The Roundup for November 14, 2012

By: Wednesday November 14, 2012 4:27 pm

Good evening, all. International Developments ❖ Israel’s IDF struck “over 20 underground rocket launchers in Gaza”. Update: “Israeli air strike kills Hamas military chief Jabari“. International Finance ❖ General Strike in the eurozone! As the European Trade Confederation says, “Austerity is a total dead end, and must be abandoned.” Millions of Europeans struck and marched, [...]

Banks Face Competition From Retailers on Financial Transactions

By: Wednesday November 14, 2012 2:36 pm

After consolidating the financial sector rather than seeing it broken up over the last few years, Wall Street actually faces competition, in the form of big box retailers. On a recent shopping trip to Costco, Lilly Neubauer picked up paper towels, lentils, carrots — and a home mortgage. While Ms. Neubauer, 27, said she was [...]

New Poverty Statistics Show Need for Bigger, Not Smaller, Social Security Benefits

By: Wednesday November 14, 2012 12:58 pm

New Census Bureau statistics on poverty show a shocking increase in the number of seniors below the poverty line, suggesting that this would be the worst time to add on benefit cuts to critical social insurance programs like Social Security and Medicare. Focusing on adequacy of those programs would make much more sense. The Census [...]

Janet Yellen’s Game-Changing Speech for Monetary Policy

By: Wednesday November 14, 2012 12:00 pm

The President opened his press conference by designating the top two priorities as jobs and growth, and then spent the next 60 minutes answering questions about David Petraeus and Susan Rice and tax rates and Benghazi and deficit reduction. And Obama didn’t seek to break out of that constraint and suggest actual near-term job creation [...]

First Obama Post-Election Press Conference Open Thread

By: Wednesday November 14, 2012 10:34 am

JOIN THE LIVE CHATVISIT WHITEHOUSE.GOV The President is holding a press conference, his first opportunity to take questions since the election. I’ll follow along here. You can watch it live. …Obama says our top priority has to be jobs and growth. First I’ve heard of it! …The idea that balanced deficit reduction has anything to [...]

Large Majority Supports Path to Citizenship for Undocumented Immigrants in New Poll

By: Wednesday November 14, 2012 10:00 am

It’s not hard to see why Democrats and the White House plan a second-term push on immigration reform. First of all, the demographic shifts of the electorate demand that they continue to extract a price from Republicans for their antipathy to Hispanics. Second, for the same demographic reasons, the prospect of up to 12 million [...]

California Begins Cap and Trade Auction

By: Wednesday November 14, 2012 9:15 am

California ushers in a new era today with one of the the first greenhouse gas emission auctions in the United States. The state passed the Global Warming Solutions Act in 2006, and six years later, the cap and trade program on carbon emissions in the law is operational and ready for action. More than six [...]

The Fate of Energy Policy in the Lame Duck Session

By: Wednesday November 14, 2012 8:30 am

I don’t think the late-in-the-game bid for a carbon tax will come to pass, but energy policy will become critical in the coming weeks, with expiring measures and controversial subsidies up for bid. The biggest threat to our energy future in the near term – and that’s not much of a hyperbole – is the [...]

Reminder: Executive Branch Can Delay Impact of Most Fiscal Slope Items

By: Wednesday November 14, 2012 7:45 am

I just want to add on to what Dean Baker says here. It’s not just that the people trying to hype the fiscal cliffas a scary, terrifying prospect shouldn’t be trusted given their track record. It’s that the short-term impact, say one month, of expiring measures really does approach zero. Here’s Dean’s base case as [...]

Pelosi to Stay on as House Minority Leader

By: Wednesday November 14, 2012 7:00 am

Backed by a larger caucus, House Minority Leader Nancy Pelosi will stay onin the post for another two years. She will make the announcement at this hour. Nobody will challenge her for the Democratic leadership position. A delay in leadership elections and the rumor mill pointed to the possibility that Pelosi would step down from [...]

Obama’s Opening Bid: His FY2013 Budget Request

By: Wednesday November 14, 2012 6:21 am

The White House released to the Washington Postwhat amounts to an opening bid for fiscal slope/grand bargain talks. It turns out that this is actually just what was in the President’s proposed 2013 budget. But since it does add up to $4 trillion over 10 years, and since everyone’s getting serious about negotiations, we can [...]

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