Econ 101: June 5, 2012

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.

  • The G7 will hold an emergency meeting today to discuss options for dealing with Europe’s economic troubles. [Financial Times]
  • Germany is reportedly open to a “grand bargain” that would involve aid for struggling euro nations in exchange for more centralized fiscal control. [New York Times]
  • According to an inspector general’s report, the Office of the Comptroller of the Currency, which regulates national banks, dropped the ball by failing to uncover foreclosure fraud. [Huffington Post]
  • Nearly 80 percent of the nation’s transit agencies raised fares or cut service last year. [Wall Street Journal]
  • President Obama urged Congress yesterday to pass the Paycheck Fairness Act; the Senate is holding a procedural vote on the bill today. [Reuters]
  • New York City Mayor Mike Bloomberg reportedly turned down an offer from the Obama administration to run the World Bank. [The Hill]
  • Facebook’s stock is down almost 30 percent since its initial public offering. [CNN Money]