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Econ 101: August 9, 2011

By Pat Garofalo  

"Econ 101: August 9, 2011"

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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.

  • Bank of America’s market value has fallen by $33 billion, or 34 percent, over the last week. [Bloomberg]
  • Bank stocks fell 11 percent yesterday “in their biggest one-day drop since April 2009.” [Wall Street Journal]
  • The Department of Justice and four states yesterday “filed a multibillion-dollar fraud suit against the Education Management Corporation, the nation’s second-largest for-profit college company, charging that it was not eligible for the $11 billion in state and federal financial aid it had received from July 2003 through June 2011.” [New York Times]
  • Officials at the Federal Reserve “may strengthen their commitment to record monetary stimulus as soon as today after a faltering economic recovery and a U.S. credit- rating cut provoked a rout in global stocks.” [Bloomberg]
  • According to the latest data, “it will be well into the first quarter of 2013 before median home prices across the nation will even be on par with prices from the first quarter of this year.” [CNN Money]
  • Mortgage giants Fannie Mae and Freddie Mac had their credit downgraded by Standard & Poors to AA+ yesterday, reflecting their dependence on the federal government. [The Hill]
  • Talks continued yesterday between Verizon and 45,000 striking employees, “but the two sides indicated they are still far from reaching an agreement after two days of work stoppage.” [The Hill]
  • A new analysis suggests that students who benefit from federal Title I funds, meant to help low-income students, “are making strides in mathematics and reading.” [Education Week]
  • The Securities and Exchange Commission yesterday “sent subpoenas to high-frequency trading firms in relation to last year’s ‘flash crash’ probe.” [CNBC]

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