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Econ 101: August 12, 2011

By Pat Garofalo  

"Econ 101: August 12, 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.

  • A director for the credit rating agency Standard & Poors confirmed for the first time yesterday “that one reason the United States lost its triple-A credit rating was that several lawmakers expressed skepticism about the serious consequences of a credit default — a position put forth by some Republicans.” [Politico]
  • House Minority Leader Nancy Pelosi (D-CA) yesterday named Reps. Chris Van Hollen (D-MD), Xavier Becerra (D-CA) and James Clyburn (D-SC) to the fiscal super committee created by the debt ceiling deal, rounding out the committee’s 12 person roster. [Washington Post]
  • Republicans are walking back a report that GOP members of the super committee — including Rep. Dave Camp (R-MI) — may be open to including new revenue in a deal. [The Hill]
  • The Dow rose more than 400 points yesterday, making it “the first time in the index’s 115-year history that it has moved by more than 400 points for four consecutive days.” [Wall Street Journal]
  • Texas Gov. Rick Perry will reportedly announce that he is running for President on Saturday in South Carolina. [Politico]
  • Prof. Elizabeth Warren, fresh off her stint setting up the new Consumer Financial Protection Bureau, “has met with top Senate Democrats, including Majority Leader Harry Reid, and is working with two prominent political advisers to Gov. Deval Patrick,” in possible preparations for a Senate run in Massachusetts. [Politico]
  • France, Italy, Spain and Belgium yesterday “all introduced a ban on the short selling of financial stocks for 15 days in response to sharp share price falls this week, but they failed to convince other regulators to go along with a European Union-wide prohibition.” [CNN Money]
  • Bank of America CEO Brian Moynihan “met privately this week with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo amid the bank’s campaign to calm investors and employees about the bank’s dramatic share slump.” [Wall Street Journal]
  • The U.S. Postal Service may cut 120,000 jobs and “also wants to pull its workers out of the retirement and health benefits plans covering federal workers and set up its own benefit systems. ” [New York Times]
  • President Obama said yesterday that “voters in Michigan and other states should pressure Congress to pass a federal highway bill.” “Send me a road construction bill so that companies can put tens of thousands of people to work building our roads, our bridges, our seaports,” he said. [The Hill]
  • The Securities and Exchange Commission “has accused a brokerage firm of duping five Wisconsin school districts into placing highly risky bets with public money — bets that resulted in fat fees for the broker and devastating losses for the public.” [Huffington Post]

‹ All Republican Candidates Say They Would Reject Deficit Deal With 10 To 1 Ratio Of Spending Cuts To Revenue

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