The president, for all his cool, has a mean streak—just ask Hillary Clinton—and this week he turned it on Mitt Romney, writes Lloyd Grove.

Never mind “cow pie of distortion”—President Obama’s earthy attack on Mitt Romney that dominated the headlines Thursday night from his barn-burner at the Iowa State Fairgrounds.         

The psychological heart of Obama’s campaign speech was “prairie fire of debt,” the phrase that set up his scatological punch line.

“I know Gov. Romney came to Des Moines last week,” the shirt-sleeved, sweating Obama told a crowd of fervent supporters. “Warned about a ‘prairie fire of debt.’ That’s what he said. ‘Prairie fire.’ But he left out some facts. You know, his speech was more like a cow pie of distortion.”         

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In an interview, the Democratic author of the Dodd-Frank banking regulations talks about JPMorgan’s blunder, implementing the Volcker Rule, and Wall Street’s ‘hurt’ feelings.

It’s been two years since President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, but the new banking regulations are still a topic of huge debate. Republican presidential candidate Mitt Romney has vowed to repeal Dodd-Frank if elected, a position that has come under increased scrutiny since JPMorgan Chase revealed losses that could run as high as $7 billion from a failed bet in derivatives trading. Eleanor Clift chatted with one of the law’s sponsors, Rep. Barney Frank (D-MA), about the motivation behind the law and why the Morgan situation is renewing calls for market reforms.

Clift: I attended an event at the MPAA the other night, and (former Senator) Chris Dodd said he heard his name invoked so many times with Dodd-Frank, he thinks he should get residuals. Dodd-Frank, your legislation, is the centerpiece of the debate right now. What are the implications of that?

Frank: It certainly helps reaffirm our argument—on several fronts. First of all, I will take credit along with Chris and the people who work with us—if this [JPMorgan] event had happened five years ago, I think there would have been a lot more panic and nervousness in the economy. The fact is that people understand banks today are better capitalized. This would have caused a tremor a while ago—and it did not. There was no sense that stability was at risk, probably because of what we’ve done. Secondly, it vindicates our views on derivatives.

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Stand up to the GOP's 'extreme voices.'

The Obama campaign has had enough of Donald Trump and his birther nonsense. The President's campaign spokesman, Ben LaBolt, called on Mitt Romney to ditch the Donald once and for all. "Donald Trump has become the birther in chief," said LaBolt. "I can put the president's birth certificate on my forehead and Mr. Trump wouldn't accept that the president was born in the United States. And it raises a question that's come up before during this campaign as to whether Governor Romney will embrace the extreme voices in his party or stand up to them." 

Read it at Talking Points Memo

Ethan Miller / Getty Images

Maintains Obama was born in Kenya.

A birth certificate and confirmation from Hawaii's Health Department may be enough to convince Arizona's Secretary of State that President Obama is a natural-born U.S. citizen, but Donald Trump's no fool. Recently, a former literary-agency assistant admitted that, at the time Obama's first book was published, she had mistakenly written he was born in Kenya. But Trump insists, "that's what he told the literary agent. That's the way life works ... he didn't know he was running for president, so he told the truth." He told The Daily Beast, "His mother never spent a day in the hospital."

Read it at The Daily Beast

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Especially that one about firing people.

Mitt Romney got real with Peggy Noonan this week, admitting that his campaign trail gaffes, such as saying "I like to be able to fire people," haunt him a bit. "I have to think not only about what I say in a full sentence but what I say in a phrase," what with the media chopping up his sound bites and take them out of context and all. "The media always says, 'Gosh, we just want you to be spontaneous,' but at the same time if you say anything in the wrong order, you're gonna be sorry!"

Read it at The Wall Street Journal

Ahead of the recall election.

Wisconsin Gov. Scott Walker will debate Democratic challenger Tom Barrett Friday night—the first of two debates ahead of the June 5 recall election.

Read it at Talking Points Memo

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Calls out campaign rhetoric.

Just about every one of Mitt's former Republican oppenents has turned around and endorsed him, making their weekly bickering at the GOP debates seem like nothing but a distant memory. But Jon Huntsman, who also backed Mitt when he dropped out of the race, remains critical. The former U.S. ambassador to China rolled his eyes at Romney's claim that, as president, he'll be tough on China. "This is a typical trajectory, where duing a campaign season you're going to talk about China in ways that you're hearing today," Huntsman said on CNN. "Bill Clinton did it when he talked about the Bushes of Beijing. Ronald Reagan did it in 1980." But, he added, "Then you get into office." 

Read it at CNN Political Ticker

Forget Clooney for Obama. Team Romney now has a Trump fundraiser, a Trump super PAC, and a former presidential aspirant who won’t stop talking about where the president was born.

The latest Obama and Romney campaign videos dramatize the plight of the jobless. Howard Kurtz explores why the tactics go for emotional appeal—and why they’re misleading.

Jae C. Hong / AP Photo

Republicans publicly vie for VP ticket.

Will they be forced to sing the “The Star-Spangled Banner?” The Associated Press has observed that Republicans who support Mitt Romney have been publicly speaking on behalf of his campaign, essentially “auditioning” for the role of vice president without acknowledging that they’re doing so. New Jersey Gov. Chris Christie, Florida Sen. Marco Rubio, and Wisconsin Rep. Paul Ryan have all made high-profile appearances in the month since Romney earned the Republican nomination, and all have targeted Obama in their speeches—a strategy they will need to perfect as Romney's attack dog. Romney’s top aides are reportedly in the process of vetting potential running mates, performing both political and personal background checks, but both the aides and candidates are sworn to secrecy, according to Republicans with knowledge of the VP selection process.

Read it at Associated Press

Amid a backlash from critics, Hustler publisher Larry Flynt vigorously defends an image of conservative pundit S.E. Cupp with a Photoshopped penis in her mouth. Abigail Pesta reports.

Hustler has caused a squall by publishing an image of conservative pundit S.E. Cupp with a Photoshopped penis in her mouth. Conservatives and liberals alike are sounding off on the magazine for misogyny, but Cupp has said the protest isn’t loud enough. Larry Flynt, the publisher of Hustler, says it is too loud.

The headline on the Hustler piece poses the question, “What Would S.E. Cupp Look Like With a Dick in Her Mouth?” The magazine goes on to criticize Cupp, a conservative columnist for The New York Daily News and author of the book Why You’re Wrong About the Right, for her political views. “Her hotness is diminished,” the magazine says, “when she espouses dumb ideas like defunding Planned Parenthood.”


The Women’s Media Center swiftly denounced the magazine, launching an online petition at change.org in protest of the piece. The advocacy group said in a statement that while it does not always agree with Cupp’s views, Hustler “seeks to deny her participation in public dialogue entirely, in a way that crosses all boundaries of taste and conscience.”
 

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Calls him "too extreme" for Arizona.

Mitt Romney is the subject of a new election ad from PAC+, a Hispanic super PAC. The ad associates Romney with Arizona's infamous sheriff, Joe Arpaio, and Gov. Jan Brewer, saying Mitt's "too extreme" for Arizona. "We want to draw attention to the political significance of the state," said the PAC's president. Arizona "has taken on a level of symbolic importance for a lot of people, whether they're Latino or not, who see the protection of civil rights as an important part of an inclusive America."

Read it at Los Angeles Times

Says he's "spellbinding."

Rick Santorum endorsed Ted Cruz for the Texas Senate primary Thursday and gave him a much more rousing expression of support than the one he gave Mitt Romney. "Ted Cruz is spellbinding, a tremendous orator and principled," Rick told Glenn Beck. "[He] understands these issues at his core. We need people who can motivate and lead. Ted has that capability." Cruz is up against Lt. Gov. David Dewhurst to grab retiring Kay Bailey Hutchison's newly open Senate seat. 

Read it at CNN Political Ticker

Gets confirmation of American citizenship.

President Obama and Arizona Secretary of State Ken Bennett both got what they were looking for Wednesday. Bennett, who was on a mission to finally solve the great mystery that is Obama's nation of origin, received verification from the Hawaii Department of Health that the president was, as he has insisted, born in the state. And President Obama was not only proven right, but escaped Bennett's threat of keeping him off the ballot in November. Looks like this might be the end of the birther saga. For now, at least. 

Read it at Washington Post

Clarifies his prior hesitance.

One day after failing to commit his November vote to President Obama's reelection, Democratic congressional nominee Ron Barber released a statement insisting he's an Obama supporter. "Ron's point last night was that the election on June 12 isn't about president Obama, or any other national figure—it's about who is going to do the best job fighting for middle-class families in southern Arizona," his campaign manager clarified. "While Ron does not agree with the president on everything, of course Ron has supported and will support President Obama in the election. His primary focus as a member of Congress will be standing up for Southern Arizonans."

Read it at Talking Points Memo

At fundraiser in Monaco.

It looks like Bill Clinton made some nice new friends  at a Monte Carlo casino's "Nights in Monaco" gala Wednesday night. The former president was photographed getting cozy with three young ladies—two of whom are porn stars. One, Brooklyn Leigh, was a big winner at this year's AVN Awards—"the Oscars of porn"—-taking home the award for Best New Starlet and Most Outrageous Sex Scene among others. ABC News notes that it's unclear whether Clinton was aware of his new pals' occupation but, regardless, he looks pretty happy sandwiched between them. 

Read it at ABC News

Won't guarantee who they'll vote for.

During a debate Wednesday night, Ron Barber, the Arizona Democrat running to replace Gabrielle Giffords in Congress, would not confirm that he plans to vote for President Obama's reelection. The same night, Heidi Heidtkamp told the Associated Press that Obama has "failed in the one test America had for him, which was to unite the country." Heidtkamp, a Democrat running for Senate in North Dakota, and Barber are just the latest two members of Obama's party to distance themselves from the president. West Virginia's Gov. Earl Ray Tomblin and Sen. Joe Manchin, both Dems, have said they're not sure who they'll vote for in November. And just this week, Obama surrogate Cory Booker slammed the president's campaign for attacking Mitt Romney's business record and received the support of fellow Democrats. 

Read it at Arizona Star

One per week until the election.

Conservative news site The Daily Caller is gearing up for the presidential by giving away one free handgun each week until Nov. 6. Readers can enter to win one of the American-made 9mm guns—which come in three different colors and are engraved with the Bill of Rights—simply by signing up for the D.C.'s morning updates. Media Matters points out that the gun's manufacturer has argued that liberals are pushing for a communist America and that "people calling for secession" are not "fanatics who hate America" but are defending "the Founding tradition."

Read it at Daily Caller

He explains on Fox News.

This week's Time Magazine quotes Mitt Romney as promising to bring the unemployment rate down to 6 percent if elected president—it currently stands at 8.1 percent. Thursday, he backed up his promise, explaining on Fox News just how he would accomplish this goal. "You start off by saying, let's stop something that's hurting small business from creating jobs and that's 'Obamacare.' Get rid of it. No. 2, have an energy strategy that takes advantage of our natural gas and oil and coal, as well as our renewables," he said. "And finally, get a handle on the deficit so that people understand if they invest in America, their dollars will be worth something in the future."

Read it at CNN Political Ticker