Morning Roundup: Americans Are Buying Cereal, Not Houses

  • Politicians on the campaign trail can actually feel voters’ economic pain, because several of them are fighting foreclosures, trying to pay off loads of debt and busted investments. Plus, if you think about it, anyone who’s challenging an incumbent is technically unemployed. [WSJ]
  • After Ben Bernanke promised yesterday to shower the U.S. economy with additional money via “quantitative easing,” investors are buying gold in droves for fear that inflating our way out of stagnation may bode poorly for the future. [FT]
  • Even though the cost of borrowing borders on negligible, people aren’t overly interested in buying houses, because they either don’t have jobs or are fairly sure they will soon be unemployed. [CNBC]
  • At least one economist thinks that the Obama administration’s homebuyer tax credit had a laughably small impact on our persistently horrible economy. [NYT]
  • General Mills, which makes foods like Cheerios cereal and Bugles cone-shaped chips, today reported earnings that were above Wall Street’s expectations, indicating that despite the economic crisis, Americans still have a huge appetite for packaged foods. [Reuters]