Econ 101: June 27, 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.

  • According to a new Gallup poll, “36 percent of Americans now say they have ‘very little’ or ‘no’ confidence in U.S. banks, the highest percentage on record since Gallup first started tracking that data.” [Huffington Post]
  • Bank errors continue to cause wrongful foreclosures, while regulators have done little stop the problem. [ProPublica]
  • The Basel Committee on Banking Supervision said yesterday that “banks deemed too big to fail would have to set aside an additional cushion of capital reserves in what is the centerpiece of their efforts to avoid a repeat of the 2008 financial crisis.” [New York Times]
  • President Obama will begin holding deficit reduction negotiations after “the collapse Thursday of talks between Vice President Joe Biden and congressional leaders.” [Politico]
  • Republican lawmakers and staffers “said it would be far easier to build support for a debt-reduction package that cuts the Pentagon budget — a key Democratic demand — than one that raises revenue by tinkering with the tax code.” [Washington Post]
  • Though Rep. Michele Bachmann (R-MN) excoriates federal spending, “a counseling clinic run by her husband has received nearly $30,000 from the state of Minnesota in the last five years,” while”a family farm in Wisconsin, in which the congresswoman is a partner, received nearly $260,000 in federal farm subsidies.” [Los Angeles Times]
  • House Minority Leader Nancy Pelosi (D-CA) said yesterday that “reductions in ‘tax subsidies’ for companies must be part of any deal to cut the U.S. budget deficit and increase the federal debt ceiling.” [Bloomberg]
  • On Wednesday, “the Greek Parliament is scheduled to vote on a new raft of painful austerity provisions, on top of the belt-tightening measures implemented last year”; Greece must approve the package “in order to win the last $17 billion of a $156 billion debt crisis relief package that was granted last year by its European neighbors.” [CNN Money]
  • The end of aid from last year’s Education Jobs Fund means that “states using that money to keep their special education budgets afloat are starting to come up short.” [Education Week]
  • Gov. Scott Walker (R-WI) signed into law on Sunday a budget that, among other things, slashes education funding by $800 million. [Associated Press]