November 18: Best Failure Ever

Nov 18, 2011Tim Price

daily-digest-150 What you need to know to navigate today's most critical debates.

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Failure Is Good (NYT)
Paul Krugman argues that with the Super Committee deadline approaching and no deal in sight, this may be one of the few occasions when Congress's complete inability to get its act together and reach a compromise will work in America's favor.

The Bush tax cuts are tripping up the supercommittee (WaPo)
Ezra Klein notes that one of the biggest sticking points is that Democrats want to let the Bush tax cuts expire because this is supposed to be a deficit-cutting plan, while Republicans want to make them permanent because they know it's all just pretend.

Explainer: How Did Inequality in America Get So Bad? And What Can the Government Do to Fix It? (The Nation)
Roosevelt Institute Fellow Mike Konczal writes that skyrocketing CEO pay, a distorted regulatory state, and a grab bag of 1%-friendly tax and spending policies have combined to create a society where everyone is either the prince or the pauper.

Occupy: Out of Zuccotti Park and into the streets (WaPo)
Eugene Robinson notes that while yesterday's "day of action" might not have achieved much on a practical level aside from creating a hellacious traffic jam, Occupy is proving that its ideas travel well even when it doesn't have a place to call home.

Nevada Attorney General Catherine Cortez Masto Cracks Open the Financial Crisis (Naked Capitalism)
Roosevelt Institute Fellow Matt Stoller highlights the Nevada AG who somehow remembered that it's possible to issue indictments for foreclosure fraud instead of just asking robo-signers not to cross their fingers when they promise to behave.

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Foreclosure Crisis Is Far From Over, Report Finds (HuffPo)
A new study finds that risk of foreclosure has more to do with the type of mortgage in question than homeowners' income or credit history. Almost as if the fault lies not with borrowers for daring to borrow, but lenders for being really bad at lending.

Why Not Break Up Citigroup? (NYT)
The idea of breaking up banks that are too big to fail is beginning to appeal to financial insiders who recognize that the money-churning behemoths do more harm than good, and to Republicans who want to club Mitt Romney over the head with it.

United States of Hunger (NYT)
Demand for food stamps has grown rapidly since the recession began, though as Catherine Rampell notes, it doesn't track with unemployment or income. Oregonians are the hungriest, since they lost most of their supplies while trying to ford the river.

Being Poor in America Really Sucks (MoJo)
A Pew study finds that American children from poor families do worse on basic vocabulary tests than their peers in other English-speaking countries. Why bother teaching them a bunch of words if no one will ever care what they have to say?

68% of the Sons of the 1% Work at Their Dad's Company (Atlantic Wire)
Since the 1% think of themselves as modern-day kings, they have naturally decided to carry on the tradition of hereditary succession.

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