Diary

An Early Christmas Gift For Newt & The GOP:Jon S Corzine

Make that gifts.  Here they are in no particular order:

First, Republicans can now have some fun rhyming fat cat and Democrat. Corzine’s credentials are indusputable.

Secondly, the 64 year-old  is a perfect counter to the Dem’s Wall St v Main St narrative. He was CEO of Goldman Sachs. He was until very recently the honcho at MF Global.

Third, the Obamanauts asked Corzine for economic advice. His sage counsel helped shape the so-called stimulus package. Best of all from the GOP point of view this isn’t open to any denial, plausible or otherwise. VP Biden is on all sorts of video enthusiastically touting Corzine’s economic wisdom. Here’s a quote, “The reason we called Jon was because we knew he knew about the economy, about world markets, about how we had to respond, unlike anyone we knew…we trusted his judgment.” This was  one occasion, and you know Biden can’t keep his mouth shut. Another You Tube embalmed VP appearance has Biden describing a scene in a “Chicago high-rise” when he and Obama were discussing how to get the economy moving. This is rich in itself of course. Two life-long pols trading ideas on the world’s largest economy! Biden then tells of calling Corzine describing the former NJ official as “the smartest guy I know about the economy, about finance…” Ironically Biden tells his audience this was “no joke…not a joke”

Fourth, Newt gets his baggage down-sized a lot. Next time Gingrich faces a question about the million plus his firm received from Freddie, he parries it along the lines of, “Yes, that’s on the record. I declared it, paid taxes on it and know what I did with it. Now why don’t you ask the Obama administration’s chief economic advisor where is the one and a quarter billion dollars Jon Corzine lost for ordinary Americans?”

Corzine’s testimony Thursday was an unmitigated disaster for Democrats in general and the president in particular. It was a gold-plated gift for the GOP.

Asked what happened to the missing moolah Corzine said he didn’t know. So let’s see. You’re the head man and as your firm plummets toward bankruptcy you tune out. Corzine also claimed that he didn’t watch MF’s accounting that closely. Astonishing. There had to be Dems in the room and watching on TV who privately cursed Corzine’s decision not to take the fifth.

The “Fast and Furious” examination will undoubtedly lead to trouble for the administration.

But details of the downfall of MF Global and Jon Corzine are and will be far more damaging. The MF Global bankruptcy is causing hardship for many citizens particularly in the farm belt. This election will primarily be about the economy and this is an economic story. It also will be a tale of gross negligence, perhaps criminality.

It unmasks so-called experts as ninnies. Biden called who? A man who can’t account for more than a billion dollars of client assets at a firm he ran? Ran into the ground finally. Jon Corzine, the smartest man in the room if the only others in the room are Obama and Biden.