Bank stocks and bonds fell sharply today, despite Obama's inauguration. More from Bloomberg News:

Barack Obama became the 44th U.S. president today, inheriting the most severe economic crisis since Franklin D. Roosevelt was sworn in 76 years ago. The turmoil has dragged the world’s largest economies into recession, caused more than $1 trillion of losses at financial institutions and prompted a sell-off in global stock markets.

Treasuries fell for a second day on speculation Obama will sell record amounts of debt to battle the recession. The dollar strengthened for a second day against the euro.

Tough times ahead, even for those of us who see the sun coming out.

some kvetching tonight. What in the world is Bob Shrum talking about?

[Obama] knows that an inquisition into Bush & Co.’s alleged crimes would divide the public square, suck up political oxygen and constrict his potential base of support in Congress. If there’s a specific allegation that must be pursued, so be it. But better to close Guantanamo, ban torture, and reinvigorate Constitutional guarantees—and yes, move on—than to engage in psychic satisfaction at the price of America’s future.

(Emphasis supplied.) Is Shrum even paying attention? Dick Cheney has bragged about waterboarding. Susan Crawford has told us we can not try Mohammed Al-Qatani because he was tortured. CIA Director Hayden has threatened to stop torturing if a wink and a nod is not given. Newsweek is advocating for continuing torture. Let's face it -- Bob Shrum does not give a sh*t about torture. That makes him pretty despicable frankly, imo, but he would do well to just shut up about it. More. . . .

As his last act of compassion, President Bush commuted the prison sentences of Border Agents Ignacio Ramos and Jose Compean who shot an unarmed drug smuggler and then tried to cover it up. They got ten years and the right wing rallied around them. After all, it was only a drug dealer. And everybody lies. As to the latter, it's true enough in the Bush Administration.

The Court of Appeals had upheld their convictions for assault, discharge of a weapon in the commission of a crime of violence (the assault) and deprivation of civil rights.

If the border agents' 10 year sentences were too long because of mandatory minimum sentencing laws, so are everyone elses'. That's change Obama needs to bring to Congress.

As to pardon totals:

Clinton issued a total of 457 in eight years in office. Bush's father, George H. W. Bush, issued 77 in four years. Reagan issued 406 in eight years, and President Carter issued 563 in four years. Since World War II, the largest number of pardons and commutations - 2,031 - came from President Truman, who served 82 days short of eight years.

The Progress Report ranks President Bush's 43 worst political appointees. Dick Cheney (who, while technically not an appointee, presumably made the list because Bush chose Cheney as his running mate) leads the list, followed by Karl Rove, Alberto Gonzales, Donald Rumsfeld and Michael Brown.

I might have placed #18 Condoleeza Rice a bit farther down the list while ranking #20 Monica Goodling a bit higher. What are your thoughts?

Below I state that Obama must be bold at the outset of his Presidency. In the NYTimes, Jean Edward Smith, who wrote a fine biography of FDR, describes the famous Hundred Days of FDR:

. . . of the list of worst Presidential approval ratings ever for an outgoing President:

President Bush prepares to leave office with no evidence that public opinion toward him is softening during his final days in power, according to the latest New York Times/CBS News poll. When asked about Mr. Bush’s performance over the last eight years, 22 percent of respondents said they approved. That matched Mr. Bush’s job-approval rating for much of last fall, the lowest of his presidency. In the current poll, 73 percent disapproved of his performance over the course of his two terms.

In contrast, Mr. Bush’s most recent predecessors left office with approval ratings ranging from 68 percent, for both Ronald Reagan and Bill Clinton, to 44 percent, for Jimmy Carter. Mr. Bush’s father left with 54 percent.

You did a heck of a job Bushie.

Speaking for me only

What is there left to say? Worst President in history.

Bush gave his "farewell address" tonight and I suppose it would be the time to be gracious but let's face it, the man deserves no grace.

Say your piece about Bush here.

Update (TL): David Corn on what Bush left out of his speech.

Smart political maneuvering by Jesse Jackson, Jr:

Jackson supported Burris’ effort to claim the seat to which he was appointed by Illinois Gov. Rod Blagojevich but criticized him for allowing his supporters to play the race card. This “racialization of the Senate seat is going to be a profound problem for Democrats,” Jackson told Politico.

It seems fair to assume that Jackson wants to be the next Senator from Illinois. Criticizing the "racialization" of the Blago/Burris Affair BY Burris while at the same time supporting Burris' seating is shrewd political positioning by Jackson.

Well played sir.

Speaking for me only

Glenn Greenwald:

Politicians, by definition, respond to political pressure. Those who decide that it's best to keep quiet and simply trust in the goodness and just nature of their leader are certain to have their political goals ignored. It's always better -- far better -- for a politician to know that he's being scrutinized closely and will be praised and supported only when his actions warrant that, and will be criticized and opposed when they don't.

Why is so hard for some folks to understand this?

Speaking for me only

Via TPM:

The Secretary of the Senate has determined that the new credentials presented today on behalf of Mr. Burris now satisfy Senate Rules and validate his appointment to the vacant Illinois Senate seat. . . . "As we had outlined to Mr. Burris, a path needed to be followed that respects the rules of the Senate. We committed to Mr. Burris that once those requirements were satisfied, we would be able to proceed. We are pleased that everything is now in order, we congratulate Senator-designee Burris on his appointment and we look forward to working with him in the 111th Congress."

So that letter in December from Senate Democrats about not seating any Blago appointee? Nevermind. They never meant it. What a humiliating embarrassment for Reid and Durbin.

Speaking for me only

Via Digby, Newsweek hires Stuart Taylor, with an assist from longtime Newsweek Beltway blowhard Evan Thomas, to write an episode of 24:

The issue of torture is more complicated than it seems. . . . Waterboarding—simulating drowning by pouring water over the suspect's mouth and nostrils—is a brutal interrogation method. But by some (disputed) accounts, it was CIA waterboarding that got Khalid Sheikh Mohammed to talk. It is a liberal shibboleth that torture doesn't work—that suspects will say anything, including lies, to stop the pain. But the reality is perhaps less clear.

(Emphasis supplied.) The question I have is simply this - who told Newsweek, Taylor and Thomas that torture works? Sounds like a breach of national security. Maybe we should get Jack Bauer to torture them until they reveal their sources.

Speaking for me only

A familiar question for readers of this blog rears its head again today as Glenn Greenwald revisits the issue, inspired by David Ignatius trotting out the same old Beltway "post-partisan" "unity" tripe. Glenn writes: