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By Tim Price, originally published on Next New Deal

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Paul Ryan vs. the Middle Class (Bloomberg)

Josh Barro writes that no matter how much soul-searching Republicans do, they won't win over the American people if they keep pushing an economic agenda that would ruin their lives—especially not if the only rationale for doing so is "because Republicans."

The 2 Most Magical Numbers in Paul Ryan's Magical Budget (The Atlantic)

Derek Thompson notes that Ryan's the kind of visionary who won't compromise just because his goals seem politically and mathematically impossible, whether it's sequestering discretionary spending twice or achieving a revenue-neutral $6.7 trillion revenue cut.

The Press Has Turned on Paul Ryan (TNR)

Paul Ryan achieved his wonderboy status with the help of a press corps that fawned over his supposed wonkiness, but Noam Scheiber writes that they've fallen out of love now that they see he's just like all the other guys who only want them for their headlines.

After the Flimflam (NYT)

Paul Krugman notes that while Ryan is taking his snake oil salesman routine back on the road, the Senate Democrats and the Congressional Progressive Caucus have put forward two new alternative budget plans that are actually serious and not just "Serious."

Liberals to Dem leaders: Don't even think about touching Social Security benefits (WaPo)

Speaking of the Congressional Progressive Caucus, Greg Sargent writes that they're not pleased that both Nancy Pelosi and Harry Reid seem to be open to Chained CPI as part of a Grand Bargain. In exchange for what, exactly? Taxes? A first-round draft pick?

Younger Generations Lag Parents in Wealth-Building (NYT)

Annie Lowrey writes that retirement insecurity isn't just for retirees anymore. With younger workers earning little now and unable to save, they're worried they may wind up with nothing but burning stacks of student loan bills to keep them warm in their old age.

Senate investigation finds JP Morgan hid mistakes as trade losses grew (Guardian)

Heidi Moore reports that investigators say JP Morgan's attempts to cover up the London Whale fiasco were pretty much that scene in a sitcom where it looks like someone's cleaned up the apartment until a mountain of junk comes spilling out of the closet.

Hidden Numbers Make Big Banks Even Bigger (NYT)

Floyd Norris notes that as the "too big to fail" debate heats up, it's hard to tell how big banks actually are because so many of their assets are kept off the books—even with the fool-proof requirement that they disclose how much stuff they're not disclosing.

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

Originally posted to Daily Kos Economics on Fri Mar 15, 2013 at 06:43 AM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  FWIW: Live hearing now on JP Morgan C-Span 3... (1+ / 0-)
    Recommended by:

    Levin speaking now JP Morgan execs to testify, minus "Savvy" CEO Diamon.  

  •  "The Best Way to Rob a Bank Is to Own One" (0+ / 0-)

    Please read the above titled by William Black's excellent account of control frauds and how they use political corruption, shady accounting, intimidation and co-option of bank examiners and regulators, risky loan practices, and high flying executive compensation to loot banks and fleece the tax-payer.

    JP Morgan Chase and nearly every to-big-to-fail bank show the tell-tale signs of fraud.  We have been told that these banks are sound, that they pass the "stress test".  We will find out they are deeply insolvent when, as happened in the fall of 2008, some small event metastasizes into another liquidity crisis.

    It's not the government debt folks.  It's the towering mountain of private debt and the teetering avalanche of derivative calls on the system to pay-up that we should be worried about.  Just like last time, there is not enough money in the whole world to cover the billions in bets when the wheel stops.  And it WILL stop.

    Bill Moyers Journal interview with William K. Black

    Labor was the first price paid for all things. It was not by money, but by labour, that all wealth of the world was originally purchased. - Adam Smith

    by boatwright on Fri Mar 15, 2013 at 09:28:46 AM PDT

  •  No one wants it (0+ / 0-)

    'cause it's used goods.

    Or bads.

    "Guns don't kill people. People in states without gun-purchase background checks & waiting periods kill people." --John Fugelsang

    by Artryst on Fri Mar 15, 2013 at 11:50:16 AM PDT

  •  So the villagers have soured on (1+ / 0-)
    Recommended by:

    Paul Ryan. Big deal! Now they have Rand Paul to fellate. On the other hand maybe it's a good thing that RP is getting noticed now. It means that there is a lot of time for him to crash and burn before 2016.

    You fell victim to one of the classic blunders, the most famous of which is "Never get involved in a land war in Asia".

    by yellowdog on Fri Mar 15, 2013 at 12:00:59 PM PDT

  •  I write about the Krugman column (1+ / 0-)
    Recommended by:

    this post to which I invite your attention

    "We didn't set out to save the world; we set out to wonder how other people are doing and to reflect on how our actions affect other people's hearts." - Pema Chodron

    by teacherken on Fri Mar 15, 2013 at 12:07:20 PM PDT

  •  What is it about DC that turns our party leaders (0+ / 0-)

    into myopic robots. We won the election. Obama had a clear majority agreeing that taxes should go up on those making over $250K. Then he pisses it away, just gives it away to Boehner and McConnell as if they are the only ones negotiating at the last minute. Later on, it seems as if he's doing the same dance with the chained CPI, today with Pelosi inside the bubble. You'd think they completely forgot the 51% of voters who wanted them to stand up for the 250K threshold, for maintaining social security, for making our revenue flow more fair.

    Obama, Pelosi - they've spent way too much time in small group discussions with Boehner and McConnell, who don't negotiate ANYTHING away, who won't bargain ANYTHING away.

    We've bargained 100s of millions in domestic cuts, including to the medicare payments to providers, and changes to medicaid will save the states and cities and hospitals money.

    We could all get honest about defense programs like the F-35, and trading taxes, besides closing the loopholes that have been discussed.

    But to chip away at the most successful (and solvent) social program in the history of the United States because the republicans want a trophy - this is shameful and a response to gamesmanship rather than responsible governing.

    "...the Constitution of the U.S. is an entitlement for everybody." - Jim Clyburn

    by Beastly Fool on Fri Mar 15, 2013 at 04:06:10 PM PDT

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