News
CNN Money | Big banks paying U.S. for mortgage mess
Regulators at the Federal Housing Finance Agency are on the verge of scoring some of the government's biggest victories against Wall Street banks since the financial crisis.
Politico | March on Washington anniversary: Obama calls for economic fairness
President Barack Obama celebrated the progress made in the 50 years since the March on Washington but called for action on the “great unfinished business” of the civil rights movement: economic fairness for all Americans.
FOX Business | U.S. Bank Earnings Rise to $42.2B in 2Q
U.S. bank earnings rose to a record high $42.2 billion during the second quarter of 2013 as trading income jumped and banks reduced the funds they set aside in case of losses.
CNN Money | Employers play Obamacare blame game
No more health benefits for spouses. Higher deductibles for employees. More cost-sharing.
Bloomberg | Economy in U.S. Grew More Than Forecast in Second Quarter
The U.S. economy expanded at a faster pace in the second quarter as a smaller trade deficit and gains in inventories overshadowed the effects of federal budget cutbacks.
Econ Comments & Analysis
Bloomberg | Consumer Comfort in U.S. Declines to a More Than Four-Month Low
Consumer confidence fell for a third straight week to the lowest level in more than four months as Americans’ views on the economy, finances and spending soured.
Bloomberg | Five Reasons Housing Isn’t Ready to Drop Dead
Hissss! That’s the sound of the air coming out of the housing market. At least that’s what some folks thought they heard when the U.S. Census Bureau reported a 13.4 percent dive in new home sales in July, the biggest decline in more than three years and one that coincided with a sharp increase in mortgage rates.
AEI | A Qualified Residential Mortgage ≠ a Qualified Mortgage
Today, six federal agencies issued a Proposed Risk Retention Rule calling for a Qualified Residential Mortgage to be equal to a Qualified Mortgage (QRM = QM).
Blogs
WSJ | Vital Signs: Profits Are Outpacing GDP Growth
Corporations continue to rake in the cash. Aftertax profits increased 2.6% in the second quarter from the first quarter, said the Commerce Department Thursday. Compared to a year ago, profits are up 5.8% while nominal gross domestic product increased just 3.1%.
Thursday, August 29, 2013
Health Care
News
National Journal | Obama's Affordable Care Act Looking a Bit Unaffordable
Independent National Journal analysis finds premiums higher under Obamacare as employers weigh dropping coverage.
CNN Money | Employers play Obamacare blame game
No more health benefits for spouses. Higher deductibles for employees. More cost-sharing.
WSJ | Prepaid Debit Cards Allowed as Health-Insurance Payment
The Obama administration said Wednesday it would require insurers to let uninsured Americans pay for health coverage this fall with prepaid debit cards rather than limit them to bank-account transfers, though it won't require insurers to accept automatic monthly payments from credit or debit cards.
Econ Comments & Analysis
WSJ | Here Comes the Unaffordable Careless Act
Harvard (and later Columbia) sociologist Robert K. Merton wrote in 1936 about the "unanticipated consequences of purposive social action." Pity that Barack Obama, an alumnus of both universities, either never read or took to heart Merton's warnings. It would have saved Americans a lot of misery.
National Journal | Obama's Affordable Care Act Looking a Bit Unaffordable
Independent National Journal analysis finds premiums higher under Obamacare as employers weigh dropping coverage.
CNN Money | Employers play Obamacare blame game
No more health benefits for spouses. Higher deductibles for employees. More cost-sharing.
WSJ | Prepaid Debit Cards Allowed as Health-Insurance Payment
The Obama administration said Wednesday it would require insurers to let uninsured Americans pay for health coverage this fall with prepaid debit cards rather than limit them to bank-account transfers, though it won't require insurers to accept automatic monthly payments from credit or debit cards.
Econ Comments & Analysis
WSJ | Here Comes the Unaffordable Careless Act
Harvard (and later Columbia) sociologist Robert K. Merton wrote in 1936 about the "unanticipated consequences of purposive social action." Pity that Barack Obama, an alumnus of both universities, either never read or took to heart Merton's warnings. It would have saved Americans a lot of misery.
Monetary
Econ Comments & Analysis
Fortune | Banks win another reprieve from post-crisis regs
Regulators have, once again, backed down on a piece of financial regulation put in place in the wake of the financial crisis. And that's too bad.
Blogs
Economist | Different rates and different fates
In a new paper, Kevin O’Rourke and Alan Taylor compare the American and euro-area currency zones. Optimists argue that if a big, diverse economy like America manages to have a single currency, Europe should too. Optimists, if not already disillusioned, will find more to dislike in this new analysis.
Fortune | Banks win another reprieve from post-crisis regs
Regulators have, once again, backed down on a piece of financial regulation put in place in the wake of the financial crisis. And that's too bad.
Blogs
Economist | Different rates and different fates
In a new paper, Kevin O’Rourke and Alan Taylor compare the American and euro-area currency zones. Optimists argue that if a big, diverse economy like America manages to have a single currency, Europe should too. Optimists, if not already disillusioned, will find more to dislike in this new analysis.
Taxes
Econ Comments & Analysis
Investors | Jack Kemp's Tax Reform Ideas Would Still Work Today
The uncertain political contours of the debate in a divided Congress about how and when to pursue tax reform make us hearken back for inspiration to a reform template from a decade ago: to do the job with five surgically precise amendments to the income tax.
Investors | Jack Kemp's Tax Reform Ideas Would Still Work Today
The uncertain political contours of the debate in a divided Congress about how and when to pursue tax reform make us hearken back for inspiration to a reform template from a decade ago: to do the job with five surgically precise amendments to the income tax.
Employment
News
Bloomberg | Jobless Claims in U.S. Fell More Than Forecast Last Week
The number of Americans filing applications for unemployment benefits fell more than forecast last week, a sign that the U.S. labor market continues to make progress.
Bloomberg | Fast-Food Strikes Expand Across U.S. to 50 Cities
Fast-food workers in 50 U.S. cities plan to walk off the job today in an attempt to ratchet up pressure on McDonald’s Corp. (MCD) and Wendy’s Co. to raise wages.
Econ Comments & Analysis
WSJ | 'McWages' Can Be the Path to the Middle Class
My first job, at age 14, was washing dishes at a Big Boy restaurant in my hometown of Detroit. It was a job that gave me a strong work ethic and taught valuable skills that helped me move from the kitchen to eventually owning nine of my own restaurants.
Blogs
WSJ | Unemployment Rate Falls in Most Cities, But Pockets of Weakness Remain
Unemployment has fallen in nine of every ten U.S. cities over the past year, but the jobless rate remains staggeringly high in some pockets of the country struggling to boost their economies.
Bloomberg | Jobless Claims in U.S. Fell More Than Forecast Last Week
The number of Americans filing applications for unemployment benefits fell more than forecast last week, a sign that the U.S. labor market continues to make progress.
Bloomberg | Fast-Food Strikes Expand Across U.S. to 50 Cities
Fast-food workers in 50 U.S. cities plan to walk off the job today in an attempt to ratchet up pressure on McDonald’s Corp. (MCD) and Wendy’s Co. to raise wages.
Econ Comments & Analysis
WSJ | 'McWages' Can Be the Path to the Middle Class
My first job, at age 14, was washing dishes at a Big Boy restaurant in my hometown of Detroit. It was a job that gave me a strong work ethic and taught valuable skills that helped me move from the kitchen to eventually owning nine of my own restaurants.
Blogs
WSJ | Unemployment Rate Falls in Most Cities, But Pockets of Weakness Remain
Unemployment has fallen in nine of every ten U.S. cities over the past year, but the jobless rate remains staggeringly high in some pockets of the country struggling to boost their economies.
Budget
News
NY Times | Mr. Boehner Wants a Debt Fight
Just when Speaker John Boehner should be warning his members not to use the debt ceiling as a threat, he is doing exactly the opposite. Instead of reminding lawmakers that they are obligated to pay for the debts they voted to incur, he is once again waving the dull saber of default.
Econ Comments & Analysis
CRS | The Debt Limit: History and Recent Increases
Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations.
NY Times | Mr. Boehner Wants a Debt Fight
Just when Speaker John Boehner should be warning his members not to use the debt ceiling as a threat, he is doing exactly the opposite. Instead of reminding lawmakers that they are obligated to pay for the debts they voted to incur, he is once again waving the dull saber of default.
Econ Comments & Analysis
CRS | The Debt Limit: History and Recent Increases
Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations.
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