This Is Not a Recovery (NYTimes)
Paul Krugman argues that the academic definition of recession is irrelevant if growth isn’t strong enough to bring down rampant unemployment.
Tough calls after bungee jump recovery (FT)
George Magnus writes that monetary tightening might make sense for some countries right now, but the U.S. isn’t one of them.
Fiscal Austerity and America’s Future (NYTimes)
Simon Johnson suggests that austerity proponents are encouraging greater social inequality and setting the U.S. back on the path to financial crisis.
A stickier problem (The Economist)
Increases in structural unemployment may require more narrowly tailored responses than the broad debate over stimulus and austerity can provide.
How the Stimulus is Changing America (Time)
Many parts of the Recovery Act were intended to immediately deliver aid or create jobs, but others, such as the push for green energy, were a long-term investment.
Banks’ Self-Dealing Super-Charged Financial Crisis (ProPublica)
When Wall Street firms failed to generate interest in their toxic products, they decided to cut out the middle man and invent their own trading partners.
Dodd Questions Elizabeth Warren’s Management Experience — A Concern He’s Never Raised Before (HuffPo)
Speaking of creating things out of thin air, Chris Dodd is still searching for a valid reason to oppose Elizabeth Warren’s nomination to head the CFPB, even if his new criteria don’t apply to the heads of any other federal agencies.
Foreclosures Fall, But Early Delinquencies Rise (NYTimes)
The foreclosure rate may finally be tapering off, but many Americans are living paycheck to paycheck and analysts predict millions more could still lose their homes.
Treasury Makes Shocking Admission: Program for Struggling Homeowners Just a Ploy to Enrich Big Banks (AlterNet)
Shocking in the sense that they’re saying it out loud, at least.
Social Security Cuts Threaten to Hurt Low-Income Americans More (Washington Independent)
Asking blue collar workers to perform manual labor well into their 70s is not a reasonable response to Social Security shortfalls.
Inequality and the High-End Bush Tax Cuts (Off the Charts)
More tax cuts for millionaires won’t help to reverse this country’s 30-year-long transfer of wealth from the middle class to the upper crust.
Uneven Katrina recovery efforts often offered the most help to the most affluent (WaPo)
In the effort to rebuild areas devastated by Hurricane Katrina, the distribution of federal grants has favored well-off white residents. Just for a change of pace.
Here’s What’s Wrong With BP’s Trust Fund (Truthout)
BP is making sure that the $20 billion it puts toward cleaning up its mess in the Gulf comes with plenty of strings attached.
Sick to Your Stomach? Try This (TNR)
Jonathan Cohn reports on a bill that would grant the FDA new investigatory powers and allow it to recall or seize tainted food. But do we really want big government restricting our natural right to salmonella poisoning?
Struggling Cities Shut Firehouses in Budget Crisis (NYTimes)
Balanced budgets may have their upsides, but they don’t make buildings fire-proof.
Democrats Quietly Think They Will Hold the House, Also Quietly Think They Will Not Hold the House (Wonkette)
November’s elections could herald the birth of Schrodinger’s Congress.