Econ 101: June 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.

  • Cutting farm subsidies “has emerged as one of the few areas of agreement in the budget talks underway between the White House and congressional leaders of both parties.” [Washington Post]
  • The Senate will vote today on a measure backed by Sen. Tom Coburn (R-OK)that would eliminate ethanol subsidies. The bill “is supported by conservative groups such as the Club for Growth and environmental groups such as the Sierra Club.” [The Associated Press]
  • Five of the biggest companies represented on President Obama’s jobs council “rely on foreign revenues for a majority of their sales — a shift that’s occurred just in the past several years for most of these firms.” [Washington Post]
  • According to the U.S. Department of Housing and Urban Development’s inspector general, Bank of America “significantly hindered” an investigation into its potentially fraudulent foreclosure practices. [The Huffington Post]
  • The International Monetary Fund announced yesterday that Christine Lagarde, the finance minister of France, and Agustín G. Carstens, the governor of the Mexican central bank, are the two candidates that it will consider to become the next managing director. [The New York Times]
  • After losing a key Senate vote last week, “the banking industry now believes it will probably take its battle over a new rule limiting debit-card fees to court.” [Wall Street Journal]
  • A group of lawmakers, led by Vice President Biden, that is engaged in deficit reduction talks today “begins three days of politically sensitive discussions, including a proposal for a government spending cap that is bitterly opposed by the White House. [Wall Street Journal]
  • “U.S. immigration policy has eclipsed the economy and jobs as the top issue for Hispanic voters,” according to a new poll by the independent research firm Latino Decisions and co-sponsored by Spanish language media company ImpreMedia. [Wall Street Journal]
  • The entire problem with the economy in one chart. [David Dayen]