News
Market Watch | First-quarter U.S. economic growth slows to 1.8%
The U.S. economy slowed markedly in the first quarter and inflation accelerated, clear evidence of the double whammy on the economy from higher gasoline prices.
Bloomberg | Oil Drops From 31-Month High on Speculation of Slower U.S. Economic Growth
Crude futures earlier climbed to a new 31-month high after Fed Chairman Ben S. Bernanke said yesterday that it will keep record low interest rates in place and stop buying bonds in June. The gains were trimmed after the U.S. said its economy grew at a slower pace than the last quarter of 2010.
Washington Time | Start ups seek new form of microfinance
‘Crowd funding’ of small businesses faces hurdle in decades-old SEC rules.
WSJ | Drivers Cut Back on $4 Gas
Economy Won't Get a Lift as Overseas Demand Is Expected to Keep Prices High.
CNN: Money | Exxon hits back at gas price anger
In an attempt to deflect rising anger among American drivers and political leaders, Exxon Mobil said Thursday that it makes relatively little money producing and selling gasoline, even as the oil company reported a nearly $11 billion quarterly profit.
National Journal | Record Gas Prices Will Put Obama's Reelection Chances, Big Oil's Tax Breaks on the Line
Gasoline prices already dominate the political debate, as the national average for a gallon of regular on Thursday reached $3.89. That number is climbing at the rate of one-half to one-tenth of a cent per day. And with each ratchet higher, the partisan sniping gets more heated and consumers' anger at politicians—particularly the president—grows.
Econ Comments
WSJ | Obama's Millionaire Obsession
The president has no understanding of the unique role wealth plays in American life.
RCM | Let's Sunset the Ethanol Subsidy
Unfortunately, the lawmakers heard not a word from the president about the $6 billion a year in ethanol subsidies that are paid to corn growers and ethanol producers. For corn farmers, federal support for ethanol is a windfall that lifts corn prices and makes it profitable to plant additional acres.
NYT | Pain at the Pump? We Need More
Our trade deficit arises in large measure from the hundreds of billions of dollars we pay for foreign oil. The imbalances threaten America’s economic stability and national security.
AEI | Tap Natural Gas for Energy
The American economy prospers on the new and the ingenious. A technology that's being used to reach vast quantities of clean burning natural gas has given us both.
Blogs
Café Hayek | The Fight of the Century
My second rap video with John Papola is now live. Please spread it wide and far.
Econlog | A Misconception Worth Emphasizing
Back at the top of the bubble, the middle class had $6 trillion more assets on the books. Considering the Mortgaged Middle Class now owns about $6 trillion in net assets, then the bursting of the housing bubble caused their net worth to drop by 50%.
Daily Capitalist | American Exceptionalism And Standard & Poor’s
America, the world’s greatest country, whose financial strength and dollar were supreme for the past 100 years, has been put on notice by Standard & Poor’s that it is on the road to second rate status.
Heritage Foundation | China’s Bullet Train Fiasco: A Warning to America
Well, the Chinese finally have a green-energy idea worth stealing: arrest government officials who foist overpriced, under performing, debt-ballooning, money-losing projects on taxpayers.
