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“The industry carve outs in this bill are a reminder of the danger of corporate influence in our political system. The crypto industry’s leading figures have spent enormous amounts to shield the industry from proper financial oversight. This money has been funneled towards revolving-door hiring of former CFTC officials, formation of super PACs, and congressional campaign donations. The industry has also bemoaned the SEC’s robust regulatory posture, decrying it with the self-defeating ostensible insult of ‘regulation by enforcement.’ That supposed criticism merely underlines the urgent need for the SEC to act. Existing law is clear, and it mandates that the SEC enforce existing statutory and regulatory limits that crypto bros have brazenly broken on the assumption that they will be able to buy clemency before they are sanctioned appropriately.”

The tortuous game of will-they-won’t-they cancel student debt continues. Biden’s decision this week to cancel $5.8 billion in debt held by 560,000 former students of the systematically fraudulent, now-defunct Corinthian Colleges seems to signal a willingness (finally!) to wield executive authority on higher ed issues. Meanwhile, a historic coalition of over 500 labor, civil rights and advocacy groups continues to press Biden for sweeping cancellation. The labor movement has been ramping up its calls for student debt cancellation, and more unions, including the Amazon and Starbucks unions and several traditionally blue-collar unions, are joining the fight. This show of force from a broad labor base could help Biden overcome his political reservations, with organized labor actively refuting the Republican talking point that student debt relief is a handout to elite university graduates.

If the unchecked blood letting, billowing inflation, foreign conflict, and typhoon of domestic Covid infection wasn’t enough to set Americans on edge the past week, a persistent high pitched whine–not unlike the kind projected outside 7/11s to deter listless teenage delinquents from Sacramento to Scranton–descended on the nation. It emanated not from a thoughtfully angled speaker system, but out of the oval office and into the pages of the Wall Street Journal and Fox News studios. Nonetheless, It has had a similar effect in driving young people away.

Over the past week Biden invoked the Defense Production Act to require that the ingredients necessary for baby formula go to formula manufacturers first, and initiated Operation Fly Formula, using military planes to fly the equivalent of 1.5 million bottles of hypoallergenic formula across the Atlantic. It’s good to see the White House roused to take action, and to use emergency presidential powers to protect people in need. That’s what emergency powers are for.

The 46th president going full Haymarket Hulk is not something anyone anticipated over a year ago, when Biden told America that if elected he’d be the “most pro-union president” ever. In the past, he’s gone off script during speeches to support the reawakened labor movement, only to have his words walked back by cautious press secretaries and the peanut gallery of advisors whispering “triangulation” in his ear. But in the past week Biden now seems to have decisively broke with the third way approach, hewing to the corporate crack down agenda–which RDP has long advocated–through a series of high profile union endorsements and their ensuing fallout.