REUTERS/Kevin Lamarque
–Obama’s oval office address last night was not exactly a crowd pleaser. He pulled off the optics fairly well, but the jumble of military metaphors was awkward and the substance was torn between two competing visions. Those looking for detailed marching orders on how to Plug The Leak Now were thrown off by the case for energy legislation, and his uncertainty about a path forward. Those looking for a pivot from crisis to climate, a Kennedy-esque put-a-man-on-the-moon clarion call to combat global warming felt let down by the absence of any mention of carbon. Others just felt he didn’t say anything new. But the reality remains that he is powerless to stop the leak and no one will feel much better until that happens.
–Obama is wooing Scott Brown in his energy legislation push. They have a meeting scheduled today at the White House.
–Also at the White House: BP execs. It won’t be pretty. The estimated rate of the spill is ever-growing and, in case they weren’t in for enough chewing out, our colleague Massimo Calabresi reports on extensive joint ventures between BP and Iran.
–The EPA released its cost estimate of the proposed Senate climate bill. John Kerry and Joe Lieberman are pleased, but no one paid attention because the votes aren’t there.
—David Leonhardt has a clear explanation of why cap-and-trade is a tough sell:
The great economic strength of market systems like cap and trade also happens to be their political weakness. They set prices and allow people to react. In the process, market systems acknowledge that reducing pollution may actually cost a little bit of money.
Politicians don’t like to admit this, because voters don’t like it. Accepting higher costs is especially hard when the economy is weak.
–Al Franken’s measure to change how credit ratings agencies do business was stripped from financial reform in Tuesday’s conference committee meetings. It was replaced with a two-year study and instructions for the SEC to create a new Franken-like system thereafter.
–Jeff Greene unsettles Florida Dems and sparks talk of an alliance with Crist.
–Tim Pawlenty sets up shop in Iowa and New Hampshire.
–And break out the Clarence Thomas 2012 bumper stickers.
What did I miss?
You can contact Adam at swampland@time.com.