April 5: Selected, Not Elected
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Whose World Bank? (Project Syndicate)
Roosevelt Institute Senior Fellow Joseph Stiglitz argues Jim Yong Kim is a good candidate, but his qualifications (and the entire selection process) don’t really matter if Obama could nominate the Easter Bunny and get him approved just as easily.
Wall St. attacks Obama for tactic it uses (WaPo)
Harold Meyerson notes that the finance sector has switched its allegiance from Barack Obama to Mitt Romney due to its anger over the president’s supposed class warfare, which is only supposed to happen when they’re waging and winning it.
How the Wage Gap Thwarts Women’s Political Agenda (Forbes)
ND2.0 Editor Bryce Covert points out that while the political gender gap is widening thanks to the GOP branding itself as the He-Man Woman Haters Club, women can’t put their money where their mouths are if they don’t have the money to start with.
Obama’s Requiem for the Postwar Consensus (TNR)
The president has come under fire for giving up on appeals to bipartisan cooperation, but Jonathan Cohn argues he’d be more foolish if he refused to admit one party thinks government can and should help and the other thinks it should be destroyed.
Wall St. Examines Fine Print in a Bill for Start-Ups (NYT)
The true sign you’re in the 1 percent is when you can pore over the details of a law to find out how awesome it is for you instead of how it will screw you over, and banks are finding a lot of awesome in the new JOBS Act. Too bad for the rest of us.
Ex-Con Man Says JOBS Law Makes Guys Like Him Rich (Bloomberg)
By rolling back disclosure requirements and giving the green light to online “crowdfunding,” the JOBS Act presents exciting new opportunities to invest in the bank accounts of scammers who are selling shares of nothing in particular.
House Poised to Gut Derivative Reforms (The Nation)
George Zornick notes that while key provisions in Dodd-Frank were meant to bring derivatives trading out of the shadows where regulators could keep a much closer eye on it, two new bills are designed to turn the dimmer switch back down.
Not Worth the Gamble (Slate)
Eric Posner and Glen Weyl argue the CFTC was right to ban the trade of derivatives used to speculate on the presidential election, but it should apply the same logic to another product used for reckless gambling — financial derivatives in general.
Regulators Move Closer to Oversight of Nonbanks (NYT)
Annie Lowrey writes that the Financial Stability Oversight Council has adopted a new rule to bring some “systemically important” (i.e. too big to fail) non-bank institutions under their watchful eye, but the net’s still to big to catch the sneaky littler guys.
Banks Fail To Maintain Foreclosed Homes In Minority Neighborhoods (HuffPo)
Janell Ross flags a report that finds banks doing more upkeep on foreclosed properties in white neighborhoods than they are for those in minority communities, which they’re marketing to more niche buyers who like to see lots of trash and rats.