Too late for a shredder

The AP awakens from its slumber long enough for Matt Apuzzo to slap down the Bushist deregulators and their favored lobbyists at the root of the mortgage crisis:

The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown...

Careful there, you might commit journalism!

(h/t R. Neal at KnoxViews)

Bad cop - good cop

McCain-Feingold is going to be one of those careful-what-you-wish-for reforms. As interpreted, it leaves lots of room for mischief from political allies, near and far.

The Swift Boat Liars were just the first shot in a new war. They were financed by ardent Texas Bushists, T. Boone Pickens, for example. This was no coincidence, of course. Nudge-nudge-wink-wink! Who needs a junkyard dog as vice president!

There's a new wrinkle. The Tennessee Republican Party issued a scurrilous press release. John McCain, noble bipartisan that he is, condemned it. The Tennessee GOP didn't back down, in fact reveled in the publicity.

Now, the North Carolina Republican Party is running a scurrilous ad (scroll to end). John McCain's crocodile tears and rending of garments continues, alas, to no avail. The NC GOP keeps running the ad and revels in the publicity. McCain gives us this pabulum:

"I can't dictate to them. But I want to be the candidate of everybody. I want to be the candidate of Republicans and Democrats and independents," he said Wednesday.

Look for this good cop/bad cop routine to go on over and over again.

No, by the way, I don't think McCain suckered Feingold and the rest of the Democrats into this fresh hell of 527s and local parties and non-coordinated coordination. He and the rest of the Republican apparat are just using the rules more cannily.

Update: Joe Conason has more (h/t digby).