Media

With a proposal over future fuel economy standards expected in September, it’s shaping up to be a long summer of wrangling between the Obama Administration and the auto industry over the specifics. While negotiations proceed, the fate of the American car industry may hang in the balance.

One of the more bizarre features of political life over the past two years has been the sense on Wall Street that it has been unfairly demonized in the wake of the financial crash. Top bankers have famously soured on President Obama because of his occasional criticisms of Wall Street -- despite the Administration's record of going easy on an arrogant financial elite who blew up the economy.

In an online article for The New Republic, Michael Kazin unintentionally reveals why Pat Buchanan is probably right about the debt ceiling negotiations. For the last two days, Buchanan has argued on Morning Joe that “President Obama will fold,” settling for a short-term extension and giving Republicans another victory. He bases this view on the belief that Republicans have the upper hand politically, but his evidence is mainly speculative.

FOR IMMEDIATE RELEASE:

July 6, 2011

CONTACT:

Anna Pycior, [email protected], (212) 389-1408

Policy Organization Demos Announces Recipients of Ed Baker Fellowship in Democratic Values

It is no secret that government regulators often mete no more than a slap on the wrist for corporate wrongdoers guilty of serious crimes. As I have written here and elsewhere, federal authorities routinely reach settlements in which corporations do not actually acknowledge doing anything wrong and agree to financial penalties.

Looking at the corporate misconduct that led to last year’s terrible mining disaster in West Virginia, a few words spring to mind. And while "repugnant" might be an understatement, at least it’s printable.

Republican lawmakers in Minnesota have forced a government shutdown in that state by refusing to agree to any revenue increases at all to help close the state's $5 billion budget deficit. Governor Mark Dayton, in contrast, has offered a mix of steep spending cuts and a modest tax hike on high earners.

The historic financial reform law that President Barack Obama signed last July is more akin to an outline than a detailed regulatory mandate. It will only have teeth when numerous rules are written and oversight mechanisms are put into place. Getting the money for this work wouldn’t have been a problem if Democrats still controlled the House--but they don’t anymore.

Since we checked in last week, the Presidential candidates have solidified their support considerably for Rep. Jim DeMint's "Cut, Cap and Balance," a pledge to oppose raising the debt ceiling in the absence of fairly draconian spending cuts and a balanced budget amendment. The pledge also includes a mandate for a supermajority in both chambers for raising taxes, effectively making such actions impossible.