Econ 101: October 29, 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.

  • Hurricane Sandy is expected to make landfall tonight in New Jersey, with the storm affecting 50 million people. [Associated Press] The National Weather Service has updates here.
  • U.S. stock markets will be closed today due to the hurricane. Both the NASDAQ and the New York Stock Exchange are closed. [Wall Street Journal]
  • Transit systems in major cities, as well as Amtrak, will be closed on Monday. [Reuters]
  • Most of the banks being investigated for manipulating the LIBOR interest rate are expected to settle in the next 12 months. [Financial Times]
  • The leaders of Spain and Italy are meeting today to discuss their countries’ respective economic woes. [Associated Press]
  • Consumer confidence is at a five-year high. [The Hill]
  • The White House denied that it has a plan to replace the payroll tax cut that is expiring at the end of the year. [Reuters]