The economy is terrible. Jobs are nowhere to be found. Wall Street bonuses are through the roof. But mainstream business journalism is still praising the con-men who created this mess, yet attacking anybody who takes real solutions—like government spending to create jobs—seriously.

Over the past decade, Fannie Mae and Freddie Mac transformed themselves into some of the worst-run companies in recent history. But contrary to current talking points, the firms’ failings had almost nothing to do with their programs for low-income borrowers. As policymakers debate what should be done with the mortgage giants, a battle is now beginning in which the very availability of affordable housing for the middle class may be at stake.

by Catherine Traywick, Media Consortium blogger

After signing a controversial $600 million border security bill last week, President Barack Obama is drawing fire from immigration reform advocates and anti-immigrant conservatives alike. While the former argue that the new security measures are a step backwards for comprehensive immigration reform, the latter say the bill does too little to secure our borders.

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.

by Annie Shields, Media Consortium blogger

The June labor market report announced that the unemployment rate is down from 9.7 to 9.5 percent and 83,000 private-sector jobs were created in June. Unfortunately, the situation isn’t quite so rosy. As Annie Lowrey reports in The Washington Independent, the real cause of the drop in unemployment was not more jobs, but fewer workers. Hundreds of thousands of unemployed Americans have now been reclassified as “discouraged” workers who have not actively searched for work for four weeks. As such, they are no longer part of the system.

by Annie Shields, Media Consortium blogger

It looks as if election-year strategies are trumping any actual problem-solving by Republican lawmakers. In the midst of one of the worst unemployment crises in U.S. history, Senate Republicans killed a jobs bill last Thursday by a 56-40 vote.

The job market in its worst state since the Great Depression and is putting tremendous strain on millions of Americans. Without action from Washington, D.C., the unemployment rate will remain elevated for years to come, and almost certainly above 9 percent through the end of 2010. Public esteem for economic policymakers isn’t doing so hot either. There are several simple steps that President Barack Obama and Congress could take to create jobs, but of late, neither have shown much interest in doing so.

by Erin Rosa, Media Consortium blogger

President Barack Obama announced on Tuesday that he would be deploying 1,200 National Guard troops to the Mexican border to beef up security along the Río Bravo. This surprise move has garnered criticism from immigrant rights supporters, who argue that it will dehumanize and endanger immigrant and Latino communities.

On Thursday, the U.S. Senate passed a financial reform package that includes a handful of important reforms, but it won’t fundamentally change the relationship between banks and society. Wall Street still has a vice grip on our economy, and lawmakers still find it very difficult to stand up to bigwig financiers.

by Sarah Laskow, Media Consortium blogger

Environmental advocates from around the world gathered in Cochabamba, Bolivia, this week and resolved that, a year from now, they would hold a world’s people referendum on climate change to marshal support for the rights of the planet.