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Political Economy explores how political forces in Washington and elsewhere in the world shape the economy and how corporate agendas influence political institutions and politicians. The blog offers new perspectives on the day's top economic and business stories with exclusive interviews with government officials and lawmakers, commentary from influential economists and analysis from Post reporters. Ariana Eunjung Cha is the blog's lead writer and Mike Shepard is the author of the daily economic agenda.

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Ezra Klein's Take

    "The Obama campaign publicly supported the bank bailout and then repelled the populist measures to really hammer banker pay when they got into office. The financial reform bill didn't break up the banks, set leverage requirements in statute or do any of a number of other things that would've really hurt the financial industry. The auto bailout was designed to preserve the existence of America's auto industry, and even the Economist has admitted that the Obama administration did everything in its power to "restore both firms to health and then get out as quickly as possible." The various stimulus measures have been designed to directly support businesses or indirectly support the people who those businesses rely on."

Steve Pearlstein's Take

    "Given the fragile state of the economy, this is no time to be raising taxes on the middle class, as nearly every dollar taxed is nearly a dollar not spent buying goods and services... At the same time, even conservative economists acknowledge that while the rich account for a disproportionate share of consumer spending, raising their taxes by a modest amount won't alter that spending or have much of a short-term impact on the economy. The reason: Wealthy people make considerably more than they spend, and they save the rest."

Diversions: UAE declares BlackBerrys a national security threat and more

By Sakina Rangwala

1. When ordinary borrowers miss payments, any number of unpleasant outcomes, including foreclosure, can ensue. But what about when a bailed-out bank skips a minimum scheduled payment to the U.S. Treasury?

2. The United Arab Emirates says BlackBerry smartphones are a potential threat to national security because they operate beyond the jurisdiction of national laws.

3. Sales of blueberries have overtaken raspberries in the U.K. Why do the Britons prefer them so?

4. Check out the photos of the new Ford Explorer that were revealed today.

5. Try a one-minute portrait, the latest from Australia-based illustrator Benjamin Hammond.

By Sakina Rangwala  |  July 26, 2010; 1:06 PM ET
 
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Next: Treasury's international policy chief on Chinese currency and U.S. financial reform

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