June 30

What you need to know to navigate today’s most critical debates.

Bank Tax to Be Killed to Win Passage of Financial Overhaul (CNBC)
Unable to round up enough votes to proceed with FinReg, Democrats have returned the bill to conference in order to craft a plan to pay for it without scaring off Republican supporters.

Fixing Wall Street, Protecting Main Street (CAP)
Though FinReg isn’t a perfect bill by any stretch of the imagination, Pat Garofalo argues that it is a significant step forward in several respects.

Consumers Win With New Financial Reform Bill (The Atlantic)
Banks may not have much to fear from FinReg, but consumers have a lot to be happy about, including the new Consumer Financial Protection Bureau.

The Conventional Superstition (NYTimes)
Paul Krugman argues that economists who are insisting on austerity measures based on their unfounded hunches about future market demands might as well throw salt over their shoulders instead.

A progressive budget calculator (WaPo)
Ezra Klein highlights a CEPR calculator that lets users apply progressive policies to reduce the deficit. The conservative version is an abacus with some missing beads.

With federal stimulus funds running out, economic worries grow (LA Times)
The stimulus bill has kept the stagnant economy from bottoming out again, but the jobs and benefits that it provided are quickly disappearing, and there does not seem to be any more help on the way. What now?

Bet on Private Sector for Recovery Could Prove Risky (NYTimes)
The decision to scale back government spending during the Great Depression proved to be a serious mistake, but today’s policymakers haven’t learned from it.

Recession cut into employment for half of working adults, study says (WaPo)
Most Americans have somehow been directly affected by the recession, and their newfound desire to save rather than consume may be here to stay.

Who Will Fight for the Unemployed? (NYTimes)
With deficit hawks tearing open state budget holes and cutting off unemployment benefits, it should come as no surprise that the markets are losing confidence. The American people are, too.

The Procrustean Democracy of America Speaks: Part One (FDL)
An FDL blogger reports on his experience with the America Speaks town meetings and the right-wing agenda being pushed there.

GOP Leader John Boehner: Raise Retirement Age to 70 to Pay for Wars (Alternet)
The GOP: Strong on defense, tough on grandmas.

Potentially ‘Thousands’ of Homeowners Improperly Denied Obama Mortgage Modifications, Administration Admits (HuffPo)
More bad news for HAMP as a government audit shows that the Treasury Department failed to establish adequate modification guidelines or penalties for noncompliance, among other problems with the way the program has been run.

Democrats, Obama willing to scale back energy and climate change bill (Politico)
The Obama administration continues to hone the art of the pre-compromise, hoping that it will one day convince a Republican to vote for something.

David Axelrod Unedited Interview (Daily Show)
Ony Monday night, David Axelrod and Jon Stewart had the kind of frank but fair policy debate that can only be found on cable comedy shows these days.

ND20 ALERT: Join us in NY for fresh ideas, July 16-18! Guild Hall, in collaboration with the Roosevelt Institute, will gather thought leaders in the arts, the economy, and the media in East Hampton for a can’t-miss symposium featuring George Soros, Van Jones, plus ND20 contributors Elizabeth Warren, Rob Johnson, Jeff Madrick, Editor Lynn Parramore, and more. RSVP today - seats are limited.