The Note’s Must-Reads for Friday, November 05, 2010

By Jayson

Nov 5, 2010 3:42am

The Note's Must-Reads are a round-up of today's political headlines and stories from ABC News and the top U.S. newspapers. Posted Monday through Friday right here at www.abcnews.com

Compiled by ABC News Digital News Associates and Desk Assistants JAYCE HENDERSON, JACQUELINE NG FERNANDEZ AND MAGGY PATRICK

ECONOMY:
The Washington Post’s Neil Irwin and Lori Montgomery: “Stocks soar after Federal Reserve’s move to bolster U.S. economy” The Federal Reserve's aggressive action this week to boost the economy sent stocks soaring Thursday to their highest level in two years as investors expressed renewed confidence that someone in Washington was finally giving the sluggish recovery a lift. LINK

Bloomberg’s Caroline Salas and Michael J. Moore: “Fed Said to Plan Guidelines for Bank Dividends, Stock Buybacks” The Federal Reserve is preparing guidelines for supervisors to use in assessing whether banks are strong enough to boost dividends or buy back shares, a person familiar with the matter said. LINK

Bloomberg’s Simon Kennedy and Shamim Adam:”Geithner's 4% Solution May Be `Unworkable' as APEC Gathers” U.S. Treasury Secretary Timothy F. Geithner’s shot to end the “currency war” by pushing for targets to shrink current-account gaps risks failing over the complexity of shifting trade and investment flows. Geithner may use a Nov. 5-6 meeting of Asia-Pacific Economic Cooperation forum counterparts in Kyoto, Japan, to press his case for current-account deficit or surplus targets of less than 4 percent of gross domestic product.  LINK

ELECTIONS / TEA PARTY / REPUBLICANS / DEMOCRATS:
ABC News’ Huma Khan: “Will Redistricting Be a Bloodbath for Democrats?” Republicans gained a historic edge over Democrats in state legislature elections that will have national implications for years to come. State legislatures in 44 states are responsible for one of the most important political processes: drawing district boundaries for the U.S. House of Representatives. LINK

ABC News’ Amy Walter: “What the Wave Giveth, The Wave Taketh Away” At a very basic level, the 2010 election was simply the flip side of the 2006 coin. Partisans motivated by their dislike of the current administration combined with a soured independent vote to turn the blue map red. More than 60% of the Democratic losses were in seats carried by Sen. John McCain. And, just as in 2006 and 2008, it was the moderates who bore the brunt of the wave. LINK

The Washington Times’ Sean Lengell: “Republicans spar for leadership jobs” Campaign season isn't over for everyone on Capitol Hill, as House Republicans — fresh off their historic takeover of the chamber in Tuesday's midterm elections — now turn their attention to electing leaders within their caucus. LINK

The LA Times’ Peter Nicholas and Michael Muskal: “After thrashing, President Obama plans a 'substantive' bipartisan meeting” Two days after voters soundly chastised his party, President Obama on Thursday invited Republican and Democratic congressional leaders to the White House in the hopes, he said, of getting all sides to work together on the nation's problems. LINK

The New York Daily News’ Michael McAuliff: “With GOP House takeover, it's 'now or never' to pass 9/11 bill” The Democrats' election slaughter in the House will doom the 9/11 health bill if the Senate can't pass it in the last few weeks of a lame-duck session, legislators told the Daily News. LINK

The New York Times’ Carl Hulse and David Herszenhorn: “Tea Party Flexes Muscle with Republicans” The incoming leadership of the new House Republican majority hardly had a chance to relish its dismantling of the Democrats before the Tea Party came calling in the form of Representative Michele Bachmann. LINK

Newsweek’s Ben Adler: “Did the Tea Party Cost Republicans a Tie in the Senate?” As soon as Colorado's Senate race was called for Democratic Sen. Michael Bennet on Wednesday, the potential implication was apparent: Republicans had lost two Senate races they looked likely to win—Colorado and Nevada—in addition to the race they were expected to lose in Delaware. LINK

The Wall Street Journal’s Janet Hook and Laura Meckler: “GOP Vows to Keep Pressure On Obama” Republicans in Congress, emboldened by their party's gains in the midterm elections, signaled Thursday they would give little ground in negotiations with President Barack Obama and Democratic lawmakers over taxes and other policy. LINK

NANCY PELOSI:
Politico’s Jonathan Allan and John Bresnahan: “Nancy Pelosi may stay on as House Democratic leader” Speaker Nancy Pelosi is calling fellow Democrats as she weighs whether to stay in leadership and run for minority leader after losing control of the House Tuesday night, according to two senior Democratic aides and one lawmaker. LINK

The Hill’s Russell Berman: “Pelosi seriously considering bid for minority leader after GOP rout” Speaker Nancy Pelosi is seriously considering a bid for House minority leader, a campaign that could divide her decimated caucus. It would also upend predictions that she would step aside after her caucus suffered deep losses on Election Day. LINK

ABC NEWS VIDEO:
ABC News: “Diane Sawyer Interviews Rep. John Boehner” Soon-to-be House speaker says Democrats are in denial. LINK

ABC News: “Gregg: Obama 'Opened the Door' to Bush Tax Cuts” Senator Judd Gregg R-NH, says deficit commission is 'last best hope.' LINK

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