July 16

What you need to know to navigate today’s most critical debates.

Congress Passes Financial Reform (NYTimes)
Despite initial bipartisan support, FinReg goes down as another major Obama victory eked out with a bare minimum of Republican cooperation.

Financial Reform Roundup (Demos)
Still not sure what’s in the final bill? Our friends at Demos have the details.

FinReg vs. Wall Street Reform (WaPo)
Ezra Klein argues that while the bill doesn’t fundamentally alter Wall Street, it does create a new regulatory framework, and that could make all the difference.

Tim Geithner Opposes Nominating Elizabeth Warren To Lead New Consumer Agency (HuffPo)
Reportedly driven by hurt feelings and concern for his friends on Wall Street, the Treasury Secretary wants a more low-profile leader at the helm of the new agency.

Warren Says Consumer Agency Will Have ‘Teeth’ To Fix Credit (Bloomberg)
For predatory lenders and corrupt bankers, to know her is to fear her.

Boehner: Wall Street Reform Should Be Repealed (TPM)
Look for “deregulate Wall Street” in the GOP greatest hits platform this November.

Redo That Voodoo (NYTimes)
Paul Krugman observes that no matter how many times conservatives are proven wrong, they still cling to the idea that tax cuts for the rich are good for the economy and pay for themselves.

Deficits of Mass Destruction (The Nation)
Chris Hayes writes that the battle over extending unemployment benefits has worrying similarities to the debate over the Iraq War in 2003.

Two for the Price of One (EPI)
A new paper by Lawrence Mishel and Heidi Shieholz finds that unemployment benefits don’t just make things easier for Americans who are out of work — they actually help to create jobs.

Three years and new fault lines threaten (FT)
Martin Wolf reviews a new book by Raghuram Rajan and argues that meaningful recovery will require a transformation of both the domestic economy and the overarching structure of international trade.

Country Risk: Building a New American Political Economy (IRA)
For a different perspective on the budget, the Institutional Risk Analyst takes on Paul Krugman and argues that America must lose its borrow-and-spend mentality and wean itself off imports.

Goldman’s win (Reuters)
Felix Salmon calls the SEC’s settlement with Goldman Sachs a big win for the investment giant. Couldn’t have happened to a nicer vampire squid.

BP Caps the Leak (For Now) — But the Hard Part is Just Beginning (Time)
BP may finally have the oil spill under control; now it’s time to start cleaning up the Gulf and making things right with its residents. They’ve already had toxins spewed at them for three months, so a junk shot is probably out of the question.

In Dodging a Budget Vote, Dems Take Reconciliation Off The Table (Washington Independent)
For those who haven’t studied up on the finer points of legislative procedure, this basically means that the Senate will be doing a whole lot of nothing about unemployment after November. In other words, more of the same.

Hey, Catfood Commission: 86% of Americans Would Not Reduce Social Security (FDL)
But who cares what the public thinks?

Upping the Odds: Bristol, Levi and the Hazards of Young Marriage (Family Scholars)
As the latest twist in everyone’s favorite Alaskan soap opera unfolds, ND20 contributor June Carbone explains why it’s difficult for young people to make a marriage work and wonders if this is really a wise choice for either of them.

New Deal? New Frontier? The days of presidential slogans may be gone. (WaPo)
One thing every great president of the 20th century had in common was a really memorable catch phrase.