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What We Read Today 22 November 2016

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 day in the early am at GEI News (membership not required for access to "The Early Bird".).

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Topics today include:

  • Advisors are Preparing for Trump's Tax Plans

  • Global Income Growth - The Elephant Chart

  • There is No Elephant Chart for Global Data with Russia, Japan, and China Excluded

  • Trump Foundation Reports It Violated Self-Dealing Prohibition

  • Billion Dollar Obamacare Business with Trump Family Ties

  • Another Gerrymander Verdict in Wisconsin

  • Trump Rally Makes Warren Buffett $8 Billion

  • Trump Signals No Clinton E-Mail Prosecution

  • Invanka Was On Argentina Call With Donald

  • Trump's Twitter Engagement Calendar - This Time On-Off-On Visit with The New York Times

  • Americans Disapprove of Trump Tweeting by 59-35%

  • What Americans Think Trump's Personal Characteristics Are

  • Will Clinton Foundation Donations Suffer with Hillary Out of Politics?

  • More on Representation Distortions of the Electoral College

  • Hillary's Popular Vote Lead Up to 1.7 M with Millions More Votes to Count

  • Trump is Opening Doors for China to Assume World Leadership

  • And More

Articles about events, conflicts and disease around the world

U.S.

  • Trump’s foundation says it violated 'self-dealing' prohibition: Report (ReutersCNBC)  Republican President-elect Donald Trump's charitable Foundation appears to have told the IRS that it violated a ban on so-called "self-dealing" and had transferred income or assets to a "disqualified person", The Washington Post reported, citing copies of the group's 2015 tax filings.  The foundation's Internal Revenue Service forms were posted late on Monday on the website for Guidestar, which tracks nonprofit organizations, the Post said, adding that it could not confirm whether the forms had actually been sent to the IRS.

  • The billion-dollar Obamacare business with Trump family ties (CBS News)  Donald Trump has long ignored the conventional wisdom about never doing business with family. Yet the president-elect might soon get a lesson in how familial ties can complicate commerce.  Trump has promised to repeal and replace Obamacare, a vow that could threaten Oscar Insurance, a $2.7 billion technology startup co-founded by Ivanka Trump’s brother-in-law, Joshua Kushner. Oscar has also received funding from Trump adviser Peter Thiel, who could face a loss on his investment if Oscar folds under a Trump-led overhaul of the 2010 Affordable Care Act.  Just three years after it was founded, Oscar appears to be ailing, but it’s not only because of Trump’s vow to dismantle the health care law. Oscar has struggled to make good on its promise to revolutionize health insurance, with Bloomberg News reporting that it had lost $45 million in just three states during the third quarter. The company is also leaving two markets, New Jersey and the Dallas area, as it seeks to manage costs.

  • Court strikes down Wisconsin district lines (The Hill)  Gerrymandering has had another day in court.  A federal court on Monday struck down state legislative district boundaries drawn by Republicans five years ago, ruling that the lines violated Democratic voters' constitutional rights.  The ruling by a panel of 7th Circuit Court of Appeals judges does not apply to the state's Congressional district. But it is consequential because it embraced a new justification for overturning existing district lines, by finding Republicans intentionally discriminated against voters of a certain party, rather than voters of a certain race.

  • Warren Buffett sees $8 billion boom on Donald Trump win (CNBC)   For someone who backed Hillary Clinton in the presidential election, Warren Buffett has done just fine so far with a Donald Trump victory.  The multibillionaire head of Berkshire Hathaway has seen his investment portfolio explode in the days since Trump's stunning upset Nov. 8.  Buffett has benefited particularly well from the myriad financial holdings he holds in the company's portfolio. Bank stocks have surged since Trump's win, anticipating higher rates and less regulation of Wall Street.  Taken together, the company's half-dozen top financial holdings have brought the Oracle of Omaha a hefty $4.3 billion in profits since the world woke up on Nov. 9 and realized that Trump was going to be the 45th U.S. president. (That total is based on Monday's close and differs somewhat from a Motley Fool analysis that used different baselines.)

  • Trump team signals he won't pursue Clinton investigations (NBC News)   Donald Trump will not push for investigations into former Secretary of State Hillary Clinton for her use of a private email server or for the business practices of the Clinton Foundation, a Trump senior adviser signaled Tuesday.  A source with knowledge of the decision told MSNBC's Morning Joe that president-elect Trump won't pursue the probe that he promised supporters during the campaign, a move that Trump senior adviser Kellyanne Conway appeared to confirm during an interview on Tuesday morning.  See also Breitbart slams Trump for backing off Clinton's emails (The Hill).

  • Argentine leader: Ivanka joined call with Trump (The Hill)  Donald Trump’s daughter Ivanka during his recent phone call to America’s new leader.  “In the call, I also talked with his daughter,” Macri told The Asashi Shimbun in an interview published Monday. "I have known her since her infant days."  No information was provided in this story about what was discussed with Ivanka.

  • Trump will meet with New York Times today: spokeswoman (Reuters, MSN News)  U.S. President-elect Donald Trump will meet with journalists from The New York Times today, a spokeswoman said hours after his posts on Twitter canceling the meeting.  Trump planned to travel to the Times building, spokeswoman Hope Hicks told reporters without elaborating. Earlier, Trump said on Twitter he canceled the meeting after the newspaper tried to change the terms agreed upon. The Times said it was Trump who had tried to change the terms, wanting the entire meeting off the record.  Here is the Twitter record captured at approximately 11 am:

trump.twitter.war.nyt.2trump.twitter.war.nyt.1

  • Stop Tweeting, American Voters Tell Trump, Quinnipiac University National Poll Finds; Voters Are Optimistic About Four Years Of Trump (Quinnipiac University Poll)  President-elect Donald Trump should shut down his personal Twitter account, American voters say 59 - 35%, according to a Quinnipiac University national poll released today.   While they have mixed views on his personal qualities, American voters say 59 - 37% that they are "optimistic about the next four years with Donald Trump as president," the independent Quinnipiac (KWIN-uh-pe-ack) University Poll finds.  Trump will be a "great" president, 17% of voters say; 32% say he will be a "good" president; 17% say he will be "not so good" and 26% say he will be "bad."   Here are responses regarding his personal qualities:

trump.personal.characteristics.quinnipiac

votes.cast.states.pres.2016

electors.per.voter.states.2016

China

Other Scientific, Health, Political, Economics, and Business Items of Note - plus Miscellanea

  • How advisors are preparing clients for Trump's tax plans (CNBC)  Tax reform will be a top priority for the Trump administration.  Though nobody knows exactly how presidential and congressional proposals will play out, financial advisors are recommending clients take steps now to prepare for any tax changes that may lie ahead.  Given what we know about these proposals, the tax advice is "very simple," said Roger Stinnett, a CFP, CPA and director of financial planning at Westmount Asset Management:

"Defer income and accelerate deductions. Rates will likely go down." 

elephant.chart.branko.m

  • The World's Most Important Graph Heads to the Graveyard (Bloomberg)  The Resolution Foundation’s report shows what happens if you adjust the graph for population growth. They also show how it changes if you exclude just two or three countries from the graph. Lo and behold, the elephant disappears:  Without Russia and Japan, the elephant's back has "disc dislocations" and the trunk shrinks; Without Russia, Japan, and China, the elephant disappears (except for a small trunk).  Econintersect:  These observations are essentially consistent with the labels added to the chart in the preceding article - The elephant results from massive income gains in China and stagnation for the middle class in Russia, Europe and America.

 


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