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Fed Does The Absolute Least It Can Do (HuffPost)
After two days in the smoke room, all that Bernanke and Co. have come up with is an extension of Operation Twist. But as Mark Gongloff explains, what sounds like a throwback dance move is actually closer to sitting out the prom.
We're not Greece (WaPo)
E.J. Dionne explains that while we don't have any of the issues dragging down the eurozone, we have plenty of problems of our own -- like politicians who want to import the policies causing that decline.
Banks can’t oversee themselves (Bloomberg)
Caroline Salas Gage and Jeff Kearns point out that it doesn’t make sense for executives like Dimon to control both their own private banks and the federal regional banks. We have separation of church and state; time to try separation of Wall Street and state.
Dimon in the Rough: How Wall Street Aims to Keep U.S. Regulators Out of Its Global Betting Parlor (RobertReich)
Banks are kicking and screaming over government attempts at regulating Wall Street’s foreign operations. Robert Reich reflects that since Dimon actually lost those billions over in London, it might make sense to extend Dodd-Frank across the pond.
The Fed’s credit problem (Reuters)
Felix Salmon argues that even if the Fed pushes interest rates to rock bottom, those in credit trouble still won’t be able to get a mortgage. But thank god millionaires will be able to buy that fifth home in the Hamptons.
Romney’s deceptive tax promises (Daily Beast)
Michael Tomasky points out that Romney’s promise that the rich “will still pay the same share of the tax burden” will actually reduce that burden, redifining the word "share" and all kindergarten curricula.
Soak The Middle Class (TPM)
Brian Beutler discusses the new and improved GOP tax plan: why tax the wealthy when you can drown the middle class? I hear there's a lot of money in taxing misery.
Extreme Politics Will Make the U.S. the Biggest Loser (FiscalTimes)
Mark Thoma criticizes both Democrats and Republicans for running to polar ends of the ideological spectrum rather than actually engaging in intelligent policy debate.
The Fed is risky and reckless (TheMoneyIllusion)
Scott Sumner argues that tight money is keeping income low and debt default high, which is causing the Fed to handicap itself. If Bernanke is fighting with one hand tied behind his back, how will he fight the imaginary bond vigilantes?
3 Companies, 1 PO Box, and a $1 Million Super-PAC Gift (MotherJones)
Tim Murphy talks about what happens when a Texas millionaire controls way more companies than and normal human should. The result? Buckets and buckets of money to the GOP.