Economy | News-Opinion
TOP NEWS: Economy: September 10th, 2012
- Fed Options; Open-Ended Bond-Buying Plan
- U.S. to Cut More Than Half Its Stake in A.I.G.
- Krugman: Obstruct and Exploit
- Corporate Cronyism Harms America
- Low Wages Signal Limits in Consumer Spending
Excerpts and More Top Stories
FED/QE3: Bernanke’s Options to Spur Job Growth Include Open-Ended Bond-Buying Plan - BLOOMBERG
Federal Reserve Chairman Ben S. Bernanke, who last month defended his unorthodox monetary policies, has a new tool at hand should he seek one to a revive a flagging economy and labor market: open-ended bond buying.
FED/QE3: Fed Stuck at Zero Into 2015 Seen in Swaps as QE3 Odds Reach 99% – BLOOMBERG
Just six months ago, money market traders expected the Federal Reserve to raise interest rates by the end of 2013. Now, they see borrowing costs staying at record lows for about three more years as the economic outlook worsens.
AIG BAILOUT: U.S. Plans to Cut More Than Half Its Stake in A.I.G. - NYT
A new sale of American International Group stock is the government’s latest move to disentangle itself from one of the most significant bailouts it made in the 2008 financial crisis.
JOBS ACT: Krugman: Obstruct and Exploit – NYT, OP-ED
Evidence shows that fiscal policies are working, but Republicans continue to block necessary legislature.
CORPORATE INFLUENCE: Corporate Cronyism Harms America - WSJ, OPINION
Charles G. Koch: When businesses feed at the federal trough, they threaten public support for business and free markets
WAGES/SPENDING: Low Wages Signal Limits in Consumer Spending - BLOOMBERG
Wages are stagnating as the job market cools, restraining the consumer spending that is needed to sustain the U.S. economic recovery.
FINANCIAL REGULATIONS: Lawmakers Push to Increase White House Oversight of Financial Regulators - NYT
BEN PROTESS: Under a bill that could curb the influence of the Securities and Exchange Commission, the White House would receive explicit authority to influence the rule-making process at independent agencies.
BP has agreed to sell stakes in a group of Gulf of Mexico oil fields for about $5.6 billion to the Plains Exploration and Production Company of Houston.
ENERGY: BP Nears Deal on Gulf Fields - WSJ
BP is close to a deal to sell some of its Gulf of Mexico offshore oil fields for around $7 billion to Plains Exploration & Production.
ENERGY: Petrobras Seeks Partner for Fields off U.S. - WSJ
A move by Petrobras to seek a partner to invest in its U.S. offshore oil fields suggests the Brazilian company has figured out how to extract oil from the difficult site in the Gulf of Mexico.
ENERGY: Sun Peeks Through in Solar – WSJ
The solar-power business is expanding quickly in the U.S., with the growth coming largely from installations of foreign-made panels.
ENERGY: Shell begins drilling on new Arctic well - FT
The well is the first in the Arctic Chukchi Sea in more than two decades, beginning a critical phase in a programme that has already cost $4.5bn
STUDENT DEBT: Debt Collectors Cashing In on Student Loans - NYT
In 2011 the Department of Education paid $1.4 billion to collection agencies to find defaulters, a group that includes nearly one in six borrowers with a balance.
STUDENT DEBT: Pop Goes the College Bubble - DAILY BEAST
With college debt making national headlines, Megan McArdle asks, is college a bum deal?
BANKING: Banks Rethink Executive Pay – WSJ
Directors at J.P. Morgan Chase and Citigroup are weighing new approaches to executive compensation after a series of management miscues.
JOBS: Obama talks tax cuts, job creation – WP
Last week’s Democratic National Convention carried this message to businesses: We want to help you create more jobs in the U.S.
JOBS: Obama’s Lofty Rhetoric Is Mugged By a Grim Jobs Reality – OPINION, RCM
Louis Woodhill: On Thursday night, President Obama gave the nation some soaring rhetoric about his plans for jobs and the economy. On Friday morning, the Bureau of Labor Statistics (BLS) delivered a grim dose of reality.
JOBS: Is Mitt Romney’s 12 Million Jobs Plan Really Doable? - OPINION, RCM
Alfred Tella: Mitt Romney’s plan to create 12 million jobs in his first term as president is being criticized as hyperbole, political fantasy, and pie-in-the-sky.
GMO: Seeds of Hope for the Dry Midwest—and the World – WSJ, OP-ED
Monsanto’s DroughtGard corn and other genetically modified food may also be an environmental boon.
BUSINESS: Google Struggles to Unseat Amazon as the Web’s Most Popular Mall – NYT
As it inches into e-commerce, Google is now charging retailers to appear on its site, a move it says will improve product listings.
BUSINESS: Toys ‘R’ Us Enters the Tablet Wars - WSJ
Toys “R” Us said it will start selling its own proprietary tablet designed for children, taking aim at the “showrooming” phenomenon that is hurting big-box retailers.
BUSINESS: Glencore Says Higher Bid for Xstrata Is Final Offer – NYT
Glencore International confirmed its increased all-share offer for Xstrata, but said on Monday that it would not raise its bid again.
BUSINESS: Smart money backs latest iPhone launch - FT
Latest iPhone will launch into a more competitive market, but the rumours around the smartphone suggest it may not offer the big upgrade expected
BUSINESS: Volvo aims to mitigate strong krona - FT
Chinese owned carmaker considers importing cars into US for ‘natural hedging in dollars’ after Swedish currency undermines its competitiveness
BUSINESS: Kodak Revamps Management, Cuts Jobs - WSJ
Eastman Kodak announced a management shake-up and an additional 1,000 job cuts in an effort to accelerate its cost-reduction program.
BUSINESS: H-P Adds to Planned Layoffs - WSJ
Hewlett-Packard expects to lay off 2,000 more employees than previously indicated, bringing its head-count reduction to about 29,000 over the next two years.
BUSINESS: Amazon Offers Ad Opt-Out – WSJ
Following a raft of online criticism, Amazon said it would allow customers to pay to opt out of ads on its new Kindle Fire devices.
The Common Good publishes a U.S. domestic news digest every weekday, available here.
