Rahm Goes Back To Chicago..

Rahm Emanuel is being  reported as stepping down as White House Chief of Staff tomorrow.  Two close associates said that Emmanuel would be making an announcement over the weekend that he would be making a bid for Mayor of Chicago, now that Mayor Richard Daley will not be seeking reelection.

A piece at Slate sums up the reactions from the establishment and the “professional left.” To the former and to the media, Emanuel was a “fixer” who made things work. To such outlets as Daily Kos he was a Rasputin who sabotaged the progressive agenda.

But with no Rahm around, it’s not clear whom the left will have to blame for the failures of this administration.

Rahm And The Killer Hedgie

Yves Smith has a piece at naked capitalism related to the extended Pro Publica (http://www.propublica.org/special/the-timeline-of-magnetars-deals) report by Jake Bernstein, Jesse Eisinger, and Krista Kjellman Schmidt that describes how hedgies manipulated subprime CDOs:

“Magnetar

1) A neutron star with an intense magnetic field, capable of emitting toxic radiation across galaxies
2) A hedge fund, the single market player most responsible for the severity of the 2008 financial crisis, through the toxic instruments it created
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