Econ 101: July 14, 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.

  • Negotiations regarding raising the debt ceiling ended on a contentious note yesterday, with President Obama repeatedly telling House Majority Leader Eric Cantor (R-VA), who favors only a short-term debt limit increase, “enough is enough.” [Washington Post]
  • “In the six weeks since the Obama administration issued weaker-than-expected rules governing student debt at for-profit colleges, the University of Phoenix’s founder and executive board chairman has cashed out more than $59 million of the school’s parent company’s stock,” which has climbed to its highest price in six months. [Huffington Post]
  • House Republicans yesterday “passed the third in a series of five reform bills aiming to lift restrictions on how school districts and states can use federal money,” allowing states to redirect money away from programs for low-income students. [Washington Times]
  • Federal regulators are examining what the nation’s biggest banks “are telling shareholders about possible payouts to clean up mortgage-related messes.” [Wall Street Journal]
  • The new Financial Stability Oversight Council, created by the Dodd-Frank financial reform law, “will not complete guidance detailing how the U.S. will determine which large firms could pose a risk to the financial system in time for a Monday meeting.” [Wall Street Journal]
  • Federal Reserve Chairman Ben Bernanke said yesterday that the central bank “is prepared to take new action if the recovery falters…raising the possibility of resuming un­or­tho­dox methods of trying to pump money into the economy.” [Washington Post]
  • Foreclosure filings fell during the first six months of this year, “as processing delays at the banks, which are strapped with excess inventory of repossessed homes, continued to skew the numbers — and falsely raise hopes that the housing market is staging a recovery.” [CNN Money]
  • The White House yesterday said that President Obama will veto appropriations bills that don’t give federal regulators adequate funding to implement the Dodd-Frank financial reform law. [The Hill]
  • Except for Georgia, every state that won funding during last year’s Race to the Top program “has now amended its Race to the Top plan in some way, usually to push back a timeline or scale back an initiative. “ [Education Week]