Archive for December 18th, 2017

During my career as a financial market economist, I made it a holiday tradition to write a “review andoutlook” for the economy in the style of Clement Moore’s classic, “A Visit from St. Nicholas.” I havecontinued this tradition since my retirement in 2012. In this year’s rendition – the 34th – Santa himselfoffers his perspectives on what has been a most interesting year.A Visit from Santaby David H. Resler’Twas the night before Christmas at nearly high tideIn the bright moonlight, the marsh seemed endlessly wideIn awe and enthralled by this peaceful night sceneMy eyes grew…

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It was sometime during the spring of 1988 that I first read the Wall Street Journals editorial page. It’s been a daily habit since, and in my possession to this day is the first op-ed I ever clipped from the only editorial page that sells newspapers. It was penned by John Bunzel, and it addressed some of the unintended consequences of affirmative action.
As it has for many, the Journals editorial page has had a profound impact on my understanding of economics and public policy. A daily combination of insights from some of the worlds greatest thinkers, and the launching-pad…

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WASHINGTON (AP) Cue the accountants and the IRS rule-writers the massive Republican tax package is nearly a done deal, soon to become law.
After weeks of drafting, fierce lobbying, horse-trading and cliffhangers from some holdout GOP senators, all thats left is the voting and President Donald Trumps signature. This week Republicans in the House and Senate will whisk through the sweeping $1.5 trillion GOP legislation on party-line votes. Trump signs it with whats likely to be an elaborate White House ceremony.
The legislation permanently slashes the tax rate for…

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WASHINGTON (AP) The tax overhaul of 2017 amounts to a high-stakes gamble by Republicans in Congress: That slashing taxes for corporations and wealthy individuals will accelerate growth and assure greater prosperity for Americans for years to come.
The risks are considerable.
A wide range of economists and nonpartisan analysts have warned that the bill will likely escalate federal debt, intensify pressure to cut spending on social programs and further widen Americas troubling income inequality.
Congress is expected to vote this week on the bill, the most far-reaching rewrite of the U.S….

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NEW YORK (AP) John Skipper, president of the sprawling ESPN sports network, said Monday that he is resigning to treat a substance abuse problem.
Skippers sudden announcement will force the Walt Disney Co.-owned network to search for new leadership at a time of retrenchment, with the company losing subscribers due to cord-cutters and working to boost its digital output to follow the migration of young sports fans to their smartphones.
The 61-year-old executive, who has worked at ESPN since 1997 and has led the company since 2012, said hes struggled for many years with substance…

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At the end of every year, millions of Americans can make strategic moves to shave a few bucks off their April tax bill. Right now, millions more should be able to get into the act, with Congressional Republicans poised to pass a 503-page law that fundamentally restructures the U.S. tax code.

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Though you might want your money as soon as possible, filing for Social Security at 62 could end up hurting you — and your family.

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Ernest Garcia II has a $2.5 billion net worth thanks to his ownership of DriveTime, the nation's fourth-biggest used car retailer, and Carvana, an online used car seller with a hot stock.

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<p>U.S. stocks opened sharply higher on Monday as investors eagerly awaited a vote on a bill that would cut corporate taxes. A slew of corporate deals also helped lift sentiment.</p>

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It's being called a $1.5 trillion package, but the tax changes set for a vote in Congress would create more than $5 trillion worth of winners and losers.

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<p>U.S. stocks opened sharply higher on Monday as investors eagerly awaited a vote on a bill that would cut corporate taxes. A slew of corporate deals also helped lift sentiment.</p>

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One of the hottest cryptocurrency investments of 2017 comes from a software startup that doesn’t plan to sell any software and describes what it is selling—something called a digital token—as having “no purpose.”

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Fabien Gaglio confessed to running a $100 million Ponzi scheme on his own terms.&nbsp;

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One of Washington’s permanent parlor games is how much credit or blame a president deserves for the state of the economy. Inevitably, then, the question being asked now is whether Donald Trump or Barack Obama created today’s strong economy. The correct answer is: neither. To the extent that personal responsibility can be assigned, the worthy recipient is Janet Yellen.
In practice, presidents’ influence over the economy is limited. If it were otherwise, we’d live in an economic paradise. Unemployment would always be low, wages would always rise, and recessions would never occur. No one has…

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