Econ 101: June 13, 2011

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • Education Secretary Arne Duncan “signaled that he would use his executive authority” to grants states waivers from requirements under No Child Left Behind, since Congress has yet to reform the law. [The New York Times]
  • Corporate profits “will climb an average 10 percent a year through 2013, more than three times quicker than the economy, after what has already been the fastest rebound since the late 1940s.” [Bloomberg]
  • 2012 GOP presidential hopeful Jon Hunstman claimed yesterday that President Obama “has ‘failed on the economic front,’ in some of his most direct criticism of his former boss.” [The Hill]
  • Multinational banks “are mounting an increasingly desperate push against a sweeping US tax law that will force overseas institutions to report their American clients to the Internal Revenue Service.” [The Financial Times]
  • The nation’s biggest banks “are preparing to cut their use of US Treasuries in August as a precaution against any turbulence that could follow if warring Republicans and Democrats fail to increase soon the US debt ceiling.” [The Financial Times]
  • Attorneys Genera Eric Schneiderman (D-NY) and Beau Biden (D-DE) “are investigating Wall Street’s bundling of these loans into securities to determine whether they were properly documented and valid.” [The New York Times]
  • Farm subsidies test Republican freshman in the House. [Politico]
  • “Overwhelmed” financial regulators are not enacting some provisions of the Dodd-Frank financial reform law on time. [The Washington Post]
  • State tax revenue has dropped by about $34 billion since the Great Recession began. [The Associated Press]