Americans are saving more despite extremely low interest rates. Imagine, the interest consumers earned on their savings account averaged 0.80% in October, vs. 3.38% in October 2007. But as Bloomberg BusinessWeek reports, over the same three year time period deposits at banks and credit unions have increased by $1 trillion, to $7.74 trillion, an all-time high.

The first stage of the tax deal between the Administration and Congressional Republicans is done.

David Leonhardt of the New York Times has a good "what does it all mean" article. It's Fiscal Stimulus Two. It looks like a real compromise, which means many unhappy folks on Capital Hill.

Follow Chris Farrell at @cfarrellecon