The special election to fill now-Sen. Kristen Gillibrand’s Congressional seat (NY-20) was held today, but even before the polls closed, Republican candidate Jim Tedisco was bringing in the legal artillery.

The Red River at Fargo crested Saturday at 40.82 feet, breaking a record of 40.1 feet set in 1897. The river’s level has begun to decline but it is only expected to fall to below 36 feet (twice flood stage level) by next week. President Obama has declared emergencies in the affected regions in North Dakota and Minnesota, freeing up federal aid money. The communities have done an amazing job of coming together- packing and stacking millions of sandbags amongst other flood preparations.

Paul Krugman says the small bits of good news aren’t a sign that things will be getting better any time in the near (or distant) future.

Simon Johnson and Peter Boone discuss how the resolution authority (the Obama Administration requested power to treat non-bank financial institutions like banks) would have to be used for it to work to the economy’s benefit.