News
Bloomberg | UPS Cuts 2013 Earnings Forecast on U.S. Economic Slowdown
United Parcel Service Inc. (UPS), the world’s biggest package delivery company, cut its 2013 earnings forecast, saying a slowing U.S. economy hurt second-quarter profit and revenue. The stock dropped the most since 2011.
CNN Money | The case for $70 oil
There's an old adage in the oil industry: The best cure for high prices is high prices. Soaring prices lead to new investment, bringing new supplies to market. And that's exactly what's been happening since crude prices went off to the races nearly a decade ago.
WSJ | Senators Want to Resurrect Depression-Era Curbs on Risk Taking
Sen. Elizabeth Warren (D., Mass.), one of Wall Street's most outspoken critics, is putting her populist muscle behind a bipartisan bill to reinstate Depression-era laws separating plain-vanilla banking activities from riskier investment-banking bets.
Econ Comments & Analysis
WSJ | The North American Global Powerhouse
Discussions of rising economies usually focus on Asia, Africa and the BRIC countries—Brazil, Russia, India and China. But what may well be the most important development of all is often overlooked: the arrival of North America as a global powerhouse. What's going on?
Washington Post | The IMF’s dreary report card
The International Monetary Fund’s latest global economic forecast makes for unhappy reading. You may remember that, some years back, it was fashionable to ask whether the world economy could continue “flying on one engine” — meaning the United States. America’s boom and import appetite boosted other economies.
Washington Times | Fracking is greener than critics claim
The only thing deeper than a natural-gas well is the ignorance of the anti-fracking crowd.
Fortune | The magical world of Fannie Mae accounting
Fannie Mae converted a huge non-cash profit into a deficit-reducing payment to the Treasury by borrowing the money without having it count as part of the national debt even though taxpayers guarantee it. Too bad we can't all use that stratagem to pay our own bills.
CATO | Transatlantic Regulatory Trade Barriers
This week, trade negotiators from the U.S. and EU are meeting in Washington to begin discussions on the proposed Transatlantic Trade and Investment Partnership (TTIP). Even before negotiations have begun, issues such as protection for French films from well-financed Hollywood competition have generated significant controversy. Will Iron Man,Superman and Spiderman be able to break open the French market? There is little doubt that liberalizing trade between two of the world’s economic superpowers, with all of their various interest groups, presents some challenges.
Blogs
Economist | Traders versus economists
Traders and economists both spend their days studying markets, yet I’m struck by how differently they approach the subject. Since traders profit from finding mispricings, they are biased to believe that prices are more often wrong than right. Fundamentals matter, but traders believe they are routinely overwhelmed by psychology, liquidity and other non fundamental factors.
Friday, July 12, 2013
Health Care
News
National Journal | Obamacare Delay? What Obamacare Delay?
When the Obama administration said it would delay the health reform law’s requirement that employers insure their workers or face a fine, its critics began to wonder what else might get delayed. The law’s big new piece of infrastructure—the online insurance marketplaces scheduled to go live Oct. 1—involves coordinating a massive trove of information technology and a ton of personnel training.
National Journal | Obamacare Delay? What Obamacare Delay?
When the Obama administration said it would delay the health reform law’s requirement that employers insure their workers or face a fine, its critics began to wonder what else might get delayed. The law’s big new piece of infrastructure—the online insurance marketplaces scheduled to go live Oct. 1—involves coordinating a massive trove of information technology and a ton of personnel training.
Monetary
News
FOX Business | Wholesale Inflation Rises More Than Expected
U.S. producer prices rose more than expected in June, pointing to an apparent increase in inflationary pressures that could make the U.S. Federal Reserve more comfortable about reducing its monetary stimulus.
Econ Comments & Analysis
WSJ | Once Again, the Fed Shies Away From the Exit Door
The Federal Reserve's liquidity operations during the 2008 financial panic represented good central banking: providing loans when markets freeze up. But instead of simply letting those programs expire as the panic subsided, the Fed embarked on its first quantitative easing program (QE1)—large-scale purchases of mortgage-backed securities and Treasurys—trying to stimulate the housing market and the economy.
Fortune | Higher interest rates: A bitter pill for banks
Banks have been bemoaning the low interest rate environment for years as it has translated into scant profits from lending and writing mortgages. But with the Federal Reserve signaling that it might finally be ready to hike rates, there is concern that the banks may be in for a rude awakening.
AEI | What does Larry Summers really think of QE?
With Summers revealing little, probably on purpose, one must deduce his true views on QE. There are three possible approaches he could bring to the Federal Reserve, each with dramatically different implications for monetary policy.
Blogs
WSJ | Sizing Up Market Expectations for the Fed’s QE
Federal Reserve Chairman Ben Bernanke has said a couple of times since the Fed’s June 19 policy meeting that the central bank’s plans for its $85 billion per month bond buying program were pretty close to what the market has been expecting. His message: There’s no need to overreact.
FOX Business | Wholesale Inflation Rises More Than Expected
U.S. producer prices rose more than expected in June, pointing to an apparent increase in inflationary pressures that could make the U.S. Federal Reserve more comfortable about reducing its monetary stimulus.
Econ Comments & Analysis
WSJ | Once Again, the Fed Shies Away From the Exit Door
The Federal Reserve's liquidity operations during the 2008 financial panic represented good central banking: providing loans when markets freeze up. But instead of simply letting those programs expire as the panic subsided, the Fed embarked on its first quantitative easing program (QE1)—large-scale purchases of mortgage-backed securities and Treasurys—trying to stimulate the housing market and the economy.
Fortune | Higher interest rates: A bitter pill for banks
Banks have been bemoaning the low interest rate environment for years as it has translated into scant profits from lending and writing mortgages. But with the Federal Reserve signaling that it might finally be ready to hike rates, there is concern that the banks may be in for a rude awakening.
AEI | What does Larry Summers really think of QE?
With Summers revealing little, probably on purpose, one must deduce his true views on QE. There are three possible approaches he could bring to the Federal Reserve, each with dramatically different implications for monetary policy.
Blogs
WSJ | Sizing Up Market Expectations for the Fed’s QE
Federal Reserve Chairman Ben Bernanke has said a couple of times since the Fed’s June 19 policy meeting that the central bank’s plans for its $85 billion per month bond buying program were pretty close to what the market has been expecting. His message: There’s no need to overreact.
Taxes
Blogs
CATO | America’s Corporate Tax System Ranks a Miserable 94 out of 100 Nations in “Tax Attractiveness”
I’ve relentlessly complained that the United States has the highest corporate tax rate among all developed nations. And if you look at all the world’s countries, our status is still very dismal. According to the Economist, we have the second highest corporate tax rate, exceeded only by the United Arab Emirates.
CATO | America’s Corporate Tax System Ranks a Miserable 94 out of 100 Nations in “Tax Attractiveness”
I’ve relentlessly complained that the United States has the highest corporate tax rate among all developed nations. And if you look at all the world’s countries, our status is still very dismal. According to the Economist, we have the second highest corporate tax rate, exceeded only by the United Arab Emirates.
Employment
News
CNN Money | Jobless claims rise as 'July effect' hits
The number of Americans filing for first-time unemployment benefits rose to a two-month high last week, but economists were quick to brush off the rise as a result of volatile number-crunching, rather than a discouraging sign for the economy.
CNN Money | Jobless claims rise as 'July effect' hits
The number of Americans filing for first-time unemployment benefits rose to a two-month high last week, but economists were quick to brush off the rise as a result of volatile number-crunching, rather than a discouraging sign for the economy.
Budget
News
CNN Money | U.S. books $117 billion surplus in June
For June, the U.S. Treasury Department reported a $117 billion surplus on Thursday, thanks to a continued uptick in revenue and a decline in spending.
Politico | Senate spending bill clears committee
A giant $164.3 billion domestic spending bill cleared the Senate Appropriations Committee Thursday after Democrats successfully fended off Republican attempts to delay President Barack Obama’s signature health care reforms.
CNN Money | Tentative student loan deal hits snag
An emerging bipartisan Senate deal to pare back rising student loan rates hit a stumbling block late Thursday, when initial cost estimates came in too high, according to multiple aides involved in the negotiations.
CNN Money | U.S. books $117 billion surplus in June
For June, the U.S. Treasury Department reported a $117 billion surplus on Thursday, thanks to a continued uptick in revenue and a decline in spending.
Politico | Senate spending bill clears committee
A giant $164.3 billion domestic spending bill cleared the Senate Appropriations Committee Thursday after Democrats successfully fended off Republican attempts to delay President Barack Obama’s signature health care reforms.
CNN Money | Tentative student loan deal hits snag
An emerging bipartisan Senate deal to pare back rising student loan rates hit a stumbling block late Thursday, when initial cost estimates came in too high, according to multiple aides involved in the negotiations.
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