WSJ Markets Video

Greece, Spain and the European debt crisis will come back to the fore now that the Facebook IPO is out of the picture and benchmark U.S. indexes are on their third week of losses, according to MarketWatch's Laura Mandaro. (Photo: Getty Images.)




Facebook CEO Mark Zuckerberg addresses employees before ringing the Nasdaq bell ahead of Facebook's IPO on Friday. Video: Facebook.




Facebook's public debut had plenty of buzz but not much pop. The shares opened 11% higher, but soon struggled to stay above their offering price. David Benoit and Shayndi Raice have details on The News Hub. Photo: Reuters.




Stocks declined, suffering the worst week of the year, as optimism surrounding Facebook faded after the shares made their trading debut. Steven Russolillo has details on The News Hub. Photo: AP.




The Economist Blog

  • MATTHEW YGLESIAS at Slate discusses a fascinating new paper in the Journal of Economic Literature that asks "Why is the teen birth rate in the United States so high and why does it matter?" The authors, economists Melissa Schettini Kearney of the University of Maryland and Phillip B. Levine of Wellesly, find that having children as a young, unmarried woman doesn't much hurt one's economic prospects. It's true that young, unmarried women who beget don't exactly thrive economically. But that's not motherhood's fault. Ms Kearney and Mr Levine ingeniously use data on miscarriage to more precisely isolate the economic effects specifically due to motherhood from those effects due to other demographic and socioeconomic attributes that may also affect the decision to have a child...

  • REPUBLICANS, we are told, respect authority and expect conformity. On the one hand, that spurs them to greater discipline than Democrats. "Thou shalt not speak ill of any fellow Republican," Ronald Reagan said, in what has been dubbed the 11th commandment. On the other hand, people who expect conformity often punish those who deviate. That's why we've seen so many high-profile primary fights on the right this year, with moderate incumbents like Dick Lugar being challenged by tea-party voters who are willing to bin decades of experience in the name of ideological purity. 

    I was starting to see it that way myself, but looking at the race for Texas's 16th congressional district, in El Paso, I'm wondering. El Paso is a heavily Democratic city—more Democratic than liberal Austin—and so the race will effectively be decided in the primary on May 29th. In a slightly unusual turn of events, however, it's turning into a serious contest between two Democrats. The incumbent, Silvestre Reyes, has been in office for more than 15 years, and has held influential positions in the House, most recently as the chairman of the House Intelligence Committee. He is, in fact, the most prominent politician in El Paso (a region that never sends a candidate to statewide office, much less...

  • COMMON CAUSE, a left-leaning advocacy non-profit, has filed a lawsuit against the Senate on the grounds that the filibuster defies the constitution. Ezra Klein of the Washington Post, a leading anti-filibuster opinion-maker, lays out the Common Cause case as it has been articulated by Emmett Bondurant, a celebrated litigator and Common Cause board member:

    Between 1840 and 1900, there were 16 filibusters. Between 2009 and 2010, there were more than 130. But that’s changed. Today, Majority Leader Harry Reid says that “60 votes are required for just about everything.”

    At the core of Bondurant’s argument is a very simple claim: This isn’t what the Founders intended. The historical record is clear on that fact. The framers debated requiring a supermajority in Congress to pass anything. But they rejected that idea.

    The constitution sets out six cases in which a supermajority is required in the senate, and passing ordinary legislation isn't one of them. Mr Bondurant's basic claim is that the upshot of this omission is that the...

  • MITT ROMNEY'S campaign site has a simple statement of principle at the top: "We have a moral responsibility not to spend more than we take in." If Mr Romney actually believes this, he must think America a thoroughly depraved and immoral country. The US government has spent more than it has taken in for 76 of the past 100 years, and 26 of the past 30. The last five Republican presidents, Messrs Nixon, Ford, Reagan, Bush and Bush, have all violated this putative moral responsibility with joyful abandon, and they have plenty of company. There are almost no countries in the world whose governments spend, on the whole, less than they take in; the ones that come close to breaking even are mostly oil-rich authoritarian...

  • ACCORDING to the internet's hilarious headline writers, Eduardo Saverin, a Facebook co-founder, dis-"likes" America's tax rules and has "un-friended" the land of the free in order to dodge a potentially monumental tax bill after Facebook goes public. Mr Saverin is Brazilian by birth, but has been an American citizen since 1998. Last fall, he filed the papers to renounce his American citizenship. Considering how well Mr Saverin has done here, is this jake? Farhad Manjoo thinks that not only is Mr Saverin's extreme self-deportation unfair, "It’s ungrateful and it’s indecent. Saverin’s decision to decamp the U.S. suggests he’s got no idea how much America has helped him out." Ilyse Hogue of The Nation is incensed:

    In making this decision, the...