When historians look back on the collapse of the global financial system in 2008 and 2009, they will find a single culprit. It won’t be the completely asymmetric system of risk and reward that compensated executives and traders handsomely regardless of whether they made or lost billions, nor will it be a 30-year trend in widening inequality between the investment class and people who make money the old-fashioned way (by “working”), nor will it be the demise of the manufacturing sector to the benefit of the financial services sector until we became a nation of bankers selling worthless shit to each other for increasingly laughable amounts of money. No, the dastardly poison in the American heart was one very simple thing: the names of these criminal companies that lost all of our dollars. And once we change their names, the entire system will heal itself. MORE »

• Rice makes surprise visit to Beirut. [WSJ]

• Before Rice left Washington, she and Bush met with Saudi diplomats, who encouraged them to push for a cease-fire. They continue to refuse. [NYT]
• “The American Bar Association said Sunday that President Bush was flouting the Constitution and undermining the rule of law by claiming the power to disregard selected provisions of bills that he signed.” [NYT]
• The Department of Homeland security will give itself a makeover, “sharply cutting emergency cash assistance for victims of major disasters, and more carefully controlling access to free hotel rooms.” [NYT]
• Mid-term elex: “If Democrats in the House gain 15 seats — a number that analysts in both parties say is within reach — Republicans will relinquish power there for the first time since 1994. In the Senate, Democrats need to gain six seats to take control — a more remote prospect, but by most estimates a plausible one.” [WP]

Photo: house.gov/jerrylewis MORE »

Is a comprehensive makeover a job requirement for women working at the White House? We previously showed you “before” and “after” photos of homeland security hottie Frances Townsend. And now we have evidence that Townsend’s chief competition for top White House hottie — deputy national security adviser Meghan O’Sullivan, lovingly profiled in yesterday’s Times — has transformed her look too.

As always, the good stuff — the photographic proof — appears after the jump.

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We’ve been blogging about the White House homeland security adviser, Frances Fragos Townsend, quite a bit lately. Readers have offered impassioned arguments for and against her physical attractiveness — just the kind of robust debate about important issues that we are here to foster. (The latest reader rave about Townsend: “Fran a man? If so, then I am coming out! Lipless? Who are these evil doers? Fran has lips sweet enough to kiss. To nibble…to love.”)

But we realize that some of you may be getting Fran Townsend fatigue. So after this post, we’ll move on to other subjects. We just wanted to share two tidbits with you before doing so — after the jump, for those of you who share our interest in this homeland security hottie.

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We assumed that the Bush administration would see Harriet Miers’s much-needed makeover as just another ugly situation to put a happy face on (that electric blue suit screamed “last throes”), but looking at pictures from her tour of the Hill yesterday we were impressed: Harriet has a new look, and it doesn’t remind anyone of a Star Wars villan. Clearly, Katrina isn’t the only disaster that the White House will take responsibility for. MORE »

Flash back to reading “Highlights” magazine in the pediatrician’s office! Tell us, can you find at least five differences in these two photos?

Bonus question: Which photo came from the “confirm her already” fans of Harriet at “JusticeMiers.com”? MORE »

We took the liberty of redesigning Harriet Miers’s, uhm, “look.”

In addition to the many other tweaks, we think the glasses add a “really, I’m just as smart as Roberts” touch. Now if we can just convince her to submit to the idea before Robin Givhan gets to her…