News
Bloomberg | Portugal Re-Enters Recession After Government Cuts Spending, Raises Taxes
Portugal’s economy shrank for a second quarter in the three months through March, putting the country back into recession as the government tries to cut spending and raises taxes to narrow its budget deficit.
Market Watch | U.S. consumer sentiment improves in May
A gauge of U.S. consumer confidence rose in May to a three-month high, according to a survey released Friday, as confidence about the future improved.
CNN Money | Congress' gas price impotence
Despite all the noise coming from Congress over high gas prices, oil company profits or more drilling, in reality there's very little lawmakers can do to bring down the price of fuel.
Econ Comments
Source | The True Story of the Financial Crisis
As many readers of The American Spectator will know, I was a member of the Financial Crisis Inquiry Commission, a 10-member body appointed by Congress to investigate the causes of the financial crisis of 2008. The Commission issued its report in late January 2011, with a majority concluding that the crisis could have been avoided if the private sector had not taken so many risks and government regulators had not been asleep at the switch.
National Journal | Hatch: Dems Need to Lay Off Big Oil
'Selective' attack for political reasons is 'wrong,' Utah senator says.
MSN | What if you had to buy American?
It might be supremely patriotic to stop purchasing imports, but the consequences for US consumers and the economy would be devastating.
Fiscal Times | Overseas Bank Law Could Drive Away Investment in U.S.
It's hard to argue with a law intended to eliminate rampant offshore tax cheating, especially in light of estimates that the U.S. loses as much as $100 billion in tax revenue a year because of offshore schemes.
RCM | Stalling the Engine of Economic Recovery
As America struggles to get people back to work after the deep recession, the best strategy is to focus on unleashing those industries most primed to create high-quality jobs, to innovate, and to strengthen our manufacturing sector so we can boost exports.
Bloomberg | Wall Street: Not Guilty
Why have no executives gone to jail for their roles in the financial crisis? Perhaps because risk-taking and stupidity aren't criminal.
New York Post | 'Fair trade' is a crock
You're likeliest to see the "fair trade" label at high end coffee shops and grocery stores especially ones with a progressive clientele. The certification in supposed to let you enjoy your latte without feeling guilty for exploiting the Ethiopian or Ecuadoran who harvested he beans.
Minyanville | Five Things You Need to Know: This Is What the Economy Really Looks Like
A look at Google Finance Indexes paints a grim picture of the economy.
Blogs
NRO: The Corner | Redistribution of Income: Not From the Rich to the Poor But From the Young to the Old
There isn't a bank account with people's names written on it, nor is there a lock box that contains extra payroll taxes collected since the 1980's. The money is gone and has beens pent over the years on things like roads, student loans, wars and farms subsidies.
The Economist: Free exchange | Falling slowly
What we see here are successive Bank of England forecasts for British output. From 2005 to 2007, the lines are tightly bunched and follow the longer trend. Beginning in late 2007, this pattern changes and output forecasts fall. And what's interesting is that after the big decline that occurs between August of 2008 and May of 2009, expectations continue to deteriorate.
Heritage Foundation | Obama Oil Policy Threatens Alaska Pipeline’s Existence
The invaluable Alaskan oil pipeline isn’t doing well these days. A remedy to help fix this precious resource is available but overzealous environmentalists and over-regulatory politicians are standing in the way. The ever-decreasing amount of oil flowing through the pipeline is disrupting its effective operation — and threatening its very existence.
Reports
Mercatus Center | The Need for National Mortgage Servicing Standards
The recent crash of the housing market and the rise of unemployment led to a historic surge in serious delinquencies and requests for loan modifications, short sales, and related transactions. As a result, the residential mortgage servicing industry was overwhelmed. Going forward, it is helpful to recommend changes to both servicing and securitization industries so that they can avoid problems going forward as we attempt to revive the securitization market.
Heritage Foundation | What’s an Oil Subsidy?
In his fiscal year (FY) 2012 budget request, President Obama proposed to end subsidies for oil companies by eliminating tax breaks, including accelerated depreciation options. A growing number of policymakers have echoed that call
