News
Bloomberg | U.S. Government Shutdown Threatening Housing Recovery
A U.S. government shutdown will immediately slow approval of thousands of mortgages. If it lasts more than a week, it threatens housing and the broader economic recovery.
CNN Money | Debt ceiling fears hit stocks
It's day 2 of the government shutdown. And now investors seem more nervous.
Bloomberg | U.S. Government Shut Down With No Quick Resolution Seen
The partial shutdown of the U.S. government showed no signs of ending quickly, as lawmakers stiffened their positions and sought to shift blame to the other side.
Washington Times | World Bank sees severe repercussions in shutdown
Wading into the funding clashes consuming Washington, World Bank President Jim Yong Kim bluntly warned Tuesday that America’s financial woes could have grave consequences for some of the world’s poorest economies.
Econ Comments & Analysis
Barrons | What, Me Worry?
As President Barack Obama and Congress continue to bicker over passing the federal budget and raising the government's debt ceiling, a report published by one of the nation's most credible agencies warns that the U.S. could face economic disaster within 25 years due to excessive government spending.
Washington Times | The real cost of federal regulations
When the news broke that the National Security Agency has been monitoring Americans’ communications, the Obama administration was reluctant to discuss if it had broken any rules. It has been much more talkative regarding its new rules for the rest of us to follow on auto safety, energy efficiency and credit cards. The fiscal 2014 budget report claims that “the net benefits of regulations issued through the third fiscal year of the first term have exceeded $91 billion.” That’s a bold claim, and it deserves a closer look.
WSJ | Behind the Noise, Entitlement Reform
Let's all shake a fist at Washington, denouncing its irresponsibility because politicians are "playing politics" with the debt ceiling and government shutdown.
Washington Times | Obama opts to shutdown for Obamacare
Conventional wisdom in Washington is that the first government shutdown in 17 years will only hurt Republicans. That might be true in the short term, but it will help GOP members in 2014, because they followed the will of their constituents instead of cowing to political pressure.
AEI | The US has a huge advantage over China in energy — and it's growing
Conventional wisdom says that by many economic measurements, China isn't far behind the U.S. — and is catching up fast. But in one vital sector — energy — the U.S. leads and is pulling away. And the odds of this lead diminishing anytime soon, Beijing's current plans aside, are close to zero. Considering China's gains in other areas, why is energy so different?
Wednesday, October 2, 2013
Health Care
News
National Journal | High-Deductible Plans May Not Be What They’re Cracked Up to Be
Conservative reformers say that if consumers have to spend their own money, they will forgo useless or unnecessary care and focus on the things that matter to them, such as quality, cost, or bedside manner. These reformers advocate for health insurance plans with higher deductibles or greater cost-sharing to subject health decisions to financial discipline.
Blogs
Heritage Foundation | Day One of Obamacare’s Exchanges, By the Numbers
Obamacare’s exchanges have now been “open” (such as it is) for more than 24 hours. The results are in, and they’re not promising
National Journal | High-Deductible Plans May Not Be What They’re Cracked Up to Be
Conservative reformers say that if consumers have to spend their own money, they will forgo useless or unnecessary care and focus on the things that matter to them, such as quality, cost, or bedside manner. These reformers advocate for health insurance plans with higher deductibles or greater cost-sharing to subject health decisions to financial discipline.
Blogs
Heritage Foundation | Day One of Obamacare’s Exchanges, By the Numbers
Obamacare’s exchanges have now been “open” (such as it is) for more than 24 hours. The results are in, and they’re not promising
Monetary
News
Bloomberg | Dollar Seen as Shutdown Loser as Growth Hit Spurs QE
The first U.S. government shutdown in 17 years is stoking speculation that the longer it lasts, the more likely the Federal Reserve will delay reducing its monetary stimulus program, boosting emerging-market currencies at the expense of the dollar.
WSJ | Weak Trading, Mortgage Slump, Legal Costs to Cut Results at Banks
New troubles are piling up for U.S. banks as they prepare to release third-quarter results amid warnings of weak trading revenue, a sharp decline in mortgage-refinancing activity and rising legal costs.
Econ Comments & Analysis
Real Clear Markets | Regulators Reverse One of Dodd-Frank's Few Quality Attributes
There are many reasons to be critical of the Dodd-Frank Act, but in at least one respect its drafters had the germ of a good idea. They recognized that in order to create a stable housing finance system it was necessary to have a high quality mortgage that would result in few defaults.
Bloomberg | Dollar Seen as Shutdown Loser as Growth Hit Spurs QE
The first U.S. government shutdown in 17 years is stoking speculation that the longer it lasts, the more likely the Federal Reserve will delay reducing its monetary stimulus program, boosting emerging-market currencies at the expense of the dollar.
WSJ | Weak Trading, Mortgage Slump, Legal Costs to Cut Results at Banks
New troubles are piling up for U.S. banks as they prepare to release third-quarter results amid warnings of weak trading revenue, a sharp decline in mortgage-refinancing activity and rising legal costs.
Econ Comments & Analysis
Real Clear Markets | Regulators Reverse One of Dodd-Frank's Few Quality Attributes
There are many reasons to be critical of the Dodd-Frank Act, but in at least one respect its drafters had the germ of a good idea. They recognized that in order to create a stable housing finance system it was necessary to have a high quality mortgage that would result in few defaults.
Taxes
Econ Comments & Analysis
NY Times | Happy Centennial, Federal Income Tax
Thursday, Oct. 3, is the 100th anniversary of the federal income tax. That is the day that President Woodrow Wilson signed the legislation into law in 1913, concluding a process begun four years earlier by President William Howard Taft.
NY Times | Happy Centennial, Federal Income Tax
Thursday, Oct. 3, is the 100th anniversary of the federal income tax. That is the day that President Woodrow Wilson signed the legislation into law in 1913, concluding a process begun four years earlier by President William Howard Taft.
Employment
News
CNN Money | Private sector hiring just muddles along
The ADP jobs report may be the only significant jobs number released this week, and the main takeaway from it is more of the same: lackluster job growth.
CNBC | Shutdown may idle non-federal workers next week
The federal government shutdown is already affecting contractors and threatens to dampen private-sector employment, at least in the near-term, industry officials say.
Blogs
WSJ | Which Government Workers Are Affected by Shutdown?
More than 800,000 of the U.S. government’s civilian workers faced furloughs after the government shut down Tuesday. Some agencies, such as the Bureau of Labor Statistics, are seeing all but a handful of their employees go home without pay.
CNN Money | Private sector hiring just muddles along
The ADP jobs report may be the only significant jobs number released this week, and the main takeaway from it is more of the same: lackluster job growth.
CNBC | Shutdown may idle non-federal workers next week
The federal government shutdown is already affecting contractors and threatens to dampen private-sector employment, at least in the near-term, industry officials say.
Blogs
WSJ | Which Government Workers Are Affected by Shutdown?
More than 800,000 of the U.S. government’s civilian workers faced furloughs after the government shut down Tuesday. Some agencies, such as the Bureau of Labor Statistics, are seeing all but a handful of their employees go home without pay.
Budget
News
Politico | Treasury taking final steps to avoid default
The Treasury Department has begun using the last set of accounting maneuvers at its disposal to allow the government to keep paying its bills until Congress raises the country’s borrowing limit, Treasury Secretary Jack Lew told congressional leaders Tuesday night.
National Journal | Can Reid’s Shutdown Strategy Hold?
With Democrats and Republicans squabbling fiercely over how to reopen the government, it’s Senate Majority Leader Harry Reid—the former boxer—who compares lawmakers’ bickering to a schoolyard brawl.
CNN Money | Postal Service defaults on $5.6 billion payment
The U.S. Postal Service has defaulted on a $5.6 billion payment for retiree health benefits that was due on Monday, just as the Postmaster General had warned it would.
Blogs
Market Watch | Shutdown may ‘blend together’ with debt ceiling, Goldman analyst says
There’s a clear chance the government shutdown “could blend together” with the debt-limit debate, which would prolong the shutdown to mid-October, according to Goldman Sachs’s man in Washington.
Politico | Treasury taking final steps to avoid default
The Treasury Department has begun using the last set of accounting maneuvers at its disposal to allow the government to keep paying its bills until Congress raises the country’s borrowing limit, Treasury Secretary Jack Lew told congressional leaders Tuesday night.
National Journal | Can Reid’s Shutdown Strategy Hold?
With Democrats and Republicans squabbling fiercely over how to reopen the government, it’s Senate Majority Leader Harry Reid—the former boxer—who compares lawmakers’ bickering to a schoolyard brawl.
CNN Money | Postal Service defaults on $5.6 billion payment
The U.S. Postal Service has defaulted on a $5.6 billion payment for retiree health benefits that was due on Monday, just as the Postmaster General had warned it would.
Blogs
Market Watch | Shutdown may ‘blend together’ with debt ceiling, Goldman analyst says
There’s a clear chance the government shutdown “could blend together” with the debt-limit debate, which would prolong the shutdown to mid-October, according to Goldman Sachs’s man in Washington.
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