Advertisement

Econ 101: August 17, 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.

  • Fitch Ratings yesterday “confirmed the United States’ top-notch credit rating and, in blatant disagreement with rival Standard & Poor’s, gave a vote of confidence to Washington’s deficit-reduction efforts.” [Reuters]
  • According to the latest data, “factory output increased 0.6 percent last month,” which is “the biggest increase since the March 11 earthquake in Japan, which disrupted supply chains and limited output by some U.S. auto plants.” [Associated Press]
  • Rep. Michele Bachmann (R-MN) joined in on the Federal Reserve bashing yesterday, “criticizing the central bank’s quantitative easing programs of buying government bonds to lower interest rates and boost the economy.” [Reuters]
  • The Treasury Department “is pushing back against reports that President Obama has determined that the government must continue playing a big role in the nation’s housing market.” [The Hill]
  • Anti-tax zealot Grover Norquist “said he won’t oppose an extension of U.S. gasoline and diesel- fuel taxes set to expire Sept. 30, as he pushes for broader transportation-funding overhaul.” [Bloomberg]
  • New scores from the ACT test “show that only 1 in 4 graduates of the class of 2011 who took the exam met four key benchmarks that supposedly show readiness for success in the first year of college.” [Washington Post]
  • Bank of America “may settle a state and federal probe of foreclosure practices in a deal that lets New York proceed with an inquiry into securitizations.” [Bloomberg]
  • Newt Gingrich yesterday “backed an idea floated by President Obama to extend a payroll tax break for employees that expires at the end of the year.” “I think it is very hard not to keep the payroll tax cut in this economy,” Gingrich said. [The Hill]
  • While the FBI “pats itself on the back for using ‘sophisticated investigative techniques’ to target mortgage fraudsters,” consumer advocates believe that “the FBI is missing the big picture, focusing its investigative muscle on small-time crooks and turning a blind eye to misconduct by big banks.” [Center for Public Integrity]
  • Is if fair that “a tiny Midwestern state little harmed by the Great Recession gets to decide who will lead the discussion” when it comes to the presidential nominations? [Huffington Post]

Advertisement