What you need to know to navigate today's most critical debates.

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Reagan Was a Keynesian (NYT)

Paul Krugman notes that even the icon of the modern GOP understood the value of government spending during an economic slump. But maybe that's one of those Old Testament rules that only applied to the original Reaganite tribe.

A Politics for the 99 Percent (The Nation)

Katrina vanden Heuvel and Robert Borosage write that progressives should take this election seriously, but they also need to think about what happens next so that the answer is not "total economic ruin for everyone, the end."

The Accidental Empire (Project Syndicate)

George Soros argues that since European nations have entered into an economic union with all the grace of a stumbling drunk, the best solution to its current crisis is to renew and strengthen those Vegas vows with a real fiscal authority.

Why Elites Fail (The Nation)

In an excerpt from his new book, Chris Hayes makes the case that meritocracy falls apart when those at the top develop the superiority complex needed to, say, wreck the economy and still think they know better than everyone trying to fix it.

Congress to Bernanke: Do less, not more. (WaPo)

Brad Plumer notes that Bernanke's testimony before Congress yesterday resulted in Republicans demanding the central bank eliminate its own policy options while Democrats just sort of surreptitiously played Angry Birds and pretended to listen.

Will There Be a Meaningful Volcker Rule? (NYT)

Simon Johnson worries that credible experts who see the Volcker Rule as vital to ending too-big-to-fail will be drowned out by lawyers who insist the financial crisis was a mass hallucination and the banks can quit subsidies any time they want.

Here's one Wall Street regulation that Republicans love (WaPo)

Suzy Khimm notes that Republicans look favorably on higher capital requirements for banks, partly because they think it's a kind of immunization shot against future reforms. What could go wrong as long as they have plenty of money to lose?

Once-Reticent Investors Join Shareholder Revolts (NYT)

Ben Protess and Katherine Reynolds Lewis report on the rising number of mainstream investors who are rebelling against the accepted notion that shareholders are to be seen and not heard, especially when they don't like what they're hearing.

Guiding You Through the Govt's Foreclosure Compensation Maze (ProPublica)

Paul Kiel provides an FAQ to help struggling homeowners who are owed some compensation for abusive lending practices navigate their way through a system set up like a Choose Your Own Adventure book without any numbered pages.

Obama Campaign Admits Fundraising Defeat in May (HuffPo)

The Romney campaign reported a $76.7 million haul last month, besting President Obama's own fundraising operation by $17 million as conservative super PACs come to the aid of a candidate who clearly lacks for money above all else.

With additional research by Danielle Bella Ellison.