Daily digest – We took the road less equal
What you need to know to navigate today’s most critical debates.
U.S. economy grows nearly twice as fast in 3rd quarter (WaPo)
GDP rose 2.5 percent last quarter, assuaging fears that the economy had stalled. Now it’s just hydroplaning toward the nearest ditch.
The Path Not Taken (NYT)
Paul Krugman writes that the abject failure of combining bailouts with fiscal austerity should cause U.S. and European policymakers to reconsider their belief that when the economy is going under, bankers must be the first ones into the lifeboats.
The GOP’s Broken Record (TAP)
Matthew Yglesias notes that while each of the Republican presidential candidates may be ridiculous in his or her own special way, what’s most absurd is their general consensus that the Bush tax cuts were good policy that should be repeated.
Crony Capitalism Comes Home (NYT)
Nicholas Kristof argues that Occupy Wall Street protesters aren’t anarchist potheads who want to destroy capitalism — they’re trying to save capitalism from bankers who wouldn’t recognize a free market if the invisible hand slapped them in the face.
Wall Street Isn’t Winning – It’s Cheating (Rolling Stone)
Matt Taibbi writes that Americans usually glorify the rich, but they have no reason to look up to a group of financial elites who have rigged every rule of the game in their favor and still manage to fail spectacularly when it comes time to play.
What’s Happened to the Big Players in the Financial Crisis (ProPublica)
From mortgage fraudsters to deregulation-happy politicians, they tore down the economy from the inside out and lived more or less happily ever after.
Big Banks Blink on New Card Fees (WSJ)
After watching Bank of America plumb new depths of public opinion with its plans to impose debit card usage fees, BofA’s competitors have decided they probably already give their customers enough reasons to hate them.
The Military Spending Fairy (CEPR)
Dean Baker notes that conservatives who claim all federal spending is useless at best are scaremongering over budget cuts to the Pentagon, which has not declared its independence from the government outside their most fevered dreams.
The Price of Plutocracy (MoJo)
Kevin Drum highlights a chart that shows that decades of lopsided policy have redistributed wealth from the poor and middle class to the rich about as effectively as if the 99% had been required to tithe directly to their feudal lords.
New Social Justice Index Places U.S. Near Bottom (HuffPo)
A report on economic opportunity in 31 developed countries suggests that if you want to live the American Dream, you’re better off moving to Slovakia.
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