There have been many instances of historic legislation in our Nation's history. But unless the legislation led to constitutional amendments, the historic nature of such legislation could only be guaranteed by the results of subsequent elections. This is especially true when you are considering legislation regarding spending, taxes and "deficit reduction." Today, Jed Lewison reported President Obama "says he wants deficit reduction to focus on long-term spending, not short-term spending:"

The President previously discussed consummating a "historic" Grand Bargain on long term spending. I've repeatedly viewed this thinking as deluded. The reason why is:

Krugman:

There’s an old quotation, attributed to various people, that always comes to mind when I look at public policy: “You do not know, my son, with how little wisdom the world is governed.” Now that lack of wisdom is on full display, as policy elites on both sides of the Atlantic bungle the response to economic trauma, ignoring all the lessons of history. And the Lesser Depression goes on.

Ain't that the truth.

Open Thread.

Our earlier open thread is full, here's another one, all topics welcome.

Sometimes even a great cross-examination of a fraudster-snitch can't save your client.

James Margulies was convicted yesterday in a $100 million securities fraud case. Manhattan DA Cy Vance promptly showed up with a statement (will it help rehabilitate sagging image?) [More...]:

The New York Times says President Obama and John Boehner are close to striking a deal on spending cuts and taxes. Democrats are reportedly very angry. According to the Times, it involves:

$3 trillion in savings that would be obtained through substantial spending cuts and future revenues produced through an overhaul of the tax code.

Fearful of leaks that stalled prior talks, both sides are clamming up. What that tells me: Someone's going to get thrown under the bus. [More...]

John Edwards can't seem to catch a break. Today, the FEC ordered his campaign to return $2.6 million in matching funds it had received after announcing he quit the 2004 presidential race.

The FEC determined that Edwards had received just over 2.1 million dollars in matching funds after the campaign was winding down and Edwards was no longer in the race. The commission decided that in total his campaign must pay back $2,278,315 in excess matching funds.

According to the FEC, "Presidential candidates receive federal government funds to pay for the valid expenses of their political campaigns in both the primary and general elections."

Sounds like Edwards had an inkling this would be the ruling. On June 30, 2011, the campaign had $2.6 million in cash-on-hand.

Another busy work day here.

The hanging death of Jonah Shacknai's girlfriend so soon after of the death of his six year old son Max, who had fallen down the stairs days earlier, is a bit of a puzzler.

But San Diego County Sheriff's Department Sgt. Roy Frank and Coronado police Chief Louis Scanlon, in separate interviews, have stressed to reporters that there are suicide cases in which the person ties their hands to keep from trying to loosen the knot around their neck.

The Sheriff's Department, taking the lead in the investigation of Zahau's death, has said it cannot yet decide between suicide and foul play as the cause of death.

This is an open thread, all topics welcome.

One of those days.

You'll want to watch the Tour de France the next 4 days, two mountain top finishes in the Alps (tomorrow on the HC (Beyond Category) Col de Galibier after two HC climbs, Friday on the Alpe d'Huez), and Saturday the likely decisive time trial in Grenoble.

Sunday is the parade down the Champs Elysees (except for the sprinters and their leadouts.)

Open Thread.

New Jersey's Governor Chris Christie today said he will allow the medical marijuana bill passed under his predecessor to be implemented. Doctors will be allowed to prescribe marijuana in New Jersey (but patients can't grow it.)

Only patients in New Jersey suffering from specific ailments such as HIV, cancer and multiple sclerosis can be prescribed medical marijuana, and then only after other treatments have failed. The law also is the first in the nation to prohibit patients from growing their own crop at home.

New Jersey is now the 16th state to allow medical marijuana (the District of Columbia does as well.)

It's too hot to blog any more tonight, and our earlier open thread is almost full, so here's another one, all topics welcome.

The Department of Justice says 16 people have been arrested in the U.S., 5 arrests took place in Europe and more than 35 search warrants were executed, as part of an "ongoing investigation into coordinated cyber attacks against major companies and organizations."

DOJ says three criminal cases have been filed in the U.S., the main one being an Indictment in San Jose, concerning the cyberattack on Paypal in December, 2010, allegedly in retaliation for Paypal's blocking contributions to Wikileaks. 14 defendants have been charged in that case.

DOJ says the Indictment has been unsealed, and while it is not yet showing on the California docket, it is available on Colorado's ECF filing system, because one of the defendants, Vincent Kershaw, was arrested here and appeared in court today. You can read it here.

The other two cases are in the Middle District of Florida and the District of New Jersey, where individual complaints were filed against the two other arrestees. The Florida case involves the June, 2011 hacking of the Tampa Bay InfraGard website. "InfraGard is a public-private partnership for critical infrastructure protection sponsored by the FBI with chapters in all 50 states." [More...]

It's another busy work day for me. For those of you online, here's an open thread, all topics welcome.

The FBI has swooped down on the homes of Anonymous members in Long Island and Brooklyn. They are executing search warrants.

More than 10 FBI agents arrived at the Baldwin, N.Y., home of Giordani Jordan with a search warrant for computers and computer-related accessories, removing at least one laptop from the premises.