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Aaron Carroll has a very good takedown of an op-ed article by Senator Ron Johnson, who basically exploits his infant daughter’s medical experience to make an incoherent attack on the Affordable Care Act. His daughter received excellent treatment, and he asserts that she wouldn’t have received that kind of treatment under universal health insurance, because …. well, he doesn’t explain. Along the way he commits some of the classic howlers, like the one about how you can see how bad single-payer insurance is by the fact that Americans don’t have to wait as long as Canadians for hip replacements, which in Canada are paid for by the government, while in America they’re mainly paid for by … Medicare.
It all comes down to this: We have to match growth to debt.
Ben Bernanke’s great reflation gamble appears to be working. Unfortunately, it appears to be working in all the wrong places. While unemployment remains high, small businesses continue to struggle and the recession on Main Street endures , it’s back to business as usual at the banks. In 2007 & 2008 Jim Reid of Deutsche Bank issued a popular chart he called the “trillion dollar mean reversions”. The chart showed the excess profits in the financial sector when compared to the rest of the economy.
According to Standard & Poors, a three pronged government attack is likely to take stocks lower over the coming weeks. The three reasons for the potential for more downside are: Regulating the banks Chinese rate hikes Bernanke’s re-confirmation
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It's still happening.
The ISM Index of U.S. manufacturing could collapse from its current 56.3 level to below 50, says Goldman Sachs.
I’ve read countless news headlines recently about how economists are “surprised” over an “unexpectedly bad” economic indicator. But it’s not surprising at all. It’s no mystery. The government hasn’t taken the necessary actions, and has instead been doing all of the wrong things. Let’s recap. The leading monetary economist told the Wall Street Journal that this was not a liquidity crisis, but an insolvency crisis.
Following the remarkably high 60 percent back-end debt-to-income ratio for homeowners whose loans have been made "permanent" via the government's HAMP program as noted here a couple of days ago come more scary statistics on the nation's housing market.
Some raids on the US Treasury by America’s crony capitalists are so egregious as to provoke a rant -- even if you aren’t Rick Santelli. One such rant-worthy provocation is Pimco latest scheme to loot Uncle Sam’s depleted exchequer.
The foreclosure fraud crisis seems to escalate with each passing day now. It is being reported that all 50 U.S. states have launched a joint investigation into alleged fraud in the mortgage industry.
by Bill McBride on 8/23/2010 05:24:00 PM CR Note: This is from economist Tom Lawler. Given the various state/local MLS sales reports available for July, it seems INCREDIBLY likely that existing home sales last month were down a boatload from June’s pace.
Market action in the last several weeks is signaling that the underlying trend is changing.
Yesterday, the Congressional Budget Office released its much-anticipated projections for the budget .