By Tim Price, originally published on Next New Deal
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In a new post at Next New Deal, Roosevelt Institute Senior Fellow Richard Kirsch explains why the budget showdown was just the first skirmish in a battle for the soul of the Democratic Party.
For the next two years we will see Republicans do everything they can to deliver for corporate America at the expense of the American people. The only question is whether Democrats will enable them. Will President Obama continue to make compromise after compromise? Will Democrats in the Senate use the filibuster to block the Republican attack on working families? Will enough Democrats in the House keep coming to the rescue of a divided Republican Party?
We will see the same fight in the Democratic primary for president. Will Hillary Clinton break from the Wall Street wing of the party with which she aligned as a senator from New York? Will her challengers make the same sharp contrast that Senator Warren did, when she began her speech on the Senate floor by asking, “Who does Congress work for? Does it work for the millionaires, the billionaires, the giant companies with their armies of lobbyists or lawyers? Or does it work for all the people?”
Follow below the fold for more.
Why D.C. Is Up in Arms About Derivatives... Again (Marketplace)
Roosevelt Institute Fellow Mike Konczal tells Stan Alcorn that the financial regulation repealed in the budget deal had already been scaled back to include only the riskiest types of derivatives trading.
What's Next for the Minimum Wage Movement? (MSNBC)
Roosevelt Institute Fellow Dorian Warren moderates a discussion about the grassroots political power that's pushing the minimum wage fight forward despite gridlock at the federal level.
Why Elizabeth Warren Is Going to War With Obama Over Antonio Weiss (Vox)
Senator Warren sees the President's pick for Undersecretary of Treasury for Domestic Finance as more evidence that the administration is too friendly to Wall Street, writes Matt Yglesias.
Misreading the Lessons From Financial Crises (NYT)
Alan Greenspan's response to the 1987 stock market crash trained both regulators and investors to expect the Fed to prop up markets instead of addressing the underlying problems, writes Floyd Norris.
Banking Lobbyists Block Transparency Bill, Advocates Say (IBT)
A bill to reform the Freedom of Information Act is stalled in the House, reports Matthew Cunningham-Cook, as Wall Street seeks to maintain a veil of secrecy about its deals with public agencies.
New on Next New Deal
The Bipartisan Policy Center Gets It Wrong: The Lincoln Amendment Is Critical to Financial Reform
Roosevelt Institute Fellow Mike Konczal joins with The Other 98's Alexis Goldstein and Better Markets' Caitlin Kline to debunk the claim that the regulation repealed by the budget deal is redundant.