McConnell gets Pott(er)y-mouthed with the President

When, exactly, will the hubris of the Republican leadership boomerang? Here's Mitch McConnell on the Senate floor yesterday, impugning the President's motives in pushing for ratification of a nuclear arms treaty backed by all six living former Republican secretaries of state:

Our top concern should be the safety and security of our nation, not some politician's desire to declare a political victory and host a press conference before the first of the year.

The projection -- who's gamed the timing of this vote? -- take one's breath away. Even more so, the disrespect.

McConnell's locution -- some politician -- recalls the sneer of the rapacious banker Potter in It's a Wonderful Life, as he smears the lending practices of  the Bailey Building & Loan  -- and particularly of its president-to-be, that model of empathic probity young George Bailey:

You see, if you shoot pool with some employee here, you can come and borrow money.

You might argue that an ideological caricature like Potter the banker doesn't much illuminate complex contemporary political reality.   But turn that charge around. Republicans, in their demonization of Obama, are caricaturing themselves.Why credit the fulminations of some shameless lying demagogue?

"Move your Money" -- if convenient and profitable

There is some merit in Arianna Huffington's Move Your Money campaign to induce individuals to transfer their funds from the megabanks so many of us use to local community banks. The plan is greatly strengthened by providing an online tool by which we can all check the financial strength of local community banks.

Like most Arianna productions, though, this one is an oversimplified morality play: big bank bad/small bank good. It's telling that one of her co-sponsors is a filmmaker and that she's openly inviting all of us to enact a real-life rerun of "It's a Wonderful Life." A few caveats:

• I thought we'd all got over "It's a Wonderful Life" rapture in the wake of the savings and loan crisis of the late eighties/early nineties, when over 700 S&Ls failed, costing U.S. taxpayers something like $150 billion. Thanks in part to deregulation in the early 80s that expanded S&Ls' lending authority and weakened accounting standards, many were subsequently run more by Potter principles than by George Bailey principles.  For that matter, consider the movie itself. But for the extreme virtue and fortitude of the hero, the angelic Building and Loan would have been absorbed by Potter's bank (which might have remained a community bank to this day, unless Potter proved more able than a handful of SuperPotters).
  
  
• Community banks are not exactly politically unconnected Davids going up against the industry Goliaths. The industry's trade association, the Independent Community Bankers of America (ICBA) was very effective in weakening the  Consumer Financial Protection Agency created by legislation passed in the House.  The ICBA succeeded in exempting community banks from CFPA examination and in preventing the CFPA from mandating that community banks offer "plain vanilla" loan products.

Getting used to change

In "It's a Wonderful Life," after a highly eventful day at the office, newlywed George Bailey gets a buzz from his altered life condition when he's told that "Mrs. Bailey is on the line" and realizes that it's his wife, not his mother, calling.

I got a similar frisson from the very ordinariness of this lede:

Jan. 25 (Bloomberg) -- White House officials warned Americans that economic prospects are darkening as they sought to ensure rapid Congressional approval of President Barack Obama’s $825 billion stimulus package.

Vice President Joe Biden told the CBS program “Face the Nation” that “it’s worse, quite frankly, than everyone thought it was.” Larry Summers, Obama’s top economic adviser, said the economy faces “very difficult” months, speaking today on NBC’s “Meet the Press.”

"White House officials" triggers a conditioned reflex: skepticism, wariness, brace for outrage. Don't want to entirely let go of that. All administrations spin, and screw up, and yield to the wrong pressures. But the distrust reached pathological proportions over the past eight years -- across the political spectrum, eventually. Now hope is fresh that most of the time at least we'll credit the rationality and good faith of what we hear from "Administration officials."