Click here to receive the Daily Digest via email.
Witnesses to Hunger (and Poverty) on the Hill (The Nation)
Greg Kaufmann reports on an unusual group of lobbyists on Capitol Hill: five “Witnesses to Hunger” who currently receive food stamps, who advocated for maintaining SNAP funding. Their goal was to give a face to social safety net programs.
Obama’s Mystery Man for Derivatives (ProPublica)
Jesse Eisinger profiles Timothy Massad, the relatively unknown nominee for Commodity Futures Trading Commission chair. He questions if Massad may be too friendly to banking interests for this particular regulatory role.
What would the Fed do if the US defaulted on its debt? (Quartz)
Tim Fernholz says that it appears the Fed has limited tools that it could use in the event of a default, which could be a concern again in March. What few tools might be usable are so politically tenuous that just not hitting the debt ceiling would be greatly preferred.
Federal Reserve weighs slowing bond buys soon (Marketwatch
Steve Goldstein says that according to minutes released from the Fed’s October 30 meeting, quantitative easing is probably coming to a close soon. But that consensus doesn’t mean the Fed has decided how to end the program.
Wal-Mart’s No Good, Very Bad, Pre-Thanksgiving Week (Bloomberg Businessweek)
Susan Berfield reports on Wal-Mart’s difficult news week. Between the food drive for their own employees and the new report from Demos explaining how they could pay more without increasing prices, Wal-Mart is probably looking forward to the holiday.
Detroit accused of exaggerating $18bn debts in push for bankruptcy (The Guardian)
Dominic Rushe looks at a new report from Demos that questions the way Detroit’s debt was calculated for bankruptcy. The report suggests that cutting pensions would work against the city’s long-term needs.
New on Next New Deal
Following up on an event in New Orleans this summer, Nell Abernathy, Program Manager for the Roosevelt Institute’s Bernard L. Schwartz Rediscovering Government Initiative, considers the steps that will be needed to help youth who are neither in school nor working.