Joe Kennedy III Launches Bid for Barney Frank's Seat

Watch: Joe Kennedy III Announces Bid for Barney Frank’s Seat. Kennedy, the grandson of Robert F. Kennedy and the son of former US Representative Joseph P. Kennedy II, starts the three-minute announcement, saying: “I believe this country was founded on a simple idea: That every person deserves to be treated fairly — by each other, and by their government. But that’s not happening in America anymore. I’ve spoken to people across Massachusetts who believe that Washington no longer works for them.” He goes on to share his views on jobs, the economy, education, as well as his background, before wrapping it up with a nod to his family’s legacy: “My family has had the great privilege of serving Massachusetts before. They taught me that public service is an honor, given in trust, and that trust must be earned each and every day. That’s exactly what I intend to do.” [YouTube]

MIT President Susan Hockfield to Step Down. In a letter to the MIT community, she wrote: “MIT has begun the crucial work of planning for a significant new fundraising campaign. A campaign on this scale will require the full focus and sustained attention of the Institute’s president over many years. I have concluded that it would be best for the Institute to begin this next chapter with new leadership.” [MIT]

MBTA Advisory Board Offers New Plan That Reduces Fare Hikes to 25 Percent. Instead of asking the very angry public to foot the bill, the new proposal would reduce the fare hikes to 25 percent while asking state agencies, public attractions, universities, and major nonprofits to chip in. It also proposes a wage freeze for MBTA employees. “This doesn’t fix the T, but we want to respond to everything that our members have heard about the needs of the system and how important it is to not have service cuts,” said advisory board executive director Paul Regan. “If people go after these ideas with some enthusiasm and some vigor, we can get through fiscal 2013 without a major service cut.” []

What’s the Over/Under on Making ‘Boston Driver’ Conjure Up Happy Thoughts? City Councilor Matt O’Malley’s newest pet project is to institute traffic-calming measures across the city that would aim to ease our notorious road rage (which, is responsible for the 10th highest rate of pedestrian deaths over age 60 of any state in the U.S.) A public hearing is scheduled for Tuesday, and will address measures like longer pedestrian signals, more left-turn lanes, and the shot spotter system. [Patch]

David Ortiz for $14.5 Million: Why Papi is Worth Almost Every Penny. It’s almost certain that Ortiz won’t earn every penny of that raise, but the Sox still need him (which, we saw very clearly in interleague play). Plus: The cash saved from avoiding arbitration will prove useful down the road. [Bleacher Report]