Today's Agenda  Trump's Wet Fourth Firecrackers On the Fourth of July, President Donald Trump is giving his country the greatest birthday gift of all in this time of polarization: more reasons to fight with itself. Not that we need an excuse; we're ready to feud about sneakers. But we're more seriously divided about the "Salute to America" Trump has planned for tomorrow, featuring a speech from himself, VIP access for GOP insiders and displays of troops, tanks, helicopters and fighter jets. Jonathan Bernstein speaks for many critics (including some military veterans and current military leaders) when he notes the troubling similarities between this celebration and those of insecure authoritarians such as Trump's pal Kim Jong Un. Not only is he making the Fourth of July a partisan thing, but more troublingly, Trump keeps squeezing the supposedly neutral military in a tighter embrace. Noah Feldman seems less worried about the sanctity of the Fourth of July itself, saying the very idea of Independence Day was borne of partisanship favoring Thomas Jefferson over George Washington. But no matter how you feel about Trump's extravaganza, it's a little uncomfortable celebrating freedom this week after new reports of the horrific conditions detained migrants are enduring at the southern border. Trump's policies have created a real humanitarian crisis in response to a fake one, Tim O'Brien writes. Courts may once again ride to the rescue, but this episode will stain the meaning of Independence Day for decades. Further Southern Border Reading: A big wall won't fix this crisis; only cooperation throughout the hemisphere and in Washington can do that. – James Stavridis Meet Trump's New Fed Picks Having already failed to get Herman Cain and Stephen Moore on the Federal Reserve board, Trump yesterday proposed two new, presumably less controversial picks: St. Louis Fed research director Christopher Waller and famed gold bug Judy Shelton. Can you spot the difference between the two? Unlike Waller, who has always been as dovish as Trump would like him to be, Shelton has long been a tight-money advocate, notes Ramesh Ponnuru. Weirdly, her tune suddenly changed when it seemed she'd become a Fed candidate. Ramesh is skeptical of her conversion. Further Fed Reading: Meet Europe's New Leaders Yesterday the cabal running the European Union passed around the Sorting Hat, or whatever it does, and came up with a list of new leaders for parliament to approve. Among others, it proposed German Defense Minister Ursula von der Leyen be president of the European Commission and Christine Lagarde run the ECB. Neither choice actually campaigned for these jobs, notes Lionel Laurent. This could cause problems for them if and when they actually do start work. In fact, parliament should reject von der Leyen, argues Alberto Alemanno. The circumstances of her pick make a mockery of democracy; her tenure as defense minister has been uninspiring at best; and her political positions are unknown. Lagarde, on the other hand, may be an inspired choice to lead the ECB, writes Mohamed El-Erian. She lacks classical economic training, but has the political skills and crisis experience the bank needs now. Mario Draghi's Italy has given Lagarde a nice welcoming gift in the form of a budget compromise that will get the EC off its back, writes John Authers. Of course, Italy's troubles are far from over, warns Ferdinando Giugliano. Democrats Sour on School Reform Former President Barack Obama, a Democrat, championed school reform and charter schools. Today's Democratic Party has left them behind, writes Bloomberg's editorial board. The 2020 candidates are generally hostile to reform, aside from agreeing teachers should be paid more. It would be better to base such raises on merit, the editors write; but the party resists these and other reforms now. No doubt, charter schools are far less popular than in Obama's time, 400 years ago. That's partly because their success is seen as a threat to public schools, argues Romesh Ratnesar – although they do need better regulation. Telltale Charts Too many companies seem to be sucking value from the economy like vampires, rather than adding to it, writes Noah Smith.  But companies with better environmental, social and governmental practices have lower borrowing costs, notes Mark Gilbert.  Further Reading RIP to Lee Iacocca, who invented the idea of the celebrity CEO. – Joe Nocera Last year, Trump scared drugmakers away from traditional mid-year price bumps, but only temporarily; they learned to simply stagger price hikes instead of imposing them all at once. – Max Nisen Rent control is a relic of wartime crisis policies; there are better ways to deal with tight housing. – Stephen Mihm Trump seems to be drifting toward repeating Obama's mistake on Iran by settling for a deal addressing only nukes. – Bobby Ghosh Broadcom Inc. is reportedly close to buying Symantec Corp., the latest in a string of pricey deals that are understandably losing their charm for investors. – Shira Ovide No, Facebook can't diagnose diseases. – Faye Flam ICYMI Wall Street warms to Elizabeth Warren. Meet the banking dynasty older than the Rothschilds. Kickers Space-station mold survives powerful radiation. Give your yard back to nature. Sports fans' brains are different. Maybe the American Revolution was a mistake. Note: Please send mold and complaints to Mark Gongloff at mgongloff1@bloomberg.net. New to Bloomberg Opinion Today? Sign up here and follow us on Twitter and Facebook. | 
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