News
Fox News | House GOP Unveils $1 Trillion Spending Bill
House Republicans have unveiled a massive $1 trillion-plus yearend spending package despite a plea from the White House for additional talks over a handful of provisions opposed by President Barack Obama.
Politico | Ben Bernanke warns of European debt
Federal Reserve Chairman Ben Bernanke delivered a dire warning about Europe’s burgeoning financial crisis on Wednesday, telling Senate Republicans that America’s economy is at risk if global markets aren’t stabilized.
Econ Comments
WSJ | The Euro Zone's Double Failure
Europe needs country-by-country fiscal reforms, not a renewed push for political integration.
Blogs
WSJ: Real Time Economics | Bernanke Tells Senators Fed Won’t Bail Out Europe
Federal Reserve Chairman Ben Bernanke told Senate Republicans Wednesday that U.S. taxpayers won’t bail out Europe, even as he warned that the debt crisis there can really hurt the economy here.
Calculated Risk | Fed: Household Debt Service Ratio back to 1994 levels, Mortgage financial obligations remain elevated
The overall Debt Service Ratio has declined back to 1994 levels - thanks to very low interest rates. The homeowner's financial obligation ratio for consumer debt is also at 1994 levels.
WSJ: Real Time Economics | S&P: Sovereign Debt Issues Expected to Weigh on 2012 View
Standard & Poor’s expect sovereign debt issues in Europe and the U.S. will continue to remain a concern as it provided subdued forecasts for most sectors, particularly the global banking system.
Mercatus Center: Neighborhood Effects | California’s $500 billion pension shortfall
A new study estimates California’s pension shortfall at $500 billion. Employing a risk-free discount rate, this estimate is far higher than the $142.6 billion estimated by the state.
