News
Bloomberg | Morgan Stanley Lowers Global Growth Forecast
The bank estimates expansion of 3.9 percent, down from a previous forecast of 4.2 percent, according to an e-mailed report dated today. Morgan Stanley cut its China growth forecast for next year and Deutsche Bank AG reduced its estimates for the nation for 2011 and 2012.
CNN: Money | American idiots: How Washington is destroying the economy
What's ailing us? It's not just unemployment. It's not just Europe's debt woes. And, no, it's not Wall Street this time. It's the takeover of the economic debate by fanatics who are up to no good. Fix that -- and maybe you fix the economy.
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Fox News | Energy in America: Keystone XL's Oil Sands Pipeline Up in the Air
While supporters say it would create up to 20,000 construction jobs, generate tens of billions of dollars a year in tax revenue and improve energy security, opponents argue it would harm the environment and feed the nation’s addiction to oil.
Fox News | Gallup: Obama Economic Approval Hits New Low
Approval of President Obama's handling of the economy has hit an all-time low of 26 percent. That number falls in between the 24 percent who favor his handling of the federal budget and the 29 percent who view him favorably on job creation.
National Journal | Biden in China to Tackle More Intractable Economic Issues
Vice President Joe Biden, fresh from a key role in partisan wrangling over the U.S. economy at home, has landed in China as part of a weeklong tour of Asia aimed at strengthening diplomatic ties and reassuring the nation's trading partners that the American economy is in good hands.
WSJ | Downgrades Felt at Local Level
To city officials in Manassas Park, Va., Standard & Poor's one-notch downgrade of the U.S. government's credit rating was relatively mild compared with what the firm sprung on them last month. The tiny city's credit rating was reduced to triple-B from double-A minus—a five-notch tumble.
Econ Comments
WSJ | The Smart Path for the Shale Gas Revolution
Reassuring the public on environmental concerns is crucial.
Financial Times | Tripped up by globalisation
A failure of economic strategy and leadership lies behind the near simultaneous collapse of market confidence in the eurozone and US economies. No need to blame the rating agencies: governments in Europe and America have been unable to cope with the realities of global capital markets and competition from Asia – and deserve the lion’s share of the blame.
Washington Times | EDITORIAL: The eurozone stalls
Old World needs to change its ways to avoid double-dip recession.
WSJ | Raising Hell in Subsidized Housing
Section 8 rental subsidies have long helped ruin neighborhoods. Obama administration policies are making things worse.
National Journal | Obama: We're Not In Danger of Another Recession
"I don't think we're in danger of another recession," Obama told CBS News. Obama did note that the recovery has not been fast enough, blaming the Arab spring, high gas prices, and March's earthquake and tsunami in Japan.
Blogs
Marginal Revolution | Facts about Texas household debt
…Low debt levels do not necessarily make Texans better credit risks, however. Texas has the nation’s second-lowest credit scores. (Mississippi ranks last.) On a scale of 500 to 990, Experian says the average Texan’s score is 717. The national average is 749.
Political Calculations | US, China Trade Decelerates Faster
What can international trade data tell us about the current state of the U.S. economy?
Reports
RCM: Wells Fargo | Producer Prices Surprise on the Upside in July
The producer price index increased by 0.2 percent in July after dropping by 0.4 percent in June. However, the core producer price increased twice as much, 0.4 percent. Both came in higher than market expectations.
