Bull Market Rally in World Stocks; Largest 3 Month Gain in History of MSCI World Stock Market Index
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Professor Mark J. Perry's Blog for Economics and Finance
NEW YORK (Reuters) - Scores of companies are being punished in the bond market as the Obama administration's policies on General Motors and Chrysler LLC create new risks for creditors, a veteran bond strategist says.
HT: Mike LaFaive
April Unemployment Rates
University of Chicago
Approved Women's Groups on campus: 11
Approved Men's Groups on campus: 0 (1 pending)
CHICAGO TRIBUNE -- A group of University of Chicago students think it's time the campus focused more on its men. A third-year student from Lake Bluff has formed Men in Power, a student organization that promises to help men get ahead professionally. But the group's emergence has been controversial, with some critics charging that its premise is misogynistic. Others say it's about time men are championed, noting that recent job losses hit men harder and that women earn far more bachelor's and master's degrees than do men (see data above).
Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."
Read about The Laffer Curve here.
I recognize that the word socialism is bound to make many readers twitch. It carries tremendous cultural baggage. I use socialism because technically it is the best word to indicate a range of technologies that rely for their power on social interactions. Broadly, collective action is what Web sites and Net-connected apps generate when they harness input from the global audience. Of course, there's rhetorical danger in lumping so many types of organization under such an inflammatory heading. But there are no unsoiled terms available, so we might as well redeem this one.
Texas has only about 85 of the 1,200 retail health clinics in the nation. San Antonio does not have a single one. The clinics are popular wherever they exist because nurse practitioners can treat common ailments and minor injuries with little waiting time and fees that average about $60, much less than emergency rooms. The clinics operate evenings and weekends and accept insurance plans. The clinics would represent real health care reform, especially in Texas. Most of the state, 179 counties out of 254, is classified as medically underserved. Among them are 45 metropolitan counties.
The other day, Phoenix trumpeted that its daily light rail ridership had reached 37,000 boardings per weekday. Since most of those people have two boardings per day (one each direction) we can think of this as 18,500 people making a round trip each day.
An economic phenomenon called "price elasticity of demand" is well established when it comes to automobile purchases. In other words, if you raise the price of new cars, people will buy fewer of them or, at a minimum, put off the purchase for a year or so while they drive the old clunker for a few thousand more miles. And fewer new cars means more pollution, which can cause significant health problems. Yet environmentalists and the press have ignored this issue, so as not to inject a note of complexity or doubt into the chorus of glee that greeted the president's attack on greenhouse-gas emissions.
Regional and state unemployment rates were little changed in April. Twenty-one states recorded over-the-month unemployment rate decreases, 18 states and the District of Columbia registered rate increases, and 11 states had no rate change, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.
Our modern living standards are almost entirely the result of investment, entrepreneurial discovery, and gains from depersonalized trade - trade between people who do not know each other and often never meet. As Adam Smith noted long ago, the division of labor is limited by the extent of the market. Much like a telephone or an Internet system, a market economy is a network good. As the size of the market expands from the local town or village to the region, nation, and beyond, network participants derive larger and larger benefits from trade, specialization, and economies of scale. For those connected to the global market, this system generates employment opportunities, high productivity per worker, and a vast array of consumer goods that are available at almost unbelievably low prices. This network system makes high-income levels and living standards possible.
There has been a lot of discussion lately about green shoots, mustard seeds and an end to the recession sometime this year. How long would it take for the NBER to make the official announcement that the current recession is over? Let's look at the last two recessions.
In the late 1960s, Stanford University conducted an experiment on young childrens' self-control and ability to delay gratification. Researchers would give young children a choice: the child could either eat one marshmallow right away or, if he or she was willing to wait while the researcher stepped out of the room for a few minutes, the child could have two marshmallows when the researcher returned. If the children rang a bell on the desk the researcher would come running back, and the child could eat one marshmallow but would forfeit the second.
JACKSONVILLE, Fla., May 13, 2009 – A new Walmart opens this month in Jacksonville, bringing 400 new jobs, savings for local shoppers and an increase in tax revenue to support the area’s economy. Nonprofit organizations will also benefit from the retailer’s ongoing charitable contributions and support for community projects. The Walmart, located at 10251 Shops Lane, will be open to customers at 8:15 a.m., Wednesday, May 20th.
Remember when Obama said that not one single American making under $250,000 would pay a single dime more in federal taxes? Well the new emission standards Obama wants will make the cars we all buy as much as $600 - $1,300 more expensive.
BillShrink provides a free, web-based service that provides users with personalized recommendations for everyday services such as cell phone plans and credit cards. These recommendations are computed in real-time by matching your indicated usage profile against literally millions of different market options. The results enable you to view and compare options so that you can make a well-informed decision that maximizes your savings.
President Obama's articulated criteria for his nominee to the U.S. Supreme Court is: "We need somebody who's got the heart to recognize -- the empathy to recognize what it's like to be a young teenage mom, the empathy to understand what it's like to be poor or African-American or gay or disabled or old. And that's the criteria by which I'm going to be selecting my judges."
NY TIMES -- Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years. Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.
Your will (or estate or trust) protects your car, your house, your retirement account, and all your other assets for you. It ensures these valuables make their way to your spouse, siblings, children, or other loved ones. But what happens to all the assets you've created on the Internet, from your email address(es) to your PayPal account to your Facebook profile?
WASHINGTON POST -- Long derided by American conservatives as "socialist" and praised by the left for its generous government spending, Canada is casting off those stereotypes. Over the past few years, while U.S. politicians presided over huge increases in spending and debt, the Canadian government tightened its belt, slashed tax rates and balanced budgets. Consider these trends:
iVisit, a company out of Santa Monica, California that specializes in video teleconferencing applications, has teamed up with the National Institutes of Health to turn a mobile phone's camera into an eye for the blind. Using advanced image recognition software to identify what is in front of the phone, the system reads off what it is seeing.
BUFFALO NEWS -- Ending any speculation about another possible run for governor, Rochester businessman and Sabres owner B. Thomas Golisano said Thursday he will be moving his legal residence to Florida to escape New York state taxes.
Here's the problem for states that want to pry more money out of the wallets of rich people. It never works because people, investment capital and businesses are mobile: They can leave tax-unfriendly states and move to tax-friendly states.
Plagiarism update, following this CD post.