No More “Globalism”
“Globalism” is a myth created by progressives to justify their own utopian fantasy of “World Economic Justice”. Globalism exists only because our foreign policy perpetuates it. But we don’t have to accept this fallacy.
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U.S. Sues Banks Over Mortgage Bonds
A U.S. housing regulator filed lawsuits against 17 financial institutions, saying they sold $196 billion of risky home loans to Fannie Mae and Freddie Mac without adequately disclosing risks.
AT&T Faces Difficult Antitrust Challenge
The Justice Department’s sweeping challenge to AT&T’s proposed takeover of T-Mobile leaves little room for a negotiated settlement and an uphill struggle for AT&T to win its case in court.
Judge Tosses Oracle Award
The judge in a high-profile copyright case Oracle brought against rival SAP threw out a $1.3 billion jury verdict against the German firm.
Auto Makers Report Stronger U.S. Sales
General Motors, Chrysler and Nissan reported strong year-over-year gains in U.S. auto sales for August as the industry shook off weak sales in July.
DOJ Sues to Block AT&T, T-Mobile Deal
The Justice Department is suing to block AT&T’s proposed $39 billion takeover of T-Mobile, saying the deal would hurt competition and likely raise prices.
Rosneft, Exxon Set Global Partnership
Exxon Mobil snatched away a major Arctic exploration deal with Russia’s Rosneft from competitors including BP in a sweeping deal that will give Rosneft access to energy projects in the U.S.
Big Pharma’s New Prescription
Meet the new blockbuster: drugs like Pfizer’s Xalkori that treat intractable diseases afflicting small numbers of patients shown by testing to likely benefit from the drug.
BofA Cashes Its China Chips
Bank of America Chief Executive Brian Moynihan bought himself some breathing room as the bank agreed to sell more than $8 billion of China Construction Bank stock, its second multibillion-dollar deal in a week.
Business cycles: Was it housing what did it?
KARL SMITH has been doing some interesting blogging on the nature of the recession and recovery as seen through charts of the composition of economic activity. Do click through and have a look. He makes an interesting point about the contribution of housing to GDP; importantly, its decline began in 2006, over a year before the recession officially began and two years before the recession entered its severest phase. Employment figures tell the same story. Residential construction employment peaked in April of 2006; the economy lost nearly 250,000 construction jobs between then and September of 2008. Total nonfarm employment, however, kept right on growing until January of 2008. Total employment in September of 2008 was 433,000 jobs higher than in April of 2006, despite the bloodbath in residential building. Growth slowed with the collapse of the housing bubble, but it didn’t collapse until two years later; beginning in September of 2008, all sectors of the economy faced a sudden, sharp contraction.What does this tell us about the contribution of the housing bust to the recession? Mr Smith muses that it points to the importance of asset prices in the business cycle. This resonates the with Dean Baker view of the downturn, in which massive losses of housing wealth destroyed the economy. The problem is that prices also peaked in early 2006. According to the S&P/Case-Shiller …