Pages

Thursday, July 25, 2013

General Economics

News                                                                                                                             
Bloomberg | Comfort Index Climbs as U.S. Economy Views Reach Five-Year High
Consumer confidence rose last week as an improving job market helped make Americans the least pessimistic about the economy in more than five years.
CNN Money | Housing markets where cash is king
"The U.S. housing market is slowly but surely moving toward a more normalized and sustainable pattern after a flurry of institutional and cash buyers flocked to residential real estate last year, pushing up prices and picking clean the best inventory available in many areas," said Daren Blomquist, vice president at RealtyTrac.
Bloomberg | Orders for U.S. Durable Goods Increase More Than Forecast
Orders for U.S. durable goods rose more than forecast in June, showing a pickup in demand that will help propel manufacturing and the economy in the second half of the year.
MSN Money | An unstable recovery built on debt
Don't be fooled by the huge run in the US stock market and the rebound in the housing market. The financial crisis never really ended, and its effects continue to roil the global economy.

Econ Comments & Analysis                                                                                            
WSJ | Facing Up to America's Pension Woes
Right after Detroit filed for bankruptcy under federal law last week, Michigan's Ingham County Circuit Judge Rosemarie Aquilina issued a set of rulings that attempted to stop the process cold—she worried that a bankruptcy would restructure Detroit city workers' pensions in violation of the state constitution.
Mercatus | The Government Has Your Data at Its Fingertips
As news broke about the Internal Revenue Service’s accidental disclosure of thousands of social security numbers online, a representative of the Consumer Financial Protection Bureau testified before a subcommittee of the House Financial Services Committee about the CFPB’s use of Americans’ personal financial data.
WSJ | SEC Rules Will Clip the Wings of Angel Investors
Following through on a key provision of last year's JOBS Act, the Securities and Exchange Commission has ended the ban on the general solicitation of capital for privately offered securities. The agency's action is being hailed as a boon that will open the door for vast stores of money that entrepreneurs can use to start up new businesses and hire workers. More likely, the SEC's move could slam the door shut.
Forbes | 10 Reasons The Best Time To Start A Business Is During A Downturn
Recessions are hard times. People lose their jobs, companies get wound up, and the lucky ones take the losses from their cash reserves. While the U.S. may not technically be in a recession right now, there’s still plenty of uncertainty and talk about dark clouds on the horizon.
WSJ | The Inequality President
President Obama made his fourth or fifth, or maybe it's the seventh or eighth, pivot to the economy on Wednesday, and a revealing speech it was. We counted four mentions of "growth" but "inequality" got five. This goes a long way to explaining why Mr. Obama is still bemoaning the state of the economy five years into his Presidency.

Health Care

News                                                                                                                             
National Journal | Poll: Americans Broadly Doubt Obamacare Will Help Them
United Technologies/National Journal Congressional Connection Poll finds most people are increasingly skeptical that the health law will improve the country or aid anyone but the poor.
CNN Money | Who loses out under Obamacare
When the state-based insurance exchanges open next year under Obamacare, many Americans should finally have access to affordable insurance. But millions of others will most likely be left out in the cold and remain uninsured.
WSJ | New Health-Care Law's Success Rests on the Young
The success of the new health-care law rides in large measure on whether young, healthy people like Gabe Meiffren, a cook at a Korean-Hawaiian food cart, decide to give up a chunk of disposable income to pay for insurance.

Econ Comments & Analysis                                                                                            
WSJ | Unworkable ObamaCare
Remember when President Obama famously promised that if you like your health-care plan, you'll be able to keep your health-care plan? It was a brilliantly crafted political sound bite. Turns out, the statement is untrue.

Monetary

News                                                                                                                             
CNBC | Will rising rates start to sting stocks?
Wary of rising rates, stock traders will keep an eye on the bond market Thursday as another wave of earnings reports roll in.

Econ Comments & Analysis                                                                                            
CNN Money | You don't know as much about bonds as you think you do
Don't feel bad if you weren't aware of the recent plummet in long-term bond prices. Most everyone else missed it too.

Taxes

News                                                                                                                             
Politico | Tax committee transforms into Fort Knox
Senate Finance Committee leaders have a message for their anxious colleagues: Your secret is safe with us.
FOX Business | How Bankruptcy Impacts Your Taxes
Our forefathers made bankruptcy a part of our constitution, but back then, debt wasn’t readily available to the working class, so bankruptcy was only used by businesses. But by the end of World War II, debt expanded to citizens and many found solace from their mounting obligations through bankruptcy.

Blogs                                                                                                                             
CATO | Detroit’s High Property Taxes
Why have so many individuals and businesses left Detroit? Presumably, for all kinds of reasons, including crime and political corruption.

Employment

News                                                                                                                             
FOX Business | How Boomer Job Seekers can Stay Relevant in Today’s Job Market
Older workers’ resumes can be jammed packed with a wealth of experience and work history, but to remain marketable for employment in today’s labor market, they better be able to prove their tech skills are up to date.
CNN Money | Glimmer of hope for unemployed Spaniards
New data show Spain's unemployment level unexpectedly fell for the first time in two years, suggesting the country -- and the eurozone as a whole -- may be turning a corner.
Bloomberg | U.S. Jobless Claims Rose Last Week by 7,000 to 343,000
More Americans filed for unemployment benefits last week as annual auto-plant shutdowns continued to affect data.

Budget

News                                                                                                                             
Roll Call | House GOP Seems Eager to Pass Student Loan Plan
The student loan interest rate legislation approved Wednesday by the Senate appears to face a clear path in the House, where Republicans wasted no time pointing out that the proposal closely mirrors their original plan.
Bloomberg | Obama Says Budget Debate a Battle for Middle Class Future
President Barack Obama is shifting his attention to the budget battles looming later this year by casting his differences with congressional Republicans as a struggle over the future of middle-income Americans.

Blogs                                                                                                                             
WSJ | Spending on Government Assistance to Fall Slowly
With economic growth set to remain weak, and unemployment rates stubbornly high, spending by governments on unemployment assistance and other income support is to remain above precrisis levels this year, the Organization for Economic Cooperation and Development said Thursday.