Daily Digest - May 17: Debt Ceiling Drama, Take Two
What you need to know to navigate today's most critical debates.
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Obama and House Republicans Offer Taste of Renewed Fight Over Debt Ceiling (NYT)
President Obama invited John Boehner to the White House to talk about how they can address our existing economic problems in the year ahead, but Boehner's more focused on the problems he and the rest of the House GOP plan to create.
Boehner's debt ceiling crisis would be so much worse than you think (WaPo)
Ezra Klein points out that the debt ceiling probably won't need to be raised until next February, but by then a confluence of automatic tax hikes and spending cuts will ensure we contract economic hypothermia in lieu of another recovery winter.
JPMorgan's Trading Loss Is Said to Rise At Least 50% (NYT)
Smelling JPMorgan's blood in the water, financial market sharks have nibbled another $1 billion from the wounded giant in just four trading days. Everyone else can look on the bright side: your week at work is officially not going that badly.
What Did JPMorgan Execs Know and When Did They Know It? (ProPublica)
Jesse Eisinger argues that before we shift focus to implementing new laws in response to the JPMorgan fiasco, we should pause and investigate whether the bank's execs were breaking existing laws or "just" really terrible at their jobs.
Flawed Dimon (Slate)
Eliot Spitzer writes that despite Jamie Dimon's self-image as America's Favorite Banker, he's proven he shouldn't be on the New York Fed board that supervises his bank -- or rather, that the whole asylum should stop promoting its inmates.
The Dog That Didn't Bark: Obama on JPMorgan (Robert Reich)
Reich notes that Obama has been reluctant to say a cross word about Dimon or the system that produced him, but it would be a great opportunity to distinguish himself from Mitt Romney (though both probably want to avoid dog metaphors).
Too Often, a New Baby Brings Big Debt (The Nation)
NND Editor Bryce Covert writes that while our family leave policies seem built around the idea that babies' umbilical cords come attached to big sacks of cash, many new moms must pile up debt to make ends meet while they're out of work.
Will You Be More Successful Than Your Parents? (NYT)
Catherine Rampell highlights a new survey that finds only half of recent college graduates think they'll wind up better off than their parents in the future, and they're even more convinced that the rest of their generation is a bunch of losers.
Will One of These Cases Be the Next Citizens United? (MoJo)
Gavin Aronsen looks at four campaign finance cases winding their way through the courts that reformers hope will provide an opportunity to roll back Citizens United, assuming the Supreme Court is capable of being persuaded by reason.
50 Years of Government Spending, In 1 Graph (NPR)
Lam Thuy Vo charts how government spending has shifted over the last half-century, which should console anyone who feared their taxes were being wasted on international affairs when we could still just blow everything else up.
With additional research by Elena Callahan.