Econ 101: May 11, 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.

  • JP Morgan Chase announced yesterday that it has suffered a $2 billion trading loss so far in the second quarter. [Wall Street Journal]
  • Facebook’s IPO is already oversubscribed, with investors indicating demand for more shares than will be available. [Reuters]
  • Government support is bolstering manufacturing in the U.S. [New York Times]
  • House Republicans yesterday approved legislation that would slash social safety net programs in order to prevent scheduled cuts in the defense budget. [New York Times]
  • Senate Republicans yesterday blocked reauthorization of the Export-Import Bank. [The Hill]
  • According to a new report, nearly half of Americans aren’t saving for retirement. [CNN Money]
  • Fewer than one-third of American students are proficient in science, according to the latest “nation’s report card.” [Education Week]
  • The Federal Trade Commission may have opened an investigation into Facebook’s purchase of the photo-sharing app Instagram. [Huffington Post]