Econ 101: August 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’s “unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money.” [Bloomberg]
  • President Obama is putting together a new job creation plan, “but many fired-up Republicans are already preparing to reject whatever the president puts on the table.” [Huffington Post]
  • New York Attorney General Eric Schneidermann “has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices.” [New York Times]
  • Thousands of striking Verizon workers will return to their jobs tonight though their contract dispute isn’t over yet.” The company and the workers’ union “say they have agreed to narrow the issues in dispute and have set up a process to negotiate a new contract.” [Associated Press]
  • Bond traders Bill Gross and Mohamed El-Erian called for the U.S. to finance direct jobs through infrastructure improvements. “Capitalism in its raw form can’t pull us out of this hole,” Gross said. [New York Times]
  • Mark Zandi, chief economist for Moody’s Analytics said yesterday that “while he believes the U.S will be able to avoid a second recession, pressure is on lawmakers to ‘get it together.'” [The Hill]
  • Efforts between state regulators and banks embroiled in the foreclosure fraud scandal that broke several months ago “are snagged over whether banks will get broad legal immunity from state officials for mortgage-related claims.” [Wall Street Journal]
  • Retailers posted their “slowest earnings growth since the last recession” which “has them bracing for a weakened second half.” [Bloomberg]
  • Sen. Chuck Schumer “is planning to introduce legislation that would extend the ability of states to borrow billions of dollars interest-free from the Federal Unemployment Trust Fund (FUTF) to help pay state unemployment claims.” [The Hill]