Econ 101: August 10, 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 Federal Trade Commission fined Google $22.5 million for privacy violations. [New York Times]
  • A British financial watchdog suggested that Libor should be replaced in the wake of the recent rate-rigging scandal. [CNBC]
  • Federal regulators have told the five biggest Wall Street banks to make plans to prevent collapse, hinting that they could not rely on government support. [Reuters]
  • Jobless claims fell by 6,000 last week, beating expectations. [Washington Post]
  • Global food prices rose 6 percent in July, the biggest one month increase since November 2009. [Wall Street Journal]
  • England’s Manchester United football club priced its initial public offering below expectations. [Wall Street Journal]
  • The Postmaster General is upping pressure on Congress to pass postal reform after USPS announced a $5.2 billion loss yesterday. [The Hill]