WEDNESDAY, JUNE 18, 2008

DEFAULT IN THE SENATE.  The Editors decry the corruption in the Senate with the Countrywide Financial bailout:

The U.S. Senate is about to enact a massive subsidy for Countrywide Financial less than a week after revelations that the company’s “Friends of Angelo” sweetheart-loan program included two U.S. senators. It seems unthinkable, but it’s true. What’s worse? One of the two senators sponsored the bill.

The principal author of the Dodd-Shelby housing-bailout bill is Sen. Christopher Dodd, a Connecticut Democrat who chairs the Senate Banking Committee, which has jurisdiction over the mortgage market. Last week, Portfolio magazine revealed that Dodd was one of two U.S. senators who benefited from a program under which Countrywide Financial gave loans at favorable terms to the influential and the powerful. The other senator was Kent Conrad, a Democrat from North Dakota.

The allegations against Conrad are damning enough. Though he denies having known he received preferential treatment, Conrad admitted to a Wall Street Journal reporter that he called Countrywide CEO Angelo Mozilo to ask for a loan on the advice of former Fannie Mae CEO Jim Johnson, another beneficiary of the program. (Johnson resigned from Barack Obama’s running-mate vetting team after his involvement in the program was revealed.)

But as powerful as Conrad is, the allegations against Dodd are more disturbing because he wields so much power over Countrywide’s fortunes and because he has used that power to benefit Countrywide.

LEGAL ARGUMENTS.  Peter Wehner spars with Andrew Sullivan on Boumediene v. Bush.

HATE SPEECH VS. FREE SPEECH.  Jonah Goldberg pinpoints what is so shocking about the slapdash Mark Steyn trial:
Why bother with evidence at all? Hate speech is essentially defined as anything certain “victimized” people find offensive. So, if a group is sufficiently offended to complain to a human rights commission, the burden of proof has already been met.

And what about free speech? Dean Steacy, an investigator for Canada’s national commission, explained it nicely: “Freedom of speech is an American concept, so I don’t give it any value.” He gets points for honesty.

THE SENATE TROUGH.  Mark Hemingway dines in the unsavory Senate Cafeteria.

ABUSE & THE SYSTEM.  Kathleen Parker exposes the injustice towards men in domestic-violence legislation.

YOU-GO-GIRL TALK.  Kathryn Jean Lopez dishes about Michelle Obama’s appearance on The View.

TRUTH UNCOVERED.  Now that the Haditha Marines have been found innocent, Michelle Malkin notes that the press is awfully quiet about the story.

REMEMBERING RUSSERT.  Thomas Sowell looks back on Tim Russert’s life and work with admiration.

THE BOUNCE.  Goldberg attributes the missing Obama bounce to the lack of youth in the polls. Lopez thinks she spots the bounce in a Quinnipiac poll.

CHINESE CHIT CHAT.  Daniel Ikenson advises us on how to conduct the Strategic Economic Dialogue with China.

LOW OCTANE.  Jonathan Adler highlights McCain’s inconsistency on fuel policy.

UNCOMMON KNOWLEDGE.  Tune in to watch Peter Robinson and Douglas Feith discuss what went wrong with the CIA’s intelligence leading up to the Iraq War.

IRAN NEWS ROUNDUP.  Michael Rubin gathers the latest headlines.

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