Blue Dog Dems have no electoral worries

Michael Tomasky compares their recently electoral wins with McCain-Obama margin in their districts. The results? They’re full of crap with their “we have to vote conservative” claims.

Tomasky goes on to chide the American mainstream media for, well, for not doing the research he just did, and instead, blindly buying these claims.

Let’s take that a step further, and say that Henry Waxman and Nancy Pelosi also need more chiding.

Markey-Waxman climate bill clears first hurdle – of many

On a 33-25 vote, basically party-line, it was voted out of the House Energy and Committee Committee. But, it’s got plenty of hurdles still, mainly bad.

First, House Ag members supposedly (and after the EPA showed ethanol wasn’t at all carbon-friendly) want to cut ethanol more slack. Yeccch. Big Ag joins Big Coal and Big Oil at the hog trough.

Second, the Senate still lurks.

Third, a good hurdle, but one that could be a derailer. Some members of House Ways and Means want a carbon tax instead of cap-and-trade. Especially since most the initial permits are being given away, not sold, and probably nothing was learned from the EU, this is a great “hurdle.” But… (see Big Coal/Oil above) this could indeed be a sticking point.

And, even before posting this, the first Gang Green-type enviro group had already hit my e-mail inbox. Surprisingly, League of Conservation Voters did NOT ask for money to “continue the fight.”

Frankly, as with healthcare, we’ll probably get something where the good is the enemy of the better. And, with pseudo-rhetorical flourishes, Just.Another.Politician.™ will sign it into law.

Krugman gives Obama et al a pass on environmentalism

Paul Krugman says its better to accept the Waxman-Markey bill on climate change rather than fight for something better that might not get passed.

But, for a Krugman column, it’s got a lot of errors, primarily of omission.

1. This bill has just been released. Who knows how eviscerated it will be six weeks from now?
2. Krugman overlooks how Europeans initially blew cap-and-trade.
3. Krugman ignores that Team Obama has already promised to give away, rather than sell, most cap-and-trade permit, rather than sell them, and to give many to big polluters.
4. Could somebody game cap-and-trade? One commenter to his column suggests “Enron.”
5. He overlooks the contrary to his position, that sometimes the good can be the enemy of the best, or the better.

Read the whole column and judge for yourself, but I think he’s wrong.

Team Obama distancing from Waxman-Markey climate bill?

So it would seem, with the equivalent of a “my dog ate my homework” reason for why the Obama Administration still hasn’t endorsed the Waxman-Markey bill. Still studying details on a 648-page bill isn’t much excuse when the bill came out last month.

Now, the bill has its flaws, to be sure. I wouldn’t give away ANY cap permits myself; all would be sold. It’s not clear on how utilities, etc. would be regulated to keep them from gouging customers.

And not using carbon taxes at all is bad policy.

But, it’s a good starting point, nonetheless.

Waxman-Markey go beyond Obama on climate bill – about time

The bill proposed by Rep. Henry Waxman, chair of the Committee on Energy and Commerce, appears to have some teeth. It would lower emissions faster, and a have a higher renewable energy standard, than what President Barack Obama has proposed.

Even if this isn’t the final answer, Waxman and Rep. Ed Markey, chair of the Subcommittee on Energy and the Environment, are pushing Obama from the left, just as is needed.

Unfortunately, Rep. Rick Boucher, chair of the Subcommittee on Communications, Technology and the Internet, has inserted some clean coal provisions in the Waxman bill.

But the three are in unison for public consumption; in their letter to the White House laying out the case for their bill, they even got dinosaur John Dingell to sign off with them.

And, with folks like Greenpeace ready to push further from the left, maybe something will get passed.

On the other hand, it doesn’t look like this can get through the Senate via budget reconciliation. Even if it had a chance, I think Team Obama wants to reserve a slot for that for healthcare.

My guess is that, on alt energy and carbon, we end up with something about halfway between where we’re at now and the Obama bill, with more Christmas trees of the Boucher type for clean somewhat less dirty coal.

Waxman topples Dingell – hope for energy future

Two big things to note on Henry Waxman’s ousting John Dingell as chair of the House Energy and Commerce Committee.

One is that Speaker Nancy Pelosi does have elbows, and she’ll use them. (Why she didn’t use them more on other issues in the past two years, lie Iraq withdrawal, is another subject.)

Two — a Big Three bailout on blank-check terms ain’t gonna happen. If Detroit wants help, it’s going to have to overhaul itself.

Soros – don’t allow what you don’t know how to regulate

Pretty smart advice from George Soros, speaking before a House Committee on Oversight and Government Reform hearing on hedge funds, with Soros one of five fund managers averaging $1 billion-with-a-b in income last year.

And, judging by representatives’ comments, maybe, in addition to regulation, the House will find the conejos to steamroll Chuck Schumer and tax interest carryovers as income. I'm sure Henry Waxman would like to go that direction. Now, what other regulation could happen, who knows? But, “transparency” was the buzzword of the day.

Waxman to challenge Dingell

Rep. Henry Waxman will challenge House Methuselah John Dingell for chairmanship of the Energy and Commerce Committee.

A Waxman chairmanship would make a HUGE difference on greenhouse gas matters vis-à-vis the auto industry. Go, Waxman!

Other potential changes in Congressional leadership are Keep an eye on already shaping up. Among House Democrats, the possible move to the White House by Rahm Emanuel is inspiriing much of this.

Keep an eye on Roll Call in days, even hours, ahead for other Congressional news.

Waxman subpoenas EPA over California CO2 waiver denial

Henry Waxman, chairman of the House Oversight and Government Reform Committee, wants materials from the Environmental Protection Agency he claims show discussions with the White House before denying California’s request for a waiver to regulate carbon dioxide emissions of vehicles.

Well, if you’ve seen my review of “Censoring Science,” you have no doubt this happened.

You also have no doubt that, before Jan. 20, 2009, Henry Waxman isn’t getting Document 1.

First, EPA Administrator Stephen Johnson will cite executive privilege. Second, he’ll cite California’s suit over the issue. That actually has more legal bearing, but the first issue won’t hold up, and California will ask for the documents in the trial.

Will Waxman subpoena Bernanke over Bear and BlackRock?

Will Henry Waxman, chairman of the House Oversight and Government Reform Committee, maybe even HAVE TO subpoena Ben Bernanke, The Worst Fed Head Since Greenspan™?

Well, as more and more comes out about the $30 billion line of credit to JPMorgan to buy out Bear Stearns, maybe the answer is yes. Waxman wants to know why the BlackRock financial management firm got a no-bid contract to manage this.

Well, Big Ben will tell you, Henry, that the depth of the emergency meant there wasn’t time to take bids, even if that further reflects on his already less-than-stellar reputation.

Waxman says he wants to know more about BlackRock's role in managing the money, why it received a no-bid contract and whether the company's portfolio has investments in distressed mortgages or anything that may be in conflict with its new role in managing the Fed's money during the housing meltdown.

A bit more info about BlackRock:

1. It’s 49 percent owned by Merrill Lynch. This gives credence to the story that the Street was ready to get out the long knives for Bear Stearns.
2. Despite a public protestation otherwise, one wonders if Waxman isn’t just barking up the right tree on BlackRock problems. In February, admitting it was against normal company policy to comment on rumors, BlackRock said it had no CDO exposure.