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—Barney Frank says the so-called “Volcker Rule” that would restrict proprietary trading at big banks will definitely be included in final financial reform legislation and that Democrats are leaning toward including the more specific Merkley-Levin language that originally failed to make it into the Senate version. Conference meetings are scheduled to continue Tuesday.
—David Brooks argues against fiscal expansion, arguing deficit spending has deleterious psychological effects and austerity measures can have their own economic upside.
—Stephen Gandel looks at the austerity vs. stimulus debate and points out the bond market doesn’t show signs of panic. He concludes:
Economies are very hard to predict. Interest rates even more so. So policy makers should go with what they know. We don’t know what our current deficits will mean for our children or even interest rates a year from now. We do know that people are unemployed and suffering financially. I say go with that.
–He’s barely on the charts in Iowa.
–And Politico columnist Roger Simon returns with humor and grace.
What did I miss?