Econ 101: November 23, 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 yesterday told the 31 biggest banks that it will test their loan holdings against a severe recession and a European collapse. [Bloomberg]
  • Germany and France continue to clash over whether the European Central Bank should step in to stem the Eurozone fiscal crisis. [Reuters]
  • The Congressional Budget Office said yesterday that the 2009 stimulus package “raised gross domestic product by between 0.3 and 1.9 percent in the third quarter of 2011,” and increased employment by up to 2.4 million jobs. [The Hill]
  • According to a new study “45 percent of all Americans — men, women and children — live in households that lack economic security, defined as the ability to pay for basic needs.” [Huffington Post]
  • China’s factory sector shrank the most in nearly three years this month, “reviving worries that China may be slipping toward a hard landing and fuelling fears of a global recession.” [Reuters]
  • An investigation finds “a group of well-connected investors and analysts with access to top Federal Reserve officials who give them a chance at early clues to the central bank’s next policy moves.” [Wall Street Journal]
  • National retailers sued the Federal Reserve yesterday “arguing that the agency went too easy on banks when it set limits on the debit-card fees banks charge retailers.” [Wall Street Journal]
  • The FCC yesterday moved to block a merger of AT&T; and T-Mobile “on the basis of findings that it would cause job losses and higher prices for consumers.” [Washington Post]