Econ 101: September 6, 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.

  • President Obama yesterday “told [a] Labor Day rally of auto workers, health-care employees and school teachers that he will present a far-reaching jobs plan aimed at winning bipartisan support” when he speaks before a joint session of Congress on Thursday. [Washington Post]
  • Banks negotiating with a group of state attorneys general over charges stemming from the foreclosure fraud scandal “have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payments.” [Reuters]
  • Telecom giant AT&T “feted lawmakers at Washington restaurants offering $52 steaks and a $15 ‘Lobbyist’s Libation’ made of gin and cucumber puree as the company sought U.S. approval to buy T-Mobile USA Inc.” [Bloomberg]
  • Richard Cordray, President Obama’s nominee to be the first director of the Consumer Financial Protection Bureau, has his first confirmation hearing before the Senate Banking Committee today. [Associated Press]
  • The World Trade Organization ruled yesterday “that safeguard tariffs imposed by President Obama on China two years ago were legal under WTO rules.” [The Hill]
  • U.S. officials have “written to Switzerland to demand it hands over detailed information this week on its citizens using Swiss accounts to dodge tax or see Credit Suisse and nine other banks face charges.” [Reuters]
  • With states facing “a combined $3 trillion in unfunded pension liabilities and the economic downturn continuing to dampen government tax revenue, states are beginning to make changes once considered unthinkable — such as cutting pensions for people in retirement.” [Washington Post]
  • Historically low mortgage rates “have sparked a refinancing boom that has U.S. lenders struggling to handle the surge.” [Bloomberg]