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.
This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every dayin the early am at GEI News (membership not required for access to "The Early Bird".).
Four passengers sue Amtrak over deadly Philadelphia derailment (Reuters) Four passengers on the Amtrak commuter train that derailed in Philadelphia last week filed a federal lawsuit on Monday against the U.S. rail service, as operations resumed on the heavily traveled Northeast Corridor. Filing the suit were two Spanish citizens, Felicidad Redondo Iban and Maria Jesus Redondo Iban, as well as Daniel Armyn of New York and Amy Miller of New Jersey.
Once a sure bet, taxi medallions becoming unsellable (USA Today) The rise of Uber and other ridesharing services are decimating the value of taxi medallions, leading cabbies and fleet owners throughout the USA to worry that their industry will be decimated if local and state government doesn't intervene. The cabbies' argument centers on the taxi industry costs of regulation and consumer protection that do not apply to the ride-share companies.
Waco police: Some victims may have been shot by officers (USA Today) A shooting melee between two biker gangs which resulted in 9 deaths may have had some deaths resulting from police response, according to a police department spokesman. The dead had both gunshot and knife wounds. A total of 170 have been arrested.
Greek Endgame Nears for Tsipras as Collateral Evaporates (Bloomberg) Greek banks are running short on the collateral they need to stay alive, a crisis that could help force Prime Minister Alexis Tsipras’s hand after weeks of brinkmanship with creditors. In a worst-case scenario, that lifeline will be maxed out within three weeks, pushing banks toward insolvency, some economists say.
Iran uses maritime confrontations to project power in Gulf (Reuters) Iran is using its sea power in the Gulf to show it will not be cowed by Washington's newly assertive Arab allies, prompting critics to accuse Tehran of destabilizing the region. Iranian ships fired shots at a Singapore-flagged tanker which it said damaged an Iranian oil platform, causing the vessel to flee, and seized a container ship in the Strait of Hormuz, the world's most important oil route, over a debt row.
‘Disaster after disaster’ hits Marshall Islands as climate change kicks in (Al Jazeera) Rising seas and increasing floods put low-lying islands on front line of climate change; president appeals for help.This is part one of a three-part series examining the effects of climate change on the Marshall Islands and what is being done to adapt to the increasing threats it poses.
An American Insurgency (Dave Gonigam, 5 Min. Forecast) The numbers published by the Social Security Administration are wrong because they did not use the correct populationh base: The assumption was a fixed percentage whereas the percewntage of the population age 62 has been increasing every year since the front wave of the baby boom turned 62. The correct data, from the Boston College Center for Retirement Research, is shown below. The most recent year shown, 2013, is 6-8% lower than "official" incorrect data form Social Security.
China Housing Market Rebound? (Walter Kurtz, The Daily Shot) With all the mainstream media news about declining housing prices, here is some new data worth considering:
Other Economics and Business Items of Note and Miscellanea
Nuclear fusion, the clean power that will take decades to master (The Conversation) The holy grail of nuclear power involves controling nuclear fusion, the process that occurs in stars. If fusion power were harnessed directly on Earth, it could produce inexhaustible clean power, using seawater as the main fuel, with no greenhouse gas emissions, no proliferation risk, and no risk of catastrophic accidents. Radioactive waste is very low level and indirect.
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