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Political Economy: August 29, 2010 - September 4, 2010

Car czar's new tell-all book: Rahm curses UAW

Wall Street financier Steve Rattner's new book, "Overhaul," has some delicious details about internal discussions within the Obama Administration about the bailout of U.S. automakers.

By Ariana Eunjung Cha  |  September 3, 2010; 10:54 AM ET  |  Permalink  |  Comments (3)
Categories:  Auto industry , Corporations  
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Q&A: Labor secretary sees progress, but long road ahead in helping unemployed

Labor Secretary Hilda L. Solis, fourth from left, with other members of President Obama's Cabinet in 2009. (Photo Courtesy of Vanity Fair) By Peter Whoriskey There have been easier times to be leading the charge for America's workforce. It's...

By Peter Whoriskey  |  September 3, 2010; 7:59 AM ET  |  Permalink  |  Comments (4)
Categories:  U.S. Economy , U.S. Labor Department , Unemployment  
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Morning briefing: Romanian PM ousts economic team

A wheat field in Afghanistan. Food prices around the world are at a two-year high prompting governments to take action. (Photo Credit: Shah MaraiI/AFP/Getty Images) 1. Romanian Prime Minister Emil Boc ousted his finance and economy ministers in a...

By Ariana Eunjung Cha  |  September 3, 2010; 5:58 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Friday, Sept. 3, 2010

At 8:30 a.m. -- Labor Dept. releases employment report for August. Analysts forecast the private sector will add a net total of 41,000 jobs and the jobless rate will increase from 9.5 percent to 9.6 percent, which would be the...

By Ariana Eunjung Cha  |  September 3, 2010; 5:54 AM ET  |  Permalink  |  Comments (1)
Categories:  *Economic agenda  
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Highlights from Bernanke's testimony to financial crisis panel

Here are the highlights from Federal Reserve Chairman Ben Bernanke's testimony on Thursday to the Financial Crisis Inquiry Commission. On the causes of the crisis: Before the crisis, the shadow banking system had come to play a major role...

By Ariana Eunjung Cha  |  September 2, 2010; 1:26 PM ET  |  Permalink  |  Comments (1)
Categories:  Federal Reserve , Financial Crisis Inquiry Commission  
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Bernanke: U.S. regulators fell short before financial crisis

U.S. regulators fell short in using their powers "forcefully or effectively" to stop risky practices by banks and were slow to identify and address abuses in subprime mortgage lending before the financial crisis, Federal Reserve Chairman Ben S. Bernanke said in prepared remarks. In testimony delivered Thursday before a Congressionally appointed committee investigating the financial crisis, Bernanke said that statutory gaps were an important contributor to the buildup of risk in the system but that even when regulators had the tools they needed to stem those risks, they did not use them well.

By Ariana Eunjung Cha  |  September 2, 2010; 12:44 PM ET  |  Permalink  |  Comments (55)
Categories:  Federal Reserve , Financial Crisis Inquiry Commission  
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First-time claims for jobless benefits down slightly

Unemployed people use computers to search for jobs as well as telephones to seek out unemployment insurance benefits in Las Vegas. (Photo Credit: AP Photo/Julie Jacobson) By Jia Lynn Yang The number of U.S. workers filing for unemployment benefits...

By Jia Lynn Yang  |  September 2, 2010; 11:00 AM ET  |  Permalink  |  Comments (12)
Categories:  Unemployment  
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Elizabeth Warren fuels speculation by dropping Harvard class

By Brady Dennis When fall classes began Wednesday at Harvard Law School, Elizabeth Warren was scheduled to be teaching contract law to first-year students. But something happened on the way to the chalkboard. "I'm writing to let you know that...

By Brady Dennis  |  September 2, 2010; 8:23 AM ET  |  Permalink  |  Comments (17)
Categories:  Consumer Financial Protection Bureau  
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Morning briefing: ECB keeps key interest rate unchanged at record low

Traffic in Beijing. (Photo Credit: Peter Parks/AFP/Getty Images) 1. The governing council of the European Central Bank, meeting in Frankfurt, Germany, announced that it would keep its key lending rate unchanged at a record low of 1 percent. 2....

By Ariana Eunjung Cha  |  September 2, 2010; 8:21 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Thursday, Sept. 2, 2010

At 8:30 a.m. -- Labor Dept. releases initial jobless claims for prior week and revised productivity and costs for 2Q. At 10 a.m. -- Pending home sales for July released. At 10 a.m. -- Commerce Dept. releases factory orders for...

By Ariana Eunjung Cha  |  September 2, 2010; 7:52 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Five reasons to be optimistic about the economy

There are some reasons for at least modest optimism on the economy. A roaring recovery is probably not on the way, but here are five reasons that at least a slow-and-steady recovery is likely to continue.

By Neil Irwin  |  September 1, 2010; 2:25 PM ET  |  Permalink  |  Comments (102)
Categories:  U.S. Economy  
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IMF ponders the improbable: Will U.S. default?

By Howard Schneider Will the U.S. government ever default? It's not a pleasant thought for anyone holding some of the roughly $9 trillion in U.S. government bonds and notes currently in public hands - or for anyone hoping the global...

By Howard Schneider  |  September 1, 2010; 1:33 PM ET  |  Permalink  |  Comments (3)
Categories:  International Economics , International Monetary Fund  
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Lehman's Fuld: U.S. regulators had 'flawed information' when denying bailout help

U.S. regulators acting on "flawed information" denied Lehman Brothers the bailout assistance that its Wall Street competitors received, dooming the bank to collapse, former company CEO Richard S. Fuld said Wednesday.

By Ariana Eunjung Cha  |  September 1, 2010; 9:09 AM ET  |  Permalink  |  Comments (3)
Categories:  Congress , Financial Crisis Inquiry Commission  
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Exiting Romer to call for more spending

In her final speech as White House chief economist, Christina Romer on Wednesday will call on Congress to summon the political will to approve additional spending on the economy.

By Lori Montgomery  |  September 1, 2010; 8:59 AM ET  |  Permalink  |  Comments (7)
Categories:  *Economic agenda , Budget and fiscal policy , Federal Reserve , U.S. Economy , Unemployment  
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Morning briefing: Global food prices jump to highest in two years

(Photo credit: Getty Images) 1. The United Nations announced global food prices had risen to the highest in two years. Wheat jumped in Chicago after the U.N. cut crop outlook for the second time since the Russian drought and...

By Ariana Eunjung Cha  |  September 1, 2010; 8:55 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Wednesday, Sept. 1, 2010

At 8:15 a.m. -- ADP employment for August released. At 10 a.m. -- ISM manufacturing for August released and construction spending for July released. Throughout the day -- Automakers release vehicle sales for August. Economists surveyed by Bloomberg expect industrywide...

By Ariana Eunjung Cha  |  September 1, 2010; 8:27 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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FDIC focuses on financial crisis's too-big-to-fail bank problem

By Brady Dennis Later today, the Federal Deposit Insurance Corp. will hold the first in a series of roundtable discussions about the implementation of the far-reaching financial overhaul bill that President Obama signed into law last month. The event will...

By Brady Dennis  |  August 31, 2010; 11:28 AM ET  |  Permalink  |  Comments (2)
Categories:  Federal Deposit Insurance Corp.  
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Home prices increase in 15 major cities, with Washington among the leaders

(Photo credit: Getty Images) By Ariana Eunjung Cha U.S. single-family home prices in major cities saw a modest increase of 4.2 percent in the second quarter from a year earlier, but economists cautioned that the bounce was likely due...

By Ariana Eunjung Cha  |  August 31, 2010; 9:28 AM ET  |  Permalink  |  Comments (15)
Categories:  Housing  
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Morning briefing: India GDP returns to boom levels

1. Japan responded to criticism that the measures it is taking to try to rein in the yen are insufficient by saying that it's "too early" to judge the outcome. The remarks came as the yen continued to strengthen and...

By Ariana Eunjung Cha  |  August 31, 2010; 8:30 AM ET  |  Permalink  |  Comments (1)
Categories:  *Morning briefing  
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Economic agenda: Tuesday, Aug. 31, 2010

At 9 a.m. - The S&P/Case-Schiller home price index for June is released. Economists are expecting an increase of 3.5 percent in the S&P/Case-Shiller survey of 20 major U.S. cities. At 10 a.m. - The Conference Board releases its index...

By Mike Shepard  |  August 31, 2010; 7:53 AM ET  |  Permalink  |  Comments (1)
Categories:  *Economic agenda  
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Letter grades proposed for vehicle fuel efficiency

By Peter Whoriskey The Obama administration is proposing to give automobiles a letter grade ranging from "A" to "D" based on their fuel economy and greenhouse gas emissions.The proposal comes as regulators are preparing to revamp the familiar fuel economy...

By Peter Whoriskey  |  August 30, 2010; 6:11 PM ET  |  Permalink  |  Comments (13)
 
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Morning briefing: Bank of Japan eases monetary policy

1. The the Bank of Japan announced new stimulus measures after an emergency meeting Monday. The central bank decided to further ease monetary policy by expanding a low-interest loan program for financial institutions by 50 percent to $355 billion. 2....

By Ariana Eunjung Cha  |  August 30, 2010; 8:00 AM ET  |  Permalink  |  Comments (1)
Categories:  *Morning briefing  
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Economic agenda: Monday, Aug. 30, 2010

At 8:30 a.m. The Commerce Department is scheduled to report on July spending and incomes. Analysts expect the numbers to show reasonably steady economic growth, with both personal income and personal-consumption spending expected to have risen 0.3 percent for the...

By Ariana Eunjung Cha  |  August 30, 2010; 7:32 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Week ahead: First read on manufacturing sector in August

It will be a busy week for economic news. Monday The Commerce Department is scheduled to report on July spending and incomes. Analysts expect the numbers to show reasonably steady economic growth, with both personal income and personal-consumption spending expected...

By Ariana Eunjung Cha  |  August 30, 2010; 7:28 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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