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Political Economy: January 30, 2011 - February 5, 2011

Geithner on GOP debt proposal: 'Harmful' and 'unworkable'

U.S. Treasury Secretary Timothy Geithner called the Republican debt plan not only "unworkable" but "harmful." In a letter to Sen. Pat Toomey (R., Pa.) on Feb. 3, Geithner said a proposal to prioritize paying interest on the national debt is not reasonable, likening it to a homeowner paying his mortgage but not his utility bills.

By Ariana Eunjung Cha  | February 4, 2011; 12:37 PM ET  |  Permalink  |  Comments (5)
Categories:  U.S. Treasury  
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Economic agenda: Friday, Feb. 4, 2011

At 8:30 a.m. -- The Labor Department is scheduled to release unemployment data for January. Forecasters expect that the report will show 140,000 net new jobs created last month, only barely enough to match population growth. The unemployment rate should...

By Neil Irwin  | February 4, 2011; 6:30 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  | Tags:  U.S. Department of Labor, unemployment  
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January jobs report to offer important read on economy

There has been plenty of economic data lately pointing to better times ahead. Just this week, a key survey of manufacturers showed the strongest pace of expansion since 2004, and the number of people filing claims for jobless benefits fell...

By Neil Irwin  | February 4, 2011; 6:00 AM ET  |  Permalink  |  Comments (7)
Categories:  U.S. Economy, U.S. Labor Department  
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Economic agenda: Thursday, Feb. 3, 2011

At 8:30 a.m. -- The Labor Department releases weekly jobless claims. At 8:30 a.m. -- The Labor Department releases fourth-quarter productivity in the work force. At 9:30 a.m. -- The Senate Energy and Natural Resources Committee holds a hearing on...

By Ariana Eunjung Cha  | February 3, 2011; 6:25 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Geithner and homeowners in foreclosure

Since the uproar over improperly prepared foreclosure documents broke last fall, public reaction has been split among those who are sympathetic to the homeowners and those who, in the words of several bank officials I interviewed, think that borrowers in default are "deadbeats." In an interview with Black Enterprise magazine that came out this week, Treasury Secretary Tim Geithner comes out more in the first camp. He talks about how some people in foreclosure "were taken advantage of" and others who were "completely innocent victims."

By Ariana Eunjung Cha  | February 2, 2011; 3:57 PM ET  |  Permalink  |  Comments (1)
Categories:  U.S. Treasury  
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Economic agenda: Wednesday, Feb. 2, 2011

At 10 a.m. -- The Securities and Exchange Commission meets to consider possible rules on swaps....

By Mike Shepard  | February 2, 2011; 6:30 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  | Tags:  SEC  
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Banks reminded on military personnel protections

The recently-tapped head of military issues for the new Consumer Financial Protection Bureau, sent a letter to the nation's 25 largest banks Tuesday urging them to comply "with important legal protections for military personnel." Holly Petraeus, wife of Gen. David...

By Brady Dennis  | February 1, 2011; 7:35 PM ET  |  Permalink  |  Comments (1)
 
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Where did newly departed members of Congress find jobs?

Remapping Debate teamed up with the Center for Responsive Politics to track where members of the 111th Congress went after retiring, losing their races or declining to run for another term. The results are facinating. The highest number went into the private sector (no surprise to those in Washington that lament about the revolving door between industry and the government). But a high number also sent into academia, to other government entities or to non-profits. Here's the breakdown as of Jan. 31.

By Ariana Eunjung Cha  | February 1, 2011; 2:14 PM ET  |  Permalink  |  Comments (5)
Categories:  Congress  
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Ally Financial says it has fixed vast majority of mishandled foreclosure affidavits

Ally Financial, one of the firms at the center of the foreclosure debacle that unfolded last year, is reporting that it has made significant progress in correcting improperly filed foreclosure papers.

By Sarah Halzack  | February 1, 2011; 10:58 AM ET  |  Permalink  |  Comments (8)
 
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Economic agenda: Tuesday, Feb. 1, 2011

At 10 a.m. -- The Institute for Supply Management plans to release its index of activity at manufacturing firms, which is expected to show another month of strong expansion at the nation's factories in January. Forecasters expect the index to...

By Neil Irwin and Ariana Eunjung Cha  | February 1, 2011; 6:30 AM ET  |  Permalink  |  Comments (1)
Categories:  *Economic agenda  | Tags:  auto sales  
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On economy, Obama takes a new role: cheerleader

He used to tour the country touting all the bills he had signed into law. But now, often with safety goggles covering his eyes, President Obama has become the host of what feels like a looping infomercial on American innovation. There he was in North Carolina championing "biotechnology firms that are churning out jobs and businesses and life-saving discoveries." In New York, they were the "unbelievably impressive" turbines and generators being produced at a General Electric plant. In Wisconsin, the lighting fixtures that were "a model for the future." Every once in a while on his roadshow tour of American factories, the Harvard-trained lawyer hints at the obvious: He doesn't know much about what he's just seen. "As I was walking through the plant, you guys had put up some handy signs. So I knew what I was looking at," he joked in New York earlier this month. In this new stage of his presidency, Obama, once derided as anti-business, has adopted a different tone: cheerleader.

By Perry Bacon Jr.  | January 31, 2011; 2:06 PM ET  |  Permalink  |  Comments (0)
Categories:  White House  
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Economic agenda: Monday, Jan. 31, 2011

At 8:30 a.m. -- The Commerce Department is set to release data on December personal income and consumption. The numbers were already reflected in Friday's report on gross national product. Look for an 0.4 percent rise in incomes and an...

By Neil Irwin  | January 31, 2011; 6:30 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  | Tags:  personal income  
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