Archive
Reuters blog archive
from Chrystia Freeland:
Why the Wall Street-Washington door revolves
As President Barack Obama’s new lieutenants settle into their offices in the White House, talk has turned again to the revolving door between Washington and Wall Street: William Daley, the president’s chief of staff, arrives from JPMorgan Chase, where he earned millions; Gene Sperling, the new top economic adviser, collected $887,727 from Goldman Sachs for advice on a charity project on a recent hiatus from government.
There’s nothing new about this tradition – indeed there was a time not so long ago when it seemed as if actually running Goldman Sachs was a prerequisite for serving as Secretary of the Treasury. But the triple whammy of the financial crisis, the trillion-dollar government bailout and the return of lavish bonuses to many on Wall Street while unemployment in the United States is stuck above 9 percent has cast the intimacy between political and business elites in a new, often more jaundiced light.
To many U.S. business people, and to centrists in both parties, the concern that Mr. Obama’s White House is too close to business sounds absurd. Far from being a dangerous example of an overly intimate relationship between business and politics, Mr. Obama’s recent appointments, particularly of Mr. Daley, are seen as a welcome sign that the White House will work harder to bring business onto its side.
“We have a private, market economy. We don’t believe in the government being the source of economic growth. The whole thing depends on business,” said Laura Tyson, a business school professor at the University of California, Berkeley, and head of the Council of Economic Advisers under president Bill Clinton. “Starting from the view that business is a vested interest is not a healthy place to begin. Here’s the irony – you sit in a boardroom and you talk about making a company profitable, and then in the press there is a criticism that ‘these guys are simply maximizing profits,’ ” said Ms. Tyson, who is on the board of Morgan Stanley. “There’s this ideological inconsistency. We want business to succeed, but we also don’t want business to succeed. The point is that we don’t have an alternative economic system.”
from Tales from the Trail:
White House commission wades into “Deep Water”
The great thing about presidential commissions is that they can soberly consider complicated matters and then offer unvarnished reports on what to do. The tough part is when that information rockets around Washington, as occurred after a White House commission issued its final report on the BP disaster in the Gulf of Mexico.
The "Deep Water" report, apparently titled in reference to the doomed BP Deepwater Horizon rig, blames the deadly blowout and oil spill on government and industry complacency, and recommends more regulation of offshore drilling and a new independent safety agency. But as my colleague Ayesha Rascoe reports, the commission lacks the authority to establish drilling policies or punish companies.
from Tales from the Trail:
Washington Extra – It’s genetic
Forget about the branch. President Barack Obama offered the whole olive tree to the business community today with the appointment of JP Morgan Chase executive William Daley as White House Chief of Staff.
Daley also knows something about politics. He comes from Chicago where politics has a history of being played bare-knuckled style. Oh, and his brother is the Daley who is stepping down as Chicago mayor, which opened the way for Rahm Emanuel, Obama's former White House chief of staff (whom Daley is replacing), to run for that office.
from Tales from the Trail:
Washington Extra – hello goodbye
She says goodbye and he says hello.
The House Speaker's (HUGE) gavel changed hands today, symbolizing the transfer of power to Republicans. Outgoing speaker Nancy Pelosi, attacked by Republicans as a symbol of Democratic excesses, took the high road as she repeatedly congratulated new House Speaker John Boehner and his Republican majority.
Boehner started off with some levity and humility -- "It's still just me." And he didn't disappoint those watching for his now trademark show of emotion when he dabbed his eyes with a white handkerchief while standing behind Pelosi before the handover. Reuters photojournalist Kevin Lamarque captured the moment, you can see it on our politics blog at http://blogs.reuters.com/frontrow/ 
from Tales from the Trail:
Pelosi says Congress must create jobs, while giving up hers
As she handed over the House Speaker's gavel to the other party, Nancy Pelosi pointed out that the shoe was now on the other foot and the new Republican-led Congress would be judged by whether it creates jobs.
The California Democrat, now House minority leader, probably would like her old job back, and setting such a high performance bar for the Republicans now in charge of the House of Representatives might be one way to get it.
from Tales from the Trail:
One less New Year’s resolution for Obama
President Barack Obama can cross at least one New Year's resolution off his list ... quitting smoking.
According to White House spokesman Robert Gibbs, it's been about 9 months since the president indulged in that habit.
from Tales from the Trail:
This lame duck sure can fly
Congress seems to work better under deadline pressure (like journalists).
Democrats are racing to cram as much through the post-election lame duck session as possible, before their majority turns into a pumpkin when Republicans take control of the House of Representatives in January.
Republicans are grumbling about all the rush, but President Barack Obama went to their pond with some bread -- tax cut extensions for the wealthy -- so they aren't quacking too loudly.
from Tales from the Trail:
Bo braves rabies shots to share Obama Hawaii holiday
Bo may lead a life of perks and treats at the White House, but the first dog still had to get rabies shots like any other canine visiting Hawaii in order to share the holidays with the president and first family. 
The Honolulu Star-Advertiser reported that Bo received two rabies vaccinations, an implanted electronic microchip and had to have a blood test to ensure that he was rabies-free.
from Tales from the Trail:
Washington Extra – Whose bipartisanship?
The feeling appeared mutual when President Barack Obama shook hands with Senate Republican Leader Mitch McConnell after signing the tax cut bill. It looked like the picture of what Obama called a "bipartisan effort." 
McConnell tried not to grin too much over the Republicans winning the war in their efforts to extend tax cuts to the wealthy.
from Tales from the Trail:
Obama moves to bolster national security staff
On the same day he unveiled a review of his Afghanistan war strategy, President Barack Obama moved to bolster the White House national security team, which has been short-staffed after a series of changes.
Obama tapped Brooke Anderson, currently part of the U.S. mission to the United Nations, as chief of staff and counselor for the National Security Council.
