Cellphone Ownership Soared Since 1998
The number of U.S.households with cell phones increased to 71% from 36% 1998 and 2005, according to the U.S. Census Bureau, and two thirds of households say they have a personal computer. The data were collected in 2005 as part of the ongoing Survey of Income and Program Participation.  “While income is generally regarded as the best single measure of one’s living standard, it doesn’t give us the whole picture,” said Tiffany Julian, an analyst in the Census Bureau’s Housing and Household Economic Statistics Division. “This survey is unique in that it includes additional measures of well-being that give us a broader look at household living conditions.”

Morgan Stanley Advisor: Central Banks Should Declare Victory, Look to Exit
The world’s central banks should “declare victory and prepare to withdraw,” says Morgan Stanley’s new senior economics advisor, Charles Goodhart, of the quantitative easing plans unleashed this year. He points out that, ironically, quantitative easing has failed to meet central banks’ goals of boosting credit to the private sector, with the extra liquidity lingering in reserves at the central bank, and yet by reviving appetites for risky asset markets it has successfully ended last year’s crisis.

Top Universities Get More Selective, but Offer Better Return on Investment
America’s most prestigious universities have just gained a new argument to justify skyrocketing tuitions, thanks to research from one of their own professors. Graduates from more prestigious universities get their money’s worth. (Getty Images) In a new paper, Caroline Hoxby, a Stanford (and formerly Harvard) economist who

Holiday Promotions May Crimp Retail Margins
Retailers’ moves to offer early and aggressive holiday promotions before Thanksgiving could result in disappointing margins, Moody’s Investors Service warned in a report. The ratings agency said Wednesday that consumers’ memories of last year’s mid-holiday blowout sales — which occurred in the midst of the financial crisis — could play a role in compressing margins. By raising expectations of pre-Black Friday promotions, consumers may be disappointed if prices don’t reach last year’s disaster levels. Still, Moody’s said it doesn’t expect retailers to suffer from the very high levels of promotions a

Secondary Sources: Black Friday, Bubbles, Tax Overhaul
A roundup of economic news from around the Web. Black Friday: Ahead of the kickoff to the consumption season, Tim Duy of Fed Watch notes that the path of consumer spending has been throw way off course. “Real year over year growth in the 1% range is not going to bring households back to trend anytime soon. To be sure, given the dependence of household on debt financed spending, it is arguably correct that past trends were unsustainable, that the only possible outcome from this mess was a permanent shock to the level of household spendi