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.
- Hurricane Irene’s battering of the East Coast “left an estimated $7 billion to $13 billion of damage in its wake — without even accounting for economic losses.” [ABC News]
- Destruction from the hurricane “could cost U.S. state and local governments billions of dollars in damages, but funds from the federal government might ultimately cover much of this expense.” [Reuters]
- President Obama today plans to nominate Princeton University’s Alan Krueger, a labor economist, as the new chairman of the White House Council of Economic Advisers. [Wall Street Journal]
- House Republicans “are planning votes for almost every week this fall in an effort to repeal environmental and labor requirements on business that they say have hampered job growth.” [Washington Post]
- House Republicans are also reportedly considering releasing a tax reform package this fall, but “no specifics have been locked in yet.” [Daily Caller]
- America’s corporations “racked up big profits in the first half of the year even as economic growth slowed to a crawl.” However, “corporations have already cut jobs and boosted productivity since the downturn, leaving few new levers to pull to keep earnings up in case of a protracted [economic] slowdown.” [Wall Street Journal]
- The nation’s biggest banks “are cutting jobs, consolidating businesses and scrambling for new sources of income in anticipation of a fundamentally altered financial landscape requiring leaner operations.” [New York Times]
- In Jackson Hole, Wyoming, “the heads of the U.S. Federal Reserve, IMF and OECD stepped up pressure on political leaders on both sides of the Atlantic to shake off their inertia and tackle urgent economic problems.” [Reuters]
- National Labor Relations Board Chairwoman Wilma Liebman’s term ends on Saturday, while NLRB member Craig Becker’s recess appointment ends at the end of the year, and “without new people to fill those seats, the five-member board will be down to just two – not enough to have the legal authority to issue decisions, due to a 2010 Supreme Court ruling.” [The Hill]
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