May 1

May 1, 2009Tim Price

daily-digestWhat you need to know to navigate today’s economic debates.

Souter Said to Be Leaving Court in June (NYT)
Conservative Supreme Court Justice David H. Souter plans to retire at end of June, opening the way for an Obama appointment.

Chrysler to File for Bankruptcy (FB)
Chrysler will enter “surgical bankruptcy”, scheduled to be in and out in less than 60 days so Fiat deal can move forward.

House Passes Credit Card Crackdown, Will Freeze Some Interest Rates (Politico)
Legislation that would freeze interest rates on certain credit card balances overwhelmingly passed the House.  Senate expected to follow next week.

An Affordable Salvation (NYT)
Economist Paul Krugman analyzes economic cost and opportunity in limiting greenhouse gases emissions.

Flawed Credit Ratings Reap Profits as Regulators Fail (BLM)
Reliance on credit ratings spreads misinformation, contributing to excessive risk taken during the boom.

Anita Dunn heads to the White House (Politico)
Veteran Democratic strategist temporarily appointed communications director as replacement for Moran is sought.

Bulls Take the Market by the Horns (FT)
S&P 500 up 30% since March, but poor economic data continues pessimistic outlook.

Help Wanted: Why That Sign's Bad (BW)
Structural shifts in economy keep 3 million jobs unfilled while 13 million unemployed.

Manufacturing in U.S. Probably Shrank at Slower Pace in April (BLM)
Fall in inventories slows pace of declining US manufacturing sector.

Inventory glut: Tearing down new homes in Victorville (CWD)
South of L.A, banks demolish foreclosed homes because cost of maintenance exceeds cost to demolish.

Substantial Mismeasurement of the Real Growth of Total R&D Expenditures (Alea)
Adam Copeland and Dennis Fixler from the U.S. Dept. of Commerce publish paper on R&D price index.

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