Skip to main content

Economics Daily Digest by the Roosevelt Institute banner
By Tim Price, originally published on Next New Deal

Click here to receive the Daily Digest via e-mail.

What Would Jack Lew Do? (Prospect)

Roosevelt Institute Fellow Mike Konczal writes that the next treasury secretary will be responsible for implementing financial reform and guiding it forward, but Obama's pick has no record on these issues, so we'll all get to experience the thrill of discovery together.

U.S. Accuses S.&P. of Fraud in Suit on Loan Bundles (NYT)

Andrew Ross Sorkin and Mary Williams Walsh report on the charges that S&P inflated its ratings for the mortgage bundles that sparked the financial crisis, which it denies. "We should have downgraded your credit more when we had the chance," S&P did not say.

Too Fast to Fail: Is High-Speed Trading the Next Wall Street Disaster? (MoJo)

Pundits have warned that the average American worker should fear the robot uprising, but the real danger might be on Wall Street, where Nick Baumann notes that computer algorithms could generate crises even more quickly and efficiently than their human counterparts.

The Trouble with Wall Street (TNR)

Michael Lewis argues that Greg Smith's account of life as a disgruntled Goldman Sachs employee accidentally gets at the truth about the culture of greed at oversized banks, and while we can't ask a tree to change its leaves, we can chop it up into firewood.

Fresh Questions Over a Bank of America Settlement (NYT)

Gretchen Morgenson writes that new documents suggest BofA's griping about its acquisition of Countrywide and the billions it set aside to settle mortage abuse claims hasn't stopped it from adopting some of Countrywide's best (read: worst) practices.

A Few Good (and Fair) Tax Hikes (The Nation)

Katrina vanden Heuvel writes that while congressional Republicans would rather hide under the table than put any more tax increases on it, the right mix of changes could provide better incentives, reduce inequality, and, you know, help pay for stuff we want.

Totally Unexpected Outrage Over the White House's Tardy Budget (Slate)

Dave Weigel notes that President Obama received his obligatory scolding from John "Brisk" Boehner and "Punctual" Paul Ryan for failing to submit a budget by yesterday's deadline, because the Do-Nothing Congress always makes sure nothing gets done on time.

Everybody's working for the... health care benefits (WaPo)

Sarah Kliff highlights a new survey that finds that most current workers base their retirement plans at least partly on their desire to keep the health insurance they receive through their employers, even if it doesn't cover the chronic condition of being sick of work.

Student loans: The next housing bubble (Salon)

Paul Campos warns that students are taking on as much debt as the average mortgage without even the bare minimum of safeguards built into the subprime mortgage fiasco, which mostly involved lenders taking off their rings before the mugging commenced.

'The Blackout Bowl,' or 'The Most Depressing Super Bowl Column You'll Read' (The Nation)

Dave Zirin writes that Sunday wasn't just a sad night for 49ers fans and anyone who had to go to work nursing a hangover the next day. The half-lit Superdome was also a perfect illustration of the unequal economy we've built in New Orleans and throughout the U.S.

Tim Price is Deputy Editor of Next New Deal. Follow him on Twitter @txprice.

Originally posted to Daily Kos Economics on Tue Feb 05, 2013 at 06:51 AM PST.

Also republished by Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site