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Congressional Oversight Panel: Fire Managers, Liquidating Banks – A congressional panel overseeing the U.S. financial rescue suggested that getting rid of top executives and liquidating problem banks may be a better way to solve the economic crisis. (Panel’s 6 Month Report)

Patriot Games – [Talking Points Memo] started tracking yesterday the emerging meme that Obama’s restructuring of the defense budget amounts to being weak on defense. It’s an important early framing of the debate, driven by Republicans, and all too often adopted by media who should know better.

Biden rebukes Cheney, guarantees we’re ’safer today’ – Vice President Joe Biden brushed aside recent criticism by predecessor Dick Cheney that moves by the Obama administration had put the United States at risk, telling CNN on Tuesday that the former vice president was “dead wrong.”

Poll: Obama Approval Hits New High – 66%

Hints of Obama’s Strategy in a Telling 8 Days – In eight days in Europe, President Obama has started down the road to remaking the global financial system, reinvigorating the NATO commitment to Afghanistan and Pakistan, rewriting nuclear policy, and repairing relations with the Muslim world.

Pension Funds Sue BofA Over Merrill Takeover – A group of five pension funds, including state funds in Ohio and Texas, is seeking to lead investor lawsuits against Bank of America Corp (BAC.N) over its January 1 acquisition of Merrill Lynch & Co.

Obama To Critics: “Show Me Your Budget!” – “To a bunch of the critics out there, I’ve already said, show me your budget! I’m happy to have that debate.”

Afghan Strikes by Taliban Get Pakistan Help, U.S. Aides Say – The Taliban’s widening campaign in southern Afghanistan is made possible in part by direct support from operatives in Pakistan’s military intelligence agency, despite Pakistani government promises to sever ties to militant groups fighting in Afghanistan, according to American government officials.

Stanford Finance Chief Davis Meets With FBI, SEC, Says Lawyer – James M. Davis, accused of helping R. Allen Stanford swindle investors in an alleged $8 billion Ponzi scheme, met yesterday with investigators, his lawyer said.

Jindal Spurns Obama’s Jobless Aid as Mayor Pleads ‘Help Me Now’ – The money for jobless benefits that Jindal and others rejected comes from a pool that constitutes less than 1 percent of the stimulus money — $7 billion offered to states under the Unemployment Insurance Modernization Act. The funds are meant to update the nation’s Depression-era unemployment system, which was designed around male, full-time workers.

A.I.G. Reveals Biggest Beneficiaries of Its Rescue – The American International Group on Sunday released the names of financial institutions that benefited last fall when the Federal Reserve saved it from collapse with an $85 billion rescue loan and then 3 subsequent bailouts.

Barney Frank On AIG: “Maybe It’s Time To Fire Some People”

Bracing for a Bailout Backlash – The [Obama] administration’s sharp rebuke of the American International Group on Sunday for handing out $165 million in executive bonuses — Lawrence H. Summers, director of the president’s National Economic Council, described it as “outrageous” on “This Week” on ABC — marks the latest effort by the White House to distance itself from abuses that could feed potentially disruptive public anger.

Obama Enlists Campaign Army In Budget Fight – President Obama will kick off an all-out grass-roots effort today urging Congress to pass his $3.55 trillion budget, activating the extensive campaign apparatus he built during his successful 2008 candidacy for the first time since taking office.

CNBC Under Fire: Sticking Up for the Big Guy?

The Reconstructionist – Michael Steele’s Interview with GQ

Madoff’s Bail Revoked After Guilty Pleas to All Charges

Citigroup Sparks Big Rally, But the Pros Are Skeptical

Regulatory reports show 5 biggest banks face huge losses

Union Legislation Drive Begins in Congress