The Note: There's Gotta be a Little Rain Sometimes

— -- WASHINGTON, Mar. 7

In their front page investigative must-read, Mike McIntire and Christopher Drew of the New York Times report: "Less than two months after ascending to the United States Senate, Barack Obama bought more than $50,000 worth of stock in two speculative companies whose major investors included some of his biggest political donors." LINK

More McIntire/Drew: "Mr. Obama has made ethics a signature issue, and his quest for the presidency has benefited from the perception that he is unlike politicians who blend public and private interests. There is no evidence that any of his actions ended up benefiting either company during the roughly eight months that he owned the stocks."

"Even so, the stock purchases raise questions about how he could unwittingly come to invest in two relatively obscure companies, whose backers happen to include generous contributors to his political committees."

Sen. Obama's first chance to respond is likely to come at 11:15 am ET in S-115 when he joins Rep. Luis Gutierrez (D-IL) for a press conference announcing the "Citizenship Promotion Act."

(Make your predictions now: Does he cancel? If not, what is his body language and tone like? Does he come with more facts? Does he refuse to take questions on this topic? Will there be live cable coverage? Does Obama call the reporters "guys" in that frustrated way of his? )

The story will now proceed on two levels:

1. Investigative: Other serious news organizations (including and especially the Chicago Tribune, whose humiliated editors thought they were going to be first out of the gate with this stuff) and the right-wing bloggers will scramble to fill in the holes that the Timesmen have dug.

2. What It Takes: How does Obama (and his handlers -- yes, he has handlers) deal with the swirl.

Good sign for Team Obama: They have already put out their, uhm, first response document, ahead of The Note's deadline.

Bad sign for Team Obama: Whitewater lost money too.

Good sign for Team Obama: Several potential spin-off problems -- such as a nexus between official acts and investments -- seem tabled for now.

Bad sign for Team Obama: There are a lot of unanswered questions (and, yes, that Geffen dust-up put blood in the water; and yes, it's a safe bet that you won't hear a peep on this one from the Clinton campaign anytime soon).

For more on the first draft of those unanswered questions, see below.

President Bush meets with former Sen. Bob Dole (R-KS) and former Health and Human Services Secretary Donna Shalala, the co-chairs of the President's Commission on Care for America's Returning Wounded Warriors, at 10:00 am ET.

Following this meeting, the President meets with the Interagency Task Force on Returning Global War on Terror Heroes - the commission that VA Secretary Jim Nicholson is heading up. There is no press coverage of this meeting. It will take place in the Roosevelt Room.

This task force is comprised of top-level officials from DOD, VA, Labor, HHS, HUD, Dept of Education, OMB and the SBA. It is independent from the President's commission headed by Dole and Shalala.

President Bush also speaks at a 1:35 pm closed press event to political appointees and Senior Executive Service employees in Washington, DC.

On Capitol Hill today, Bill Gates delivers 9:30 am ET testimony on strengthening American competitiveness to the Senate Health, Education, Labor and Pensions Committee in Hart 216. Later in the day, the computer whiz attends a 6:00 pm ET Center for Democracy and Technology dinner at the Ritz-Carlton in Washington, DC.

When Gates comes before Sen. Ted Kennedy's (D-MA) H.E.L.P. Committee, the Massachusetts Democrat plans to say: "The choice before us is clear. We can be swept away by the swift currents of globalization, or we can determine our own destiny through wise policies and decisive action. We should face the future not by lowering American wages, but by increasing American skills to equip our citizens to compete and win in the global economy."

Tiger Woods and the PGA's Tim Finchem hold an 11:00 am ET news conference at the National Press Club to discuss the PGA Tour tournament that will held in Washington, DC in July 2007.

Sen. John McCain (R-AZ) participates in an 11:00 am ET news conference on government waste at the Phoenix Park Hotel in Washington, DC, with Sen. Jim DeMint (R-SC), Rep. Jeff Flake (R-AZ) and Tom Schatz, president of Citizens Against Government Waste. Afterward, Sen. McCain gives a 6:00 pm ET address to the Birmingham Regional Chamber of Commerce.

ABC News' John Cochran reports that this year's Congressional Pig Book on how taxpayers' dollars are spent will be, according to CAGW, "a smaller pig than usual."

Why the change in 2006 spending?

"Partly because only two of eleven spending bills were passed last year. Also, the new Democratic Congress enforced a moratorium on earmarks, the projects that members slip into appropriations legislation usually without full scrutiny by Congress."

"Even so, CAGW says 'there is still enough pork to cause concern for taxpayers.'"

(CAGW promises that live pigs Winnie and Dudley will be on hand for today's event).

Former Gov. Mitt Romney (R-MA) holds fundraisers in Chicago, IL and Cincinnati, OH.

To help pay for the Palmetto State's party-run primary, Sen. Hillary Clinton (D-NY) and Sen. Chris Dodd (D-CT) speak between 6:30 pm and 7:00 pm ET at a South Carolina Democratic Party fundraiser at the Hyatt Regency on Capitol Hill. Tonight's reception is being held in honor of Rep. Jim Clyburn (D-SC) and Rep. John Spratt (D-SC). In advance of the fundraiser, the RNC sent a missive to reporters labeling the event the "Palmetto Pander Fest" and questioning why Sen. Obama is not listed as an attendee of today's event.

The AFL-CIO's presidential endorsement process will be unveiled by AFL-CIO President John Sweeney and AFSCME President Gerald McEntee during an 11:00 am ET press briefing in Las Vegas, NV which can be dialed into by phone.

Labor's goal is to give working people a greater voice in the process by engaging them "much earlier than we have ever engaged them before," according to AFL-CIO spokesman Steve Smith.

The Senate resumes consideration of a bill (S 4) that would implement unfinished recommendations of the 9/11 Commission. The first roll call votes are expected at 10 am ET on two amendments to the bill. Following the votes, the Senate will recess for an 11:00 am ET joint meeting with the House to receive King Abdullah II bin Al Hussein of Jordan.

Further votes are expected when the chamber reconvenes following the joint meeting.

See below for additional calendar items.

2008: Democrats: Obama:
The points the Obama campaign is likely to press with reporters today:

1. He didn't know he owned the stocks at the time of purchase or at the time of any action taken in areas related to the companies' goals.

2. As soon as he did learn of his ownership, he sold the stocks -- at a loss -- and restructured his blind trust to be -- well, uhm, again -- more blind.

Here's spokesman Bill Burton's statement: "In 2005, Barack Obama entered into a trust agreement --