News
Market Watch | Second-quarter GDP revised up to show 1.3% growth
The U.S. economy expanded at a slightly faster pace than previously thought in the second quarter of 2011, led by a pickup in consumer and construction spending.
National Journal | Can Policymakers 'Fix' the Banking System and Foster Economic Growth?
Policymakers at once want banks to help promote economic recovery by financing business and consumer loans, while also fixing their underlying problems, like overleveraging and poor underwriting that helped fuel the financial bust the country cannot seem to crawl out of.
WSJ | Mortgage Aid Effort Falls Short of Its Goal
A federal initiative that gives bridge loans to homeowners struggling to make mortgage payments will likely pay out less than half the $1 billion that Congress allotted for the program, the most recent example of such an effort falling short of goals.
Econ Comments
Washington Times | GHEI: Eurozone debt debacle
Government spending spree could bring down European Union.
CNN: Money | Trade deals held up by Washington gridlock
The White House wants the Trade Adjustment Assistance program passed before sending over the trade deals.
Blogs
Econlog | What Got Us Out of the Great Depression?
But boosting aggregate demand did not end the Great Depression. After the initial stock market crash of 1929 and subsequent economic plunge, a recovery began in the summer of 1932, well before the New Deal.
Daily Capitalist | Shadow Inventory: Will Continue To Depress Housing Market
CoreLogic reported that its measure of shadow housing inventory, the number of 90+ day delinquencies, foreclosures and REOs, was down, but only very slightly:
Econlog | More on the Myth of the Macroeconomy
A macroeconomist would argue that structural unemployment always exists. It represents a sort of background noise.
NRO: The Corner | Inspiring Stories of Entrepreuneurship
I wish that of more of these success stories were made public so people would understand that, yes, there are very rich people in America, but most of them made their fortunes through hard-work and their fortunes have benefited all of us.
WSJ: Real Time Economics | Departing Hoenig Paints Grim Picture of Long-Term Growth.
The head of the Federal Reserve Bank of Kansas City on Wednesday said he expects the long-term rate of growth for U.S. gross domestic product to trail the average for the past 25 years.
Heritage Foundation | Look Before You Regulate: Measuring the Costs of Financial Rules
You would think that any regulation that could affect a major part of the economy and cost industry and/or consumers millions of dollars to comply with would be based on rigorous and consistent economic analysis.
Reports
RCM: Wells Fargo | Durable Goods Orders Continue To Defy Gravity
Durable goods orders for August came in better than expected, slipping only 0.1 percent from the month before. Civilian aircraft orders were once again a big contributor to durable orders.
