News
Bloomberg | Italy’s GDP Contraction Might Indicate Fifth Recession Since 2001: Economy
The Italian economy contracted in the third quarter, signaling the country may have entered its fifth recession since 2001 as the government adopts new austerity measures that will further weigh on growth.
Politico | Wanted: Guide to retool manufacturing
Like presidents before him, Barack Obama is ramping up efforts to stoke a manufacturing renaissance — and he wants generations accustomed to factory layoffs believing in a turnaround.
Econ Comments
WSJ | The Financial Crisis on Trial
The SEC fingers the government-backed mortgage buyers, not Wall Street greed.
AEI | Save the euro, end the Atlantic alliance
After the European Union’s latest crisis summit last week, international financial markets reacted cautiously. And well they should, since this umpteenth effort to save several Eurozone countries from fiscal collapse, and the common currency itself, produced mediocre results.
Cato Institute | Keystone XL: Liberal Histrionics Answered with Conservative Histrionics
Both opponents and proponents of the project are offering palpable nonsense to gin up their respective bases in hopes of horsewhipping their electoral opponents in 2012.
Blogs
Calculated Risk | Existing Home Sales in November: 4.42 million SAAR, 7.0 months of supply
Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November.
Heritage Foundation | Gas Prices at All-Time Christmas High
Americans hitting the road this week are likely to encounter the highest-ever price for gas at Christmas in history. According to figures from AAA, the nationwide average for regular unleaded is $3.21 per gallon — an increase of 23 cents over last year’s Christmas record.
Calculated Risk | MBA: Mortgage Purchase Application Index decreases, Mortgage rates at low for year
The Refinance Index decreased 1.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 4.9 percent from one week earlier.
WSJ: Real Time Economics | Secondary Sources: Finance Dominance, New Economic Order, Central Bank Imbalances
A roundup of economic news from around the Web.
WSJ: Real Time Economics | Housing Market’s Foundation Looking More Stable
Builders were busier than expected in November, and many are more upbeat heading into 2012. In recent years, housing was supported by temporary help from government tax rebates. Now, the sector looks as if it can stand on its own.
Reports
Mercatus Center | A Comparison of Indices that Rank State Economic Competitiveness
Studies from the Mercatus Center, the Tax Foundation, and the American Legislative Exchange Council have ranked the states on the basis of their economic and social policies. These organizations have designed indices to help individuals select states with the fiscal climates that most closely match their ideals as well as to provide state policymakers with ways to compare their states’ legal and economic climates.
