McCain’s co-chair of AZ Team: Rep. Richard Renzi Indicted

Republican Rep. Richard Renzi of Arizona was indicted on 35 criminal counts, including conspiracy, wire fraud, money laundering and official extortion stemming from land deals in his state, Justice Department officials said on Friday.

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Worse than Watergate: Bush scores lowest presidential approval rating EVER!

The 2008 presidential race must be an incredibly welcome development for President Bush and his White House. That's because the American body politic can only really focus on one thing at a time, and so there's little time for anything else aside from the madcap antics of of Gilligan, the Skipper, the Millionaire and his wife, the Movie Star, the Professor and Mary Ann...and the rest. Some liberal blogs and right-wing talk radio are lined up in circular firing squads, and the op-ed columnists have trained their fire on Hillary's lonely teardrops or Barack's Church of the Poison Mind.

While no one was looking, the economy nosedived, gas prices have soared, the war in Iraq is as unpopular as ever and Osama bin Laden is still on the loose. And so while none of us were paying attention, our 43rd president just hit a major milestone.

George W. Bush is now the most unpopular president in recorded American history. (h/t Atrios)

Worse than Richard Nixon in the days before he resigned in disgrace during Watergate, worse than Jimmy Carter during the Iran hostage crisis, much worse than Bill Clinton when he was impeached. Just as Roger Bannister raced through what once seemed the unreachable 4-minute mile, Bush has burst through a barrier once also thought impossible, below the 20-percent mark.

Check this out:

George W. Bush's overall job approval rating has dropped to a new low in American Research Group polling as 78% of Americans say that the national economy is getting worse according to the latest survey from the American Research Group.
Among all Americans, 19% approve of the way Bush is handling his job as president and 77% disapprove. When it comes to Bush's handling of the economy, 14% approve and 79% disapprove.

Among Americans registered to vote, 18% approve of the way Bush is handling his job as president and 78% disapprove.


That is just mind-blowing. How does it compare to other presidents? There's no comparison.

Nixon, as he was hounded out of office in August 1974, never dipped below the mid-20s.

Here's a pretty good compilation of poll numbers from Roper. To summarize the highlights:

Clinton low: 36 percent, May 1993 (early missteps like Zoe Baird)

George H.W. Bush low: 29 percent, August 1992 (recession)

Reagan low: 35 percent, January 1983 (recession)

Carter low: 28 percent, July 1979 (high gas prices)

Ford low: 37 percent, January 1975 (economy, Nixon pardon)

Nixon low: 23 percent, January 1974 (Watergate)

Johnson low: 35 percent, August 1968 (Vietnam)

Lowest ever? That would be Harry Truman during the Korean War, in February 1952, at 22 percent.

And so now George W. Bush has shattered a record that has stood for 55 long years, and there's not any one reason. It's everything, although I suspect that liberals would more likely say Iraq and torture, conservatives would say immigration and runaway spending, and everyone would now say the economy.

It takes more than unpopularity to become the worst president ever, but this may be the straw that broke the camel's back on that front. It should remind us all what the 2008 election is all about, and it's not about Hillary's wardrobe or an off-the-cuff remark or who is the Second Coming of Ronald Reagan.

It's only about who can undo the damage of the last eight years. It's amazing so many people wanted such a difficult task.

US banks quietly borrow massive amounts from Federal Reserve

NEW YORK (Reuters) - Banks in the United States have been quietly borrowing "massive amounts" from the U.S. Federal Reserve in recent weeks, using a new measure the Fed introduced two months ago to help ease the credit crunch, according to a report on the web site of The Financial Times.

The newspaper said the use of the Fed's Term Auction Facility (TAF), which allows banks to borrow at relatively attractive rates against a wide range of their assets, saw borrowing of nearly $50 billion of one-month funds from the Fed by mid-February.

The Financial Times said the move has sparked unease among some analysts about the stress developing in opaque corners of the U.S. banking system and the banks' growing reliance on indirect forms of government support.

The Financial Times:

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The use of the Fed’s Term Auction Facility, which allows banks to borrow at relatively attractive rates against a wider range of their assets than previously permitted, saw borrowing of nearly $50bn of one-month funds from the Fed by mid-February.

US officials say the trend shows that financial authorities have become far more adept at channelling liquidity into the banking system to alleviate financial stress, after failing to calm money markets last year.

However, the move has sparked unease among some analysts about the stress developing in opaque corners of the US banking system and the banks’ growing reliance on indirect forms of government support.

“The TAF ... allows the banks to borrow money against all sort of dodgy collateral,” says Christopher Wood, analyst at CLSA. “The banks are increasingly giving the Fed the garbage collateral nobody else wants to take ... [this] suggests a perilous condition for America’s banking system.”

Full story here.