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Bernie Rallies LA

Bernie packs the Los Angeles Sports Arena. W. Post: “…Sanders’s campaign said that 27,500 people were inside and outside the venue … ‘There is no president who will fight harder to end institutional racism,’ he told them. Or for a higher minimum wage. Or for paid parental leave…”

Lawrence Lessig announces a “referendum” campaign for president, to restore democracy: “Once sworn [in] Lessig will … get Congress to pass the Equal Citizens Act of 2017 … he will sign it, and submit his letter of resignation…”

Clinton argues GOP field as bad as Trump. NYT quotes: “While what Donald Trump said about Megyn Kelly is outrageous, what the rest of the Republicans are saying about all women is also outrageous.”

Big Drop In China Currency

China devalues currency. Bloomberg: “China devalued the yuan by the most in two decades … The People’s Bank of China called the change a one-time adjustment and said its fixing will become more aligned with supply and demand … China’s move has raised the risk of a ‘currency war’ … according to Stephen Roach, a senior fellow at Yale University … ‘It’s hard to believe this will be a one-off adjustment,’…”

Greece announces bailout deal, but Germany awaits details. NYT: “The rescue plan, outlined in a 20-hour negotiating session in an Athens hotel, would provide aid worth up to 86 billion euros, or about $94.4 billion, to Greece in exchange for harsh austerity terms. It also acknowledged that the economy has been so severely damaged that it is now likely to wallow in recession through at least next year.”

Breakfast Sides

Wall Street fights new retirement adviser rule. Politico: “The White House estimates that financial advisers who accept hidden fees and backdoor payments for boosting particular investments cost their clients with pensions and retirement accounts about $17 billion every year … [Brokers] say the Labor Department shouldn’t be the agency in charge … they pledge to support a better rule if a different agency—the Securities and Exchange Commission—crafts it.”

Mandatory minimum sentences for undocumented immigrants splits GOP. Politico: “On one side are Republicans such as [Sen. Ted] Cruz [who are] lobbying for legislation that would enact a mandatory minimum prison sentence of five years for immigrants who try to re-enter the country illegally after being deported … on the opposing side are Senate Republicans such as Mike Lee of Utah — a close Cruz ally — and Jeff Flake of Arizona, who have both criticized mandatory minimums for certain crimes and are skittish about implementing such penalties for undocumented immigrants.”

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