News
CNN Money | Spanish bank bailout gets go-ahead
The European Commission has approved Spain's plans to restructure four of its weakest banks, clearing the way for them to receive nearly €37 billion in fresh capital from the eurozone's bailout fund.
Bloomberg | U.S. Said to Weigh Tightening Rules for Foreign Lenders
U.S. units of foreign lenders including Deutsche Bank AG (DBK) may be required by regulators to comply with tougher capital rules that some banks sought to skirt, three people with knowledge of the discussions said.
FOX Business | Obama to Meet With CEOs Over Fiscal Cliff
Chief executives from top U.S. corporations, including Goldman Sachs, Deloitte LLP, and Caterpillar Inc., will meet with President Barack Obama on Wednesday to discuss U.S. fiscal problems, the White House said.
Econ Comments & Analysis
WSJ | A Mandate to Raise Food Prices
Americans should understand that this year’s drought—the worst in 50 years—isn’t the primary reason for record-high food prices. The drought made things worse, but the leading driver of long-term increases in food costs is a deeply flawed federal mandate.
Real Clear Markets | Our Handling of Keystone Is a Smack In Canada's Face
The Keystone XL (KXL) pipeline, which would bring oil from Canada's oil-sands to refiners in the Gulf Coast is in the news again. An unlikely set of bedfellows have recently come out with strong statements of support for the pipeline.
Washington Times | Obama’s war on wealth
A big issue is missing in the debate over the “fiscal cliff”: how to get the Obama economy growing again, fueling capital investment, jobs and higher incomes.
Washington Times | Overturning Dodd-Frank
Ordinarily, political disputes ought to be settled by lawmakers accountable to the public, not unelected judges. It’s bad form for a political party to run to the judicial branch simply because it can’t win on an issue fair-and-square in the legislature. Sometimes, however, there’s no alternative but to turn to judicial referees when the other side is caught cheating.
Blogs
Political Calculations | Factoring in the Falling Dollar for US-China Trade
Previously, using just the U.S. dollar-based growth rate of U.S. exports to China, we found that China's economy had entered into recession in December 2011.
Calculated Risk | Update: The Recession Probability Chart
Historically, three consecutive months of smoothed probabilities above 80% has been a reliable signal of the start of a new recession, while three consecutive months of smoothed probabilities below 20% has been a reliable signal of the start of a new expansion.
AEI | Can the US economy still grow like it used to?
The days of 3%-plus GDP growth — the U.S. has grown by 3.4% a year since WWII — are a thing of the past thanks to a) declining population growth, b) declining productivity in the service sector, c) rising commodity costs, and d) climate change.
