficit hawk, has repeatedly voted for advocated for budget-busting measures.
John Schwartz of the New York Times: "With judges looking ever more critically at home foreclosures, they are reaching beyond the bankers to heap some of their most scorching criticism on the lawyers. In numerous opinions, judges have accused lawyers of processing shoddy or even fabricated paperwork in foreclosure actions when representing the banks."
A Work of Fiction by Joe Biden. Politico: in Afghanistan, Vice President "Biden was cordial with [Afghan President Hamid] Karzai, saying he 'did a great job in Lisbon” at a summit to talk about the future of Afghanistan. 'I think it's gotten us on the same page,' he said, according to the pool."
Sex News
Adam Liptak of the New York Times: William S. MacDonald, a man who was convicted of a felony violation of a sodomy law -- a Virginia law which is similar to the law the Supreme Court struck down in Lawrence v. Texas -- is still forced to register as a sex offender. MacDonald has asked the Supremes to hear his case.
Tamar Lewin of the New York Times: "The abortion rate in the United States, which has declined steadily since a 1981 peak of more than 29 abortions per 1,000 women, stalled between 2005 and 2008, at slightly less than 20 abortions per 1,000 women, according to a new report from the Guttmacher Institute.... Rachel Jones, the lead author, said the economy might have played a role":
Unintended pregnancy is increasingly concentrated among poor and low-income women, and for the 2008 survey, we were collecting data in the midst of a recession>. So there are more poor women in the survey, women who in better economic times might have decided to carry to term, but since they or their partner lost their job, decided they couldn’t.
Uh-Oh. NBC News: "Ted Williams, the formerly homeless man who became a viral sensation for his 'golden voice,' was detained with a daughter Monday night after police responded to a disturbance at a Los Angeles hotel, according to the Hollywood Reporter and Access Hollywood."