Daily Flog: White House on its knees, the rest of us on our backs, Wall Street zipping up
We feel the bankers' pain.
Running down the press:
A surprisingly lively New York Times lede this morning:
Not since the Clinton Administration has it been widely reported that people were on their knees in the White House and that a president talked about a sucker going down.
And this time it's a Treasury secretary on his knees, not just an intern. This is some serious shit.
Or not. McClatchy's Kevin G. Hall, who constantly snoops for fresh angles and comes up with solid material, writes in "Is the bailout needed? Many economists say 'no' ":
What? A story in the national press about the plight of the rest of us? How dare he!
John McCain's own September surprise isn't working out too well, as another McClatchy story points out. In "McCain gets blamed for angry end to Bush's bailout meeting," David Lightman and Margaret Talev write:
Yes, "principled." Buy or sell? Sell.
No question that the month has been tough on McCain, but just think about those poor mid-level banker types on Wall Street, which is just a little more than a stone's throw from my office. (If I had an arm like Rocky Colavito's and a bag of stones, I'd take the subway down there and start hurling, instead of just hurling over my latest bank statement.)
Anyway, in "Big banks delay decisions on bonuses," the Financial Times (U.K.) reports on the plight of British bankers' bonuses, which depend on how U.S. firms decide their own bonuses:
Well, we appreciate that news from the other side of the pond that at least we won't all drown. I'm certainly looking forward to my own bonus. I hope those bananas at the Astor Place kiosk are still only 35 cents apiece.
And here's a September surprise, again courtesy of the FT, whose Cash for Crash coverage rocks and is free for the viewing. In "Hedge fund chief warns on wrongdoing," Gillian Tett and James Mackintosh report a frank admission from a financial-world insider:
Chanos is of course saying this as a defense of short-selling, setting up the argument you'll hear in the coming years that there's a big difference between conniving and illegal conniving.
And here's something else in this FT story that comes as absolutely no surprise:
Weary of skipping around the web? Do some one-site shopping this morning. Here's a clump of readable FT stories that you could skim through and try to choke down over your third cup of coffee — remember to take small bites and chew thoroughly unless you want to spit up hairballs later in the day:
'US "will lose financial superpower status" '
'Church accused over short selling'
'WaMu seized and sold to JP Morgan'
'Flight from Morgan Stanley brokerage'
'Nomura offers bonuses to Lehman staff'
'CVS is added to ban list on short selling'
At least one of my Voice colleagues is staying focused on the presidential race: See Lynn Yaeger's "How I'm Contributing to McCain's Campaign Suspension."
And now . . .
NO PARTICULAR ORDER:
N.Y. Daily News: 'Shoplifter turns in Brooklyn rapist'
Washington Post: 'Health Insurance Costs to Spike an Average 8 Percent'
Slate: 'Things Fall Apart'
BBC: 'Arming the Taleban'
Washington Post: 'U.S. Has Achieved "Victory" in Iraq, Palin Tells Couric'
Washington Post: 'Away from Wall Street, Economists Question Basis of Paulson's Plan'
Washington Post: 'Carbon Is Building Up in Atmosphere Faster Than Predicted'
Washington Post: 'Negotiations Falter on Financial Bailout Package'
N.Y. Post: 'EX-CON HELD AS "JESUS RAPIST" '
Washington Post: 'Debate Remains In Limbo'
Baltimore Sun: 'McCain hints debate appearance "possible" '
Financial Times: 'Ex-Merrill chief considers hedge-fund return'
N.Y. Times: 'Pakistani and American Troops Exchange Fire'
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in New York, delivered to your inbox.