Daily Digest - June 11: S.O.B.s (Save Our Banks)
What you need to know to navigate today's most critical debates.
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Another Bank Bailout (NYT)
Paul Krugman writes that Spain's bank bailout is yet another example of governments willing to toss themselves on a grenade to save the financial sector while treating the unemployment crisis with all the stakes and urgency of a kitten stuck in a tree.
Government is the solution (WaPo)
E.J. Dionne argues that Democrats scared of using the g-word won't be able beat conservatives who articulate a robust attack on government so long as the most coherent response they can offer is "We disagree a little bit, sometimes. Sorry."
It's Time for the Fed to Lead the Fight (NYT)
Christina Romer makes the case that Bernanke and Friends should pursue further monetary action and realize that keeping their powder dry does them no good if they wait so long to act that the entire war is fought and lost before they fire a shot.
Did Republicans deliberately crash the US economy? (Guardian)
Michael Cohen notes that while the GOP's stubborn obstructionism might not prove they're out to sabotage the recovery, the alternate explanation that they hate Obama so much that all else is collateral damage doesn't exactly cover them in glory.
Why 2012 Matters (NYRB)
Like the GOP, Garry Wills warns that this election could decide America's fate, but he's not worried about Kenyan socialist Sharia. He thinks it's the plutocracy's last chance to establish that money rules all before a changing electorate begs to differ.
Getting Rolled in Wisconsin (TomDispatch)
Andy Kroll argues that the Wisconsin recall shows that the strength of the progressive uprising is in fueling fundamental change in our national discourse rather than propping up any old cardboard stand-up local Democrats choose to nominate.
Public workers in fiscal, political bull's-eye (WaPo)
Sandhya Somashekhar and Krissah Thompson note that Scott Walker's victory in Wisconsin is likely to embolden cash-strapped governments around the country who have already begun to hang up their union-shaped punching bags in the capital.
How Banks Could Return the Favor (NYT)
Gretchen Morgenson writes that considering how much taxpayers sacrificed for banks, banks should find it in their hearts to forgive local governments for being dumb enough to think Wall Street had their best interests at heart in interest-rate deals.
Forced to Early Social Security, Unemployed Pay a Steep Price (NYT)
Motoko Rich reports that more older Americans who are unable to find work are opting to collect Social Security at 62, meaning they'll get smaller payments for the rest of their lives and trade a retirement safety net for an unempoyment lifeline.
Justice for Janitors and Low-Wage Workers (The Nation)
Greg Kaufmann notes that 100 years after the establishment of the United States' first minimum wage law, many employers still carry on the proud tradition of not really giving a crap about whether their workers are being paid enough to get by.
With additional research by Danielle Bella Ellison.