News
Bloomberg | China Exports Unexpectedly Drop; Imports in Economy Drag
China’s exports and imports unexpectedly declined in June, underscoring the severity of the slowdown in the world’s second-biggest economy as Premier Li Keqiang reins in credit growth.
CNN Money | AIG, GE Capital tagged "systemically important," will face greater regulation
American International Group and GE Capital will face increased supervision after regulators announced Tuesday that the firms had been deemed systemically important and "potential threats to financial stability."
FOX Business | Wholesale Inventories Fall by Most in a Year and a Half
Wholesale inventories fell in May by the most in a year and a half, the second straight monthly decline and a sign that restocking by businesses could weigh against economic growth in the second quarter.
CNN Money | IRS chief seeks to stop bonuses
The news comes after an outcry over IRS plans to award $70 million in bonuses by Sept. 30. Werfel told his 90,000 Internal Revenue Service workforce that he aims to reverse the plan to award bonuses, according to a memo. He blamed the move on the sequester -- the $85 billion in forced spending cuts that has hit all federal agencies.
Bloomberg | OPEC Sees U.S. Shale Boom Eroding Demand for 2014 Crude
The Organization of Petroleum Exporting Countries forecast the world will need less of its crude next year, even as global oil demand growth rebounds to its strongest pace since 2010, amid competing supply sources.
Econ Comments & Analysis
Real Clear Markets | Obama Has Lost All Economic Control, Both Good and Bad
President Obama's greatest danger could be that it's too late for an economic recovery. Now in office longer than Bush has been out, Obama has effectively lost his best excuse for a poor economy. What is unrecognized is that he may equally have lost his ability to take credit for a good one.
Fortune | Wall Street is a bright spot this earnings season
Despite slower earnings growth expected overall this earnings season, America's big banks aren't sweating it.
WSJ | Foreclosure Squeeze Crimps Las Vegas Real-Estate Market
In a city dotted with tens of thousands of vacant houses, Jericho Guarin figured it would be easy to buy his first home. But nearly a year after beginning a search late last summer, he has come up dry.
AEI | The White House sends a wake-up call to the Fed
While the Fed appears to be busy preparing markets to "taper" QE as early as September, the White House is lowering its 2013 growth forecast , from 2.6% to 2.4% while assuming the dreaded sequester is ended.
Blogs
Neighborhood Effects | Why do almost all economists oppose U.S. farm policy?
There are many policies about which economists disagree. To read the news you might think that economists disagree about everything. In reality, there are plenty of areas in which the economics profession has reached a consensus. One is farm policy.
