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.
Republicans Gain From Voter Anger Over Obama’s Economy (Mike Dorning and Jonathan Allen, Bloomberg) More than five years after the recession ended, ordinary Americans still feel pinched. Wages and incomes have been stagnant. Econintersect: The "hope and change" president cast his lot with Wall Street and Main street finally couldn't take it any more. See next article.
Republican Senate brings TPP shocker closer (Unconventional Economist, Macro Business) The irony of the interpretation of the Republican victory as a Main Street revolt is that Macro Business sees the change in the U.S. Senate making the passing of the Trans-Pacific Partnership (TPP) free trade pact more likely. Free trade has become more and more unpopular for Main Street America.
Articles about conflicts and disease around the world
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Anticipating Friday's Employment Report for October (Doug Short, Advisor Perspectives dshort.com) Doug Short contributes to GEI. Two early estimates of employment gained are above average: ADP has the third highest in the last 12 months and Trimtabs has the highest. Tomorrow morning we'll see if the BLS report cab keep up.
Iron ore traders say $70 soon… (Houses and Holes, Macro Business) Traders in China say oversupply will drive prices down further. Morgan Stanley is reporting that credit for financing iron ore purchases is becoming harder to get as old letters of credit are being rolled over. At $70 iron ore would be 63% below its all-time high in 2011. See next article.
The Biggest Drag on Homeownership: Down Payment or Debt? (Daren Blomquist, Realty Trac) While down payment requirements are a significant hindrance to home ownership, existing debt overhangs is the biggest problem. Without additional debt house payments are affordable in more than 90% of U.S. real estate markets. For borrowers with existing debt less than half of the markets are affordable. This article does not estimate the number of potential homeowners not able to buy because of existing debt. Econintersect has estimated that for college debt only, about 2 million are kept out of the housing market. See also next article.
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