They drink snake oil like water

Rick Perlstein wondered why voters in one major political party would nominate and full-throatedly support a pathological liar.  After spending some time in their world, he began to see a pattern:

“Dear NewsMax Reader,” this appeal began, leaving no doubt that whatever trust that publication had built with its followers was being rented out wholesale. “Please find below a special message from our sponsor, James Davidson, Editor of Outside the Box. He has some important information to share with you.”

Here’s the information in question: “If you have shied away from profiting from the immense promise of stem cells to treat disease because of moral concern over extracting stem cells from fetal tissue, pay close attention. You can now invest with a clear conscience. An Israeli entrepreneur, Zami Aberman, has discovered ‘an oilfield in the placenta.’ His little company, Pluristem Life Systems (OTCBB: PLRS) has made a discovery which is potentially more valuable than Prudhoe Bay.”

Davidson concluded by proposing the lucky investor purchase a position of 83,000 shares of PLRS for the low, low price of twelve cents each. If you act now, Davidson explained, your $10,000 outlay “could bring you a profit of more than a quarter of a million dollars.”

Not long after I let the magic of the placenta-based oilfield sink in, I got another pitch, this one courtesy of the webmasters handling the Human Events mailing list and headed “The Trouble with Get-Rich-Quick Schemes.” Perhaps I’m a little gullible myself; for a couple of seconds, I believed the esteemed Reagan-era policy handbook might be sending out a useful consumer advisory to its readers, an investigative guide to the phony get-rich-quick schemes caroming around the right-leaning opinion-sphere. But that hasty assumption proved sadly mistaken, presuming as it did that the proprietors of outfits like Human Events respect their readers. Instead, this was a come-on for something called “INSTANT INTERNET INCOME”—the chance at last to “put an end to your financial worries . . . permanently erase your debts . . . pay cash for the things you want . . . create a secure, enjoyable retirement for yourself . . . give your family the abundant lifestyle they so richly deserve.”

Back in our great-grandparents’ day, the peddlers of such miracle cures and get-rich-quick schemes were known as snake-oil salesmen. You don’t see stuff like this much in mainstream culture any more; it hardly seems possible such déclassé effronteries could get anywhere in a society with a high school completion rate of 90 percent. But tenders of a 23-Cent Heart Miracle seem to work just fine on the readers of the magazine where Ann Coulter began her journalistic ascent in the late nineties by pimping the notion that liberals are all gullible rubes. In an alternate universe where Coulter would be capable of rational self-reflection, it would be fascinating to ask her what she thinks about, say, the layout of HumanEvents.com on the day it featured an article headlined “Ideas Will Drive Conservatives’ Revival.” Two inches beneath that bold pronouncement, a box headed “Health News” included the headlines “Reverse Crippling Arthritis in 2 Days,” “Clear Clogged Arteries Safely & Easily—without drugs, without surgery, and without a radical diet,” and “High Blood Pressure Cured in 3 Minutes . . . Drop Measurement 60 Points.” It would be interesting, that is, to ask Coulter about the reflex of lying that’s now sutured into the modern conservative movement’s DNA—and to get her candid assessment of why conservative leaders treat their constituents like suckers.

It's a great, sad, dizzying read.  It reinforces something we've long known:  the leadership of the conservative movement wants to make people -- their adherents, children in the schools over which they have text book control, etc. -- stupid.

Can Senate minority leaders be impeached?

Mitch McConnell is deeply irresponsible.

Since the 1930s, we’ve had a standard procedure for dealing with failing banks: the Federal Deposit Insurance Corporation has the right to seize a bank that’s on the brink, protecting its depositors while cleaning out the stockholders. In the crisis of 2008, however, it became clear that this procedure wasn’t up to dealing with complex modern financial institutions like Lehman or Citigroup.

So proposed reform legislation gives regulators “resolution authority,” which basically means giving them the ability to deal with the likes of Lehman in much the same way that the F.D.I.C. deals with conventional banks. Who could object to that?

Well, Mr. McConnell is trying. His talking points come straight out of a memo Frank Luntz, the Republican political consultant, circulated in January on how to oppose financial reform. “Frankly,” wrote Mr. Luntz, “the single best way to kill any legislation is to link it to the Big Bank Bailout.” And Mr. McConnell is following those stage directions.

It’s a truly shameless performance: Mr. McConnell is pretending to stand up for taxpayers against Wall Street while in fact doing just the opposite. In recent weeks, he and other Republican leaders have held meetings with Wall Street executives and lobbyists, in which the G.O.P. and the financial industry have sought to coordinate their political strategy.

And let me assure you, Wall Street isn’t lobbying to prevent future bank bailouts. If anything, it’s trying to ensure that there will be more bailouts. By depriving regulators of the tools they need to seize failing financial firms, financial lobbyists increase the chances that when the next crisis strikes, taxpayers will end up paying a ransom to stockholders and executives as the price of avoiding collapse.

Krugman's analogy is perfect. McConnell would have apartment buildings burn to the ground in order to "punish" those living in non-fire safe buildings, when all the while he's working for the match companies and the building's contractors.

Reconciliation and the deficit

If you must memorize one chart today, this is the one to memorize.