Nobel economist Stiglitz on U.S. inequality and growth
Nobel economist Joseph Stiglitz argues that widening inequality harms growth and stability in the United States. He links student debt, the real estate bubble, and limited mobility to top‑heavy wealth, noting deficits stem from weak growth rather than debt. He cites investor behavior and Fed bond purchases spreading money abroad.
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Natural gas prices jump on slim U.S. supply rise
New York futures rose 12 cents to 3.05 per 1000 cubic feet after the EIA reported a 24 billion cubic foot storage gain to 3.241 trillion for the week ended Aug 3. Analysts had forecast 27 to 31 billion, while Schork warned prices may peak as summer wanes.
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US 30 year mortgage rate rises to 3.59 percent
Freddie Mac reports the 30 year fixed rate at 3.59 percent, up from 3.55 percent the prior week, with the 15 year fixed at 2.84 percent. Rates track the 10 year Treasury and help support a modest housing recovery despite weak overall economy.
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