News
CNN Money | U.S. sees a decline in millionaires
The number of millionaires is on the decline in the United States, even as the number of wealthy individuals has increased worldwide.
Bloomberg | Hedge Funds in Longest Rout Since Global Recession
Hedge funds curbed bullish bets on commodities for a third consecutive month, the longest retreat since the global recession, as Europe’s worsening debt crisis and slowing U.S. job growth sent prices tumbling.
CNN Money | Mass transit use jumps amid high gas prices
Mass transit use jumped 5% in the first quarter of 2012, as high gas prices and a rebounding economy put more people on the bus and train.
Politico | Poll: Most worry for next generation
A majority of Americans, 58 percent, are dissatisfied with the opportunity of the next generation to reach the American dream of having a better life than their parents, according to a Gallup Poll Monday.
WSJ | Canada GDP Below Central Bank Forecast
Canada's first-quarter growth was well below the central bank's forecast, expanding at an annualized rate of 1.9%, Statistics Canada said Friday.
FOX News | Farmers face squeeze in proposed subsidy cuts
A program that puts billions of dollars in the pockets of farmers whether or not they plant a crop may disappear with hardly a protest from farm groups and the politicians who look out for their interests.
CNN Money | 'Significant' rise in electric bills seen
Higher electric bills. Emphasis on solar power. A surge in electric cars.
WSJ | Euro-Zone Reports Deepen Gloom
Euro-zone data out Friday showing a fresh decline in manufacturing and the highest number of jobless people in the bloc's history suggested further economic floundering as the region's debt crisis deepens.
CNN Money | Your dry cleaning bill's about to get worse
If your weekly dry cleaning bill already has you cringing, brace yourself for more pain. As soon as your next pickup, prices may be higher.
Bloomberg | Growth Slowdown Seen in U.S. as Recession Dodged: Economy
The U.S. economy looks set to deliver a repeat performance in 2012: for the third straight year, it may suffer a swoon yet not slip into a recession.
WSJ | Government-Bond Yields Sink to Record Lows
Yields on government bonds perceived as safe, from the U.S. to Germany to the U.K., plunged to record lows, as weak economic data exacerbated concerns over the fate and composition of the euro zone.
USA Today | Why the U.S. economy is stuck in the slow lane
The recession officially ended three years ago, but the 'recovery' has been a frustrating mix of good and bad news.
CNN Money | Credit union membership spikes in first quarter
After hitting record membership last year, credit unions are still piling on new customers.
WSJ | New Bank Rules, More Lending Worries
Regulators trying to promote both sound financial institutions and economic growth are getting an earful from big banks about tougher capital rules.
Econ Comments & Analysis
Washington Post | Europe’s grim choices
Europe is at the abyss — again. Its turmoil is rattling global stock markets and stoking fear and bewilderment. The obvious question is, what’s the solution? The answer is, there is no solution.
WSJ | An Economy Built to Stall
Well, this week makes it official. The weakest economic recovery since World War II has become weaker still, sinking into a spring slowdown for the third year in a row.
Washington Times | Regulators regulate - that’s our problem
Federal regulators are keeping America from moving forward. According to recent news stories reviewed by my colleagues at Engage America, federal red tape has squelched at least 736,203 potential jobs. If those positions were filled, today’s unemployment rate would fall from 8.2 percent to 7.6 percent.
NBER | Status Competition and Housing Prices
While in standard housing economics housing is regarded as an asset and a consumption good, we study in this paper the consequences for housing prices if housing is also a status good.
Real Clear Markets | Horror of Horrors, The Poor Have Too Much Computer Access!
Leave it to the New York Times to sound the alarm on the latest "gap" separating the rich from the poor-which of course can only be remedied with a billion-dollar government program.
Minyanville | Why a Grexit Would Make Lehman Look Like Child's Play
Maybe I’m wrong, but every time I look at the possibility of a Greek exit right now I see it spiraling out of control and dragging down the entire global economy.
Blogs
Heritage Foundation | Morning Bell: 10 Ways to Lower Gas Prices
The average price of a gallon of regular gas is now $3.66, and has been decreasing for eight straight weeks. This is causing some of the President Obama’s advisors to declare energy prices an irrelevant issue.
Politico | The next great depression?
If the world slides into a global depression over the next year, consider yourself forewarned by the Wall Street Journal. Yesterday's edition was packed with so many grim headlines that one could be forgiven for believing that we could be seeing cash-filled wheelbarrows by the end of the summer.
Calculated Risk | Schedule for Week of June 3rd
The key report this week is the April Trade Balance report.
WSJ | World-Wide Factory Activity, by Country
A global manufacturing slowdown took hold in May, as Europe weighed heaviest on world-wide factory activity.
The American | Did the stimulus create as much growth as Obama predicted? Not even close
After every jobs report, I update the jobs forecast and chart Team Obama put out in January 2009 that projected the future unemployment rate if Congress passed his stimulus plan. It shows the unemployment rate far higher today than what Obama economists predicted back then, 8.2% vs. 5.7%.
Calculated Risk | Unofficial Problem Bank list declines to 927 Institutions
As anticipated, most changes to the Unofficial Problem Bank List were removals. In all, there were four removals that include one unassisted merger
Neighborhood Effects | Trickle-Down Economics: Does Anyone Actually Believe In It?
I have heard a lot about “trickle-down economics” lately. The President has taken to using it in speeches. And pundits have increasingly invoked the idea.
