Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
The two largest urban centers in Scotland split their voting. Glasgow, the largest city, voted 53% for separation and number two Edinburgh voted 61% against. For further reports see GEI Newshere, here and here and GEI Investing.
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U.S. Job Creation Index (Weekly) (Gallup) Gallup's Job Creation Index is the net of subtracting the percentage of workers who say their employer is letting people go and reducing the size of its workforce from the percentage who say their employer is hiring new workers and expanding the size of its workforce. Approximately 4,000 working adults are surveyed weekly.
Nevada Supreme Court rules on HOA foreclosures (News 4 KRNV-TV) The Nevada Supreme Court ruled on Thursday that a foreclosure from a Homeowner's Association wipes out first mortgages. Previously, when a Homeowner's Association foreclosed, the people who own the house not only lose the home, but also were liable to the bank for the mortgage. But the high court ruled that super-priority liens extinguish a first deed of trust. The ruling is a win for a group of real estate investors, who argued that a foreclosure on a home in Las Vegas wiped out a debt of more than $800,000 on the property.
US foreclosure activity rises for second straight month in August: RealtyTrac (Reuters) Lenders started the foreclosure process on about 55,000 properties in August, up 12 percent from July, but unchanged from a year ago. It was the second consecutive month in which foreclosure starts were up month-over-month. A total of 51,192 properties were set for foreclosure auctions last month, a 1 percent drop from July but up 1 percent from a year ago, ending a 44-month streak of annual decreases.
Dollar-yen breaks 109 (Walter Kurtz, The Daily Shot e-mail, no url) This level was last seen in early 2008.
And Now China FDI Takes a Breather (Mark Magnier, The Wall Street Journal) Anther sign of a slowdown for China: Foreign direct investment is down year-over-year, and it is at a four-year low.
How to Get It Wrong (Paul Krugman, The New York Times) This is an unusually self-effacing mia culpa by Professor K. He discusses the question of "they didn't see it coming" is a self-critical manner. But he also finds the "humility" to deflect attention from himself and point out that others ('austerians') are getting it wrong now. And he still maintains that his ideas aren't wrong but implies that the careless overuse of models is the root-cause problem. Maybe someday he'll finally get to the 'closed circle' - but he is not there yet.
Challenging the economics of climate solutions (Marianne Lavelle, The Daily Climate) Addressing climate change problems can accelerate economic growth. Big changes in climate affecting factors are possible. See Atlanta vs. Barcelona, below.
Thomas Piketty: Economics transfigured (Christopher Majka, rabble.ca) A biological scientist is impressed that Piketty has defined economic problems with pure data, free of "convoluted and contradictory lanes of Keynesian, Marxist, Monetarist, Neo-Ricardian, Austrian, and Anarchist thought pertaining to how economics worked, ought to function, or failed".
Income Inequality Pressures State Tax Revenue, S&P Says (Damien Paletta, The Wall Street Journal) States tend to collect large shares of revenue from either income taxes or sales taxes, making their budgets reliant on how much money people earn or spend. S&P found that wealthier Americans, who have seen the most income gains in recent years, also have higher savings rates than many other Americans, meaning they are likely to hold onto a larger share of their money and not spend it. That means a smaller portion of this money ends up as sales taxes collected by states.
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