News
Market Watch | Oil ends at worst in over a year on demand worries
Crude-oil futures on Monday ended at their lowest in more than one year as stumbling U.S. stocks and concerns about the global economy trumped upbeat reports on U.S. manufacturing and construction spending.
NY Times | Fannie Mae Knew Early of Abuses, Report Says
Fannie Mae, the mortgage finance giant, learned as early as 2003 of extensive foreclosure abuses among the law firms it had hired to remove troubled borrowers from their homes. But the company did little to correct the firms’ practices, according to a report issued Tuesday.
National Journal | White House Sends Trade Pacts to Capitol Hill
After months of negotiations and political fights, President Obama on Monday submitted to Congress ratifying language for the long-stalled trade agreements with Colombia, Panama and South Korea, paving the way for final ratification before the end of the month.
CNN: Money | Minimum wage to rise in eight states
Minimum-wage workers in eight states could see their paychecks grow by hundreds of dollars next year, thanks to automatic annual increases in the rates.
WSJ | Frontier of Frugality
Retailers Face Reality That Many People Can't Trade Back Up.
Econ Comments
RCM | We're Still At the Front End of a Recession
The stronger-than-expected ISM manufacturing-index reading for September might normally suggest that the economy, at least for now, has dodged a recession bullet.
CNN: Money | To fix the economy, first fix the housing market
There's no way the U.S. can get back on track without a cure for what's killing real estate.
Washington Times | FEULNER: The power of civil society
Tapping into Tea Party values is what ‘progressives’ fear most.
Market Watch | China says U.S. yuan bill may spark trade war
China criticized a U.S. Senate decision to move ahead with a bill designed to pressure Beijing on its currency policy, saying the move fosters distrust and could spark a trade war.
Blogs
Reason Roundation | Regulators Are Supposed to Prevent Bank Runs, Not Cause Them
To clarify, Bank of America has problems upon problems, and any one of them can be attributed to its ultimate failure (should if fail), but if the nail in the coffin comes as a result of regulation, one can only hope that anger over another major bank failure be directed at its rightful cause.
Marginal Revolution | Why I do not like the IS-LM model
. It fudges the distinction between real and nominal interest rates, so it can put the two curves on the same graph.
Café Hayek | The Presumptions of Ptolemaic Economics Die Hard
So let’s mention some other ways in which the dollars in the U.S trade deficit come back as spending power to America:
AEI: American | The Chart That’s Supposed to Kill the GOP’s Uncertainty Argument? Epic Fail
The Economic Policy Institute is trying to debunk claims from Republicans and many right-of-center economists that policy uncertainty is holding back the recovery.
Café Hayek | The Great Stagnation?
The other challenge to the Great Stagnation is that per-capita GDP is way up since the 1970′s. The left argues that the rich got all the gains. The mechanisms they propose to explain this are not convincing.
WSJ: Real Time Economics | World-Wide Factory Activity, by Country
Global manufacturing stalled across many countries in September, with countries in the euro zone hit hardest. The U.S., China and the U.K. managed improved expansion.
Reports
RCM: Wells Fargo | ISM: Manufacturing Gains Remain Modest—Prices Steady
U.S. manufacturing continues to inch out a modest gain, with orders, output and employment remaining around breakeven. Meanwhile, prices paid are rising and suggest small relief ahead for input prices.
