According to the Long Island Press, Sen. Hillary Clinton has accepted the offer of Secretary of State. The NY Times credits two "confidants;" says "that her camp believes they have a done deal."

This may be a premature announcement, a trial balloon of sorts. It is, after all, mid-afternoon Friday on the East coast. What do you think? (See that trusty dusty poll to the right?)

See Deborah White's profile of Clinton. And Keith Porter weighs in, reflecting some of my initial thoughts (2012 and Iraq).

Watch this space for an overview of senior level nominees.

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Update: 19 November
Anchorage Mayor Mark Begich has won his contest with U.S. Senator Ted Stevens. With Begich leading by fewer than 4,000 votes, Stevens conceded Wednesday afternoon. There were 31,5573 votes cast and 100 percent (about 2,000 absentee ballots are expected Wednesday) have been counted, according to unofficial results.

Prior to this result, Democrats had gained six seats this election cycle, increasing their Senate majority to 57. Two other races -- Georgia and Minnesota -- remain undecided. Georgia will hold a run-off election on 2 December. Minnesota begins the recount process on Wednesday.

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As the lameduck Congress thinks about bailing out Detroit, we should consider the results of past bailouts, and specifically look at the Chrysler example. The arguments made in 1979 resonate today:

There is a strong case that such help rewards failure and penalizes success, puts a dull edge on competition...

That federal loan was contingent upon "other contributions or concessions [being] given to Chrysler by its own owners, stockholders, administrators, employees, dealers, suppliers, foreign and domestic financial institutions, and by State and local governments." Can you really imagine this Congress putting those kinds of strings on a loan or loan guarantee for Detroit? I can't.

See the Wall Street bailout vote and Why The AIG Bailout Is Not Like Chrysler