Sunday marked the 100th anniversary of the birth of B-movie actor-turned-conservative president, Ronald Wilson Reagan. On the eve of the centennial, economist Yves Smith talked Reaganomics on the Real News Network. Smith argues that Reagan's real legacy is the deregulation of the U.S. economy that set the stage for the economic meltdown of the late 2000s:

House Republicans will hold a symbolic vote to overturn health care reform on Jan. 12. The bill, which would repeal the Affordable Care Act (ACA) and set the nation’s health care laws back to the way they were last March, has no chance of becoming law. The GOP controls the House, but Democrats control the Senate. Senate Majority Leader Harry Reid announced that the Senate Democrats will block the bill.

President Barack Obama's decision to appoint Elizabeth Warren to set up the new Consumer Financial Protection Bureau (CFPB) couldn't have come at a more critical time.

Over 44 million Americans were living in poverty last year. That's the highest number on record. The Great Recession is taking a terrible toll on everyone outside the executive class, but policymakers have been reluctant to pursue an economic agenda that improves the lives of ordinary Americans.

The uniqueness of Warren's new post raises plenty of questions, but it puts a fierce defender of the middle class in office at a time when the middle class most needs help.

So what exactly will Elizabeth Warren do?

Yesterday, Rep. Ed Markey (D-MA) took Obama administration officials to task for encouraging Americans to believe that the majority of the oil in the Gulf of Mexico had dispersed.

“People want to believe that everything is OK and I think this report and the way it is being discussed is giving many people a false sense of confidence regarding the state of the Gulf,” Markey said.

With the Wall Street reform bill finally cleared through Congress, activists and intellectuals are pushing hard to make sure that this bill isn’t the last word Congress utters about Big Finance. We need deeper and more robust reforms, but it’s also critical to ensure that the new bill is implemented as effectively as possible. Part of that means appointing officials with a proven record as robust reformers -- people like Elizabeth Warren.

Too-big-to-fail lives on

President Barack Obama is in Louisiana today, and BP is saying it will know in 48 hours if its attempt to “top kill” the leaking oil well in the Gulf Coast by pouring mud and cement over it has worked.

Two disasters flared up this week, one environmental, the other political. Off the coast of Louisiana, oil from a sunken rig is leaking as much as five times faster than scientists originally judged, and the spill reportedly reached land last night. And in Washington, Sen. Lindsey Graham (R-SC) jumped from his partnership with Sens. John Kerry (D-MA) and Joe Lieberman (I-CT) just before the scheduled release of the draft of a new Senate climate bill.

The trio had worked for months on bipartisan legislation on climate change. After Graham’s defection, his partners promised to press on, but the bill’s chances of survival are dimmer.

The next Exxon Valdez?

Congress returns from its April recess this week with financial reform at the top of its to-do list. With millions of Americans still bearing the brunt of the worst recession in 80 years, Congress needs to start protecting our economy from Wall Street excess, and repair the shredded social safety net that has allowed the Great Recession to exact a devastating human cost.

Big banks are an economic parasite

Speaker Nancy Pelosi (D-CA) has laid out a strategy to pass health care reform in the next couple of days by allowing the House to vote on the details of the reconciliation package instead of the Senate bill itself. As usual, progressives are fretting that winning will make them look bad. On the other hand, conservatives are baying for blood and calling for revolution.

‘Deem and pass’

On Friday, we learned that the U.S. unemployment rate officially broke 10% for the first time since the early Reagan years. This is about as bad as it gets for a modern, developed economy. No economic force takes a heavier toll on a society than rampant joblessness, and few personal setbacks take a deeper psychological toll than being out of a job for months on end. If Congress and President Obama don’t do something to create jobs fast, both are going to pay a hefty political price when next year’s mid-term elections roll around.