News
WSJ | Euro-Zone Edges Toward Recession
The euro-zone economy is edging closer to a renewed bout of recession, with manufacturers and service providers reporting a decline in activity as consumers cut back spending.
Bloomberg | European Services, Manufacturing Contract
Euro-area services and manufacturing output contracted more than estimated in September, adding to signs of a deepening slowdown as governments struggle to contain the region’s debt crisis.
WSJ | Bernanke Issues Warning, Urges Action on Economy
Federal Reserve Chairman Ben Bernanke warned the U.S. economic recovery was "close to faltering," and said Congress and the White House had a "shared responsibility" with the central bank to respond.
NY Times | As Economies Slow, Price of Gas Falls
The sharp slump in oil prices over the last few months is finally beginning to bring relief at the gasoline pump, with the price of a gallon of regular gasoline dropping nearly a penny a day over the last four weeks.
Market Watch | Mortgage rates plunge beyond expectations
Economists and bankers who follow mortgage rates religiously think that rates don’t have much farther to drop from record lows. They expect that rates can only go up.
Washington Times | Banking official slams swipe fee cap, regulatory ‘overkill’
What the Congress did by price-fixing was make a decision that was not theirs to make.
Econ Comments
Washington Times | GHEI: Reliving the Great Depression
Congress considers reviving disastrous anti-trade policies.
TribLive | Don't bank on infrastructure bank
President Obama wants Uncle Sam to (force taxpayers to) "invest" $10 billion in an infrastructure bank. These funds would be used to "leverage" spending by state and local governments on the likes of roads and bridges into larger and better projects.
Washington Times | GRAY: Regulatory overreach hurting recovery
In June 2010, the Obama administration announced the start of “Recovery Summer.” Sixteen months later, not even the most shameless Democratic partisans can pretend that America is not mired in economic malaise.
Blogs
Marginal Revolution | The You Have Two Cows Challenge
Socialism: You have two cows. The government takes one and gives it to your neighbor. Communism: You have two cows. You give them to the Government, and the Government then sells you some milk. Capitalism: You have two cows. You sell one and buy a bull.
Calculated Risk | Consumer Bankruptcy filings down 10 percent through Q3
U.S. consumer bankruptcy filings totaled 1,044,722 nationwide during the first nine months of 2011 (Jan. 1-Sept. 30), a 10 percent decrease from the 1,165,172 total consumer filings during the same period a year ago.
Cato @ Liberty | Finally, a Vote on the Three Trade Agreements
Almost a thousand days into his term, President Obama has at last submitted the trade agreements with South Korea, Colombia, and Panama for an up or down vote in Congress.
Econlog | Miscellaneous
The only thing that would surprise me more than the Fed breaking up the big banks would be the Fed abolishing itself. Only an act of Congress could force the breakup of the big banks.
WSJ: Real Time Economics | We Can’t Ignore Housing Anymore
The U.S. recession and financial crisis of the late aughts began with housing and the scourge of subprime mortgages, which were so messily dispensed. It spread to Europe and its banks.
Reports
CRS | Social Security Primer
Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age enacted in 1983; and the federal income taxation of Social Security benefits.
RCM: Wells Fargo | Factory Orders Slip in August
Factory orders fell 0.2 percent in August, which was below expectations. The decline was led by a 4.6 percent drop in transportation. Nondefense capital goods excluding aircraft was revised downward to 0.9 percent.
