What We Read Today 24 December 2013

December 24th, 2013
in econ_news, syndication

Econintersect: Click Read more >> below graphic to see today's list.

The top of today's reading list answers the question:  Do traffic tickets affect your auto insurance? ........ and the tenth article explains why HELOC resets will derail the U.S. housing recovery.  The bonus article (11th) indicates the U.S. consumer may have finished unwinding debt.

Follow up:


  • North Carolina Shows How to Crush the Unemployed (Evan Soltas, Bloomberg) Stop long-term unemployment benefits and more people will get work. That was North Carolina's plan. But reducing unemployment roles by 45,000 corresponded with a reduction in the work force of 77,000, the largest contraction the state has ever seen. Now food pantries can't meet the demand. Look like the 1930s?

Developed markets (DM) growth in GDP terms​ has slowed dramatically over the past decade.

Obama has called for raising the federal minimum, but this would only serve to make economically vulnerable groups even more vulnerable.

See also Steve Hansen at GEI Analysis: Arguing Over Extending Unemployment Benefits.

You had better prepare for what is coming in the next four years with the HELOC resets. Almost all of these HELOCs are second liens. When the borrower defaults on an underwater property with a HELOC, the loan is not simply written down. It is written off as worthless. Some of the largest banks will regret that they handed out millions of HELOCs during the bubble years.




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