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White House To Rein In 'Too Big To Fail' Institutions
The New York Times reports that the Obama administration is set to bring out new proposals for dealing with "too big to fail" institutions, with increased regulations for preventing failure: "The White House plan as outlined so far would already make it much more costly to be a large financial company whose failure would put the financial system and the economy at risk. It would force such institutions to hold more money in reserve and make it harder for them to borrow too heavily against their assets. Setting up the equivalent of living wills for corporations, that plan would require that they come up with their own procedure to be disentangled in the event of a crisis, a plan that administration officials say ought to be made public in advance."

Obama's Day Ahead
President Obama will meet at 11:30 a.m. ET with his national security team on Afghanistan and Pakistan. He will depart from the White House at 12:45 p.m. ET, arriving at 2:45 p.m. ET in Jacksonville, Florida. He will deliver remarks at 3:15 p.m. ET to servicemen and women, and will meet at 4 p.m. ET, with personnel from the Navy and Marine Corps. He will depart from Jacksonville at 4:25 p.m. ET, arriving at 5:35 p.m. ET in Miami. He will deliver remarks at a 7:25 DSCC/DCCC fundraising reception, and at a 7:50 p.m. ET DSCC/DCCC fundraising dinner.

Biden's Day Ahead
Vice President Bide is traveling to Ohio today. He will attend a morning event in Columbus for Rep. Mary Jo Kilroy, and will travel to to Cleveland afterward. At 11:30 a.m. ET, he will join the President's national security team meeting on Afghanistan and Pakistan, via videoconference. At 2 p.m. ET, he will hold an event at Cleveland Hopkins International Airport, to promote the stimulus program. He will return to Washington in the late afternoon. At 5:30 p.m. ET, he will attend the National Law Enforcement Officers Memorial Fund ceremony at the Capitol, where he will receive the NLEOMF's Distinguished Service Award.

WaPo: If You Build A Mandate, Will They Come?
The Washington Post reports that some questions remain about the universal adoption of health insurance, even if an individual mandate gets passed, and will depend largely on outreach campaigns and ease of access. "When the choice itself is complicated, it can deter people from making choices," said William J. Congdon of the Brookings Institution. "The small hassles associated with taking up programs -- driving to an office, filling out a form -- have a disproportionate effect in discouraging people."

Lieberman: I'm Worried About The Deficit, Not Connecticut Insurance Companies
Sen. Joe Lieberman (ID-CT) told The Hill that his concerns about health care reform are not based on his home state's insurance companies, but on the budget deficit. "Insurers aren't my biggest concern -- I sued them once when I was attorney general, and I'm not afraid to end anti-trust exemptions," said Lieberman. "I am really worried about what this could do to the deficit."

GOP Slowing Down The Senate With Cloture Votes
Roll Call reports that Senate Republicans have done a good job of forcing Harry Reid to hold cloture votes in order to get anything done -- which even if they are successful, require 30 hours of debate before the cloture vote and 30 hours after. "We shouldn't be having these cloture votes," said a senior Senate Democratic aide.

Sebelius: Not Too Late For Swine Flu Vaccine -- Because Another Wave Could Come
Secretary of Health and Human Services Kathleen Sebelius said that despite delays in getting the H1N1 vaccine mass-produced, and projections that the virus will peak at the end of the this month, the vaccines could still be needed: "I don't think it's too late ... What we saw in 1950s (flu pandemic) was that there was a big outbreak in fall and then a new wave in the spring."

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19 comments

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October 26, 2009 9:07 AM   

Lieberman knows the public option significantly reduces the overall cost of the bill. Once again, he reveals himself to be a mendacious hypocrite. Shame on him.

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October 26, 2009 9:17 AM   

Lieberman is such a tool. Correction: Lieberman is such a lying tool.

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October 26, 2009 9:18 AM   

It sounds like Harry Reid needs to take procedural lessons from Bob Byrd to put the disloyal opposition in their place-as a small minority party in the Senate. The Party of No can be bypassed when needed.

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October 26, 2009 9:26 AM   

You believe Traitor Joe, right?

Good! He has been looking for just such a mark, er, trusting individual rather, as yourself! He has a previously-owned motor vehicle with your name on it, a real creampuff!

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October 26, 2009 10:29 AM    in reply to Overreach THIS!

additionally, he has a spiffy bridge that just might strike your fancy as well!

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AJM

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October 26, 2009 10:49 AM    in reply to CogitoSoup

Shorter Joe: How many bridges do you want?

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October 26, 2009 10:59 AM    in reply to AJM

Glad we're all together on this! Joe's got swampland for the trusting investor!

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October 26, 2009 9:38 AM   

It would force such institutions to hold more money in reserve and make it harder for them to borrow too heavily against their assets.

these are good steps. I also agree with some economists that breaking up too large institutions would be good. As well as, bringing back some old skool regulations.

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October 26, 2009 10:09 AM    in reply to Indie Pro

The beauty of the requirement that they increase reserves and reduce leveraging of reserves as they get bigger is that the closer a company is to "too big to fail," the harder it is for it to compete with smaller companies. If they can find a way to keep up under those restraints, well and good, but in most cases you'll end up with shareholders demanding that they break themselves up.

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October 26, 2009 12:31 PM    in reply to The Commenter Formerly Known as NCSteve

Break em up, now. Too big to fail is such bs. Where is Teddy Roosevelt when you need him. All these huge institutions should be broken up to foster competition, avoid future bailouts and increase employment. The merger mania was a huge windfall for the super rich again and greatly harmed what's left of middle america. Don't people remember history and Standard Oil and Carnegie Mellon and JP Morgan. Oh that's right one of these huge monstrosities is named after freaking JP Morgan. Give me a break. Break em up NOW, including the media conglomerates which have become arms of the repuke party.

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October 26, 2009 9:38 AM   

Lieberman said he's going to vote for the bill regardless of whether it has a public option, claiming that no matter what, it will increase the deficit. The question is whether (or when) he walks back his "inclined to vote for cloture" remarks.

And the bigger question is whether Chris Bowers is right that the real problem is Evan Bayh, who's the only Democratic senator to take the position that it's "unfair" to pressure him to vote for cloture on bills he substantively opposes on policy grounds.

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October 26, 2009 9:48 AM   

Then Lieberman is for a robust public option because according to the CBO it saves money. Sweet!

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October 26, 2009 10:03 AM   

I still don't see how even a hint of a vote against cloture from a member of one's own caucus, on one of the party's top legislative priorities, can be tolerated. Unless there are severe repercussions for such a vote, what does it even mean to belong to the Democratic caucus?

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October 26, 2009 10:22 AM   

Uh... Sued them when he was AG? What, a million years ago? Never mind that Hadassah has worked as a flack and/or lobbyist for the healthcare industry for a quarter-century? Of course, Joe's such a schmuck, I'm sure he'd vote with the insurers on principle, even if he didn't have a vested interest in their vested interests. That's just how he rolls.

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October 26, 2009 10:22 AM   

Because it would take only one wayward senator to throw off Harry Reid's strategy, passing the health care reform bill without Snowe therefore means that the most important legislation in our lifetime and the future of the Democratic majority rests at the mercy of the whims of the ilk of Traitor Joseph Lieberman. It is no wonder the President may have second thoughts about this approach, especially in view of the unprecedented stakes.

Pelosi cracked her notorious whip last week for a strong public option yet failed to pull her caucus together to support it. If hitherto effective Pelosi failed at a goal she publicly deemed attainable, there is enormous risk of Reid, who has zero reputation in the arm-twisting department, failing to keep Baucus, Conrad, Landrieu, Lincoln, Nelson, and Traitor Joe from pulling a curly shuffle and sending reform and the Democratic majority down the crapper. Remember, it takes only one, and it is a tough choice to determine whether Lieberman or one of the other deep red state Senators is the less reliable.

Obama has stated that in conference, differences between the bills can be ironed out, and they would no longer be subject to filibustering. However, the progressive blogosphere is teeming with skeptical commenters who neither trust for this to happen nor are willing, if they take Obama at his word, to settle for the product of Obama's preferred strategy.

I do wish Harry Reid all the success in the world in holding those sixty egomaniacs together. If he does, it will be the hail mary pass of this political era. However, I also hope that in pursuit of the coveted bone reflected in the water, Democrats do not drop the one already in our mouths. Without either, we will be considerably weaker politically when the Republican hyenas attack our failed Democratic party.

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October 26, 2009 11:44 AM   

Nice to see the Democrats admit that Republicans are extremist obstructionists who are preventing the people's work from being done.

Did you know that we have no Surgeon General to deal with the Swine Flu problem? And that this is entirely due to Republican blockage?

Washington, DC needs an enema.

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October 26, 2009 12:46 PM   

If Lieberman is concerned about the deficit, then why did he vote for the war in Iraq?

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October 26, 2009 4:27 PM    in reply to charlie8080

Maybe Hadassah was lobbying defense contractors?
BTW Joe, I don't care that you are such a Dick. What I really care about is your droopy dog face.

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