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There is Still Much to Learn From Lehman (FT)
Roosevelt Institute Chief Economist Joseph Stiglitz argues that the response to the financial crisis didn’t do enough to change the system. The financial sector successfully fought off reforms, and the same ideologies that led to the crisis still hold economic and political power.
Summers’ Failed Bid is a Win for the Country (AJAM)
Roosevelt Institute Fellow Mike Konczal thinks the U.S. is better off for Larry Summers’s withdrawal from consideration for Fed Chair. The pressure against Summers from the left could be a sign of a new progressive agenda that challenges centrist Democrats and pushes for stronger regulation.
New FCC Head Must Reclaim Authority Over Telecom (Bloomberg)
Roosevelt Institute Fellow Susan Crawford wants to see Tom Wheeler reel in the big telecommunications companies, which have been hard at work convincing the government that there are no regulatory agencies with authority over them.
Why It Matters That Home Care Workers Just Got New Labor Rights (ThinkProgress)
Bryce Covert explains why it’s so important that the Department of Labor has closed the “companionship exemption” in the Fair Labor Standards Act. It only took fifty years for this demand of the March on Washington to be fulfilled.
Homeowners vs. Big Bad Banks (TAP)
David Dayen reports that thanks to some recent rulings around class-action certification, homeowners who were deceptively pushed out of mortgage modifications into foreclosure will have to fight Bank of America alone, despite clear evidence of BoA’s wrongdoing.
The Typical American Family Makes Less Than It Did In 1989 (WaPo)
Neil Irwin looks at real median household income over the past 25 years, and is horrified to find that it’s dropped below 1989 levels. We’ve lost an entire generation of economic gains in this recession.
Doubling Down on Food Stamp Cuts (U.S. News & World Report)
Pat Garofalo reports on the GOPs newest plan for SNAP, which involves cuts twice as large as those they failed to pass in June. Republicans seem to see recent growth in food stamp enrollment as a flaw, instead of proof of a functioning social safety net.
New on Next New Deal
Jeff Madrick, Roosevelt Institute Senior Fellow and Director of the Bernard L. Schwartz Rediscovering Government Initiative, argues that Yellen is the best candidate for Fed Chair because she believes that right now, the Fed should center its work on increasing employment.