News
WSJ | Homeowner Aid Boosts Big Banks
A government program that helps struggling homeowners take advantage of low interest rates to cut monthly mortgage payments is providing an unexpected revenue boost to large banks such as Wells Fargo & Co. and J.P. Morgan Chase & Co.
NY Times | So You Think You Can Be a Hair Braider?
Jestina Clayton braids the hair of her daughter, Esther Clayton, 5, at her home in Centerville, Utah. Clayton and the Institute for Justice have filed a federal lawsuit seeking changes to Utah's hair-braiding regulations.
WSJ | Greeks Back European Bailout
Greek voters broke months of political stalemate by narrowly endorsing pro-bailout forces in a momentous election, easing fears of an imminent rupture with the euro zone—for the moment.
WSJ | Regulators Shut Banks in Three States
Regulators closed three banks, in Florida, Georgia and Tennessee, bringing the nationwide tally of bank failures to 31 for the year.
Econ Comments & Analysis
WSJ | Pell Grants Flunk Out
On campus, they'd call this frosh econ, but Washington is having a bit more trouble getting its mind around the expanding debacle of helping college students pay for their education.
Washington Times | Obama’s mythical 99%
A brand new Cadillac Escalade hybrid rolled down the posh streets of Old Town Alexandria, Va., on Friday morning. On the tailgate of this $78,000 luxury SUV was an Obama campaign bumper sticker carrying a simple message: “99%.” These limousine liberals just don’t get it.
USA Today | Worst-case scenario is ugly if Greece leaves the euro
Bankers, governments and investors are starting to prepare for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
Washington Times | Dollars for smiles
The Obama administration is financing research to devise a new gauge for measuring Americans’ happiness. A National Academy of Sciences panel is analyzing proposals for surveying Americans’ “subjective well-being.” But there are grave perils in any “national happiness index” Uncle Sam might concoct.
WSJ | A Tale of Two Conservatives
One test for economic conservatives is whether they are willing to oppose constituent business interests looking for government favoritism. On that score, two recent contrasting votes by Jim DeMint of South Carolina and Marco Rubio of Florida are instructive.
Real Clear Markets | Obamanomics in One Lesson
President Obama's statement that "the private sector is doing fine" is not just gaffe. It is a lesson in bad economics and an explanation of the failure of Obamanomics.
WSJ | Protectionism Is Back
Despite the stunning power of innovation, there are forces trying to stifle it and replace it with economic schemes that threaten global trade and recovery. A new kind of protectionism is turning innovation policy on its head, unfairly benefiting domestic firms at the expense of foreign players.
Forbes | You Worry. You Shouldn't. Part 1: Overpopulation and Resource Exhaustion
Often, the risk as reported in the media is grossly out of proportion with the actual risk you face. Given that we have limited time and energy, there are some things people worry about that get far too much attention relative to the risks they pose.
Project Syndicate | A Global Perfect Storm
Dark, lowering financial and economic clouds are, it seems, rolling in from every direction: the eurozone, the United States, China, and elsewhere. Indeed, the global economy in 2013 could be a very difficult environment in which to find shelter.
Blogs
Calculated Risk | Schedule for Week of June 17th
The focus will be on Greece on Sunday. For the US, this week is about the Fed and housing. The key reports are housing starts on Tuesday, and Existing Home Sales on Thursday.
Neighborhood Effects | Net Worth is Down and that May Explain Why Stimulus Wasn’t Particularly Effective
This week saw the release of the Federal Reserve’s Survey of Consumer Finances. The news isn’t good. Median net worth fell 38.8 percent from 2007 to 2010.
Calculated Risk | Unofficial Problem Bank list declines to 919 Institutions
In all, there were six removals and two additions. The changes leave the list with 919 institutions with assets of $354.0 billion. A year ago, 996 institutions with assets of $416.7 billion.
National Review | Farmers Will Harvest Big Bailout in Next Farm Bill
Last week, I looked at one aspect of the cronyism going on in this year’s farm bill: farm subsidies. Today, I look at another aspect of the question: the potentially massive farmers’ bailout called the shallow-loss program.
Marginal Revolution | Is a high home ownership rate a sign of a successful country?
I saw an El Pais spread on this, which I cannot find on-line. Here are the European countries with the highest owner occupancy rates
Keith Hennessey | President Obama’s Cleveland economy speech – detailed outline
This is my attempt to build a detailed outline of the economic speech President Obama gave in Cleveland yesterday
Café Hayek | Do we need more education?
I didn’t follow the Romney narrative. But he was on to something even if he indeed did backtrack–Obama wants to grow the public sector and so does Krugman. They both want more teachers (and police and firefighters, presumably.) The current level is never optimal.
