October 30

“What you need to know to navigate today’s economic debate.”

The Defining Moment (NYT)
The health care legislation on the table isn’t perfect, but it’s as good as anyone could reasonably have expected. It is time for everyone to decide which side they’re on.

F.D.I.C. Chief Criticizes Reform Plan (NYT)
The regulator, Sheila C. Bair, found fault with a White House plan for a new process to unwind large companies.

Doubts Greet Obama’s Financial Oversight Plan (WP)
The Obama administration on Thursday ran into skepticism from lawmakers on both sides of the aisle, as well as a key regulator, as it pushed for broad new powers to monitor risks throughout the financial system.

Do Banks Have Something to Hide? (Fortune)
Even experts have a hard time getting a handle on how bad losses might get as the commercial real estate market implodes.

Bankers Fear Transatlantic Pay Split (FT)
Wall Street concerns over tougher UK rules.

Should Wall Streeters Give Their Bonuses to the Homeless? (BW)
Economist and writer Katerina Alexandraki is asking Wall Streeters getting big bonuses to contribute them to folks in danger of losing their homes.

U.S. Economy Stabilized but Risks Remain: Geithner (Reuters)
The U.S. economy’s return to growth during the third quarter shows stability has been regained but recovery is fragile and needs nurturing, Treasury Secretary Timothy Geithner

With Big Government Boost, U.S. Economy Grew in 3rd Quarter (WP)
The Commerce Department reported Thursday that the nation’s gross domestic product rose at a 3.5 percent annual rate in the 3Q, he clearest evidence yet the recession has ended.

Stimulus Creates 650,000 Jobs (CNN)
White House releases first broad look at stimulus-funded employment, focusing on $150 billion in spending.

Consumer Spending Tumbles (WSJ)
Spending by Americans took a big tumble in September, as they lost a popular government subsidy and were left with a lousy job market and a credit crunch.

Obama Bridge to Lasting Economic Expansion Risks Going Nowhere (BLM)
Harvard economist Martin Feldstein says that the third-quarter growth “was boosted by the various fiscal stimulus policies. The danger remains of a serious slowdown after this and a possible double dip” of the economy in 2010

Defending Obama’s Small-Business Agenda (NYT)
The head of the Small Business Administration, Karen Mills, makes the case for White House initiatives on lending, health care and government contracts.

U.S. Charges Financial Firm in California With Fraud (NYT)
DOJ said CDR Financial Products secretly manipulated the competition among banks in the lucrative business of helping governments raise money.