Debt Ceiling

* The fiscal impasse in our nation’s capital is over! The government shutdown is over! Obamaphones for everyone!!!!! [Washington Post]

* Tim Geithner was recently deposed as part of a lawsuit alleging that the government bailout of AIG was unconstitutional. Muammar Gaddafi was less recently deposed as part of a coup alleging that his female bodyguards were unconstitutionally sexy. [Fox Business]

* Berkeley Bird Beheader begins boot bivouac. [Fox5 Vegas via Las Vegas Law Blog]

* Cory Booker (Yale Law ’97) won a Senate seat last night, promptly bumping Lat from the cover of the next Yale Law alumni magazine. It was the Halloween issue — the annual Boo Haven edition. [ABC News]

* Mark Cuban was acquitted of insider trading charges yesterday. In related news, this basset hound loves fans. [CBS News]

* Brooklyn Law faces a possible debt downgrade from Standard & Poor’s. The school’s unemployed graduates, substandard and poor, have yet to weigh in. [Crain's New York Business]

* In other law school news, Chicago-Kent announces an interesting new initiative (with a Whopper of a name). [IIT Chicago-Kent College of Law (press release)]

* “There are no magic bullets here.” Caught in a “trilemma,” President Obama is up against the wall and is running out of options. He soon might be forced to choose the least unconstitutional solution to the nation’s problems. [Bloomberg]

* During the government shutdown, it certainly wouldn’t be worth it for furloughed employees to hire lawyers to fight their “essential” versus “non-essential” determinations — please, like they’ll be able to afford legal representation right now. [National Law Journal]

* It seems some partners at both Dentons and McKenna Long & Aldridge aren’t fans of a possible tie-up, so they’re heading for the hills as fast as they can. Perhaps it simply wasn’t meant to be? [Am Law Daily]

* It’s time for our favorite show, As the Weil Turns! Partners from various offices are departing for other Biglaw firms, and we can now confirm that Steven Peck is a new face at Proskauer. [Law360 (sub. req.)]

* We told you last week that Matthew Martens of Fabulous Fab fame would be leaving the SEC, but now we know where he’s landing. Congrats on your new home at WilmerHale. [WSJ Law Blog (sub. req.)]

* Ohio is the latest state to offer “hazy” abortion restrictions that skirt the very edge of Supreme Court jurisprudence in order to make women feel guilty about their own right to choose. [New York Times]

* “Without makeup she looks like the Joker in Batman.” Joan Rivers is locked in a $15 million condo catfight with a Canadian socialite who isn’t afraid to pull punches. Meow! [New York Daily News]

Dzhokhar Tsarnaev

* “We’re in uncharted territory right now.” The federal courts made it through the first week of the shutdown, but they’re approaching “here be dragons” land in terms of funding. [National Law Journal]

* “It would be the most interesting case in decades.” Legal experts debate whether President Obama can ignore the debt ceiling for much longer. [New York Times]

* People are getting out of Biglaw while the getting’s good. Reed Smith’s global managing partner is leaving the firm for a general counsel gig after 13 years at the helm. [WSJ Law Blog (sub. req.)]

* Law firm leaders met to discuss how to empower women attorneys, and agreed it’s wise to parade them around in front of clients. Getting to work on those clients’ cases is another question. [Blog of Legal Times]

* No debacles here, contrary to past precedent: Kasowitz Benson poached two superior legal minds from NBCUniversal and welcomed them to the firm to open an entertainment litigation practice. [Bloomberg]

* Dzhokhar Tsarnaev’s lawyers want their client’s prison restrictions to be lifted and are raising a slew of constitutional claims. We think the members of his fan club are the only ones feeling sorry for him. [CNN]

NBA Commissioner David Stern

* The NBA is suing its players for failing to negotiate in good faith. Funny, I think the players are acting with the same “good faith” NBA owners do when they steal teams from loving fan bases or hold cities hostage until they build new arenas. [WSJ Law Blog]

* Having a drunk woman angrily spray breast milk on you is probably not as alluring as it sounds. [Sentencing Law & Policy]

* In other sentencing news, a guy got six weeks in jail for getting his ass kicked by Rupert Murdoch’s wife. [Gawker]

* This is funny because it’s kind of true. [Washington Fancy]

* To win, sometimes lawyers need to be quiet? Man, am I glad I got out of that racket. [Underdog]

* Lawyers should be happy to know that good writing requires doing it over and over and over again. [What About Clients?]

* The market apparently doesn’t like the debt ceiling deal. [New York 1]

The worst thing about being betrayed is the loss of innocence and optimism that forever changes the victim of the betrayal. The reality is so stark you can literally see it on people’s faces as they realize the extent to which an ally has turned on them. Robert the Bruce saw it on William Wallace’s face in Braveheart. My wife saw it on my face when Obama agreed to the debt ceiling deal. And you are going to see it on the faces of the young and educated when they realize that, once again, the president has sold them down the river for the cause of electoral expediency, even as Obama’s numbers drop so low that his heat can only be measured in Kelvin degrees.

In the total debt ceiling cave-in that will mark Barack Obama as the most successful Republican president since Ronald Reagan, there was one cut that really illustrates how little the president cares for his young, college-educated constituents. To save about $26.3 billion dollars, the debt ceiling deal eliminates the graduate student loan subsidy. That means that law students (and other grad students) will continue accruing interest on their non-dischargeable educational loans throughout their graduate studies.

I can see why they call education the “silver bullet,” because education certainly seems like a surefire way to kill one’s economic future….

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Havoc on the Hill has an excellent visualization about how this debt ceiling thing went down. It’s funny.

It’s funnier if this thing gets passed. Check it out.

The Great Debt Ceiling Debate [Havoc on the Hill]

* This whole debt crisis has been a little like Deal or No Deal, except that show had a much better host. Howie Mandel can get people to make a deal with the banker in under 60 minutes. Obama? Not so much. [POLITICO]

* Real life intellectual property matters be damned, because even virtual horses need to eat. If a PETA group doesn’t exist yet in Second Life, I have a feeling that one soon will. [Wall Street Journal]

* Reality shows rule, but I’m not sure if an execution can compete with Jersey Shore. The only thing I want to see die on TV is dignity, but our own David Lat has some other interesting ideas. [New York Times]

* New Mercer Law students are moving into the apartment complex where pieces of Lauren Giddings were found. Why would you sign a lease with a place that’s so stabby? [Macon Telegraph]

* B*tch has balls if she’s willing to go to war with Oprah over an acronym. Before you can OYP (Own Your Power), you might want to OYT (Own Your Trademark). [Daily Intel / New York Magazine]

* I’m flying this weekend for the first time in over a year (it couldn’t be avoided). I’ll need to brush up on what rights I still retain during air travel. As long as I acknowledge TSA’s droit du seigneur to my wife, I’m allowed to carry an unopened water bottle on board, right? [Legal Blog Watch]

* There’s a statement from the University of Baltimore on the Phillip Closius situation. They say their “forward momentum” will continue. Does that mean they expect future Baltimore Law students to be unable to run a Google search? [WSJ Law Blog]

* Lat imagined a future legal career for Casey Anthony that starts with a Anthony getting a GED (before clerking on the Supreme Court and becoming a law partner of Jose Baez). But doesn’t Hustler seem like something more in her wheelhouse? [Gawker]

* Have we done irreparable damage to our credit rating, unless we can prove we have a legal “fail-safe” in case a vocal Tea Party minority hijacks the entire freaking nation again? [Blackbook Legal]

* Taco Bell employee fired for refusing to get his hair cut. I guess they were worried about 100% real hair mixing with their isolated oat product — er, seasoned beef. [Associated Press]

* Howrey going to massively reduce our assets for bankruptcy reporting purposes? [Chapter11Cases]

This Chinese man is angry because he holds lots of U.S. Treasury bills.

* I want Congress to stop risking Armageddon with this debt ceiling thing. But our new Dealbreaker writer, Matt Levine, thinks our leaders are being crazy, crazy like a fox. [Dealbreaker]

* Look, the way to deal with racial profiling is to stop racial profiling, not to prohibit companies from doing criminal background checks on job applicants. [WSJ Law Blog]

* And the way to protect the environment is to ban things that are harmful to the environment. Not futz around with people’s rescue inhalers because they contain chlorofluorocarbons. Christ on a stick, I’m starting to wish we could just wipe the slate clean and start with a society of zero laws and rebuild from there. [Overlawyered]

* Of course, having all of the laws we do have is one reason why somebody decided that you needed the ability to “lawyer up” in 15 minutes. [Adjunct Law Prof Blog]

* Screw it, I’m a libertarian now. [Associated Press]

* Congratulations to Lat and the other legal luminaries named to the Fastcase 50. [Fastcase]

As Republicans continue to play chicken with the nation’s solvency, the idea that the president doesn’t need congressional approval to raise the debt ceiling is gaining traction. The thought bubble suggests that President Obama can raise the debt ceiling because of language in the Fourteenth Amendment stating that the nation’s debt “shall not be questioned.”

The idea has been trumpeted by none other than former president Bill Clinton. Clinton said that he would unilaterally raise the debt ceiling and “force the courts to stop me.”

Of course, President Clinton had what the scientists call “balls.” He knew how to handle a group of intractable Republicans more concerned with scoring political points than governing.

President Obama? The New York Times has his response: “I have talked to my lawyers. They are not persuaded that that is a winning argument.”

Can Aaron Sorkin please write a “Let Obama Be Obama” episode? Because sometimes Barack Obama really likes to dangle his feet in the water of whatever the hell it is he dangles his feet in, when he wants to make it look like he’s trying without pissing too many people off.

In any event, is invoking Section 4 of the Fourteenth Amendment a “winning” argument that could solve this debt crisis?

double red triangle arrows Continue reading “To Be Young, An Executive, And Above the Law: Thoughts on the Debt Ceiling Impasse”