Word: republicanize
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Bernie Madoff's crimes spawned a global financial meltdown, a wave of populist outrage, books, movies, souvenirs and, now - perhaps - an overhaul of New York's prison system. On July 20, Republican Assemblyman James Tedisco introduced a so-called "Madoff bill" in New York's legislature that, if passed, would require wealthy inmates to be billed for the cost of their prison stays - estimated at $90 per inmate per day. TIME spoke with Tedisco about the legislation's nickname, the "party palace" in a Manhattan jail that helped spark the proposed law and why lawmakers might want to let prisoners...
...Senate ignored such pleas to approve an amendment by Senator Carl Levin of Michigan, chairman of the Armed Services Committee, and Senator John McCain of Arizona, its ranking Republican, to strike the $1.75 billion their committee had added (over Levin and McCain's objections) for seven more F-22s. Both Pentagon and congressional aides say the vote effectively ends the program...
Current Fed chairman Ben Bernanke has had to explain himself on Capitol Hill a lot more often than that. As Bernanke waited to give his semiannual Humphrey-Hawkins testimony before the House Financial Services Committee on the morning of July 21, Alabama Republican Spencer Bachus thanked him for his "willingness to make yourself available on countless numbers of occasions." Since February, the Fed chairman has been called to testify about Bank of America's takeover of Merrill Lynch, the government's bailout of AIG, the federal budget deficit, the Fed's various new lending programs and the economic outlook...
...this willingness to explain policies and chat with Congress about them hasn't endeared Bernanke and the Fed to all its members. Far from it. After thanking Bernanke in his opening remarks, Bachus - the ranking Republican on the committee - went on to complain that the Fed had taken on too much authority and should restrict itself in the future to setting monetary policy. Texas Republican Ron Paul, whose calls to abolish the Fed have gotten more attention lately than they used to, claimed that "the Federal Reserve, in collaboration with giant banks, has created the greatest financial crisis ever seen...
...Believe me, he knew. He kind of looked like a clown when I was talking to him.' JIM INHOFE, an Oklahoma Republican, saying he meant no offense when he called a fellow Senator, Minnesota's Al Franken, a "clown...