Jake DeSantis told us what a great job he did at AIG. Apparently, there is some evidence to doubt that. Felix Salmon writes:

Tyler Durden has a scary post up, connecting banks' profitability in January and February to the fact that those were the months when AIG Financial Products was unwinding an enormous number of its contracts en masse. These trades, initiated by AIGFP, were allegedly enormously profitable for the biggest banks in the CDS market[.]

[More . . .]

A question for Brad DeLong and other defenders of the Geithner Plan - any plans to ask this - "We have to ask ourselves: Do we want to revive our economy, or do we want to punish the [auto industry]?”

Why is Wall Street immune to "sacrifice?" Why do Wall Street creditors not have to "recognize that they cannot hold out for the prospect of endless government bailouts[?]"

I repeat again, I do not criticize President Obama's auto industry plan. I do vehemently criticize his free lunch Geithner Plan for Wall Street.

Speaking for me only

President Obama's statement on auto industry bailouts:

What we are asking [from the auto industry] is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognize that they cannot hold out for the prospect of endless government bailouts. Only then can we ask American taxpayers who have already put up so much of their hard-earned money to once more invest in a revitalized auto industry. . . .

(Emphasis supplied.) I missed President Obama's speech demanding "painful concessions" from Wall Street. I missed President Obama's condition for Wall Street bailouts that "creditors [must] recognize that they cannot hold out for the prospect of endless government bailouts." Why is President Obama being so easy on Wall Street?

Speaking for me only

I have no idea what is stopping them. but some bankers want to give the TARP money back:

There's a growing sense among some bankers that Troubled Asset Relief Program known as "TARP" has become toxic. As a result, they want to bail out of the bank bailout program. . . . [Some] bank executives complain the Treasury's program to stabilize banks during these turbulent times is actually weighing down their potential for growth.

[More....]

Looks like all we'll be hearing about for the next few days is the death of the American car industry.

This is an open thread, all topics welcome.

President Obama will unveil his plan to help the auto industry tomorrow. And General Motors chairman and chief executive G. Richard Wagoner is resigning at his request.

Wagoner's resignation was one of the White House conditions for more federal aid. "He agreed and will do that," a senior administration official said Sunday evening.

Wagoner, 56, joined the company in 1977 and has been chairman and chief executive since 2003.

In related news, Chrysler may have to merge with Italian-owned Fiat. A structured bankruptcy may be in the future for both Chrysler and GM. [More...]

I do not disagree with President Obama's admonitions to the auto industry:

Obama, in an interview with CBS' "Face the Nation" broadcast Sunday, said the companies must do more to receive additional financial aid from the government. "They're not there yet," Obama said.

. . . Obama said the government would require a "set of sacrifices from all parties involved, management, labor, shareholders, creditors, suppliers, dealers. Everybody's gonna have to come to the table and say it's important for us to take serious restructuring steps now in order to preserve a brighter future down the road."

(Emphasis supplied.) Here's my question -- how about some tough words and conditions for Wall Street BEFORE you bail them out, AGAIN, President Obama?

Speaking for me only

Senator Jim Webb introduced the National Criminal Justice Act of 2009 on Friday (text of bill here pdf.) It would create a bipartisan commission to study the criminal justice and prison systems for 18 months, after which it would make recommendations.

Lots of people are excited about it, from FAMM to Glenn Greenwald.

I think we know the answers already and I wish we would start making the reforms now, not starting an 18 month period of study followed by recommendations. I'm concerned this will just put tempt Congress to put reform bills on the back burner, using Webb's Commission as an excuse for delay. "Let's wait until the report comes out before making any changes."

Scott Lemieux writes about Will Saletan and his strange ruminations on the choice issue. After Saletan reasserts his pro-choice view, he then writes:

If you cause an unintended pregnancy and an abortion because you didn't want to wear a condom, you should be ashamed.

Lemieux writes "[Saletan] has argued that shaming people who get abortions is a good pro-choice tactic, which makes no sense at all." It really does not make sense. Suppose you actually believed that Saletan made sense with this shame thing. How precisely does he plan to enact this "policy of shame?" Is he planning on organizing a finger wagging group outside of abortion clinics? Will they stand next to the folks holding "Baby Killer" signs? More . . .

"Have another hit....of fresh air." (Quicksilver Messenger Service and "Fresh Air" at the closing of the Fillmore in 1971. Here's a version with great audio.)

Cigarette and tobacco taxes go way up Wednesday. Of course, it will hurt the poor and addicted the most. It's also a nanny state move.

You may like it when politicians ban something you hate, but sooner or later they will go after something you like," Reason.tv editor Nick Gillespie says.

[More...]

I seldom watch the Sunday Talk shows anymore. They just seem irrelevant to me. Do you folks still watch?

In any event, here's an Open Thread.

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