News
Bloomberg | BlackRock, Fidelity Face Initial Risk Study by Regulators
BlackRock Inc. (BLK) and Fidelity Investments will be studied by U.S. regulators who are in the early stages of reviewing whether asset managers pose a potential risk to the financial system, two people with knowledge of the matter said.
Politico | Obamacare could increase food stamp rolls
Republicans have another reason to hate Obamacare: It could grow the number of people on food stamps.
Bloomberg | Euro-Area Services Output Expands More Than Estimated
Euro-area services output grew more than initially estimated in October, adding to signs the currency bloc’s economic recovery is gaining momentum.
Econ Comments & Analysis
Fortune | Storing solar energy for a rainy day
Lithium ion batteries aren't just for laptops and electric cars. They can power your home, too.
Bloomberg | Of Debt, Growth, Interest Rates and History
The blog of New York Times columnist Paul Krugman recently featured a chart plotting the U.K.’s ratio of government debt to gross domestic product against the nominal yield on long-term government bonds from about 1700 to the present.
WSJ | The U.S. and China Both Need Economic Rehab
Nearly seven years have passed since we coined the word Chimerica in these pages to characterize the symbiotic relationship between China and America. Few today would dispute that op-ed's original point: that the unbalanced economic relationship between China and America posed a threat to global financial stability.
First Trust | More #Plowhorse in Q3
Despite the shutdown, the sequester, talk of tapering, and meteors in the night sky, the US economy just keeps plowing along. Reported later this week, we expect Q3 real GDP grew right on trend at a 1.9% rate–another, #PlowHorse report.
Real Clear Policy | Eliminate the Export-Import Bank
Liberals often say that government intervention is necessary when the private sector, for whatever reason, cannot offer a critical service. Yet this line of thinking clearly does not justify the continued existence of the Export-Import Bank of the United States, an institution whose primary purpose is to finance loans to foreign companies so that they can buy American-made products.
Washington Times | Shades of Solyndra: Team Obama mum as another green energy firm went bust
Failing to heed the lessons of the Solyndra debacle, Energy Department officials kept quiet about their knowledge that a government-backed electric car charger company was sliding toward bankruptcy and putting taxpayer money at risk, the agency’s chief watchdog has found.
Blogs
WSJ | Stock Bubble Driven by Central Banks to Burst in 2014, Analyst Warns
As Federal Reserve officials pursue the most aggressive monetary policy stimulus campaign in their institution’s history, they are mindful of the unintended consequences their actions can have on financial markets.
Wednesday, November 6, 2013
Health Care
News
National Journal | Lawmakers Ask Insurance Companies to Extend Canceled Health Plans
Federal lawmakers and state officials are asking insurance companies to give consumers whose plans have been canceled due to the Affordable Care Act more time to pick a policy, The Wall Street Journal reports.
CNN Money | Detroit delays retiree health care cut due to Obamacare site woes
Problems with the Healthcare.gov website are causing Detroit to extend health care coverage for 7,500 of its retirees set to lose it after Dec. 31.
National Journal | Labor Unions May Get Obamacare Tax Exemption
The Obama administration denied union requests for members to have access to subsidized health insurance, but new regulations look like they might be giving labor a nod.
National Journal | Lawmakers Ask Insurance Companies to Extend Canceled Health Plans
Federal lawmakers and state officials are asking insurance companies to give consumers whose plans have been canceled due to the Affordable Care Act more time to pick a policy, The Wall Street Journal reports.
CNN Money | Detroit delays retiree health care cut due to Obamacare site woes
Problems with the Healthcare.gov website are causing Detroit to extend health care coverage for 7,500 of its retirees set to lose it after Dec. 31.
National Journal | Labor Unions May Get Obamacare Tax Exemption
The Obama administration denied union requests for members to have access to subsidized health insurance, but new regulations look like they might be giving labor a nod.
Monetary
News
Bloomberg | U.S. Economy Slack Justifies Stimulus, Top Fed Staff Papers Show
The Federal Reserve’s policy of seeking to drive down the U.S. unemployment rate is effective, and the level of slack in the economy justifies an accommodative stance, according to two separate papers by top Fed officials.
Econ Comments & Analysis
Real Clear Markets | The Fed Would Be Wise To Exit Sooner Rather Than Later
October was dramatic indeed, the list of events includes: the government shutdown, and its crescendo, rollout of the Obamacare website, the official nomination of Janet Yellen, continuing resolution, publication of delayed data releases by BLS and other furloughed government agencies, and finally the Fed statement.
CATO | The Fed at 100
Ron Paul’s two runs for the Republican presidential nomination made “End the Fed” into a political slogan. Reportedly it was the line receiving the greatest applause at all his rallies, no matter the group. It was also the title of a book he authored. It is a sign of the times that the Fed is held in low esteem in its centennial year, more among the public than in academia.
AEI | An easy fix to Dodd-Frank's credit ratings rule
Should banking regulations ever have forced the use of bond credit ratings from certain ratings agencies for investment decisions and risk-based capital requirements? No. Mandatory use of credit ratings was a big regulatory mistake. It fostered a government-sponsored credit ratings cartel. It created a concentrated point of possible failure, generating systemic risk, which did indeed fail in the bubble (along with other things).
Bloomberg | U.S. Economy Slack Justifies Stimulus, Top Fed Staff Papers Show
The Federal Reserve’s policy of seeking to drive down the U.S. unemployment rate is effective, and the level of slack in the economy justifies an accommodative stance, according to two separate papers by top Fed officials.
Econ Comments & Analysis
Real Clear Markets | The Fed Would Be Wise To Exit Sooner Rather Than Later
October was dramatic indeed, the list of events includes: the government shutdown, and its crescendo, rollout of the Obamacare website, the official nomination of Janet Yellen, continuing resolution, publication of delayed data releases by BLS and other furloughed government agencies, and finally the Fed statement.
CATO | The Fed at 100
Ron Paul’s two runs for the Republican presidential nomination made “End the Fed” into a political slogan. Reportedly it was the line receiving the greatest applause at all his rallies, no matter the group. It was also the title of a book he authored. It is a sign of the times that the Fed is held in low esteem in its centennial year, more among the public than in academia.
AEI | An easy fix to Dodd-Frank's credit ratings rule
Should banking regulations ever have forced the use of bond credit ratings from certain ratings agencies for investment decisions and risk-based capital requirements? No. Mandatory use of credit ratings was a big regulatory mistake. It fostered a government-sponsored credit ratings cartel. It created a concentrated point of possible failure, generating systemic risk, which did indeed fail in the bubble (along with other things).
Taxes
News
WSJ | Colorado Education-Tax Measure Fails
A ballot measure to raise income taxes to fund education in Colorado failed by a wide margin Tuesday, two years after state voters rejected a similar plan to increase taxes for schools.
Econ Comments & Analysis
AEI | Fast food restaurants bilk taxpayers for billions? Oh, please
According to a new study from the left-leaning National Employment Law Project, government benefits such as Food Stamps and the Earned Income Tax Credit have driven down the wages of low-skilled Americans and added not a penny to their standard of living.
WSJ | Colorado Education-Tax Measure Fails
A ballot measure to raise income taxes to fund education in Colorado failed by a wide margin Tuesday, two years after state voters rejected a similar plan to increase taxes for schools.
Econ Comments & Analysis
AEI | Fast food restaurants bilk taxpayers for billions? Oh, please
According to a new study from the left-leaning National Employment Law Project, government benefits such as Food Stamps and the Earned Income Tax Credit have driven down the wages of low-skilled Americans and added not a penny to their standard of living.
Employment
News
CNN Money | Starbucks to hire 10,000 vets and military spouses
Former Defense Secretary Robert Gates was appointed to Starbucks’ board of directors last year. He told CNN's Poppy Harlow, "We know that many men and women who have served in Iraq and Afghanistan have had a difficult time finding career-fulfilling kinds of positions. Over the next five years another million men and women will come out of the military and enter civilian life."
Market Watch | Planned layoffs up 13.5% in October: Challenger
Planned layoffs climbed to 45,730 in October, up 13.5% from September but down 4.2% from the same month of 2012, according to Challenger, Gray & Christmas.
WSJ | Elite Grads in Business Flock to Tech
A record number of business school graduates from top schools are choosing jobs in the technology sector, as interest in finance continues to show marked declines. Melissa Korn reports on the News Hub. Photo: Philip Montgomery for The Wall Street Journal.
CNBC | US planned layoffs rise in October: Challenger report
The number of planned layoffs at U.S. firms rose 13.5 percent in October on cuts in the pharmaceutical and financial sectors, a report on Wednesday showed.
Blogs
Library of Economics | The Decline of Creative Destruction
At first glance, this confirms a quarter-century of steadily declining creative destruction - falling job creation and job destruction. On closer look, though, there was little trend until the small recession of the early 2000s. Since then, however, creative destruction has relentlessly fallen.
CNN Money | Starbucks to hire 10,000 vets and military spouses
Former Defense Secretary Robert Gates was appointed to Starbucks’ board of directors last year. He told CNN's Poppy Harlow, "We know that many men and women who have served in Iraq and Afghanistan have had a difficult time finding career-fulfilling kinds of positions. Over the next five years another million men and women will come out of the military and enter civilian life."
Market Watch | Planned layoffs up 13.5% in October: Challenger
Planned layoffs climbed to 45,730 in October, up 13.5% from September but down 4.2% from the same month of 2012, according to Challenger, Gray & Christmas.
WSJ | Elite Grads in Business Flock to Tech
A record number of business school graduates from top schools are choosing jobs in the technology sector, as interest in finance continues to show marked declines. Melissa Korn reports on the News Hub. Photo: Philip Montgomery for The Wall Street Journal.
CNBC | US planned layoffs rise in October: Challenger report
The number of planned layoffs at U.S. firms rose 13.5 percent in October on cuts in the pharmaceutical and financial sectors, a report on Wednesday showed.
Blogs
Library of Economics | The Decline of Creative Destruction
At first glance, this confirms a quarter-century of steadily declining creative destruction - falling job creation and job destruction. On closer look, though, there was little trend until the small recession of the early 2000s. Since then, however, creative destruction has relentlessly fallen.
Budget
News
Bloomberg | U.S. to Sell $10 Billion to $15 Billion in Floating Notes
The U.S. Treasury Department said it will sell $10 billion to $15 billion of its first floating-rate notes Jan. 29 and keep coupon auctions unchanged during a period of political wrangling over the budget.
Econ Comments & Analysis
Politico | Congress must lead by dealing with the deficit
The postcard couple huddled at a kitchen table as they hash out a budget is among the most shopworn of American political clichés, its currency as a debate device soaring to new heights during the recent government shutdown.
Blogs
WSJ | Rising Corporate Debt May Be Reaching Dangerous Levels
Corporate debt is rising to potentially dangerous levels in Europe and some emerging markets, according to a new global banking group study.
Bloomberg | U.S. to Sell $10 Billion to $15 Billion in Floating Notes
The U.S. Treasury Department said it will sell $10 billion to $15 billion of its first floating-rate notes Jan. 29 and keep coupon auctions unchanged during a period of political wrangling over the budget.
Econ Comments & Analysis
Politico | Congress must lead by dealing with the deficit
The postcard couple huddled at a kitchen table as they hash out a budget is among the most shopworn of American political clichés, its currency as a debate device soaring to new heights during the recent government shutdown.
Blogs
WSJ | Rising Corporate Debt May Be Reaching Dangerous Levels
Corporate debt is rising to potentially dangerous levels in Europe and some emerging markets, according to a new global banking group study.
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