Econ 101: October 5, 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.

  • GMAC “seriously mishandled” loan modifications under a federal program, yet the government did nothing about it. [Propublica]
  • “Europe needs between 100 billion and 200 billion euros to recalpitalize its banks,” the International Monetary Fund said yesterday. [CNBC]
  • Senate Majority Leader Harry Reid (D-NV) “is eyeing a tax on the nation’s highest earners as a way to defray some of the $447 billion price tag for the White House-written jobs package.” [Politico]
  • Both the Justice Department and New York’s Attorney General have sued Bank of New York Mellon, alleging that it “fraudulently charged clients for currency transactions.” [Wall Street Journal]
  • The House yesterday “approved and sent to President Obama a measure to keep the government operating through mid-November, ending for now the threat of any shutdown.” [New York Times]
  • Senior Democrats “are pushing hard to see a much bigger federal mortgage modification program put into place as soon as possible to start bringing relief to middle class homeowners well in advance of the 2012 election.” [Politico]
  • Federal Reserve Chairman Ben Bernanke said yesterday that “he’ll push forward with further expansion of monetary stimulus if needed, resisting pressure from Republicans concerned that he’s fanning inflation.” [Bloomberg]
  • What could a stronger Chinese yuan mean for the U.S.? [Reuters]