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Stock markets were up all over the world today on news that Greece and other European economies won’t be allowed to fail—at least for the moment. Over the weekend, almost a trillion dollars was pledged to protect the Euro. Has a potential global crisis been resolved—or only postponed? Also today, President Obama has named Solicitor General Elena Kagan to replace John Paul Stevens on the US Supreme Court.Liberals say she’s not progressive enough.  Conservatives don’t like her record on Don’t Ask, Don’t Tell.  Republicans could filibuster if they wanted to. What are the prospects for Senate confirmation

Banner Image: NEW YORK - MAY 10: Traders work on the floor of the New York Stock Exchange during morning trading on May 10, 2010 in New York City. Following an agreement by the European Union to a nearly $1 trillion loan package to Greece in order to help contain a debt crisis that potentially could affect most of Europe, U.S. stocks surged as the market opened Monday morning. The Dow Jones Industrial Average climbed 404 points, or 3.9%, and the Nasdaq was up 4.8% in early trading. (Photo by Spencer Platt/Getty Images)

Making News Obama Picks Elena Kagan as his Supreme Court Nominee 6 MIN

President Obama has nominated Elena Kagan to replace John Paul Stevens on the US Supreme court. She’s been a law clerk, dean of Harvard Law, advisor to President Clinton and she’s the current Solicitor General, representing the Obama Administration before the court.

Jeff Zeleny, New York Times (@jeffzeleny)

Main Topic Part 1: Obama Picks Elena Kagan for Supreme Court 15 MIN

We heard President Obama praise Elena Kagan’s “skill as a consensus-builder.” Hear what he said about her record as Dean of Harvard Law.

Dahlia Lithwick, Slate (@dahlialithwick)
Jeffrey Rosen, National Constitution Center (@RosenJeffrey)

Main Topic Part 2: Stocks Rally on Greek Bailout Package 19 MIN, 15 SEC

Stock markets around the world are breathing a sign of relief, but has Europe’s financial crisis now been resolved or only postponed? In Brussels yesterday, a 2-hour meeting of Europe’s finance ministers turned into an 11-hour marathon. The result was a one-trillion dollar agreement, arrived at in time for this morning’s opening of stock markets in Asia.

Charles Forelle, Wall Street Journal (@charlesforelle)
Paul Murphy, Alphaville Editor & Associate Editor, Financial Times
Desmond Lachman, former Deputy Director of the Policy and Review, International Monetary Fund
James Galbraith, University of Texas, Austin

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