Econ 101: August 10, 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.

  • The Federal Reserve “made a rare promise” yesterday “to hold short-term interest rates near zero through at least the middle of 2013, in a sign that it has all but written off the chances of an expansion strong enough to drive up wages and prices.” [New York Times]
  • Three members of the Federal Reserve board dissented from yesterday’s decision, the most dissents in 18 years. [Bloomberg]
  • “Nearly three years after the government infused the banking industry with hundreds of billions of taxpayer dollars, many large banks continue to struggle with the fallout of the housing bust.” [Washington Post]
  • The Obama administration will announce plans today “to seek investors’ ideas for turning thousands of foreclosed properties owned by government-backed entities into rental homes.” [Wall Street Journal]
  • A CNN poll released yesterday shows that the public “doesn’t want the super committee [created by the debt ceiling deal] to propose major changes to Social Security and Medicare or increase taxes on middle class and lower-income Americans.” [CNN]
  • The National Credit Union Administration yesterday sued mega-bank Goldman Sachs, “alleging violations of federal and state laws tied to the sale of mortgage-backed securities.” [CNN Money]
  • House Republicans on the Budget Committee are already saying that the job creation proposals floated last week by President Obama, like extending a payroll tax cut that is currently in place, are too expensive. [The Hill]
  • Wisconsin Republicans yesterday won four of six state Senate recall elections, retaining control of the chamber by one seat. [Wall Street Journal]
  • The credit rating agency Standard & Poor’s “is pushing back against a U.S. government proposal that would require credit raters to disclose ‘significant errors’ in how they calculate their ratings.” [Reuters]
  • According to a new report from Moody’s Analytics, “record borrowing by college students who are graduating without jobs may lead to the next financial crisis.” [Huffington Post]
  • AT&T;’s potential acquisition of T-Mobile “is facing a challenge in California where regulators have raised questions about the deal’s effect on consumers and corporate customers.” [Bloomberg]