The Atlantic: U.S. Housing: An Economic Bright Spot After a Wobbly Week.
“Unlike with the stock market, economists agree that the housing market can probably withstand an interest rate hike ...” You wonder if policy-makers or journalists ever look beyond the statistics and check actual conditions on the ground. Real estate is but thinly recovering here. A hike would immolate that progress.
SF New Mexican: New Mexico insurer is pulling out of state health exchange.
The house of cards will come falling down. Folks I talk to, cannot find doctors to take some of the other exchange options. Not good.
Later: What happens if the ACA fails in a single state? Oh, people may be covered, but they may not find physicians to take that coverage. What happens then?
Angry Bear: Real Household Net Worth - Look Out Below?
Uh-oh. Recession coming? That’ll hurt not only us, but the Dem nominee. Obama better get serious with Ms. Yellen.
Stock Market: Following up, I see it rose almost 4% today.
Each day starts with “Wall Street Rallies!”, and then those stories gradually disappear as if caught in quicksand. The Virginia shooting seems to have buried the stock market’s dismal performance in today’s news cycle. How short our memories.
Guardian.UK: North Dakota’s big oil boom in a man’s land - ‘It’s like capitalism on steroids’.
A bit light and fluffy. Is anyone preparing for when the money stops flowing? And no real mention of the environmental concerns. At least the author did hit the infrastructure issue.
naked cap/Wolf Richter: Americans’ Economic Outlook Plunges.
“Many Americans don’t own stocks and don’t pay attention to stocks even if they do own them in their retirement accounts. They care about job prospects, promotions, and incomes, which aren’t really going anywhere; and health care expenses, college expenses, housing costs, and the like, which are soaring. For many Americans, this economy is tough.” My italic emphasis.
Romanesko: ‘The rapacious Ms. Huffington seems to believe that journalism skills are worth not
BBC: US stocks fall again as rally runs out of steam.
As I said earlier [below], it ain’t over until the bell rings. As long as China remains unstable, it’s going to play hell with Wall Street. Have a drink, or take a walk ... try to forget about it.
SF New Mexican: Peace is at hand in Richardson/Clinton war.
“Predictably, the state GOP, which has used Richardson as a punching bag for years, used the opportunity to take a jab at both Democrats. ‘Hillary Clinton and Bill Richardson have something else in common: the voters no longer trust them,’ said state Republican Party chairwoman Debbie Maestas in a news release.” Richardson left a roiled legacy here in the state; many condemn the perceived patron use of his budgetary authority. Not to mention the budgetary black hole of our Spaceport; he pushed for it, marketed it hard. His force of personality was inextricably linked to the project. Until his term was up, and then he dropped it like a hot potato.
NY Times: Ad Blockers and the Nuisance at the Heart of the Modern Web.
“Ad blockers could end up saving the ad industry from its worst excesses. If blocking becomes widespread, the ad industry will be pushed to produce ads that are simpler, less invasive and far more transparent about the way they’re handling our data — or risk getting blocked forever if they fail.” If they did not interfere with the reading and comprehension of information, I wouldn’t mind. But when they do, I block them.
Dazed: Kids are studying for jobs that will soon be done by robots.
“The Foundation for Young Australians believes that 60 per cent of the country’s students are training for jobs that soon will not exist. As a consequence, the organisation wants to see school curriculums totally overhauled in order to prevent sending out a load of kids into the world without suitable skillsets.” Finally, someone says it. Another reason a good liberal arts degree is invaluable ... the Swiss Army Knife of degrees.
Atlantic: The Dow Spikes at the Opening Bell After China Cuts Interest Rates.
“The Dow jumped 300 points at the opening bell Tuesday, and the S&P 500 spiked 2 percent—a day after global markets were battered amid the uncertainty posed by signs of weakness in China’s economy.” It ain’t over until the bell rings.
Reuters: Wall Street in free-fall; all three indexes in correction.
“The Dow has never lost more than 800 points in a day.” Add ten years to your retirement schedules.
Mashable: U.S. stock market suffers drastic day of panic, capping a miserable week.
Ouch, that hurts.
Albuquerque Journal: Blue Cross pullout would mean new doctors for some customers.
“Plans that Presbyterian, Christus and Molina offer through the exchange for 2016 restrict those insured to a specified network of providers, which would mean anyone switching from a different carrier likely would have to change doctors.”
NY Times: The Creative Apocalypse That Wasn’t.
“If the prices of traditional media keep falling, then it seems logical to critics that we will end up in a world in which no one has an economic incentive to follow creative passions. The thrust of this argument is simple and bleak: that the digital economy creates a kind of structural impossibility that art will make money in the future.” My italic emphasis.
FiveThirtyEight: Your Genes Won’t Make You Rich.
Trust fund babies über alles. Even adopted ones.
The Atlantic: Social Security at 80 - Seniors Are Working More.
“In 1880 the majority of men older than 64 toiled in the labor force. That proportion fell steadily and continuously, and today men older than 64 in the labor force are in the minority.” I’m under the working assumption that conventional ‘retirement’ will be a piece of history when I reach the age ... ten more years! Unbelievable, that.
WHNT: State Sen. Paul Sanford sets up GoFundMe account to solve AL’s budget woes.
Entertaining. And by a Republican, too.
naked cap: Godzilla vs. Mothra vs. You - The Health Care Industry Consolidates.
“The major health insurers have announced their quarterly earnings. For UnitedHealth Group, the largest health insurer, plus the six which are currently engaged in take-over deals, the results were largely positive. The results, and the market’s reaction, indicate [that] Health plans have largely been able to pass increases in medical costs onto their members, challenging the notion that Obamacare’s regulations on profit have benefited consumers. [And] these improved margins appear to be driven by higher premiums.” My unsurprised italics.
nakedcap: TPP Ministerial Negotiations Fail, with No Date Set for the Next Round.
SciAm: Big Polluting Vehicles Roar Back with Low Gasoline Prices.
Oh yeah. The paint-faded 3-cylinder Geo Metros are back in the fields and barns, and even Hummers are making a reappearance in Santa Fe.
Guardian.UK: In US, 8 million baby boomers go hungry amid health and economic challenges.
“Increasing chronic disease and disability in baby boomers can have consequences beyond poor health and higher medical bills. [snip] Disability can lead to unemployment and lower income, and lower income can lead to having less money for essentials such as food.” OK, candidates. Ball’s in your court.
nakedcap: How Big Corporations Are Starving Public Schools of Billions of Dollars.
For shame. And many of these companies are supposedly producing educational software and systems. A vicious circle; schools can’t afford to upgrade and buy more product because companies are loopholing taxes.
Vox: Rooftop solar is booming. But it may be more vulnerable than you think.
“But as rooftop solar penetration rises, time-of-use pricing begins to have the opposite effect. As a bunch of solar floods the grid during peak hours, it will have the effect of suppressing peak prices, reducing the incentive for additional solar.” If price is the only motivator, that is.