TAXPROF: Rangel refuses to step down as Ways & Means Committee chair. This could hurt — if I were the GOP I’d put together an ad featuring Biden’s credit-card connections, Dodd’s sweetheart mortgage scandal, and Rangel’s ongoing problems and run it all over. I can’t believe they won’t do something like that, since it’s a gimme, and I’m surprised that the Dems couldn’t get him out of the picture. Then again, I said the same thing about the Republicans and Ted Stevens . . . .

UPDATE: Reader Mark Cates writes:

I would put together a commercial that said…

James A. Johnson – former Fannie Mae CEO and Obama Advisor

Just cost you billions in taxes

Franklin Raines – former Fannie Mae CEO and Obama Advisor

Just cost you billions in taxes

Barack Obama – If we can’t afford his advisors, how can we afford him?

Yeah, I’m actually kinda surprised we haven’t seen something like that already. Maybe the McCain rapid-response team is off its game . . . .

MORE: Reader Krys Corbett emails:

Oddly enough, there is a similar story on huffingtonpost — but the other direction.

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It seems to me that neither candidate wants to open this particular campaign financing can-of-worms.

Could be. The money tends to get spread around.