Econ 101: June 22, 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.

  • The Federal Reserve had “hoped that its three-year-old economic rescue campaign would reach a climax at the end of June,” but “that peak now looks like a long plateau.” [New York Times]
  • According to a new poll by The Washington Post and the Kaiser Family Foundation, “a majority of D.C. public school parents give the system positive marks for the first time in a decade.” [Washington Post]
  • The World Bank “is taking the rare step of encouraging companies in developing countries to buy insurance in the derivatives markets against sudden changes in food prices.” [Financial Times]
  • “The layoffs of thousands of government workers may threaten the already slow-motion economic recovery in many U.S. metropolitan areas,” according to a new report by the Brookings Institution. [Reuters]
  • Mega-bank JP Morgan “has agreed to pay $153.6 million to settle charges it misled investors in the sale of a complex mortgage-backed security.” [CNN Money]
  • The Federal Reserve plans to vote next week “on its final plan to regulate debit-card processing fees, giving banks and credit unions their first look at new fee curbs set to take effect next month.” [Wall Street Journal]
  • According to a report by the inspector general of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac “failed to refer to investigators almost 100 complaints about possible foreclosure abuse and mortgage fraud over a recent two-year period.” [Boston Globe]
  • House Republicans start investigating national service programs. [Inside Higher Ed]
  • House Republicans sent a letter to Treasury Secretary Geithner requesting documents about any coordination between the Consumer Financial Protection Bureau and the state Attorneys General who are investigating foreclosure fraud. [The Hill]
  • Bankers crying wolf: Wall Street’s history of hyperbole about regulation. [Huffington Post]
  • A bill to fund the Economic Development Administration failed to pass the Senate yesterday by a 49-51 vote. [The Hill]
  • The former CEO of what used to be the nation’s largest mortgage lender “was sentenced Tuesday to more than three years in prison for his role in a $3 billion scheme that officials called one of the biggest corporate frauds in U.S. history.” [Associated Press]