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By Tim Price, originally published on Next New Deal

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Austerity doctrine is exposed as flimflam (WaPo)

Katrina vanden Heuvel isn't expecting an apology from the austerians who have pushed destructive policies based on bad information, but if they'd go stand in a corner and think about what they've done, at least it would get them out of the way while we fix it.

Make Wall Street Choose: Go Small or Go Home (NYT)

Senators Sherrod Brown and David Vitter introduce their new bipartisan plan to end "too big to fail" by raising capital requirements so the largest banks must either play it safe or break into smaller pieces, which can then feel free to fail to their heart's content.

False White House tweet exposes instant trading dangers (Reuters)

Steven C. Johnson writes that when the hacked AP Twitter account announced that President Obama had been injured in an explosion, the only real damage done was to the stock market. Choose your hashtags carefully; the global economy may depend on it.

Financial Regulators To Warn About Student Debt Risks (HuffPo)

Shahien Nasiripour notes that the Financial Stability Oversight Council will warn that America's $1 trillion student debt burden poses a real threat to economic growth in its latest annual report, entitled "Here Are Some Things You Probably Already Figured Out."

Wyden in line for coveted Finance gavel (The Hill)

Max Baucus's decision to retire after next year leaves the chairmanship of the Senate Finance Committee up for grabs, but if Democrats manage to hold the Senate, it could go to Ron Wyden, who's acquired a dangerous reputation for working with people on things.

The Texas fertilizer plant explosion cannot be forgotten (WaPo)

Mike Elk argues that while the Boston bombings have absorbed the media's attention, the explosion of a Texas factory that killed 14 people and injured 160 tells an important story about workplace safety and lax regulation. If we're lucky, we'll get to hear it one day.

Fast food walkout planned in Chicago (Salon)

Josh Eidelson reports that 500 fast food and retail workers in the Windy City have walked off the job, hot on the heels of a similar strike in New York. They're demanding higher wages and union representation, and maybe some functioning drive-through speakers.

S.E.C. Gets Plea: Force Companies to Disclose Donations (NYT)

Nicholas Confessore writes that the SEC is under pressure to issue rules that would require publicly traded corporations to reveal their political contributions, though Republicans argue this would infringe on free speech rights that apparently only companies have.

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

Originally posted to Daily Kos Economics on Wed Apr 24, 2013 at 07:03 AM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  Wait, Diaper David Vitter is cosponsoring what? (2+ / 0-)
    Recommended by:
    growingMajorityMN, leonard145b

    It sounds like a good idea, how in the hell is he for it? I'm confused.

    "Is there anybody listening? Is there anyone who sees what's going on? Read between the lines, criticize the words they're selling. Think for yourself, and feel the walls become sand beneath your feet." --Geoff Tate, Queensryche

    by DarthMeow504 on Wed Apr 24, 2013 at 08:05:19 PM PDT

  •  Wyden on Finance surely scares high end ... (0+ / 0-)

    ... taxpayers and all corporations, and probably should worry many of us.

    As The Hill reported:

    The [Finance committee] has sweeping jurisdiction over taxes, healthcare and trade ...

    Some Democrats and liberal stakeholders are nervous about the prospect of putting that much power in Wyden's hands.

    He could be a wild card, one ensconced in a very influential position.

    2014 IS COMING. Build up the Senate. Win back the House : 17 seats. Plus!

    by TRPChicago on Wed Apr 24, 2013 at 08:18:30 PM PDT

  •  And while we're on shaky ground...explosions (2+ / 0-)
    Recommended by:
    jan4insight, Egalitare

    and fires in Mobile, Alabama, right now.  LNG fuel barges.

  •  Stdent Loan thing is coming to a head soon (3+ / 0-)
    Recommended by:
    Azazello, Dogs are fuzzy, Pariah Dog

    Every god damned week I field a call from some collection bozo trying to get me to verify employment and nick the social security number of one of my under age 30 employees. I hang up on the jerks or tell them I don't give out information to people I don't know. These kids are so in debt they will never get out of it between interest, late payment penalties and pre-paid debit card fees that some of these goons insist be use to make payments. More than 50% of my work force is in student loan hell. I never saw before this until three years ago.  All these kids wanted was an education and a good job. Instead they are in deep debt with no real job prospects and are are working in the food service industry. At least I pay them what should be the new minimum wage but that isn't enough to get them out of debtor's hell.

  •  STEM worker shortage? (0+ / 0-)

    Implications for both education and immigration lie in the article "Study: There may not be a shortage of American STEM graduates after all" about science, technology, engineering and math worker shortage perhaps being mythical.

    Is the real reason companies want liberal policies on that H-1B this (my emphasis)?

    The answer to whether there is a shortage of such workers has important ramifications for the immigration bill. If it exists, then there’s an urgency that justifies allowing companies to bring more foreign workers into the country, usually on a short-term H-1B visa. But those who oppose such a policy argue that companies want more of these visas mainly because H-1B workers are paid an estimated 20 percent less than their American counterparts. Why allow these companies to hire more foreign workers for less, the critics argue, when there are plenty of Americans who are ready to work?

    The EPI study said that while the overall number of U.S. students who earn STEM degrees is small — a fact that many lawmakers and the news media have seized on — it’s more important to focus on what happens to these students after they graduate. According to the study, they have a surprisingly hard time finding work. Only half of the students graduating from college with a STEM degree are hired into a STEM job, the study said.

    That ties in with something on Last Word last night about interests in Congress very happy with high unemployment. A constant pool of unemployed, something some mill owners in the South I knew used with constant rotating lay offs and buses bringing in workers from 50-100 miles away, is absolutely great for depressing wages and union organizers.

    The only foes that threaten America are the enemies at home, and those are ignorance, superstition, and incompetence. [Elbert Hubbard]

    by pelagicray on Thu Apr 25, 2013 at 04:31:51 AM PDT

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