Here are the INET Finance & Society speech transcripts from Janet Yellen and Christine Lagarde. The entire day’s events here. And Yellen made news there, with her “irrational exuberance”-like comments on stock valuations. I’m sure Yves will have plenty to say about it.
The promise of work in the fields in California has dried up Pacific Standard
Trade with Asia Isn’t About Jobs Politico Magazine
WH takes on Reid over trade The Hill
Democratic candidates slam Obama trade agenda The Hill. Basically every single Democratic Senate candidate is against it. They’re closest to needing the people’s votes.
In Iowa, Huckabee Defends Social Security and Attacks Fast Track for Trade Bloomberg Politics
Dodd-Frank Rules Could Shave $895 Billion Off Economic Growth Over a Decade, Think Tank Says – Real Time Economics WSJ. Regardless of what you think of Dodd-Frank, this is one of the most hackish things I’ve seen in quite a while. Doug Holtz-Eakin, who used to consider himself a moderate, pulls a number out of his posterior that even he knows is fake. “Clearly, such a computation is subject to large uncertainties,” he says. “It doesn’t change the growth rate dramatically—it’s not even a percentage point,” he adds. “Everyone should take this all with a grain of salt… I have no belief that I’ve nailed it.” And then WSJ runs it anyway with a big headline including the number that Holtz-Eakin spends the entire article disavowing. Shorter version: “This is a meaningless number, but it is big, and therefore important.” What clowns.
Bernie Sanders’s Presidential Bid Represents a Long Tradition of American Socialism The American Prospect
Mayor Bill de Blasio’s Crusade Rolling Stone. A “contract with America from the left”? What’s his angle?
Andrew M. Cuomo: Fast-Food Workers Deserve a Raise NYTimes. The power of the Fight for 15 movement strikes again. This is pretty incredible.
Black Lives Matter:
Los Angeles police chief disturbed after his cops kill an unarmed transient on Venice Beach Raw Story. This happened less than a mile from my house last night, in an area I frequent.
DEA to traveler: Thanks, I’ll take that cash Albuquerque Journal News
Aide to Kamala Harris, 2 others accused of running rogue police force – LA Times. “Aide” to Harris means in this case community affairs liaison, AKA “the guy who takes pictures of the Attorney General at events when she comes to town.” Not exactly a top counselor.
How Growing Up Poor Changes Politicians WaPo. Featuring friend of the blog Brad Miller.
Antidote du Jour: