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".).
Ryan stops vote on bringing back earmarks (The Hill) Speaker Paul Ryan (R-Wis.) on Wednesday persuaded GOP lawmakers to postpone a vote on a measure to bring back legislative earmarks. The House Republican conference was set to vote on an amendment to the House GOP rules that would allow lawmakers to direct pieces of spending for pet causes in their districts, under certain circumstances. Republican Reps. John Culberson (Texas), Mike Rogers (Ala.) and Tom Rooney (Fla.) filed the amendment, which would have been voted on through a secret ballot during the GOP leadership elections on Wednesday. Ryan convinced his colleagues to postpone the vote until the first quarter of 2017.
Trump Team Floats ‘Infrastructure Bank’ Derided by Campaign (Bloomberg) A key member of Donald Trump’s transition team said the incoming administration is exploring ways to fund fixing bridges and roads including by establishing an “infrastructure bank”, a concept Hillary Clinton promoted and the Republican’s campaign had previously derided. Steven Mnuchin, a member of the team’s executive committee who was recommended for the position of Treasury secretary, said in brief comments to reporters Wednesday morning that a “very big focus is regulatory changes, looking at the creation of an infrastructure bank to fund infrastructure investments.” Econintersect: Public banking enters the conversation.
Obama lands in Berlin for farewell visit to closest ally Merkel (Reuters) U.S. President Barack Obama arrived in Berlin on Wednesday to meet German Chancellor Angela Merkel, with whom he has forged a close transatlantic alliance during eight years in office that President-elect Donald Trump may now call into question.
Russia leaving International Criminal Court (The Hill) Russian President Vladimir Putin is withdrawing his country from the founding statute of the International Criminal Court (ICC), The Guardian reported Wednesday. The announcement comes a day after the ICC published a report categorizing Russia’s annexation of Crimea as an occupation. Though Russia was a signatory of the Rome statute that created the tribunal, it had not ratified the agreement and was not subject to the court’s jurisdiction. Russia annexed the region of Ukraine known as Crimea in 2014, in the wake of Ukraine's president being ousted from power.
Other Scientific, Health, Political, Economics, and Business Items of Note - plus Miscellanea
Stock Market Rallies Since 1900 (Chart of the Day) The Dow just made another all-time record high. To provide some further perspective to the current Dow rally, all major market rallies of the last 116 years are plotted on today's chart. Each dot represents a major stock market rally as measured by the Dow with the majority of rallies referred to by a label which states the year in which the rally began. For today's chart, a rally is being defined as an advance that follows a 30% decline (i.e. a major bear market). As today's chart illustrates, the Dow has begun a major rally 13 times over the past 116 years which equates to an average of one rally every nine years. It is also interesting to note that the duration and magnitude of each rally correlated fairly well with the linear regression line (gray upward sloping line). As it stands right now, the current Dow rally that began in March 2009 (blue dot labeled you are here) would be classified as average in duration though below average in magnitude.
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