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What’s in millennials’ wallets? Fewer credit cards (LA Times)
Emily Alpert talks to Pipeline Fellow Nona Willis Aronowitz about why young households are carrying less and less credit card debt. According to Aronowitz, it’s all about fear of an uncertain future.
- Roosevelt Take: Aronowitz discusses why she thinks Millennials should be called the Crash Generation.
Why Suburban Poverty Is Less Visible and More Insidious (The Atlantic)
According to Emily Badger, suburban poverty is an incredibly isolating phenomenon. In areas where children play in back yards, not public playgrounds, and commuters drive instead of taking the subway, communal support for the poor all but disappears.
Elizabeth Warren Grills Treasury Secretary on Too Big to Fail (MoJo)
Erika Eichelberger characterizes Jack Lew’s response to Senator Warren’s questioning on breaking up the biggest banks as nothing but avoidance. In the linked video, Lew sticks to name, rank, and serial number while Warren pushes for a direct answer on capping bank size.
How Budget Cuts Could Lead To Higher Costs From Tornadoes (Think Progress)
Bryce Covert reminds us that sequestration is still happening and is causing furloughs at the National Weather Service. The NWS warned residents of Moore, OK about the tornado 16 minutes before it touched down, and we can’t afford to cut it much closer.
Fed Endorses Stimulus, but the Message Is Garbled (NYT)
Nelson D. Schwartz explains that it doesn’t look like the Fed will be cutting back its bond-buying program just yet. Bernanke’s testimony yesterday showed a sense of caution, despite the apparent signs of improvement in the job market.
Robert Kaiser on Dodd-Frank: ‘This example of Congress working also illuminated why it works so rarely.’ (WaPo)
Neil Irwin and Robert Kaiser discuss why no one would want to emulate the process required to pass Dodd-Frank, with months of negotiations for bipartisan support collapsing and the bill barely scraping by. Instead, we get no negotiation and no legislation, saving everyone time.
Why Obama’s Scandals Won’t Lead to Reform (Bloomberg View)
Ezra Klein points out the disconnect between who is upset about the policy problems raised by the IRS and AP scandals, and who wants to make a fuss about them. With those categories split, he doesn’t think we will see any changes in anonymous political spending through 501(c)(4)s or legislation to protect journalists and their sources.
U.S. Retailers See Big Risk in Safety Plan for Factories in Bangladesh (NYT)
Steven Greenhouse says major U.S. retailers are worried the accord that many European retailers have embraced will open them up to legal liability. Apparently the real risk isn’t sending workers into a death trap; it’s all the paperwork and billable hours that could result.