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By Tim Price, originally published on Next New Deal

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Why There's a Bull Market for Stocks and Bear Market for Workers (Robert Reich)

Reich notes that while giddy market analysts treated yesterday's Dow gains as a sign that happy days are here again, an economy's health is measured by the well-being of its flesh-and-blood people, not the corporate pod-people who are currently rolling in money.

The GOP Budget Divide: Don't Know vs. Don't Care (NY Mag)

Jonathan Chait writes that Republicans have decided to either pretend they don't know what President Obama is offering or deliberately avoid finding out, since exposure to heavy doses of reality has been proven to have harmful side-effects for their arguments. 

Paul Ryan Ups the Ante (TNR)

Jonathan Cohn writes that Ryan's plans to further gouge spending with once off-limits Medicare cuts show the GOP's not looking for a middle ground. There's where we are now and a point way off on the right that will one day be considered a leftist compromise.

Fear and the New Deal (Prospect)

Scott Lemieux writes that Ira Katznelson's Fear Itself, an account of how Southern Democrats shaped the New Deal, serves as a reminder of the political constraints that even FDR had to face, not a "gotcha" that proves the last 70 years of progress didn't count.

It's time to tax financial transactions (WaPo)

Katrina vanden Heuvel argues that instead of slashing basic government services through sequestration, we could be raising billions by taxing Wall Street's excess. If they even notice the money missing, they'll probably just assume they should be hushing it up.

To serve and protect... banks? (Salon)

David Dayen notes that there's clear evidence that banks have repeatedly broken the law by foreclosing on active duty service members serving overseas, but despite the criminal penalties in place, jail cells remain as empty as the service members' former homes.

He Who Makes the Rules (Washington Monthly)

Haley Sweetland Edwards looks at how the implementation of the Dodd-Frank financial reform law has become less of an exercise in rule-making and more of an elaborate brain-teaser for industry lawyers hired to make words mean the opposite of what they say.

GOP Senator Suggests New Way for Republicans to Gum Up Wall Street Reform (Think Progress)

Travis Waldron notes that Richard Shelby, a top Republican on the Senate Banking Committee, wants to submit all new financial regulations to a cost-benefit analysis. You know, just on the off-chance that any of them cost more than the $22 trillion financial crisis.

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

Originally posted to Daily Kos Economics on Wed Mar 06, 2013 at 07:04 AM PST.

Also republished by Daily Kos.

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Comment Preferences

  •  Stock market (0+ / 0-)

    Being fueled by printed money and the idea that the Bernank will not let it go down. Starting to look  a bit like a blow off top. Could be dangerous.

    Right now the markets are BROKEN.

    There's room at the top they're telling you still But first you must learn how to smile as you kill If you want to be like the folks on the hill

    by taonow on Wed Mar 06, 2013 at 07:52:26 PM PST

  •  Holder (1+ / 0-)
    Recommended by:

    Why does Eric Holder still have a job. Incompetence personified.

    GRASSLEY: On the issue of bank prosecution, I'm concerned that we have a mentality of too-big-to-jail in the financial sector of spreading from fraud cases to terrorist financing and money laundering cases -- and I cite HSBC. So I think we're on a slippery slope.

    HOLDER: The concern that you have raised is one that I, frankly, share. And I'm not talking about HSBC now. That (inaudible) be appropriate.

    But I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large.

    Again, I'm not talking about HSBC. This is just a -- a more general comment. I think it has an inhibiting influence -- impact on our ability to bring resolutions that I think would be more appropriate. And I think that is something that we -- you all need to -- need to consider. So the concern that you raised is actually one that I share.

    WTF. If they commit a crime fucking prosecute them. That is your job!!!

    There's room at the top they're telling you still But first you must learn how to smile as you kill If you want to be like the folks on the hill

    by taonow on Wed Mar 06, 2013 at 07:57:36 PM PST

    •  Prosecutors have no problem (1+ / 0-)
      Recommended by:

      throwing the book at a desperate man who robs a bank which creates a "negative impact" on a family by taking away its breadwinner and throwing the family into poverty.  Holder's rationalization for his non-prosecution of bankers' fraudulent activities is the lamest ever.  Why doesn't he just admit that Jamie Dimon called him and said, "If you take Goldman Sachs to court, we can tie up the case for decades and make things much, much worse for the economy - and we will" and Holder replied, "Oh.  Well, fuck it then."

      "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

      by SueDe on Wed Mar 06, 2013 at 08:33:37 PM PST

      [ Parent ]

  •  Fear Itself sounds like my next "must read" (0+ / 0-)

    Far too many in this community admit or even know that FDR was hamstrung by multiple forces in attempting to craft the New Deal. Lots of purely political, decidedly counterproductive compromises were made to get legislation passed in the hopes that improvements might be made in some future political climate.

    When you are right you cannot be too radical; when you are wrong, you cannot be too conservative. --Martin Luther King Jr.

    by Egalitare on Thu Mar 07, 2013 at 01:14:19 AM PST

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