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posted on 04 December 2016

Early Headlines: Green Pty Cancels - Then Appeals PA Recount, IRS Serves Summons On Bitcoin Co, Most Mfg Jobs Lost To Automation, 2017 US Hosing Outlook And More

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Early Bird Headlines 04 December 2016

Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.



  • Green Party drops recount case in Pennsylvania (The Hill) The Green Party is dropping its court case requesting a statewide recount of the election results in Pennsylvania. The Associated Press reported on Saturday that the party said it could not come up with a $1 million bond payment required by Monday, when a hearing was scheduled. A court order filed Saturday called the matter "closed" after it said that petitioners had filed to withdraw the case. The Green Party had questioned whether voting machines had been hacked or manipulated. Econintersect: Apparently a significant amount of the money pledged by donors for this effort has not been forthcoming. But see next article, just out minutes ago.

  • Green Party's Stein to pursue Pennsylvania recount petition in federal court (Reuters) Green Party candidate Jill Stein late Saturday vowed to bring her fight for a recount of votes cast in Pennsylvania in the U.S. presidential election to federal court, after a state judge ordered her campaign to post a $1 million bond. The bond was set by the Commonwealth Court of Pennsylvania a day after representatives of President-elect Donald Trump requested a $10 million bond, according to court papers. Stein said recounts already under way in some Pennsylvania counties would continue. The state's election commission had approved recounts in 75 precincts where voters requested one, but refused to allow a full forensic audit of voting machines.

  • Largest US Bitcoin Exchange Ordered To Disclose Three Years Of User Data To IRS (TalkMarkets) Last week we reported, that in an unprecedented attempt to breach the personal privacy of users of the largest bitcoin exchange in the US, Coinbase, the IRS filed papers seeking a judicial order to serve a so-called “John Doe" summons on the San Francisco-based Bitcoin platform. The Fed 'revenuers' are looking for unreported income and tax evasion.

  • Meet Trump’s ‘mad dog’ for the Pentagon (The Hill) Retired Gen. James “Mad Dog" Mattis once explained his life philosophy to fellow Marines as: “Be polite, be professional, but have a plan to kill everybody you meet." The general is now poised to take that mantra to the top ranks of the Pentagon as President-elect Donald Trump’s secretary of Defense. Mattis emerged from the Iraq and Afghanistan wars as one of the most revered figures in the Marines, winning a legion of fans for his blunt and colorful quotes, strategic thinking and warrior ethos.

  • Most US manufacturing jobs lost to technology, not trade (Financial Times) The US did indeed lose about 5.6m manufacturing jobs between 2000 and 2010. But according to a study by the Center for Business and Economic Research at Ball State University, 85% of these jobs losses are actually attributable to technological change - largely automation - rather than international trade. The think-tank found that although there has been a steep decline in factory jobs, the manufacturing sector has become more productive and industrial output has been growing. Notes Mireya Sol's, a senior fellow at Brookings:

“Simply put, we are producing more with fewer people."

  • Trump targets another company, draws Sanders' criticism (CNBC) President-elect Donald Trump, after threatening consequences for companies that move jobs overseas, turned to another Indiana company planning a move to Mexico, drawing a rebuke from former Democratic presidential candidate Bernie Sanders on Saturday.



The 2017 housing outlook is one of diverging trends. HomeAdvisor’s forecast calls for single-family housing to rise at a rate similar to the 2016 rate, but for multifamily construction (apartments and condos) to fall, as the recent apartment boom finally winds down. The single-family home increase is because of job growth and rising household formations, while the multifamily story has more to do with cyclicality. Single-family starts rising 12.2% in 2017, to just shy of 900,000, while multifamily construction falls by 10.7% to 343,000.



  • What is Italy’s Five Star movement? (The Conversation) A populist movement led by a comedian has come from nowhere to make life very difficult for the establishment. But this author thinks it has little chance of selling voters on the idea that it could actually govern. Econintersect: Six months ago that was said about Donald Trump in the U.S.


Norway urges Trump to issue predictable, clear policy on Russia (Reuters)

  • Norway on Friday urged U.S. President-elect Donald Trump to enunciate a clear and predictable policy on Russia as soon as possible, amid growing concerns in Oslo about increasing Russian military activities in the "High North" or Arctic region. Norwegian Defence Minister Ine Eriksen Soereide told Reuters ahead of the annual Reagan National Defense Forum in California:

"What is most important to us right now is to have both a predictable and a very clear policy on Russia. The earlier and the clearer that the new administration comes out with this, the better it is, also for European security."


  • Russia seeks full withdrawal of Aleppo rebels (Reuters) Russia said on Saturday it was ready for talks with the United States about a withdrawal of all Syrian rebels from eastern Aleppo, where advances by the Russian-backed Syrian army and its allies threaten to deal a crushing blow to the rebellion.



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