Econ 101: October 28, 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.

  • Speaker of the House John Boehner (R-OH) said yesterday that having the automatic cuts designed in the debt deal actually take place would be an “unacceptable outcome.” [Politico]
  • The U.S. economy has finally “surpassed its pre-recession level after 15 quarters, taking three times longer than the average for 10 previous recoveries since World War II.” [Bloomberg]
  • Pending home sales fell in September, “the third straight month of drops as the housing market languishes in the doldrums.” [The Hill]
  • Bank of America has instituted a new $5 monthly fee for its debt cards, but “most other big U.S. banks are steering clear of imposing similar charges.” [Wall Street Journal]
  • The Federal Housing Finance Agency yesterday cut its projection for the cost of rescuing Fannie Mae and Freddie Mac “to $124 billion through 2014, an improvement from last year’s estimate of $154 billion.” [Wall Street Journal]
  • The House yesterday, by a 405 to 16 vote, passed a bill “repealing a never-implemented requirement on a fairly small number of businesses.” [New York Times]
  • Business groups want the Occupational Safety and Health Administration “to abandon a proposed regulation that would require employers to report workplace injuries within eight hours and amputations within 24.” [The Hill]
  • The Federal Trade Commission has filed suit against a group of debt collectors, alleging that they used “lies, threats, and insults” in order to force payments. [Huffington Post]