Econ 101: October 19, 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.

  • Social Security recipients “should get a cost of living adjustment of about 3.5% to 3.7% starting in January,” their first adjustment in two years. [CNN Money]
  • China “reduced its holdings of Treasuries in August by the most in at least a decade.” [Bloomberg]
  • Mega-bank Goldman Sachs “reported a quarterly loss on Tuesday — its first since the financial crisis and only its second since going public in 1999.” [New York Times]
  • Bank of America yesterday officially surrendered its title of biggest American bank to JP Morgan Chase. [New York Times]
  • Over the last 15 years, “students from low-income backgrounds have seen their share of all institutional and state financial aid drop significantly.” [Inside Higher Ed]
  • The Massachusetts Supreme Court ruled yesterday “that a homeowner who bought a foreclosure that hadn’t been properly conducted by the foreclosing bank in 2006 didn’t have legal ownership of the property.” [Wall Street Journal]
  • European banks “may not be able to raise money fast enough to prevent government-forced recapitalizations.” [Bloomberg]
  • Federal Reserve Chairman Ben Bernanke said yesterday “that central banks may need to resort to monetary policy to combat asset bubbles, although regulation should be a first line of defense.” [Reuters]