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Thursday, July 28, 2011
New numbers, no surprise: Affordable Care Act anything but affordable
posted at 9:50 am on July 28, 2011 by Tina Korbeprinter-friendly
We already knew this, but, today, the Centers for Medicare and Medicaid released a 10-year forecast that confirms it: National health spending will grow at a rate faster than it would have if Obamacare had not passed. The Washington Times reports:
Total spending is projected to grow annually by 5.8 percent under Mr. Obama’s Affordable Care Act, according to a 10-year forecast by the Centers for Medicare and Medicaid Services released Thursday. Without the ACA, spending would grow at a slightly slower rate of 5.7 percent annually. …
The federal government is projected to spend 20 percent more onMedicaid, while spending on private health insurance is expected to rise by 9.4 percent. …
“Simply put, this report states the obvious, that Americans have known for more than a year – the $2.6 trillion law only makes the fundamental problem of skyrocketing health care costs worse,” said Sen. Orrin G. Hatch, Utah Republican and ranking member of the Senate Finance Committee.
The White House responded to the report in a blog post, spinning the report to emphasize, “National Health Expenditures Reach Historic Low.” White House Deputy Chief of Staff Nancy deParle writes:
But the report doesn’t tell the whole story.
The Affordable Care Act creates changes to the health care system that typically don’t show up on an accounting table. We know these new provisions will save money for the health care system, even if today’s report doesn’t credit these strategies with reducing costs.
The report comes just as the legal challenges to the ACA reach the Supreme Court. At the same time, ads from RepealItNow.com report the drive for congressional signatures on a petition for repeal continues to be successful. In the ads, a congenial Mike Huckabee says the coalition needs the signatures of just four senators to make repeal possible. (Maybe those same four senators could revive Republican hopes of Cut, Cap and Balance!) That’s a stretch, of course — the best strategy for repeal remains to capture the Senate and White House in 2012 (and as much as I don’t want to admit it, that’s the best strategy for Cut, Cap and Balance, too). But the point is, grassroots organizations continue to bring the heat, even as health care reform seems to have fallen off the radar in debt and deficit discussions and in national news media, in general. This new report only provides more fodder for their efforts.
Obviously, that doesn’t mean the report is good news. Rising health costs affect us all and, frankly, seem especially daunting in light of our present economic outlook. So, as someone who has accepted that entitlement programs won’t carry me through retirement or future health problems, I find it helpful to remember that the best approach to health care to keep personal costs down, at least, is to attend to the basics — you know, right diet, regular exercise and ample sleep. Easier said than done, of course, but still worth attempting.
Wednesday, July 27, 2011
Perry pulls into statistical tie with Romney in Gallup poll
posted at 12:05 pm on July 27, 2011 by Ed Morrissey
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Of all the potential late entrants into the Republican nomination contest, the one who gives Mitt Romney the toughest fight is Rick Perry, according to the latest Gallup poll. If Perry, Sarah Palin, and Rudy Giuliani all get into the race, Perry comes in just two points behind Romney and ahead of Palin and Giuliani, while Michele Bachmann falls to fifth place — well within the margin of error:
Mitt Romney is the leader for the GOP nomination among the current field of official candidates, supported by 27% of Republicans, compared with 18% for Michele Bachmann. However, Rick Perry would essentially tie Romney, with Sarah Palin and Rudy Giuliani close behind, in a scenario in which all three of these undecided candidates entered the race.
Gallup asked respondents to choose among all 11 current and potential candidates, and then asked for their second and third choices. The second and third choices are used to simulate preferences when certain combinations of unannounced candidates are excluded from the race. Three such scenarios include the eight announced candidates plus one of the unannounced candidates. Palin, Perry, and Giuliani finish in no worse than a statistical tie for second place when each is pitted against the eight firm candidates.
If only Perry gets in the race, he starts off five points behind Romney — and five points ahead of Bachmann, who loses four points in the transaction. Palin comes in at 15 if alone, one point behind Bachmann in a statistical tie for second place, while Giuliani gets 14%, three behind Bachmann for third place, without Palin or Perry. Romney holds 23% in each model.
The numbers between conservatives and moderates/liberals are also interesting. Gallup didn’t run separate models for that breakdown as they did with the overall numbers, but if all three jump into the race, Perry ties Romney for the lead with conservatives at 18%. His support drops off considerably with moderates/liberals, finishing tied for fifth place with Bachmann. Giuliani wins that demographic at 16%, two points ahead of Romney and Palin. Somewhat surprisingly, Palin only scores 11% among conservatives, a fourth-place finish behind Romney, Perry, and Bachmann.
Needless to say, the other candidates in the field barely change positions with or without the three late entrants. All of them had better hope for lightning to strike in Ames in a couple of weeks, at the debate and then at the straw poll. Without some sort of breakout performance, an entry of any of the three maybes will swamp out any hope of getting the kind of media attention that will build momentum in the fall
CBO: Reid bill a bigger reduction in spending … barely
posted at 11:25 am on July 27, 2011 by Ed Morrissey
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The Washington Times reports today that the duel of spending reduction bills may be won by Harry Reid. The CBO scored Reid’s proposal better than John Boehner’s on actual reductions in spending, although neither takes a machete to the budget. In fact, the difference is almost indistinguishable:
The Congressional Budget Office said the plan by Senate Majority Leader Harry Reid would raise the government’s borrowing limit by $2.7 trillion, and cut $2.2 trillion from future spending, chiefly by limiting the amount of money spent on the wars in Iraq and Afghanistan. …
The CBO analysis could give momentum to Mr. Reid’s plan, though the GOP says spending on the wars in Iraq and Afghanistan was going to drop anyway, and so shouldn’t be considered as future savings. …
The CBO said the Senate bill’s discretionary spending cuts would result in $840 billion in lower authorized spending, and $750 billion in actual lower outlays over the next decade. The Senate bill also capped spending on the two wars at $450 billion over the next decade, which would mean spending authority is $1.2 trillion lower, and actual outlays would be $1 trillion lower.
Reid’s advertising his proposal as authorizing $2.2 trillion in cuts for a $2.7 trillion debt-ceiling increase, but most of those cuts would happen anyway. Reid counts dollars spent on the war at current rates as part of the savings when the drawdowns occur, savings that are already in place. Instead, his bill cuts in 10 years roughly half of the annual budget deficit, averaging $75 billion a year, which is roughly nineteen days of borrowing at current deficit rates.
That’s an improvement over Boehner’s bill, but not by much. Boehner would save $710 billion over the next decade, averaging $71 billion a year, which accounts for 17.3 days of borrowing at the current rate of deficit spending. That’s more of a distinction without a difference. Boehner’s bill would only authorize a $900 billion hike in the debt limit, however, which would force a new round of cuts before next year’s election. Unlike Reid’s proposal, Boehner assumes that the savings in war funding have already taken place.
Boehner promised to go back and rewrite the House bill to get more savings out of it. Given these figures, that shouldn’t be a terribly difficult task. However, at this point, it looks like the two chambers are close enough in figures and approaches to pass their bills and get a conference committee to deal with the differences, which is probably what will happen by the end of the week.
Euro Posts Weekly Gain After Two Weeks of Losses
EuroThis week was “a mixed blessing” for the euro. For the most part, the currency showed a good performance as worries about the debt crisis subsided, but by the end of the week concerns returned.
The summit of the European Union leaders caused optimism among Forex traders, who anticipated some cohesive plan for dealing with the sovereign-debt crisis. The summit ended, a plan was presented, but traders didn’t look very happy about the outcome. Surely, some market participants were pleased by the plan of the EU leaders, but most investors aren’t sure that suggested measures would help to deal with the problems in the longer run, not to mentions concerns about expected Greek default.
The shared 17-nation European currency also get boost from the US, where politicians aren’t able to reach agreement about measures to battle the US debt crisis, making the dollar less appealing than the euro. But the decline of the euro against some currencies on Friday made traders feel uncertain about the euro. Was that drop just a minor correction or a first step in a long way down? It’s hard to tell as currently the euro, along with the dollar, is one of the worst currencies to trade because of its unpredictability.
EUR/USD jumped from 1.4109 to 1.4356 and EUR/JPY advanced from 111.58 to 112.75 over this week. EUR/CHF, unlike the previous two currency pairs, hasn’t declined on Friday, rose from 1.415 to 1.768 during this week and posted a weekly high of 1.1891.
If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.
Earlier News About the Euro:
Euro Drops as Optimism Caused by EU Summit Wanes (2011-07-22)
Euro Jumps as EU Leaders Make Plan to Help Greece (2011-07-21)
Is Agreement Among European Leaders Attainable? Perhaps (2011-07-19)
Bad Monday for Euro (2011-07-18)
Euro Recovers on US Trade Balance, Threatened By Ireland (2011-07-13)
Battleground states looking grim for Obama?
posted at 10:05 am on July 27, 2011 by Ed Morrissey
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National polls put Barack Obama in the mid-40s and slightly underwater, which could indicate trouble for him in 2012 — if the Presidency was won on a national popular vote. (Ask Al Gore how that works out.) National Journal took a look at polling in battleground states and sees a much bigger problem than national polls indicate:
In every reputable battleground state poll conducted over the past month, Obama’s support is weak. In most of them, he trails Republican front-runner Mitt Romney. For all the talk of a closely fought 2012 election, if Obama can’t turn around his fortunes in states such as Michigan and New Hampshire, next year’s presidential election could end up being a GOP landslide.
Take Ohio, a perennial battleground in which Obama has campaigned more than in any other state (outside of the D.C. metropolitan region). Fifty percent of Ohio voters now disapprove of his job performance, compared with 46 percent who approve, according to a Quinnipiac pollconducted from July 12-18.
Among Buckeye State independents, only 40 percent believe that Obama should be reelected, and 42 percent approve of his job performance. Against Romney, Obama leads 45 percent to 41 percent—well below the 50 percent comfort zone for an incumbent.
The news gets worse from there. In Michigan, a reliably Democratic state that Obama carried with 57 percent of the vote, an EPIC-MRA pollconducted July 9-11 finds him trailing Romney, 46 percent to 42 percent. Only 39 percent of respondents grade his job performance as “excellent” or good,” with 60 percent saying it is “fair” or “poor.” The state has an unemployment rate well above the national average, and the president’s approval has suffered as a result.
Obama also trails Romney in New Hampshire, getting edged by two points. More worrisome for the White House is Obama’s standing in these states, and others like them. Regardless of who the nominee is, having re-elect numbers in the low 40s is a clear sign that the state is up for grabs. And it’s not just these states, either.
If Michigan is in play — and it almost certainly will be — then Pennsylvania and Wisconsin probably are as well, and Indiana may already be lost. That Rust Belt band played heavily into Obama’s victory in 2008. Hillary Clinton Democrats, primarily white working-class voters, turned out for Obama in 2008, but those are the voters Obama is losing fastest in this cycle. National Journal wonders whether Obama can hold Colorado, Nevada, and Virginia, but they miss North Carolina, where Obama’s standing has already shown to be crumbling, too.
Most presidential re-election runs have some element of defense to hold territory won in the previous election, but that may be the only strategy Obama can put in play. Obama won the Electoral College handily in 2008, 365-173. By flipping Pennsylvania, Ohio, Florida, Indiana, Colorado, Virginia, Nevada, and Wisconsin, Republicans edge Obama 295-243. Swapping Florida for North Carolina still produces a 281-257 win for Republicans. Winning Michigan and conceding Colorado makes it 288-250 Republicans.
You can bet that the Obama campaign is studying the map very, very carefully in order to see where they want to spend money, and it’s mostly going to go in that Rust Belt area. Republicans should plan accordingly. That could be the key to the entire election
Yuan Appreciates Above 6.5 vs. USD for a Short Time
Chinese yuanThe Chinese yuan rose above the 6.5 level against the US dollar today for several hours before returning to the levels below this important psychological rate.
The yuan reference trading rate was moved up to 6.499 per USD by the People’s Bank of China today. The currency is allowed to appreciate or depreciate within 0.5 percent boundary during a daily trading session, allowing an intraday low on the USD/CNY currency pair of 6.4805.
The main reason for this long-awaited (at least in the United States) strengthening of the yuan is seen in the rising inflation of the consumer prices in China. Another positive factor for this regulated currency is the prolonged weakness of the US dollar, which continued to fall against other major currencies this week.
USD/CNY rose from 6.5027 to 6.5060 as of 12:39 GMT today, following a drawdown to 6.4805 between 6:00 and 8:00 GMT.
If you have any questions, comments or opinions regarding the Chinese Yuan, feel free to post them using the commentary form below.
Earlier News About the Chinese Yuan:
Chinese Yuan Appreciates with Other Asian Currencies (2011-04-02)
China Allows Yuan Appreciate, Can It Do So? (2011-01-12)
Yuan Rises Beyond 6.6 per Dollar as China Battles Inflation (2010-12-31)
Can Yuan's Gains Be Limited by Demands for Slower Appreciation? (2010-12-29)
Yuan Slips as China Raises Interest Rates and May Do So Again (2010-12-27)
Sixth Quarter of Gains for Yuan
Chinese yuanThe Chinese yuan posted the sixth straight quarterly gain on the speculation that China will allow the currency to appreciate faster in order to slow growth of consumer prices.
The People’s Bank of China increased the reference rate for the yuan to 6.4716 per dollar today, allowing the currency to fluctuate 0.5 percent in either side of the target. Li Daokui, the adviser to the central bank, explained the rise of prices in June by higher costs of agricultural products and pork. China Securities Journal said today, citing the State Information Center, the inflation is estimated to be 5.3 percent in the first half of 2011 and about 4.9 percent for the whole year.
USD/CNY traded at 6.4648 today as of 11:22 GMT, fluctuating near its opening rate of 6.4644, after rising as high as 6.4680 and falling as low as 6.4625.
If you have any questions, comments or opinions regarding the Chinese Yuan, feel free to post them using the commentary form below.
Earlier News About the Chinese Yuan:
Yuan Appreciates Above 6.5 vs. USD for a Short Time (2011-04-29)
Chinese Yuan Appreciates with Other Asian Currencies (2011-04-02)
China Allows Yuan Appreciate, Can It Do So? (2011-01-12)
Yuan Rises Beyond 6.6 per Dollar as China Battles Inflation (2010-12-31)
Can Yuan's Gains Be Limited by Demands for Slower Appreciation? (2010-12-
Tuesday, July 26, 2011
Rand Near Monthly High vs. USD on Rate Difference, US Uncertainty
South African randThe South African rand rose to its highest level in more than two weeks against the US dollar today, as the rate difference attracted speculators, while they shunned uncertainty of the States.
While President Obama continues to press the Congress for the debt ceiling compromise, there’s no end seen to these prolonged debates. Next Tuesday can become one of the worst days in dollar’s history if nothing changes until that. As the global investors have the fact in mind, many of them a reluctant to keep their assets in USD. The recent behavior of the South African rand is showing an elevated interest in this currency.
On the other hand, there’s another attractive advantage in the ZAR for the foreign currency traders — its interest rate (5.5 percent compared to almost zero in the US). Being the Africa’s biggest economy, South Africa is also considered a fiscally and financially stable region, closely tied to the commodity prices (especially gold), which makes it a near-perfect target for short-term currency investments. Five days ago, the South African Reserve Bank has left the rates unchanged, signaling that the period of high rates may continue further.
USD/ZAR fell from 6.7619 to 6.6744 as of 14:53 GMT today, reaching as low as 6.6658 intraday — the maximum level since July 8th.
If you have any questions, comments or opinions regarding the South African Rand, feel free to post them using the commentary form below.
Earlier News About the South African Rand:
Rand Weakened by Credit Rating Outlook for Greece (2011-07-05)
Rand Weakens with Commodities on US Growth Forecast (2011-06-23)
South African Rand Falls on Greek Crisis, Trims Losses (2011-06-20)
South African Rand Climbs vs. Dollar on Greece's Bailout (2011-06-02)
Rand Advances vs. Dollar on Economic Growth (2011-05-27)
This entry was posted on TopForexNews on Tuesday, July 26th, 2011 at 2:56 pm and is filed under South African Rand. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
CAD Sets New Multi-Year Record on US Crisis Expectations
Canadian DollarThe Canadian dollar expanded today, reaching a new 3-year maximum level versus the US currency, as the President of the United States warned of a serious “economic crisis”.
The loonie (as the CAD is nicknamed) reached its new record level against the US dollar today — the highest since November 2007. While there aren’t many supporting news for the Canadian dollar (except for persistently high levels of oil price), the loonie wins as an alternative to the greenback, which suffers from the debt ceiling crisis in the United States.
Sentiment for the US currency weakened after US President Barack Obama warned that a heavy economic crisis is threatening the world’s largest economy (and, consecutively, the global economy too) if no compromise is reached before August 2.
USD/CAD fell from 0.9474 to 0.9424 as of 12:47 GMT today, setting its new yearly record low at 0.9406. CAD/JPY rose from 82.56 to 82.77, while EUR/CAD went up from 1.3620 to 1.3646 today.
If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.
Earlier News About the Canadian Dollar:
Canadian Inflation Slows, Loonie Retreats (2011-07-22)
CAD Reaches Three-Year High vs. USD (2011-07-22)
BOC Rate Statement Invigorates Loonie (2011-07-19)
Canadian Dollar Looks More Attractive After EU Stress Tests (2011-07-15)
Loonie Declines vs. Greenback, Remains Strong vs. Majors (2011-07-12)
This entry was posted on TopForexNews on Tuesday, July 26th, 2011 at 12:53 pm and is filed under Canadian Dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Reid: I have an exciting new compromise debt deal for you radical right-wing extremists
posted at 6:00 pm on July 25, 2011 by Allahpundit
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The Corner has a rundown of Boehner’s two-step short-term proposal — lots o’ buck-passing to a commission plus some procedural chicanery a la Mitch McConnell’s proposal plus a vote on a balanced-budget amendment down the line — but I think it’s a nonstarter. The Cut, Cup, and Balance coalition has already rejected it, which, if all members abide by that, means Boehner’s bill would start without 39 GOP votes in the House and 12 Republican votes in the Senate. Maybe the CCB crowd is playing good cop/bad cop with Boehner, trying to frighten the White House and Reid into agreeing to more concessions as the deadline looms, but eyeball their membership roster. Usually they mean what they say.
As for Reid’s plan: $2.7 trillion in cuts and no tax hikes — but no entitlement reform either, and fully $1 trillion of those “cuts” are merely the savings the feds have already been counting on from winding down the wars in Iraq and Afghanistan. Obama endorsed it about an hour ago, notwithstanding his weeks-long demand for new revenue, because it ensures that the next debt-ceiling debate won’t happen until 2013 and thus achieves his main/only goal of helping him get reelected. In fact, per Ed’s post this morning, remember that as of this weekend Boehner’s short-term plan was Reid’s plan. They were going to present it as a bipartisan compromise until The One intervened and reminded Dingy Harry what’s truly important to America, namely, another four years of Barack Obama. So Reid caved, even though Obama surely would have signed Boehner’s plan, and threw this thing together as quickly and haphazardly as he could. How haphazardly? Feast your eyes.
And that’s where we are at right now. Check back in an hour or two and we’ll probably have another 15-20 new proposals to fill you in on. Via Greg Hengler, here’s Dingy’s salute to the CCB coalition, which inexplicably makes it even harder for moderate Republicans in the House and Senate to vote for his plan. Which GOPer would want to take sides against the tea party with a guy who’s dumping on them as “extremists”? Exit question: Doesn’t Reid have the upper hand on Boehner right now? We already know that the GOP caucus is split over Boehner’s proposal whereas the Democrats might support Reid’s plan fairly uniformly, especially in the Senate. It’ll be a tough sell to progressives in the House, but the fact that it doesn’t touch entitlements and that Obama’s backing it (and sure to talk it up during his speech tonight) makes things somewhat easier. If Pelosi/Hoyer can deliver 100 Democrats in the name of averting default, Boehner might be able to deliver 120 Republicans, especially now that some righties are half-praising Reid’s bill as not so bad
GOP lawmakers officially announce “imperfect” plan, in which “no side gets what it wants”
posted at 5:20 pm on July 25, 2011 by Tina Korbe
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House GOP leaders were perfectly candid in their assessment of the deficit-reduction-and-debt-limit-increase plan they put before the House today.
“It’s not ‘Cut, Cap and Balance,’” House Speaker John Boehner (R-Ohio) said. “But it is built on the principles of ‘Cut, Cap and Balance’ that can pass the United States Senate, as well as the United States House.”
House Majority Leader Eric Cantor (R-Va.) echoed Boehner.
“The plan we just introduced is a well-thought-out and reasoned plan in which no side gets what it wants,” Cantor said.
As rumored, the short-term plan provides for a last-minute debt limit increase offset by even greater spending cuts with no tax increases. It also requires a vote on a balanced budget amendment — but doesn’t require that the amendment pass. The debt limit increase doesn’t carry the country through 2012, either. That means another politically-motivated round of debt limit negotiations — precisely what the president has said he doesn’t want.
“This plan is not perfect,” House GOP Whip Rep. Kevin McCarthy (R-Calif.) said. “But it shows a great contrast to what the president has put forward. The president continues to pick politics over people. His only concern when you listen to him is, he brings up the election. We’re more concerned about policies, with the direction this country is going.”
The president is scheduled to respond to Boehner’s plan at 9 p.m. tonight and the Speaker will likely respond to the president’s response.
The plan is not dreadful for a short-term deal. As many have pointed out, the no-tax part, in particular, represents a significant victory for Republicans. But the nature of the cuts aren’t clear and the debt limit increase will be upfront. The deal has already engendered fierce opposition from the “Cut, Cap and Balance” coalition. Realists might suggest time is running out for a reworked “Cut, Cap and Balance” to make its way through the House and Senate — but conservatives counter that “more of the same” in terms of a short-term deal that does nothing to ensure a balanced budget in the future betrays the American people, who sent Tea Partier after Tea Partier to Congress to combat “business as usual.”
In case anyone else has as severe a case of whiplash as I do from the this-is-the-plan, no-that-is-the-plan back-and-forth, it’s helpful to remember no plan is “the” plan until it’s written down, passed and signed. This short-term deal very well could be that, but, until it is, I’m still in the “Cut, Cap and Balance” camp. Of course, Republicans are just looking for a deal that will pass (and that’s understandable) — but, like Erick Erickson, I refuse to offer absolution to tired GOP-ers who’ve abandoned the plan. Too many Democrats have opposed a debt limit increase in the past and too many have expressed openness to a balanced budget amendment to dismiss “Cut, Cap and Balance” as extreme or to pronounce it “over, done and dead,” as Senate Majority Leader Harry Reid has tried to do. Perhaps a short-term deal will relieve the pressure of the negotiations momentarily, but it won’t solve the fundamental problems like “Cut, Cap and Balance” would. CCB is still the best plan on the table — one worth reviving and one worth fighting for.
Obama: I wish I could bypass Congress and change things on my own
posted at 4:02 pm on July 25, 2011 by Allahpundit
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Via National Journal. He’s quick to add, “But that’s not how our system works.” Doesn’t it? Bypassing Congress to whatever extent possible has been his strategy for more than a year, culminating in an unauthorized war in Libya that even his own lawyers believe is illegal. (FYI: According to Mike Mullen, that war is now indeed a “stalemate.”) Scarcely a day passes without a new op-ed by some lefty law professor arguing that the Fourteenth Amendment lets Obama raise the debt ceiling unilaterally, despite decades of congressional precedent to the contrary. And ICE has already decided to go ahead and consider factors championed by the DREAM Act in immigration cases despite the fact that the Act hasn’t passed. O may say “no we can’t” here to the suggestion of executively-imposed amnesty, but in light of the above, can you blame the La Raza crowd for thinking (and chanting) “yes we can”?
George Will, describing The One as “Huey Long with a better tailor,” has had enough:
Inordinate self-regard is an occupational hazard of politics and part of the job description of the rhetorical presidency, this incessant tutor. Still, upon what meat doth this our current Caesar feed that he has grown so great that he presumes to command leaders of a coequal branch of government? He once boasted (June 3, 2008) that he could influence the oceans’ rise; he must be disabused of comparable delusions about controlling Congress.
When he was a lecturer on constitutional law, he evidently skipped the separation-of-powers doctrine. But, then, because this doctrine impedes the progressives’ goal of unleashing untrammeled government, they have long loathed it: Woodrow Wilson, the first president to criticize the American founding, considered the separation of powers the Constitution’s “radical defect.”
It has, however, rescued the nation from Obama’s preference for a “clean” debt-ceiling increase that would ignore the onrushing debt tsunami. There are 87 reasons for Obama’s temporary conversion of convenience to the cause of spending restraint — the 87 House Republican freshmen. Their inflexibility astonishes and scandalizes Washington because it reflects the rarity of serene fidelity to campaign promises.
The true stupidity of this clip, of course, is that — as with everything else — his constitutional faux-modesty is motivated by getting reelected. It’s not that he has some profound separation-of-powers objection to an executive amnesty; it’s that he knows independents would seethe at the power grab, especially on an issue as sensitive as immigration, and it’d end up hurting him badly at the polls. He’s already got the Latino vote locked up. Better, then, to play it safe with indies by paying lip service to La Raza about how his hands are tied or that he “needs a dance partner,” etc. Whatever excuse works.
Monday, July 25, 2011
EU Summit Eases Need for Safety, Yen Drops
Japanese yenThe Japanese yen fell today as the summit of the European leaders spurred hopes that the EU will be able to contain the debt crisis, reducing demand for Japan’s currency as a safe haven.
The leaders of the European Union have met yesterday at summit in Brussels. They decided to give €159 billion of additional aid for Greece. The lawmakers also allowed to use the rescue fund to buy debt of the peripheral economies and eased the terms of loans to the indebted nations. The Stoxx Europe 600 Index rose 0.8 percent.
USD/JPY climbed from 78.29 to 78.52 as of 8:02 GMT today and touched the intraday high of 78.72. EUR/JPY advanced from 112.94 to 113.12.
If you have any questions, comments or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.
Earlier News About the Japanese Yen:
Second Week of Gains for Yen, Will BOJ Intervene? (2011-07-16)
Yen Declines as Chinese Economy Grows (2011-07-13)
Growing China's Economy Saps Demand for Safety of Yen (2011-06-14)
Yen Falls on Anticipation of Stimulus (2011-06-13)
Yen Profits from Fears of European Crisis (2011-06-08)
This entry was posted on TopForexNews on Friday, July 22nd, 2011 at 9:02 am and is filed under Japanese Yen. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Son Ye Jin, returns to the screen in two years as a femme fatal pickpocke
Top star Son Ye-jin will turn into an 'international' pickpocket.
In the upcoming movie 'Open City' directed by Lee Sang-gi, Son Ye-jin will act as the boss of a pickpocket organization displaying her femme fatal charm.
Scheduled to open in December, she is appearing on screen two years after the movie 'The Art of Seduction' which opened in 2005.
The movie has especially gathered attention as she will be partnering with actor Kim Myeong-Min of the MBC drama series 'White Tower'.
'Open City' which depicts the conflict between an international pickpocket organization and an investigation team will feature Son Ye-jin who rids of her innocent image in a seductive and strong character.
Her character Baek Jang Mi grows her organization with her charm femme fatal charm, making any man want to give up everything to be with her.
But falling in love with Kim Myeong-Min, a member of the investigating team, she cannot hide her identity as a female and her painful past.
The Ed Morrissey Show: Kevin McCullough
posted at 1:00 pm on July 25, 2011 by Ed Morrissey
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Today, on the Ed Morrissey Show (3 pm ET), Kevin McCullough joins us again to discuss the intersection of faith and politics. Kevin and I will talk about the latest in the debt-ceiling crisis, the possibility of legal action against Change.org, and the New York Times’ report on a study about teenagers and sex. Should parents allow teens to have sex in the house in order to promote family ties? I’m guessing Kevin will say … no.
We’ll also talk about The Binge Thinker, Kevin and Stephen’s exploding success in independent talk radio, as well as Kevin’s new book, No He Can’t: How Barack Obama Is Dismantling Hope and Change, being released this week! Don’t forget about Kevin’s previous book, The Kind of Man Every Man Should Be: Taking a Stand for True Masculinity, either.
The Ed Morrissey Show and its dynamic chatroom can be seen on the permanent TEMS page — be sure to join us, and don’t forget to keep up with the debate on my Facebook page, too!
We’ll also cover the the case of Marizela Perez, who has been missing in the Seattle area for more three months. Marizela’s case has a connection here at Hot Air, as she is the cousin of the Boss Emeritus, Michelle Malkin. Michelle is trying to spread the word through Facebook and Q13Fox/KCPQ in Seattle. We want to encourage prayers for Marizela’s family, and also try to reach anyone in the area who knows where Marizela might be and ask them to contact the police.
The search has its own website now, Find Marizela, for the latest in the efforts to bring Marizela home. There is also a fund for the family to keep the search efforts going. Be sure to check there and at Michelle’s site for further developments, and keep the family in your prayers.
America’s Most Wanted is now on the case, too.
Michelle had an update earlier this month:
Four months ago today, my cousin Marizela Perez disappeared from the University District in Seattle, Washington. I am devastated to tell you once again that there are no new leads or breaks in the case. Her parents have exhausted their work leave and have had to return to the East Coast. The family is weighing various legal and investigative avenues to pursue. As I reported in May, the quest to obtain Marizela’s online/text info has been an uphill battle. After months of pressing, we finally received a search warrant two weeks ago related to the case. It had been signed by a judge on April 22; we gained access to it in late June. …
Marizela’s Google web history was not included. The Seattle Police Department will not disclose the actual Google records to her parents so that they could pursue the search for Marizela on their own.
Keep the family in prayer.
Rep. Issa: U.S. deserves a downgrade in credit if spending isn’t addressed
posted at 2:00 pm on July 25, 2011 by Tina Korbe
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Goldman Sachs suggests a downgrade of U.S. credit is increasingly likely and experts continue to warn that a weakened credit rating would have significant financial repercussions in the markets, but at least one member of Congress has accepted that a downgrade might be deserved.
“Until we stop spending more, we should be downgraded,” Rep. Darrell Issa (R-Calif.), chairman of the House Committee on Oversight and Government Reform, said this morning on the Fox Business Network.
The Hill reports more details:
The credit-rating agencies Moody’s Investors Service and Standard & Poor’s both put the nation’s triple-A credit rating on review for a downgrade this month. The agencies warned that the U.S. might lose its perfect rating if the government defaulted on its debt or failed to take steps to address the deficit.
“If America can, in fact, pay its bills, it’s AAA. If we can’t pay our bills, it doesn’t matter what rating they give us,” Issa said. “Right now we can pay our bills, but we’re heading toward the kind of spending and debt to where someday we wouldn’t be able to pay our bills, and that’s what’s gotta change.”
Like many Republicans, Issa also indicated he does not consider Aug. 2 the drop-dead deadline to raise the debt ceiling. “[Obama] signed funding through September months ago,” he said.
Debate continues about what effects a credit downgrade could have. Some Wall Street traders say discussion about the potentially devastating effects is “much ado about nothing,” and Reuters’ James Pethokoukis says the impact would not be “as frightening as I might have assumed.”
Pethokoukis makes the astute point that the bigger repercussions would probably be political and would hinge on whether President Barack Obama or Republicans were blamed for the downgrade. With Republicans making remarks like Issa’s, it’s hard to think how the American people could fail to see which side is serious about solving the problem. Republicans won’t be sidetracked from offering solutions by discussion of a downgrade or default. On the other hand, all Obama has really done is talk up the terror of a default, even as he proves time and time again — possibly even this past Sunday if reports are true that he turned down a bipartisan debt deal — that he cares more about his reelection effort than he does about the nation’s fiscal health.
That’s what Issa is really saying here — that all the wailing in the world won’t change the reality. A falsely pristine credit rating won’t spare the U.S. from reaping what it has sowed — too much spending — and a downgrade doesn’t mean the U.S. will lose its ability to repay its obligations overnight. It will just come as yet another stark reminder that Congress eventually must make the hard decisions politicians are oh-so-good at procrastinating.
CAD Reaches Three-Year High vs. USD
Canadian DollarThe Canadian dollar reached yesterday the highest level in three years against the US currency, before retreating today, on the speculation that growing inflation in Canada and improving global economy will prompt the central bank to resume interest rates increases.
Today’s report from Statistics Canada is expected to show an annual inflation growth by 3.6 percent in June, following the 3.7 percent increase in May. Analysts believe that rising inflation will spur policy makers to boost borrowing costs. The Bank of Canada said in statement on July 20 that “some of the considerable monetary policy stimulus currently in place will be withdrawn”. Notice, that the bank wasn’t using the word “eventually” as in previous statements. The statement also spoke about threats to growth of consumer prices:
The three main downside risks to inflation in Canada relate to sovereign debt concerns in Europe, headwinds from the persistent strength of the Canadian dollar, and the possibility that growth in Canadian household spending could be weaker than projected.
Concerns about the problems in Europe will likely subside for some time, and that’s increase potential growth of Canada’s inflation. On the other hand, the treat from the strength of the Canadian currency is even more prominent now.
USD/CAD traded at 0.9447 as of 3:58 GMT today after opening at 0.9431 and reaching yesterday 0.9421, the lowest level since November 2007. EUR/CAD fell from 1.3603 to 1.3591 and CAD/JPY advanced from 82.94 to 83.12.
If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.
Earlier News About the Canadian Dollar:
BOC Rate Statement Invigorates Loonie (2011-07-19)
Canadian Dollar Looks More Attractive After EU Stress Tests (2011-07-15)
Loonie Declines vs. Greenback, Remains Strong vs. Majors (2011-07-12)
Canadian Dollar Surge on Positive Employment Data (2011-07-08)
Canadian Dollar Falls as China Raises Interest Rates (2011-07-06)
This entry was posted on TopForexNews on Friday, July 22nd, 2011 at 3:58 am and is filed under Canadian Dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
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