Click here to receive the Daily Digest via e-mail.
Austerity doctrine is exposed as flimflam (WaPo)
Katrina vanden Heuvel isn’t expecting an apology from the austerians who have pushed destructive policies based on bad information, but if they’d go stand in a corner and think about what they’ve done, at least it would get them out of the way while we fix it.
Make Wall Street Choose: Go Small or Go Home (NYT)
Senators Sherrod Brown and David Vitter introduce their new bipartisan plan to end “too big to fail” by raising capital requirements so the largest banks must either play it safe or break into smaller pieces, which can then feel free to fail to their heart’s content.
False White House tweet exposes instant trading dangers (Reuters)
Steven C. Johnson writes that when the hacked AP Twitter account announced that President Obama had been injured in an explosion, the only real damage done was to the stock market. Choose your hashtags carefully; the global economy may depend on it.
Financial Regulators To Warn About Student Debt Risks (HuffPo)
Shahien Nasiripour notes that the Financial Stability Oversight Council will warn that America’s $1 trillion student debt burden poses a real threat to economic growth in its latest annual report, entitled “Here Are Some Things You Probably Already Figured Out.”
Wyden in line for coveted Finance gavel (The Hill)
Max Baucus’s decision to retire after next year leaves the chairmanship of the Senate Finance Committee up for grabs, but if Democrats manage to hold the Senate, it could go to Ron Wyden, who’s acquired a dangerous reputation for working with people on things.
The Texas fertilizer plant explosion cannot be forgotten (WaPo)
Mike Elk argues that while the Boston bombings have absorbed the media’s attention, the explosion of a Texas factory that killed 14 people and injured 160 tells an important story about workplace safety and lax regulation. If we’re lucky, we’ll get to hear it one day.
Fast food walkout planned in Chicago (Salon)
Josh Eidelson reports that 500 fast food and retail workers in the Windy City have walked off the job, hot on the heels of a similar strike in New York. They’re demanding higher wages and union representation, and maybe some functioning drive-through speakers.
S.E.C. Gets Plea: Force Companies to Disclose Donations (NYT)
Nicholas Confessore writes that the SEC is under pressure to issue rules that would require publicly traded corporations to reveal their political contributions, though Republicans argue this would infringe on free speech rights that apparently only companies have.