Econ 101: The US economy bounced back from a dreary winter to grow at 4 percent in the second quarter, according to the Commerce Department. The numbers make analysts hopeful that the winter shrinkage was an anomaly and the economy will continue to recover and grow this year.

Still a drag is slow growth in wages and the debt carried by an enormous number of Americans. About a third of American households, roughly 77 million people, have at least one bill that’s in the collection process, according to the Urban Institute. The median debt in collection is $1,350. This includes everything from credit cards to water bills.

Gaza: For the second time in a week Israeli fire has hit a United Nations school used as a shelter and at least 20 people were killed. Israeli defense forces later announced a four-hour ceasefire to give people a chance to remove the dead and wounded from combat zones.

Sanctions: President Obama joined the European Union yesterday in announcing more sweeping economic sanctions against Russia for its involvement in the Ukraine crisis and supporting rebels who shot down the Malaysian Airlines jet. Obama said, “Today Russia is once again isolating itself from the international community, setting back decades of genuine progress.”

The new US sanctions target three major Russian banks and a shipbuilding company, but they are also intended to cripple Russia’s oil and gas development, a huge source of income. Russia has the biggest oil and gas reserves in the world.

Obama claimed sanctions have already hurt Russia, saying, “Projections for Russian economic growth are down to near zero.” 

The European sanctions include an arms embargo and a ban on selling Russia dual-use technology that could be used in both the civilian and defense sectors. It’s a big step for Europe which is more likely to suffer under Russian economic retaliation, but the shootdown of the Malaysian jet was the last straw.

Reputation: Former Minnesota Gov. Jesse Ventura, who’s known for his bluster, has been awarded $1.8 in a defamation suit against the estate of a former Navy SEAL. Ventura, a one time member of the Navy underwater demolitions team, claimed that the 2012 memoir American Sniper misquotes him saying nasty things about the SEALS and wrongly says he was knocked to a barroom floor by the book’s author. Accounts from witnesses differed, but author Chris Kyle wasn’t in court to defend himself. In 2013 Kyle was shot dead by a deranged veteran at a Texas gun range. Some say Ventura hasn’t done his reputation any good by pursuing a lawsuit against a widow.

World: At least 24 people died in a stampede during a beach concert in Guinea that was held to celebrate the end of the holy Muslim month of Ramadan.

> The NY Times reports that Al Qaeda has raked in at least $125 million in ransom money paid by European governments since 2008. The paper says al Qaeda took in $66 million last year alone. It’s become a major source of funding for the international terrorist organization. Often the victims are tourists taken in countries where al Qaeda operates or has affiliates.

Surf’s Up: A water main break on Sunset Boulevard yesterday flooded the famous Los Angeles roadway and parts of the adjacent UCLA campus. An estimated 10 million gallons of water spewed from a crater in the road to fame. Stairways became waterfalls, the Pauley Pavilion basketball court was flooded, and underground garages filled with water. Some students had to be rescued after attempting to get their cars out. But Angelenos are so quick to adjust to disaster that the cops had to discourage boogie boarders from surfing down Sunset.

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