“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.
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New York Times Editorial: Not Too Big to Fail
New rules on bank capital, recently proposed by the Federal Deposit Insurance Corporation and other bank regulators, are a welcome step toward a safer and sounder financial system. And they come at a politically timely moment. Big banks invariably argue that new rules will impede their ability to thrive and, in the process, harm the economy. But their profits are soaring, even as the economy slows, a situation that makes their shopworn anti-regulatory argument all the more threadbare.
It is not the banks that need protection from regulation; it is the public that needs protection from banks that are regarded as too big to fail. The new rules would require the nation’s biggest banks to hold significantly more capital than is required under international agreements. The salutary aim is to bolster the banks’ ability to absorb losses, thereby reducing the odds of failure and the need for taxpayer bailouts.
Paul Krugman: Stranded by Sprawl
Detroit is a symbol of the old economy’s decline. It’s not just the derelict center; the metropolitan area as a whole lost population between 2000 and 2010, the worst performance among major cities. Atlanta, by contrast, epitomizes the rise of the Sun Belt; it gained more than a million people over the same period, roughly matching the performance of Dallas and Houston without the extra boost from oil.
Yet in one important respect booming Atlanta looks just like Detroit gone bust: both are places where the American dream seems to be dying, where the children of the poor have great difficulty climbing the economic ladder. In fact, upward social mobility – the extent to which children manage to achieve a higher socioeconomic status than their parents – is even lower in Atlanta than it is in Detroit. And it’s far lower in both cities than it is in, say, Boston or San Francisco, even though these cities have much slower growth than Atlanta.
The press has lost the plot over the Snowden revelations. The fact is that the net is finished as a global network and that US firms’ cloud services cannot be trusted
Repeat after me: Edward Snowden is not the story. The story is what he has revealed about the hidden wiring of our networked world. This insight seems to have escaped most of the world’s mainstream media, for reasons that escape me but would not have surprised Evelyn Waugh, whose contempt for journalists was one of his few endearing characteristics. The obvious explanations are: incorrigible ignorance; the imperative to personalise stories; or gullibility in swallowing US government spin, which brands Snowden as a spy rather than a whistleblower.
In a way, it doesn’t matter why the media lost the scent. What matters is that they did. So as a public service, let us summarise what Snowden has achieved thus far.
Robert Kuttner: The Bungled Coronation of Larry Summers
What a difference a week makes. A week ago, a carefully orchestrated series of leaks signaled that President Obama was on the verge of naming Larry Summers to succeed Ben Bernanke as chair of the Federal Reserve. Those leaks came from senior administration officials, including Obama himself. Now, a massive backlash from Senate Democrats makes Summers’ appointment something of a long shot.
A lot of the news coverage has suggested that this controversy was mainly about gender — Fed Vice Chair Janet Yellen, the previous front runner, being shoved aside by the upstart Summers, preferred candidate of the old boys and a man famously insensitive to women. But though gender was key in triggering the backlash by offended Yellen supporters, it is not the core part of the story.
Richard (RJ) Eskow: Banknado!
It’s a real-life disaster movie, one that’s left neighborhoods in ruins all across the country, killed thousands of people, and ruined millions of lives. You might call it a “Banknado.”
Yes, we know the Sharknado craze ended about ten days ago. The sci-fi movie’s premise of tornadoes filled with deadly sharks has probably passed its cultural sell-by date. But we’ll use the metaphor anyway, because it’s just so apt: Wall Street’s a whirlwind filled with predators descending on a hapless population.
And while our leaders stand idly by, the teeth-filled twisters keep falling from the sky. Look out below!
Ray McGovern: Puttin’ the Pressure on Putin
The main question now on the fate of truth-teller Edward Snowden is whether Russian President Vladimir Putin will see any benefit in helping stop the United States from further embarrassing itself as it prances around the globe acting like a “pitiful, helpless giant.” That image was coined by President Richard Nixon, who insisted that the giant of America would merit those adjectives if it did not prevail in South Vietnam.
It is no secret that Putin is chuckling as Attorney General Eric Holder and other empty-shirts-cum-corporate-law-office-silk-ties – assisted ably by White House spokesperson Jay Carney – proceed willy-nilly to transform the Snowden case from a red-faced diplomatic embarrassment for the United States into a huge geopolitical black eye before the rest of the world.
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