The Derivatives Endgame (NYTimes)
As public debate on derivatives regulation begins, the Times editors highlight the top priorities and the biggest potential pitfalls.
Scott Brown's key vote gives Massachusetts firms clout in financial overhaul (WaPo)
Scott Brown is single-handedly modifying the Volcker Rule to benefit MA bank State Street. In related news, the Senate's filibuster rules are terribly broken.
Lawmakers at Impasse on Trading (NYTimes)
House Democrats are finding it difficult to round up the votes for Blanche Lincoln's strong derivatives restrictions, but Lincoln is digging in with an eye on reelection.
Elizabeth Warren Backs Emerging Consumer Protection Agency (HuffPo)
Warren thinks Congress's concession to auto dealers was a mistake, but she still believes the consumer agency will survive attempts on its life and emerge strong enough to police abusive lenders. Fingers crossed.
Against the Super-Asinine, The Gods Themselves Contend in Vain (NYTimes)
Paul Krugman foresees a lost decade ahead as deficit hawks pursue an economic model based on willful ignorance. At least that guarantees another ten years of his acidic takedowns.
Social Security: Will Obama panel cripple it with 'minor' tweaks? (LA Times)
Michael Hiltzik takes on Alan Simpson, head of the President's deficit commission, and debunks his warped ideas about why Social Security was created.
McChrystal ouster restarts war debate (Politico)
President Obama received rave reviews for his choice of General David Petraeus to oversee the war in Afghanistan, but questions linger about whether this is still a war worth fighting.
Less Than One Percent of Modified Mortgages in Obama Foreclosure Plan Involve Principal Cuts (HuffPo)
HAMP's lackluster performance suggests that the Obama administration needs to rethink its entire approach to underwater mortgages, but it may have already missed its window of opportunity.
New-home sales plummet nearly 33% in May from April (LA Times)
In more worrying economic news, new home sales hit a record low last month after a tax credit for first-time homebuyers expired. It appears that no one is willing to risk entering this housing market unless they're literally being paid to do it.
Cutting Off the Unemployed (NYTimes)
The Senate is set to celebrate this Independence Day by leaving 1.6 million Americans without unemployment benefits, and both parties deserve the blame for obstruction this time.
Financial lobbyist irony alert (Politico)
Would it surprise you to learn that Wall Street lobbyists have no shame about crashing a consumer advocacy awards dinner?
Progress on containing gulf oil spill reversed as mishap lets well gush anew (WaPo)
BP continued its streak of tragicomic blunders yesterday as a clumsy robot caused the cap on the oil well to malfunction. The company claims the cap is now back in place and working properly, which probably means we should assume the opposite.
Spirit Air ad mocks BP oil disaster (CNN)
The company has topped its own record of tasteless marketing with ads recasting the oil spill as an opportunity for bikini-clad women to work on their tans.
Goldman Sachs Mulls Ad Campaign to Boost Image (WSJ)
They've even considered having Lloyd Blankfein go on Oprah. After all, it did wonders for Tom Cruise.
'Joe Barton was right,' Joe Barton tweets (WaPo)
For a moment yesterday, it appeared that Rep. Joe Barton had decided to retract his apology to everyone for his apology to BP, but then his spokesman issued a statement apologizing for the accidental unapology. Got that?