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Political Economy explores how political forces in Washington and elsewhere in the world shape the economy and how corporate agendas influence political institutions and politicians. The blog offers new perspectives on the day's top economic and business stories with exclusive interviews with government officials and lawmakers, commentary from influential economists and analysis from Post reporters. Ariana Eunjung Cha is the blog's lead writer and Mike Shepard is the author of the daily economic agenda.

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Ezra Klein's Take

    "The Obama campaign publicly supported the bank bailout and then repelled the populist measures to really hammer banker pay when they got into office. The financial reform bill didn't break up the banks, set leverage requirements in statute or do any of a number of other things that would've really hurt the financial industry. The auto bailout was designed to preserve the existence of America's auto industry, and even the Economist has admitted that the Obama administration did everything in its power to "restore both firms to health and then get out as quickly as possible." The various stimulus measures have been designed to directly support businesses or indirectly support the people who those businesses rely on."

Steve Pearlstein's Take

    "Given the fragile state of the economy, this is no time to be raising taxes on the middle class, as nearly every dollar taxed is nearly a dollar not spent buying goods and services... At the same time, even conservative economists acknowledge that while the rich account for a disproportionate share of consumer spending, raising their taxes by a modest amount won't alter that spending or have much of a short-term impact on the economy. The reason: Wealthy people make considerably more than they spend, and they save the rest."

Economic agenda: Wednesday, Aug. 25, 2010

At 8:30 a.m. -- The Commerce Department releases data on orders for durable goods in July. Economists surveyed by Bloomberg expect an increase of 3 percent from June.

At 10 a.m. -- The Commerce department releases data on sales of new homes in July. Economists are predicting that sales will remain flat at an annualized rate of 330,000.

At 10 a.m. -- The Federal Housing Finance Agency, which regulates mortgage giants Fannie Mae and Freddie Mac, releases its home price index for June and for the second quarter. Economists are expecting a 01. percent rise in home prices from May to June, but a decline of 0.4 percent from the first quarter to the second.

At 10 a.m. -- The Securities and Exchange Commission meets to discuss proposed changes to rules governing the proxy nomination process at publicly traded companies.

By Mike Shepard  |  August 25, 2010; 5:29 AM ET
Categories:  *Morning briefing  
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Next: Morning briefing: Ireland's credit rating downgraded

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