News
CNN Money | Consumers pull back on spending
Consumers pulled back on spending in April as their income remained steady, according to a government report Friday.
Bloomberg | Chicago Index Unexpectedly Jumps to Highest Level in a Year
Business activity in the U.S. rebounded in May after declining for the first time in more than three years last month, a sign manufacturing may contribute to economic growth this quarter.
CNN Money | New portrait of China's 185 million seniors
Large numbers of elderly Chinese are living below the poverty line and suffering from physical problems or depression, according to a study published Friday by western and Chinese academics.
Market Watch | May UMich sentiment highest since 2007
The final May reading of the University of Michigan and Thomson Reuters consumer-sentiment index jumped to 84.5 - the highest level since July 2007 - from 76.4 in April, according to news reports.
Econ Comments & Analysis
Washington Times | Riches for unions, but not their retirees
Organized labor has long pointed to pensions as a key reason to join their unions, but many of those promised benefits are now in serious trouble. After decades of promising a secure retirement, unions need to chip in and protect their members’ pensions.
Washington Times | Recovery summer on the horizon, or another mirage?
Over the long, hard course of President Obama’s painfully slow, job-scarce, subpar economy, he may have set a record for persistent media reports that his shaky recovery was finally showing signs of strength.
Business Insider | The Government's Plan To Save Housing Will Cause People To Default Over And Over Again
On March 27, 2013, the Federal Housing Finance Administration (FHFA) announced the introduction of still another mortgage modification program. Entitled the Streamlined Modification Program, it was intended to enable distressed borrowers to more easily qualify for a modification.
Blogs
Library of Economics | The Subprime Crisis: Why Asymmetric Information Didn't Save Us
In the securitization process, lenders screen potential borrowers and originate mortgages, then package the mortgages for sale to outside investors. Yet investors cannot verify how carefully the screening is actually done.
