News
CNN Money | It's going to be a tough quarter for banks
Many analysts also predict that loan growth slowed during the quarter, largely due to a huge uptick in demand in late 2012, when businesses and consumers rushed to borrow ahead of the fiscal cliff.
Bloomberg | Lacker Says Government Should Be Ready to Let Big Banks Fail
Federal Reserve Bank of Richmond President Jeffrey Lacker said plans to limit the size or change the structure of the largest financial institutions must be made with the intent of allowing them to fail without government aid.
Market Watch | NFIB small-business optimism index drops in March
The March small-business optimism index of the National Federation of Independent Business fell 1.3 points to 89.5.
Econ Comments & Analysis
Business Insider | The US Housing Recovery Is A Mirage And A Serious Delinquency Crisis Is Coming
At the end of March, it was announced that the 20-city Case-Shiller Index was up 8.1% year-over-year. Nearly all housing experts declared that this was further confirmation that the housing recovery was firmly in place.
CNN Money | Housing is back! Best moves for homebuyers
Six years after prices collapsed, housing has begun to climb out of its hole. So what are the best moves to make now? In a three-part series, we offer smart strategies for buyers, sellers, and owners in today's market.
Politico | Hey Congress: Get immigration reform done
Members of Congress have returned to our nation’s capital after a two-week break for the Easter holiday. And now that they’re all back, they should immediately address one of the most pressing issues facing our country: the need for responsible and comprehensive immigration reform.
Fortune | Wall Street remains too bullish on the job market
Economist Dean Baker, who called the jobs market correctly in March, says the outlook for hiring is likely to remain weak.
NBER | A Nation Of Gamblers: Real Estate Speculation And American History
The great housing convulsion that buffeted America between 2000 and 2010 has historical precedents, from the frontier land boom of the 1790s to the skyscraper craze of the 1920s. But this time was different.
CATO | Regulatory Protectionism: A Hidden Threat to Free Trade
Despite the impressive success of trade liberalization, domestic industries continue to find ways to use the power of government to protect themselves from foreign competition. The practice of using domestic environmental or consumer safety regulation as a way to disguise protectionist policy has become a serious and growing problem in the United States. This regulatory protectionism harms the U.S. economy and violates our trade obligations.
Blogs
Library of Economics | Is Econ a Mickey Mouse Major?
My intellectual conscience engages whenever I speak of "Mickey Mouse majors." After all, many people see my own discipline - economics - as a prime example. Are they wrong?
Tuesday, April 9, 2013
Health Care
News
Roll Call | Health Advocates Push for Medicare Benefit Change
Health care stakeholders complain that some of Medicare’s benefit structure is still stuck in the 1960s, when the program was created. As lawmakers search for ways to reduce government spending, many are looking to find savings by bringing all of Medicare into the current century.
National Journal | GOP Health Experts Agree: Don't Count on 'Obamacare' to Fail
It seems like there’s a new story every day about a problem with the Affordable Care Act: America could turn into a country of temp workers. People could get smaller tax refunds. Small businesses won’t realize any benefits until 2015. Small business owners are confused, apprehensive, and refusing to expand.
Roll Call | Health Advocates Push for Medicare Benefit Change
Health care stakeholders complain that some of Medicare’s benefit structure is still stuck in the 1960s, when the program was created. As lawmakers search for ways to reduce government spending, many are looking to find savings by bringing all of Medicare into the current century.
National Journal | GOP Health Experts Agree: Don't Count on 'Obamacare' to Fail
It seems like there’s a new story every day about a problem with the Affordable Care Act: America could turn into a country of temp workers. People could get smaller tax refunds. Small businesses won’t realize any benefits until 2015. Small business owners are confused, apprehensive, and refusing to expand.
Monetary
News
CNN Money | Volcker: Central banks are too aggressive
Former Federal Reserve chairman Paul Volcker warned Monday about potential dangers from what he calls "unorthodox" and aggressive moves by central banks around the world.
Bloomberg | Bernanke Says Fed to Press Banks to Curb Liquidity Risk
Federal Reserve Chairman Ben S. Bernanke said the Fed plans to avert strains in the banking system by pushing financial companies to better manage liquidity risk and reduce reliance on wholesale funding.
Market Watch | China inflation eases, but some economists worried
China’s consumer inflation eased in March, data out Tuesday showed, with the less-than-expected rise in prices helping stocks but worrying some analysts.
Econ Comments & Analysis
Real Clear Markets | High Bank Equity Requirements Will Slow the Economy
There are serious proposals to force banks to fund themselves with considerably less debt and far more money from their shareholders. This would protect the rest of us, by leaving more of the risk with shareholders and reducing the potential need for taxpayer bailouts. However, there is a trade-off for the greater safety; loans would become more expensive and the economy would slow.
CNN Money | Volcker: Central banks are too aggressive
Former Federal Reserve chairman Paul Volcker warned Monday about potential dangers from what he calls "unorthodox" and aggressive moves by central banks around the world.
Bloomberg | Bernanke Says Fed to Press Banks to Curb Liquidity Risk
Federal Reserve Chairman Ben S. Bernanke said the Fed plans to avert strains in the banking system by pushing financial companies to better manage liquidity risk and reduce reliance on wholesale funding.
Market Watch | China inflation eases, but some economists worried
China’s consumer inflation eased in March, data out Tuesday showed, with the less-than-expected rise in prices helping stocks but worrying some analysts.
Econ Comments & Analysis
Real Clear Markets | High Bank Equity Requirements Will Slow the Economy
There are serious proposals to force banks to fund themselves with considerably less debt and far more money from their shareholders. This would protect the rest of us, by leaving more of the risk with shareholders and reducing the potential need for taxpayer bailouts. However, there is a trade-off for the greater safety; loans would become more expensive and the economy would slow.
Taxes
News
Politico | Energy tax reform a heavy lift for lawmakers
Congress is slowly but steadily drilling into energy policy tax issues, but anyone hoping to see detailed plans soon may be disappointed.
Econ Comments & Analysis
Washington Times | Blowing taxpayer money
Uncle Sam doesn’t need to do a lot to fill the pockets of favored industries. President Obama has made it clear that he wants any company that claims to be “green” to succeed in the marketplace. So the Internal Revenue Service made a quiet adjustment to the wind production tax credit, delivering a $545 million advantage to the windmill industry.
Politico | Energy tax reform a heavy lift for lawmakers
Congress is slowly but steadily drilling into energy policy tax issues, but anyone hoping to see detailed plans soon may be disappointed.
Econ Comments & Analysis
Washington Times | Blowing taxpayer money
Uncle Sam doesn’t need to do a lot to fill the pockets of favored industries. President Obama has made it clear that he wants any company that claims to be “green” to succeed in the marketplace. So the Internal Revenue Service made a quiet adjustment to the wind production tax credit, delivering a $545 million advantage to the windmill industry.
Employment
Econ Comments & Analysis
CATO | Raising Minimum Wage Will Hurt More than Help
President Barack Obama wants to give low-wage Americans a raise. Actually, he wants to force other people to give them a raise. It’s a bad idea.
Blogs
WSJ | Employment Index Signals Modest Gains Ahead
A compilation of U.S. labor-market indicators dropped in March, but still signals modest job gains ahead, according to a report released Monday.
Café Hayek | Econ 101 and the Minimum Wage
Those who argue that the minimum wage has little or no effect on employment sometimes describe those of us on the other side as using Econ 101 or perfect competition or the marginal product theory of the demand for labor or an equilibrium concept of the labor market to argue that the minimum wage reduces employment.
CATO | Raising Minimum Wage Will Hurt More than Help
President Barack Obama wants to give low-wage Americans a raise. Actually, he wants to force other people to give them a raise. It’s a bad idea.
Blogs
WSJ | Employment Index Signals Modest Gains Ahead
A compilation of U.S. labor-market indicators dropped in March, but still signals modest job gains ahead, according to a report released Monday.
Café Hayek | Econ 101 and the Minimum Wage
Those who argue that the minimum wage has little or no effect on employment sometimes describe those of us on the other side as using Econ 101 or perfect competition or the marginal product theory of the demand for labor or an equilibrium concept of the labor market to argue that the minimum wage reduces employment.
Budget
News
Bloomberg | U.S. Isn’t Broke, Dollar Won’t Fail, Capital Economics Says
The U.S. isn’t broke, and the dollar isn’t in danger of collapse even after unprecedented stimulus measures enacted following the worst financial crisis since the Great Depression, according to Capital Economics Ltd.
National Journal | What to Expect in Obama’s Budget
If the budgets passed by Senate Democrats and House Republicans offered up competing worldviews, then President Obama will add a third entry to the mix on Wednesday as the White House unveils its spending plan for fiscal year 2014.
WSJ | Inflation Proposal To Shield Poorest
President Barack Obama's budget on Wednesday will propose slowing the growth of Social Security and other benefits, but include measures to shield a broad range of Americans from the plan's full impact, including very old recipients as well as low-income seniors and veterans.
Econ Comments & Analysis
WSJ | A Primer for Understanding Obama's Budget
President Obama will release his overdue budget on Wednesday. It will doubtless project a reduction in the federal budget deficit—a projection that journalists, commentators and policy makers should ignore. To do otherwise is to be complicit in fraud. Strong statement? Not really.
Bloomberg | U.S. Isn’t Broke, Dollar Won’t Fail, Capital Economics Says
The U.S. isn’t broke, and the dollar isn’t in danger of collapse even after unprecedented stimulus measures enacted following the worst financial crisis since the Great Depression, according to Capital Economics Ltd.
National Journal | What to Expect in Obama’s Budget
If the budgets passed by Senate Democrats and House Republicans offered up competing worldviews, then President Obama will add a third entry to the mix on Wednesday as the White House unveils its spending plan for fiscal year 2014.
WSJ | Inflation Proposal To Shield Poorest
President Barack Obama's budget on Wednesday will propose slowing the growth of Social Security and other benefits, but include measures to shield a broad range of Americans from the plan's full impact, including very old recipients as well as low-income seniors and veterans.
Econ Comments & Analysis
WSJ | A Primer for Understanding Obama's Budget
President Obama will release his overdue budget on Wednesday. It will doubtless project a reduction in the federal budget deficit—a projection that journalists, commentators and policy makers should ignore. To do otherwise is to be complicit in fraud. Strong statement? Not really.
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