June 15

Jun 15, 2010Tim Price

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

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

Giving In on Trading, Banks Look to Other Losses (NYTimes)
The Volcker Rule is almost a done deal, but Wall Street is determined to hold the line there.

Don't Forget the Kanjorski Amendment (Baseline Scenario)
Simon Johnson highlights an important proposal that would empower regulators to preemptively break up banks whose size began to threaten economic stability.

Fiscal conservatism may be good for one nation, but threatens collective disaster (The Independent)
Roosevelt Institute Senior Fellow and Chief Economist Joseph Stiglitz warns that public sector wage cuts will result in more households defaulting on their debts, which could strain the fragile banking system to its breaking point.

The Unemployed Held Hostage (NYTimes)
It's time for Congress to stop playing games and pass another extension of unemployment insurance.

Election saps energy's motion (Politico)
President Obama plans to renew his call for a comprehensive climate change bill, but Democrats may once again have to be dragged kicking and screaming into action.

Lawmakers' committee assignments and industry investments overlap (WaPo)
Legislators from both parties have invested millions in the industries they're supposed to be regulating, creating an enormous conflict of interest. They probably have a lot riding on the company that produces those little flag pins, too.

The Sagging of the Middle Class (NYTimes)
Middle-class jobs are being automated or disappearing overseas, and education and training may not bring them back.

Debt Default: It Can Happen Here (Capital Gains and Games)
Think a Republican Congress won't be obstinate enough to let the U.S. default on its debt? Are you willing to bet the economy on it?

Unfazed by Reality (NYTimes)
Bob Herbert argues that the opponents of more state aid have shown a stunning indifference to the potentially devastating impact of further budget cuts.

The U.S. wins the right to abduct innocent people with impunity (Salon)
By denying a petition of review to Maher Arar, the Supreme Court upheld the claim that kidnapping people who have committed no crime and sending them to Syrian torture dungeons is as American as apple pie.

How Lithium Didn't Save the Bolivian Economy (Think Progress)
The discovery of vast mineral deposits in Afghanistan has raised hopes that it could become a wealthy nation, but natural resources don't always go hand in hand with freedom and prosperity.

Atlas Shrugged: The motion picture (WaPo)
Who is John Galt? Just some guy from One Tree Hill. Coming soon to a DVD bargain bin near you!

Oil Company Ad: We Destroy Glaciers (GOOD Blog)
The real irony is that the company's name is Humble.

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June 14

Jun 14, 2010Tim Price

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

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

Obama to Demand Vast Fund from BP for Victims' Claims (WaPo)
In a speech from the Oval Office on Tuesday night, President Obama will announce that he plans to establish a multi-billion dollar fund and an independent mediator to cover damages and clean-up costs for the Gulf oil spill.

Why Section 716 is the Indispensable Reform (Baseline Scenario)
Jane D'Arista explains why spinning off prop desks is essential to shrinking the outsized derivatives market and ending the era of government-backed risk.

Europe embraces the cult of austerity -- but at what cost? (Guardian)
In the wake of the Greek debt crisis, the G20's sharp turn toward fiscal conservatism has left the European public and their allies in the U.S. with a bad case of whiplash.

Does Fiscal Austerity Reassure Markets? (NYTimes)
Deficit hawks claim that harsh fiscal retrenchment will soothe market fears, but as Paul Krugman demonstrates with a comparison of Spain and Ireland, repeating an argument often enough doesn't make it true.

Get it Right! (TNR)
In an interview with E.J. Dionne, Lawrence Summers argues that deficit-wary Democrats must realize that getting Americans back to work is their top priority. Otherwise they would be Republicans.

A Tennessee Valley Authority for the Gulf Coast? (Washington Independent)
With employment stalled and Deepwater still gushing, the Obama administration may be considering a major public works project to help rebuild the battered Gulf.

Britain should back down over BP (FT)
BP is a major player in Britain's stock market, but sticking up for the oil giant won't stir any sympathy among Americans.

Shill, Baby, Shill (The Nation)
Chalk another one up for corporate advertising: We may all be skeptical of BP's current PR campaign, but they pulled the wool over our eyes for years with little more than bright colors and a catchy beat.

Don't Blame the Dream of Homeownership (HuffPo)
Robert Kuttner argues that it's time to stop blaming the subprime crisis on innocent homeowners and start blaming the financial sharks who perverted government programs that had been working effectively since the days of FDR.

Obama Presses for Aid to Cities and States (NYTimes)
Without more aid to states, hundreds of thousands of teachers, firefighters, police officers, and other public employees will be laid off this year, which could create both an economic downturn and a generation of illiterate arsonists.

Left-Right Defense Wonk Coalition Looks to Cut $960 Billion from Bloated Pentagon Budget (Washington Independent)
A panel of experts has determined that the Pentagon could save almost a trillion dollars if it stopped spending money on tools it doesn't need and missions it shouldn't undertake. That sounds much too logical for Congress to go along with it.

Growth and the Right (NYTimes)
A new study shows that economic stagnation breeds support for extreme right-wing groups and nationalist parties, but voters move quickly back to the left when times are good. In other words, Scott Brown may want to keep his pick-up idling.

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June 11

Jun 11, 2010Tim Price

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

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

The Mechanics of the Financial Reform Conference (TAP)
Tim Fernholz explains how conference committees shape legislation and who will be involved in the FinReg negotiations.

As Long-Term Unemployment Deepens, 99ers Look for Answers (Washington Independent)
Annie Lowrey examines the plight of Americans who have exhausted their unemployment benefits and the Senate's reluctance to help those who are most in need of a government bailout.

House Targets Underwater Homeowners (HuffPo)
House Republicans decided to stand up for banks instead of homeowners by putting forth a motion that would help to turn mortgage contracts into suicide pacts. House Democrats responded with a resigned shrug.

Can the U.S. Punish BP's Shareholders? (NYTimes)
ND20 contributor Bill Black weighs in, arguing that the US is BP's biggest creditor, and should act like it.

AIG's Rescue Had 'Poisonous' Effect, U.S. Panel Says (BusinessWeek)
Led by ND20 contributor Elizabeth Warren, the Congressional Oversight Panel issued a report yesterday in which it blamed the AIG bailout for distorting the market by demonstrating that major financial institutions could shift their risk onto taxpayers.

Oy, Canada (NYTimes)
In a response to Roosevelt Institute Senior Fellow Marshall Auerback, Paul Krugman notes that Tories comparing current U.K. austerity measures to Canadian efforts in the 1990s are missing a few more pages from their history textbooks.

Perception, Reality, and Responsibility in the Gulf Oil Spill (CAP)
Eric Alterman argues that while there is plenty of blame to spread around for the BP oil spill, the main culprit is the Bush administration and its neglect of our regulatory agencies and national infrastructure.

Morality And Business -- What You Can Do (No Shortage of Work)
A discussion with Bill Black about the miserable ethics of Goldman Sachs employees.

Push for BP to Halt Dividends Hits Resistance in Britain (NYTimes)
Disgruntled BP investors are complaining that the company is getting a lot of bad press because it has the word British in its name. It could also have something to do with that oil spill.

BP's Mess, and Wall Street's (NYTimes)
Maybe the only real difference between BP and Goldman Sachs is that toxic CDOs don't show up on camera.

It's Not the End of Men (TAP)
Ann Friedman believes that the problem modern American men are facing is not the decline of masculinity, but the persistence of outdated ideas about "women's work."

Imagine a world in which recessions don't mean uninsurance (WaPo)
Ezra Klein points out a study showing that in the socialist gulags of Massachusetts, people can lose their jobs and still afford medical treatment. Thanks to the healthcare reform bill, the entire country may soon suffer the same terrible fate.

The Great Swipe Fee Robbery (Forbes)
Conservative journalist Reihan Salam finds common ground with progressives like the Roosevelt Institute's Mike Konczal on the need to rein in the Visa-MasterCard duopoly and its outrageous interchange fees.

BP Spills Coffee (YouTube)
It would be funny if it weren't so sad. (Warning: contains some not-safe-for-work language.)

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June 10

Jun 10, 2010Tim Price

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

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

The Wrong Message on Deficits (NYTimes)
Deficit hawks in the U.S. and Europe are acting as though the financial crisis is already over, but the truth is their policies will only prolong the pain.

Bernanke Warns Congress Not to Cut Spending, Cautions About 'Fragile' Recovery (HuffPo)
Though concerned about deficits in the long term, the Fed chairman spoke favorably of the stimulus bill and urged Congress to avoid fiscal retrenchment while the job market is still recovering. Maybe now they'll take the hint.

Why Financial Reform Hinges on Defusing Derivatives (BNET)
Roosevelt Institute Chief Economist and Senior Fellow Joseph Stiglitz joined Michael Greenberger on a conference call yesterday to explain why the Lincoln plan for separating swap desks from commercial banks must be in the final FinReg bill.

Stiglitz Calls for a 'Goldman Sachs Amendment' (NYTimes)
It's a simple proposition: Banks can agree to play by the rules and receive government protection, or they can take all the risks they want and accept the consequences.

Are We Slipping Back Into a Recession? (The Atlantic)
Derek Thompson weighs the evidence for and against the possibility of a double-dip, which would be much less fun than it sounds.

Unemployment Benefits Lapse Causes Panic and Confusion for the Jobless (HuffPo)
Congress's failure to act has cut the social safety net out from under hundreds of thousands of unemployed Americans. Another extension may be passed soon, but for some the damage is already done.

Teachers Without Jobs and Education Without Hope (Truthout)
In Greece, there are mass protests in support of vital public services like education. In the U.S., teachers unions are dismissed as selfish and unreasonable when they oppose school budget cuts. Henry Giroux examines the cultural differences that account for these very different responses.

Building a Better Bond (TAP)
The Build America Bonds program has helped to lower credit costs, close state and city budget gaps, and restore America's battered infrastructure. According to Iowa Senator Chuck Grassley, that makes it just like the bank bailouts.

Medicare and Medicaid are NOT like Social Security (Taking Note)
Conservatives may hate them all equally, but Social Security's problems are much easier to fix.

Goldman Faces $1 Billion Suit (WSJ)
Goldman Sachs is being sued for lying to investors while pushing a toxic CDO called Timberwolf on them. Which raises the question: Timberwolf? Really?

The Corporate Court (Think Progress)
Republican appointees have turned the Supreme Court into a subsidiary of the Chamber of Commerce. But don't call them judicial activists.

Unemployment and Despair (NYTimes)
New research demonstrates the psychological impact of unemployment and its growing burden over time.

Personal Bankruptcy in America (Big Picture)
Barry Ritholtz flags a very pretty graph of a very ugly trend.

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June 9

Jun 9, 2010Tim Price

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

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

Warren Warns of Gutted Reform (NPR)
ND20 contributor Elizabeth Warren sat down with NPR's Tom Ashbrook to discuss lobbyists' ongoing efforts to derail financial reform. You can listen to the full interview here.

Banks queasy as reform deal nears (Politico)
Wall Street is shocked that Democrats have not caved in to its demands and eliminated all the parts of the FinReg package that the banks don't like. Yet.

Q&A: Joseph Stiglitz Discusses the European Debt Crisis (Vanity Fair)
He explains why fiscal austerity measures in Europe have everyone panicked, from workers to investors.

Comparing Financial Regulatory Reform Bills (WSJ)
The Wall Street Journal charts the differences between the House and Senate FinReg bills. (h/t: Big Picture)

Learning from Roosevelt(s) (The Nation)
Americans need to get back to work, and someone needs to clean up BP's mess. President Obama has a prime opportunity to match the jobs focus of Franklin Roosevelt with the environmentalism of Teddy Roosevelt by creating a new Civilian Conservation Corps.

Still 'Jobs, Jobs, Jobs' -- Just Not the Way the Administration Is Thinking About Them (HuffPo)
Leo Hindery Jr. argues that combining New Deal-like investments in jobs and infrastructure with higher taxes on wealthy traders and corporate elites would put millions back to work and help to cut the deficit.

How mortgage default could get much worse (Reuters)
Just because homeowners say they won't walk away from their homes doesn't mean they won't. And Felix Salmon thinks that's cause for serious alarm.

A Few Steps Short on Jobs (NYTimes)
Many Democrats have decided that pushing for more stimulus is too risky with the midterms approaching, but heading into November with 10 percent unemployment could be even scarier.

Fear must not blind us to deflation's dangers (FT)
Martin Wolf argues that premature fiscal tightening could create another global recession.

A few thoughts about the Euro crisis and the psychology of change (Credit Writedowns)
Edward Harrison notes that governments seem incapable of addressing unsustainable economic trends until they develop into full-blown crises. If recent history is any indication, even that might not be enough to motivate them.

The Regulation Crisis (New Yorker)
A combination of deregulation, budget cuts, and graft has left the foxes guarding the hens at many important regulatory agencies. Is it still possible for regulators to regain the respect the American people?

Years of Internal BP Probes Warned That Neglect Could Lead to Accidents (ProPublica)
BP execs had ample evidence of the safety risks that plagued their operations, but they failed to take action and ignored or punished those who spoke out.

Spain Hit by Strike Over Austerity Measures (NYTimes)
Worker protests aren't limited to just Greece. Spain is the next to strike back.

Legacy for One Billionaire: Death, But No Taxes (NYTimes)
The federal government is running record deficits, but thanks to a one-year moratorium on the estate tax, the heirs of Texas oil tycoon Dan Duncan recently inherited 9 billion dollars without having to pay back a cent.

The government's crummy computers (WaPo)
Ezra Klein reacts to Peter Orszag's call for Executive Branch budget cuts and notes that the public sector could be much more efficient if it weren't hobbled by outdated technology. Maybe everyone in the Patent Office should chip in and get an iPad.

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June 8

Jun 8, 2010Tim Price

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

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

Reach equals grasp on banking bill (Politico)
If the final FinReg bill reflects the lowest common denominator, Joseph Stiglitz is certain we'll head for another financial crisis.

Congress Pressed for Reform Bill Deal (NYTimes)
Though President Obama wants financial reform done by the end of June, Roosevelt Institute Senior Fellow Rob Johnson says that neither version of the bill is strong enough to prevent future bailouts.

Robbed of jobs by the deficit cultists (Guardian)
Dean Baker argues that May's weak jobs report shows that deficit hawks should be joining the ranks of the unemployed.

Out with Keynes, in with Hoover? (BBC)
At a time when FDR should be in vogue, the world is turning to his predecessor for ideas on how to deal with the economy.

We Need Bigger Deficits Now! (Brad DeLong)
Brad DeLong explains why economic depression changes the math of government spending, and why another stimulus package is the only logical solution to our current problems.

'A Very Deep Hole' (NYTimes)
Bob Herbert argues that our leaders don't seem to comprehend the crushing weight of unemployment, and that their number one priority must be getting Americans back to work.

David Cameron's cuts strategy lacks clarity (Guardian)
The budget cuts proposed by the U.K.'s new Tory government target those who are most in need of public assistance and may hinder or even reverse economic recovery. Will the U.S. chart the same course after the midterms?

Goldman Sachs stonewalling, federal panel says (LA Times)
The FCIC was forced to subpoena specific information about Goldman's role in the financial meltdown after the investment giant submitted billions of pages of irrelevant documents. Apparently they hoped that they could annoy the investigators into submission.

Robert Gates may get lift from tea parties (Politico)
The push to reduce wasteful defense spending could help forge an unlikely alliance between Democrats and their harshest critics, but the Tea Party movement remains fractured over its priorities.

An Energy Bill's Coming in July. But What Kind? (TNR)
Senate Democrats' new strategy for scaled-down energy legislation offers an easier path to victory, but it makes their chances of passing a comprehensive climate change bill even more remote.

Distorting the Energy Market (MoJo)
Kevin Drum provides a chart of global energy subsidies and notes that free market-loving conservatives can't seem to get enough of corporate welfare for oil companies.

Bernie Madoff Seen as Success Story Among Inmates in Prison (ABC)
He may not have the wealth and influence he once enjoyed, but Madoff is still a pretty big deal among the prisoners of Camp Fluffy. What more can a guy ask for?

BP's Apology: We're Just Spreading Wealth... to Fish (HuffPo)
Sure, it may seem ridiculous, but it's no worse than their real PR strategy.

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June 7

Jun 7, 2010Tim Price

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

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

Financial Re-Regulation and Democracy (Project Syndicate)
Roosevelt Institute Senior Fellow and Chief Economist Joseph Stiglitz argues that in order to have meaningful financial reform, we need to stop putting so much faith in regulators and instead restructure the system itself.

Obama, the Oil Spill and the Chaos Perception (NYTimes)
Like FDR, Obama needs to prove to the public that he can impose order on our chaotic lives.

Hiring Recovery Sputters (WSJ)
Friday's jobs report showed that almost all jobs added in May were temporary Census Bureau positions, disappointing Wall Street and White House analysts who had expected more robust growth.

Downgrade the Ratings Agencies (NYTimes)
It's time to drop the need for ratings agencies like a bad habit.

Banks Say No. Too Bad Taxpayers Can't. (NYTimes)
Banks are trying to find any loophole they can use to get out of buying their bad loans back from Fannie and Freddie, but they're perfectly happy to let the public foot the bill for them.

The Banking Showdown (HuffPo)
As the conference committee prepares to hammer out the final details of financial reform, Robert Kuttner breaks down the individual pieces of the bill and the challenges that lie ahead for each of them.

Lost Decade, Here We Come (NYTimes)
Paul Krugman wonders why the G20 nations are focused on implementing solutions that don't work for problems that don't exist right now.

Obama's Double Bind (WaPo)
President Obama needs to fix the broken economy and the ruined Gulf at the same time. By 2012, he may not even want to be reelected.

From shared sacrifice to hedonism (Salon)
In 1941, in response to a major foreign threat, FDR called on all Americans to change their ways of life and contribute to the defense of their nation. In 2010, in response to a major environmental threat, we're being urged not to let all the dead pelicans on the beach spoil our vacation plans.

Don't Get Mad, Mr. President. Get Even. (NYTimes)
It's not about Obama's clenched jaw -- it's about his hold over his own presidency.

Government must OK new domestic worker rights (NY Daily News)
New York is on the verge of passing legislation that would protect domestic employees throughout the state from discrimination and guarantee benefits such as paid vacation and sick days. The law would be the first of its kind and supporters hope that it will serve as a model for the rest of the country.

Euro Run (ECB)
In this educational online game presented by the European Central Bank, your goal is to collect as many euros as you can without falling into a bottomless pit. Just like the real European economy! (h/t: Business Insider)

Twelve (Imperfect) Ways to Clean the Gulf (NYTimes)
A chart to describe all the ways to (hopefully) clean up the spill.

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June 4

Jun 4, 2010Tim Price

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

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

Obama Takes On Conservatism (TNR)
President Obama has begun to channel his inner FDR, publicly blasting Republicans for their constant doomsaying and destructive economic policies.

Whacking the Old Folks (The Nation)
On the other hand, the President still hopes to gain Republican support for cap and trade tax increases by expanding offshore drilling cutting Social Security benefits.

Chronic Joblessness Bites Deep (WSJ)
While the job market is slowly recovering, conditions remain bleak for the growing number of Americans who have been unemployed for six months or more.

State finances hitting bottom (CNNMoney)
With stimulus funds drying up and huge budget gaps left to close, state governments will face very difficult choices in the months ahead.

What drives the price of oil? (MMNews)
Economist James Hamilton discusses the links between oil prices and the financial crisis, the limits of monetary policy, and the need for major infrastructure investments.

How to Punish BP (Slate)
From green energy investments to fish-flogging, Daniel Gross's readers offer some creative ideas for channeling public anger.

Things Everyone in Chicago Knows (NYTimes)
The myth that the Community Reinvestment Act caused the financial crisis keeps rising from its grave. Luckily, Paul Krugman is always ready to put another stake in its chest.

The Great Car Reset (The Atlantic)
Young Americans are driving less and buying fewer cars, and that might be good for both the environment and the economy.

Europe's Democracy Deficit (The Nation)
Gary Younge argues that EU nations have replaced democracy with an international oligarchy, and economic turmoil is the inevitable result.

Bank of America Finally Admits Its Mortgage Modification Program is a Mess (Wonk Room)
BoA can't keep track of the paperwork its borrowers submit, but it still wants to be trusted with your money.

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June 3

Jun 3, 2010Tim Price

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

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

Euro Likely to Survive Debt Crisis, Stiglitz Says (BusinessWeek)
Roosevelt Institute Senior Fellow and Chief Economist Joseph Stiglitz predicts European governments will do all they can to save the euro, but austerity measures will lead to a weak recovery.

U.S. to Push for Bank Rules in Other Large Economies (NYTimes)
Treasury Secretary Tim Geithner wants members of the G-20 to coordinate their financial reform plans, although Congress must first figure out what ours is.

Lawmakers move to toughen 'Volcker rule' (FT)
The finance bill that emerges from conference may include a strong ban on proprietary trading as well as a provision that would allow the president to appoint the chief of the New York Federal Reserve.

Friday's Job Numbers, and What They Won't Tell Us About America's Growing Anxious Class (HuffPo)
Robert Reich argues that more and more Americans are becoming entrepreneurs due to necessity rather than choice.

Laissez-Faire Meets the Oil Spill (WSJ)
Thomas Frank notes that in a moment of crisis, free marketeers have begun to demand "big government" solutions. Funny how that happens.

Climate policy is health policy (WaPo)
Kate Sheppard highlights the self-evident but often-overlooked fact that improving the health of the planet will improve the health of its inhabitants.

Nuclear Option on Gulf Oil Spill?  No Way, U.S. Says (NYTimes)
Some experts think that the government should detonate a nuclear bomb in the Gulf of Mexico in order to stop the oil leak. And really, what could go wrong?

Does A Bank Tax Make Sense? (TaxVox)
Howard Gleckman of the Tax Policy Center summarizes a recent report that evaluates several different options for levying taxes on financial institutions.

Gender and the Geography of Work (Early Warning)
Stuart Staniford maps out male and female employment across the United States.

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June 2

Jun 2, 2010Tim Price

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

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

Consumer agency that won't die (Politico)
ND20 contributor Elizabeth Warren explains how the independent consumer agency has survived the lobbyists' onslaught so far, and how they'll try to kneecap it in the weeks ahead.

Why the 'Experts' Failed to See How Financial Fraud Collapsed the Economy (Alternet)
Leading economist and ND20 contributor James K. Galbraith recently wrote to the Senate Judiciary Committee to call for a thorough investigation of Wall Street corruption, echoing Bill Black's argument that "the best way to rob a bank is to own one."

Moody's Chief says CDO Ratings 'Deeply Disappointing' (Bloomberg)
The Financial Crisis Inquiry Commission is holding hearings today to evaluate the performance of credit ratings agencies. The CEO of Moody's has already testified and Warren Buffett has been subpoenaed to appear. STAY TUNED FOR ND20 COVERAGE!

Answers on Credit Ratings Long Overdue (NYTimes)
Andrew Ross Sorkin outlines some of the most important questions that need to be asked at today's hearings.

Goldman Sachs Spies A Way Out Of Fraud Claims (CNBC)
Goldman's latest defense: They didn't mean to defraud anyone. They were just criminally incompetent.

Why Obama Should Put BP Under Temporary Receivership (TPM)
Robert Reich makes the case for bold government intervention in the Gulf.

Five myths about working mothers (WaPo)
More moms are working outside the home than ever before, but ND20 contributors Naomi Cahn and June Carbone identify some stereotypes that continue to hold them back.

Poll: Increasing Number of Americans Oppose Repealing Health Care Law (Wonk Room)
Since it turns out that IRS stormtroopers haven't really started dragging sick people to their death panels, the public is taking a "wait-and-see" approach to the Affordable Care Act.

Monkey Business (Big Money)
Banksters might be just as greedy as chimpanzees, but could ten thousand monkeys with ten thousand typewriters ever produce a collateralized debt obligation?

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