Warming Up

Metaphor Madness from the indispensable Glenn R:  HMM: So Why DID H. Rodgin Cohen Withdraw as Treasury’s No. 2? Press Is Curiously Not Curious. On the other hand, a colleague of mine who knows this stuff says that he is to banking law what the Dalai Lama is to religion.

As the Dalai Lama is to religion?  Meaning what - that Cohen is the widely respected leader of an obscure legal cult?  Are there cults in banking law (I don't really want to know...)?

I Wish I'd Said That (And I Know I'll Steal It):  From Megan McArdle, as popularized by Tom Maguire:

Our sister publication asks analysts whether the administration's economic forecasts are too optimistic.  They would have gotten a more interesting discussion if their query had been "Is the Pope Catholic?"  Of course they're too optimistic.  In fact, the word optimistic is too optimistic.

Some see the glass half full; others see a specimen cup.  Some don't see a cup at all...

Can't Tell The Invesigatees Without A Scorecard:  The Baseball Crank takes us to the Bronx for the oldest gamne in town with yet another Obama appointee.

Is He Really That Good?  Frank J is.  Obama, too.

Inshallah.

Maybe AIG Can Provide A Credit Default Swap: 

China, the U.S. government’s largest creditor, is asking “the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China’s assets,” Wen said today in Beijing at a press briefing after the annual meeting of the legislature. China held $696 billion of U.S. government securities at the end of last year, 46 percent more than 12 months earlier.

Make Mine Apple:  Oh, wait...

[end of thread]

Comments

[Old Lurker]

LUN fits better here.

Byron York today.

[kim]

One of the most elegant things I've ever read is 'The Universe in a Single Atom', by the Dalai Lama.

Whatever system the Tibetans use to pick and train their Supreme Leader, I'm here to say it works.
=================================================

[kim]

They picked a six year old peasant with a wondrous mind.
==========================================

[Ranger]

This fits better here as well.

Rumors now floating that Geithner is on his way out (via Hot Air Headlines):

http://www.businessinsider.com/henry-blodget-geithner-seen-as-a-mistake-steve-rattner-the-fallback-plan-2009-3>Geithner Seen As A Mistake, Steve Rattner The Fallback Plan

Can Obama afford to take the hit on his "judgement" and fire the guy?

If Obama does fire Geithner, can Republicans successfully attack Obama's "other mistake" of shoving through an un-confereneced and un-debated Porkulus package?

[Charlie (Colorado)]

Oy! You watch who yer callin' a cult!

[clarice]

The messiah is never mistaken--Geithner will not be replaced.

[matt]

"ethically challenged? Me?" he said as he filled the briefcase with bundled hundreds.....

[Charlie (Colorado)]

Kim, seriously, leaving aside the possibility that a tulku really is a repeated incarnation of a Bodhisattva, the effect of what they do is to randomly(?) pick out a six year old who's generally clearly bright, inquisitive, and curious, and put him into a school with all the other brightest kids, and with all the smartest most experienced teachers and statesmen in the country, train him in maitri and karuna ("loving kindness" and "compassion", but not the squishy pastel version you see from new-agers here) while also teaching him all the usual topics as well as possible, so that he's a Geshe, effectively a PhD, by the time he's about 20.

It kinda sounds like something that could work, doesn't it?

[Charlie (Colorado)]

The messiah is never mistaken--Geithner will not be replaced.

Can he blame it on a staff member?

[Danube of Thought]

For any of you who may be feeling a bit chipper this morning, check out Peggy Noonan. LUN

[Ranger]

And http://www.cnbc.com/id/29666975>this is interesting.

Berkshire Loses Top Rating on Investments, Buffett Role

Fitch views the company's potential earnings and capital volatility derived from its large, unhedged market exposures as inconsistent with the stability required at the 'AAA' level," the ratings agency said in its statement on Berkshire.

No wonder Warren is pissed at Barry. Barry is costing him money.

[Danube of Thought]

And if you're still cheery after reading Noonan, try a little Despondex. LUN again.

[kim]

Thanks for the insight, Charlie. The Dalai Lama is clearly re-incarnated wisdom, whatever the mechanism.
==========================================

[narciso]

So they picked an M&A shark to help run Treasury, and they thought they weren't get flak, it was going to get flak like a B-26 Liberator over Hamburg, they really were picking the James Forrestal of this administration.

[DebinNC]

from Insty: White House Objects to UN Calling US "Deadbeat"

[DebinNC]

Can he blame it on a staff member?

How will BO be held blameless for his well publicized failure to even nominate pivotal Treasury staff? I know he will, but just how will be astonishing to see.

[narciso]

When Peggy Noonan looks like she's got a Despondex, is that a contrary indicator, she was so cheery about the '90 downturn
in retrospect, in these last few weeks.
The hangover seems to be starting now for her, unfortunately we've been having the hangover without the alcohol, much like the frying pan to the skull recommended for Newt. So all I can say, is what Ghost of a Flea, said to Hitchens when he started to complain too much bout Hillary's irregularities in her confirmation hearings

[PD]

I just heard on the radio news that a WH economic advisor (unnamed) blames "a fearful public" for dragging the economy into the gutter.

Huh. I wonder why anyone would get the idea that the current economic situation is a ... what's the word? "Crisis"? "Catastrophe"? Sure couldn't be getting that idea from the man in the Oval Office.

[Rick Ballard]

Deb,

There just aren't that many people in finance who can pass the lack of ethics check, the 'willing to parrot anything' check and the CPUSA background check. He's going to have to go to the World Bank or the International Monetary Fund to get that quality of people. Maybe Chavez or Castro could loan him some temps?

[matt]

DoT;

My last post for the morning. Gotta work.Viz Noonan, I was speaking with my pastor the other day, who said that religious attendance always rises in challenging times. Nothing out of the ordinary there.

NYC has been hit with a multiple whammy recently. Wall Street has tanked and with the rise in the dollar, tourism has tanked as well. Include the natural tendency for people to cut back on extras like theater, movies, concerts and sporting events, and suddenly the vibrant New York scene starts coming apart. That's what happens when you don't have a diverse economy.

And what happens on that damn island defines the world of @ 80% of our national media. They are not out in the 'burbs or industrial towns or the heartland. Most people are still getting along with their lives. But these clowns will surely talk themselves into whatever tizzy they can. I posted a verse from Neruda the other day.

"All those who used to give me advice
are crazier every day
Luckily I ignored them
and they went to another city
where they all live together
constantly swapping sombreros"

sounds like NYC to me.

[matt]

oh, and the media sky is falling as well....layoffs, closings, low ratings, etc have the entire media scared, methinks.

[clarice]

Gee, thanks, DoT. I need some despondex right away..Also a lot of de-irony

[narciso]

The communist diplomat (sounds redundant) still had some insights into human nature, they talked themselves into one delusion after another. On the earlier point, Bob
McNamara's no longer available I take it.

[DebinNC]

I wonder if we'll soon see a flood of folks in IL "redomesticating".

[Appalled]

Geithner could sink this administration. Supporting him after his tax trouble came to light is the one ballsy thing they have done -- and it turns out that they would have been far better off if they had failed.

The problem Obama faces now is that even though Geithner has not put out a plan, firing him would delay even further the plan the WH has for dealing with this situation. (Plus, things have progressed that the hearings will be brutal.) Also, I think admitting failure would cause the stock market to utterly tank, and the credit markets to wig out again.

Does that mean Obama should stick with Geithner? I doubt it. If Obama has an immediate candidate, and actually FIRES Geithner, it might restore some faith that Obama is actually on top of this issue. Now, if Geithner actually has a plan, and has some plan on selling it, it might be best to let him go ahead, with a lot of adult (Volcker/Buffet) supervision.

I think MayBee gets a few -- quite a few -- I told you sos at my expense.

[Old Lurker]

Old Lurker is NOT related to Noonan.

Honest.

Plus I blame Rick for the run on benjies at that bank.

[bad]

ha ha DoT, I really enjoyed the commercial. Peggy Noonan, not so much. But then look how wrong she often is.

[clarice]

OT:From the Boston herald:"Sen. John Kerry says talk radio has become too “confrontational” and “thrives on the perpetual shouting match” - but bringing back the Fairness Doctrine to curb the noise isn’t among his top priorities.“It’s conflict-orientated. It sort of thrives on the perpetual shouting match, which I think is a shame,” said Kerry, who recently became chairman of the new Communications and Technology Subcommittee. "

Translation--Kerry gets lots of money from the industry and won't jeopardize it..

[bad]

I'm on record that Geithner stays.

[MayBee]

I don't think I do, Appalled.
I was pushing for Summers, who I understand is truly the power behind the throne anyway.

I would love the Volcker/Buffet supervision, but Buffet has been slapped down by Obama.

[bear1909]

Geithner is a petard with ear portals, much like his Boss.

Geithner stays and lil bHo appoints a Treasury czar now that G-boy has been completely neutered.

what a clown lil bHo is.

talk about transparent....power grab. will ultimately fail. and fail big.

[bad]

...former Bronx Borough President Adolfo Carrion, appointed by Obama as director of the White House Office of Urban Affairs.

TM, my feelings are hurt. I've linked twice to articles on this thug and you act as if you are reading it for the very first time.

[Rick Ballard]

MayBee,

I question whether either man is accurately assessing the behavioral change regarding honoring debts incurred. IOW - they're missing the same signals that were missed by the risk analysis modelers who did not modify their algorithms in '05 to "capture" the additional level of risk which had forced the BK law modifications. The 'restoration of trust' problem within the financial system has two parts and the second part, restoring banks trust in borrowers is perhaps even farther from solution than the first part.

I haven't seen any quotes from Volcker or Buffett which address the change that I note. If they have done so, then I would really like to read their assessment.

[centralcal]

bad: he probably is reading it for the first time. He still thinks his cutsey end of thread thingies work too.

[Danube of Thought]

"...firing him would delay even further the plan the WH has for dealing with this situation."

Plan? If the WH has a plan, it's doing a great job of keeping it a secret.

[Old Lurker]

What Rick said at 1:48.

Plus none of them accurately appreciate how much "new rules", or the threat of them, moving us toward Euro Socialism will change all the perceptions that are required for commerce to resume.

[bad]

I question whether either man is accurately assessing the behavioral change regarding honoring debts incurred.

This aspect troubles me greatly. I know someone who got student loans to pay for every cent of law school. She has been furious for years that rule changes don't allow her to walk away from that debt like so many did before her.

[Rick Ballard]

Bad,

If the press were not dirty socialist bootlickers they might run an article or two concerning the downside of breaking your word - and a contract. I keep reading comments in financial blogs which explicitly recommend turning in the keys if a house is "underwater". The idiot making the suggestion never mentions that property managers screen on FICO scores and many property owners have higher cut offs than the idiot mortgage broker who allowed Mr. Jingle Keys to make his poor decision. Mr. Jingle Keys may find renting somewhat more difficult than he imagines. It's never mentioned that Mr. Jingle Keys FICO is going to be scrutinized by most prospective employers (in the very likely event that he becomes an Oconomy casualty). It's never mentioned that his next car purchase is going to be more difficult - and much more expensive. It's never mentioned that his credit card interest rate is going to grow like a rank weed. And it's never mentioned that even if he's 20% down today, it doesn't mean that he won't be back in the black in three years.

That's not a good sign at all - and I don't think that Volcker or Buffett "get it". Perhaps they do and I just haven't seen their commentary. All I know for sure is that appointing Turbo the Tax Cheat sent a very clear message that situational (lack of) ethics and amoral relativity are no bar to working for Buck Zero.

[Ignatz Ratzkywatzky]

it was going to get flak like a B-26 Liberator over Hamburg

OK, I know I'm being pedantic narcisco, but the Liberator was a B 24. The B 26 was the Marauder.
Pop was on B 17s in WWII.

[clarice]

OTOH Rick, now that you've seen this dummy in action, don't you think it looks slightly more plausible that he couldn't understand the turbo tax instructions?

Like Obama, he's been consistently overvalued.

Until now.

[sbw]

... reading it as if for the first time

[Rick Ballard]

Clarice,

No. He knew precisely what he was doing. He's a liar, a thief and a cheat. I'm just wondering how he got CPUSA clearance for such a sensitive position.

Of course, - none of that means that his picture will never be found next to "credentialed moron" in the encyclopedia. His punt on first down regarding the stress test is a fair indicator of the truth of that assertion.

[sbw]

Hey! "He's a liar, a thief and a cheat." is word-for-word my description of O. I haven't got it copyrighted, but I don't want to dilute the brand identification.

[clarice]

DoT:"Plan? If the WH has a plan, it's doing a great job of keeping it a secret. "

If there were a plan it woulda been leaked a long time ago.

My plan is this:He keeps having to withdraw nominations, no one fills the slots, the executive cannot function and after this one term WE'RE FREE AND CLEAR OF HIM.

[Rick Ballard]

"He's a liar, a thief and a cheat."ⓒR. Ballard 2009

Sorry, SBW. You need to move a little more quickly. Don't worry though. My fee for usage is very reasonable.

[sbw]

Rats!

[bgates]

I'd say Geithner is more a cheat, a thief, and a liar. The most prominent public association with Geithner is cheating. Turbo Timmy, tax cheat.

Obama's a liar, a thief, and a cheat. His cheating was done to put him in position to lie and steal, while Timmy's lies were told to enable his cheating and stealing.

Obama's old Chicago pal Hod Rod is a thief, a liar, and a cheat. Cheating ended up as part of his thievery, but if his circumstances were different I think he'd be just as happy mugging people or throwing a rock through the window of an electronics store.

Bubba was a liar, a cheat, and a thief. The thieving was really just to kill time between opportunities to cheat. The cheating was obviously a primal drive, but still only a subset of the things to lie about.

We gotta keep clear on these things.

[Extraneus]

Well that'll certainly help.

[Charlie (Colorado)]

order! order!

[clarice]

Definitely clears it up, bgates.

[Rick Ballard]

Clarice,

More clown show. Now Zero is laying a "don't worry, be happy" foundation as Summers claps along.

Buck Zero - To Insolvency... and Beyond

We're going to be longing for the measured governance of a LePetomane before summer.

[glasater]

It doesn't appear that Mr. Geithner is getting the warmest of welcomes from G-20 members:

Meanwhile, many countries in the euro-zone are balking at the possibility of shoring up more debt, with Germany one of the most outspoken critics of the U.S. spending plan.

"The issue is not spending even more but to put in place a regulatory system to prevent the economic catastrophe that the world is experiencing from being repeated," German Chancellor Angela Merkel said this week at a joint press conference with French President Nicholas Sarkozy.

[pagar]

Speaking of clearing things up.

Obama admin. to end use of term 'enemy combatant

I guess the new wording will probably be----- 'those who are held for fighting against America"

[clarice]

The Dumbell in the WH makes another diplomatic blunder.
http://www.americanthinker.com/blog/2009/03/how_to_lose_friends_and_influe.html>Where are the grown ups?

[matt]

the new terms for "enemy combatants" will be a choice of the terms "republicans", "libertarians", "capitailst roaders", "Trotskyites", "SD", or revanchist.

[matt]

actually it would be SA not SD

[Rick Ballard]

Glasater,

Wen's request for a 'guarantee' needs to be tacked on to Merkel and Zarkozy's "gesture" of admiration for the Zero Administration. It appears that the Chinese are figuring out what's going to happen to their Treasury investments when interest rates begin to reflect the Dem's inflationary policies.

I wonder if Wen would take an IOU signed by Zero?

[bgates]

Ok, here's something to take your mind off of politics.

I think the harmonica guy in the first piece is a mistake, but I've still been playing these all day.

[glasater]

gesture Heh Rick--

Geithner feeling the love from Europe

[Ignatz Ratzkywatzky]

Obama has a psychopaths ability to spin on a dime.

He signs porkulus and within 24 hours tells us this is the beginning of a new era of fiscal responsibility.
He proposes his Godzilla budget and tells us it's the beginning of shrinking deficits.
He signs the omnibus with 8000 earmarks and tells usas he's signing it marks the era of no more irresponsible earmarks.
Now after telling us for months we are spiralling into the worst economic disaster ever, in order to pass all of the above, suddenly "things are never as bad as they seem" or there is an excess of fear.

He's so bald faced about it you do one of those head shaking double takes to make sure you heard him right.

[glasater]

Kewl bgates~

But I kinda liked the harmonic guy.

[Rick Ballard]

Ig,

In support of your contention, from the article I cited above: "He said that means the days of overheated housing markets and "people maxing out on their credit cards" are over."

Pardon me, President Zero, I forget. How much of the Democrat NewD irection stimulus was deficit spending? Can you explain the difference between the Porkulus deficit spending and maxing a MasterCard?

Thief, liar, cheat, liar, thief, cheat, cheat, thief, liar... whatever the order, they all fit.

[Ann]

I guess the new wording will probably be----- 'those who are held for fighting against America"

Pagar,
Michell Malkin's guys are coming up with some good ones like "The Hood" LOL

I think he will just call them "Folks" like the rest of us. :)

[clarice]

Taranto BOTW:
"Obama is president today not because Americans were enamored with his policy proposals but because they were persuaded that he was, by dint of temperament and intellect, the better man to lead the nation in a time of crisis. If he fails to live up to that expectation, he risks letting the crisis worsen--and finding himself in the center of a political catastrophe"

[pagar]

Ann, I'm sorry, I misunderstood-- I thought he said "friends.

[matt]

Now Obama is doing something that's never been done before...maxing out the country's credit cards.

When the Chinese are drawing a line in the sand about any thought of devaluing the dollar, you have to just laugh at the irony of it all.

[Ann]

Pagar, you must really be confused because that was the old white guy...."my friends" McCain.

We are definitely just "folks". :)

[pagar]

overheated housing markets

Hold on, We have just had reports that there are more victims:

NAACP claims 2 banks forced more blacks than whites into subprime mortgages

[Danube of Thought]

Sure hope you're right, Clarice. I'd like our chances if the GOP weren't such a damaged brand, and in such disarray. But 2012 will be a referendum on Obama, and the election will be his to win or lose regardless of who runs against him. Plenty can change in three years.

[bad]

Tapper:

Reich: Geithner's "Dithering" & "Incapacity To Speak Clearly" Is "Spooking Everyone" and "Making Things Worse"

LUN

[Ranger]

The long knives are definately out for the G-man:

http://blogs.abcnews.com/politicalpunch/2009/03/reich-geithners.html>"Your Treasury Secretary is making things worse" is what former Labor Secretary Robert Reich would tell President Obama if he could.

Of course, Reich wants a second Porkulus bill right away too...

[kim]

Remember me talking about forces beyond the control of Axelrod's media manipulation and Obama's rhetoric, like China, climate, and capital?

Here's China's Premier, Wen Jiabao:

"We have lent a hume amount of money to the US. I request the US to maintain its good credit, to honor its promises and to guarantee the safety of China's assets."

That, my friends, is talking softly and carrying a big stick. Wanta bet Obama flips him the bird?
===============================================

[bad]

Is it just me or is China mouthing off like crazy now that they own us?

Our new masters are even meaner than The Dark Overlord.....

[Rick Ballard]

Kim,

China is in no position to call any shots. They have what is quaintly known as "serious exposure" in their debt portfolio. Somebody jumped on the 30 year auction yesterday in an effort to hold prices up. I'm sorta betting that it was the Chinese. Their $600 billion Treasury portfolio could become a $350 billion portfolio in fairly short order if interest rates pop.

They may not have lent with the intention of becoming a 'partner' but that's what happens when lender's concentrate risk and the music stops.

[Ann]

bad,

Sweetness and Light has an article that will make you laugh: Obamas Are Still Looking For A Church

The Obamas and a tight group of friends and advisers are vetting churches, but White House aides declined to discuss what the vetting process involves.

He has been working on the economy every day and hasn't had time. LOL

[Jim Rhoads a/k/a vjnjagvet]

The old entrepreneurial spirit may be already at work. According to some folks in the vacation/second home/condo industry (an area in which I practiced from 1974-1996 and in which my former partner still practices), there are somewhere around 600,000 second home units in Arizona, California, Nevada and Florida which are in default or foreclosure. This constitutes about 25% of the @2.5mm properties in default or foreclosure.

Indeed many of the properties for sale in those states are bank Real Estate Owned. The banks are selling these properties for a 25% to 40% discount from last year's prices.

I suspect that these properties (as opposed to first homes elsewhere) are resulting in the biggest haircut for banks.

That is a pretty tough market, but there are buyers out there who are now investing in these bargain houses rather than commercial stock or bonds. Most are relatively new, and can be good deals.

Unfortunately, Pelosi, Reid and BHO may see this investment activity as creating windfall profits for greedy rich people and figure out some way to put a stop to it.

[kim]

Obama should give up the posing. He's agnostic if not secretly Muslim. His attendance at a Christian, of sorts, church was hypocrisy wrapped in ambition. God knows the secrets of his heart, and so do a lot of the rest of us, he's that transparent.

Remember, he probably really believes that religion is the opiate of the masses. He's hoping to narcotize the religious among us with the travesty of church attendance.
========================================

[Jim Rhoads a/k/a vjnjagvet]

Caution:

Bad writing above. The houses are relatively new, not the buyers (although they may be as well).

[bad]

Don't ya need to attend a church to "vet" a church? Or is some one taking pictures so The O's can decide which one is the prettiest?

What an odd story.

[bgates]

Or is some one taking pictures so The O's can decide which one is the prettiest?

I'd say that seems to be the extent of their Cabinet vetting, but it still wouldn't explain Geithner.

Or Hillary.

Richardson.

Hey, I thought Democrats were supposed to be sexy. What happened?

[bad]

They still have ol smoking Joe Biden....

[Elliott]

I thought they hadn't found a dog. Why all this talk about a vet?

[bad]

LOL Elliot

[kim]

Heh, surely there is a liberation theology preacher in Washington. Obama is damned if he does and damned if he doesn't.

If he had half a brain he'd have a different preacher into the White House every Sunday and invite the press. But he hasn't half a brain, and the idea would raise Hell among his advisers. He's paralyzed with indecision over the matter, and many others, too. He needs a Guide for the Perplexed.

Or a Rahm ban. Ooh, not very funny.
============================

[kim]

Heh, peculiar that all this vetting has neutered so many candidates for his administration.
=====================================

[kim]

That one was to make up for the other one.
=================================

[kim]

C'mon Fitz. Let's hear it for the old gal, Blind Justice.
===============================

[mel]

Rick-

You mentioned the 30-yr auction and wanted to bet it might be the Chinese protecting their assets. It would be reflected in the indirect bidding as explained here:

http://www.newyorkfed.org/research/current_issues/ci13-1/ci13-1.html

The bidding data, LUN, is reflected here.

Long and short of it, I'm not going to take that bet, and I will recommend that no one else take that bet. Because it's a 50/50 shot versus Europe. And, yes, somebody jammed in on the bid side and skewed the auction. Big time.

Nice catch. It screwed a bunch of people on that trade, but that's what makes a market work.

Later.

[Jim Ryan]

Let's hear it for the old gal, Blind Justice.

Your idea of justice is Joe in the WH?

I'm enjoying the show. Could you have imagined a lefty administration going any better? It's perfect. I'd like to go back to my November self who said, "This is going to be horrible" and tell him with a smirk, "Yes, and your point is?"

On the other hand, with Joe stepping in, the show would go from hit to blockbuster.

[MayBee]

Don't ya need to attend a church to "vet" a church?

After the problem with Geithner, Obama refuses to attend a church that hasn't paid taxes.

[bad]

The longer he stays out of church the longer he can go without making a financial contribution. All of his discussion of great faith and being his brothers keeper has probably lend to an expectation that he is at least a 10% tither.

ha ha ha ha ha ha ha ha ha

[Rick Ballard]

Mel,

The other factor I've been wondering about is whether Treasuries are being propped to protect insurers through the end of March. The Fed keeps pouring money into agency bonds and I know insurers are holding several tons of those. If the Treasury interest rates pop then so will agency rates and the insurers could not avoid a 'mark to market' that might seriously impair their capital ratios. I read a lot of commentary about the spread on corporate issues still being very high and I'm wondering if part of that is simply "accurate" pricing on corporate debt and rather fictional pricing on Treasury debt.

There's probably some option play which makes my suggestion silly but somebody jumped on that 30 year auction pretty hard.

[PD]

He's so bald faced about it you do one of those head shaking double takes to make sure you heard him right.

It makes you wonder whether he has such contempt for his gullible supporters that he's purposely trying to be as inconsistent as possible to see just how far he can go before they cry, "No more!"

Unfortunately, it appears a lot of them are still fully in love, despite evidence here and there of vague alarm among the masses.

[PD]

re: Looking for a church

My sweetie and I left our previous congregation Sept. 2007, so we've been looking for a new one longer than the Obamas. I'm guessing that a year spent searching isn't actually that unusual.

The difference is that we've actually been going to services every week in the meantime. (Lest anyone think I'm defending Obama. Horrors!)

[bad]

The difference is that we've actually been going to services every week in the meantime.

So how is the vetting going?

[PD]

So how is the vetting going?

Heh. The word has not once occurred to me in the entire process.