Econ 101: July 27, 2011

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"Econ 101: July 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.

  • Prof. Elizabeth Warren, who has been setting up the Consumer Financial Protection Bureau for the last year, will leave the Bureau effective Aug. 1. She will be replaced by her deputy, Raj Date, as Richard Cordry awaits confirmation as the Bureau’s first director. [CNN Money]
  • House Republicans have delayed a vote on Speaker John Boehner’s (R-OH) debt ceiling plan after the Congressional Budget Office showed that it would cut less than Republican leaders had been claiming. [Washington Post]
  • Former Minnesota governor Tim Pawlenty (R) announced his opposition to Boehner’s plan, saying that it doesn’t do enough to cut spending. [New York Times]
  • The ratings agency Standard & Poor’s pushed back on reports that its analysts preferred Senate Majority Leader Harry Reid’s (D-NV) debt ceiling bill to Boehner’s, saying “any claims it favors one approach over the other [are] ‘inaccurate.'” [The Hill]
  • While companies expect Congress to ultimately raise the debt ceiling, “they are lining up extra sources of financing, and carefully husbanding cash just in case a deal falls through.” [Wall Street Journal]
  • Banks are squabbling over how they would divvy up the bill if they come to a settlement with state attorneys general over the foreclosure fraud scandal. [Wall Street Journal]
  • “Despite the onset of the spring buying season, home prices were flat in May and remain at levels last seen in 2003,” according to the latest data from the Standard&Poors/Case-Shiller index. [Washington Post]
  • Financial sector lobbyists “who are consumed mostly with the Dodd-Frank law, have seen a boom in business and a hiring bonanza.” [Roll Call]
  • “Banks, hedge funds and mom-and-pop investors that own [Jefferson County, Alabama] sewer bonds are scrambling to agree on concessions before a Thursday meeting” in order to help the county avoid the largest municipal bankruptcy in U.S. history. [Wall Street Journal]
  • The Department of Justice is preparing a lawsuit against Wells Fargo “for allegedly preying upon African American borrowers during the housing bubble and steering them into high-cost subprime loans.” [Huffington Post]
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