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Slow Wage Growth Holds Back Incomes in July

Consumers kept their cash--and credit cards--in their wallets in July as personal spending rose just 0.1 percent, while income increased 0.2 percent, the Bureau of Economic Analysis (BEA) reported Friday. Economists had expected income to grow 0.2 percent but thought spending would increase 0.3 percent.

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Revised Q2 GDP Shows Unexpected Strength

Second quarter growth was calculated at a seasonally adjusted annual 2.5 percent rate, a sharp increase from the 1.7 percent initially reported for gross domestic product (GDP), the broadest measure of the nation's economy, a month ago.

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Commentary: Solving the Wrong Problem

"GSE reform," according to White House propaganda, will end "an era of housing bubble and taxpayer bailouts." Obama's about the bubbles and bailouts, but wrong to blame Fannie and Freddie.

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