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What We Read Today 26 May 2017

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".).


Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

The rest of this post is available only the GEI Members.  Membership is FREE -  click here

Topics today include:

  • 10 cities where the housing crash still looms largest

  • Pretty Soon Electric Cars Will Cost Less Than Gasoline

  • U.S. fossil fuel groups pull out of climate change court case

  • Wind energy's watershed moment

  • UK Solar Power Hits Daily Record

  • G7 leaders reach impasse on climate, urge cyber crackdown

  • Six to One Against Trump on Climate in ‘Honest’ Exchange at G-7

  • FBI Scrutiny of Kushner Brings Russia Probe Into the White House

  • Boehner: Aside From Foreign Affairs, Trump’s Term a ‘Complete Disaster’

  • Hospitals Still Face an Ugly, Uncertain Future

  • U.S. 10/2 Year Spread Drops Further Below 100 bp Level

  • Manchester bombing latest: Investigation making 'immense' progress as police 'get hold of 'large part of terror network'

  • Emmanuel Macron swerves past Donald Trump to embrace Angela Merkel

  • Egyptian warplanes bomb targets in Libya after attack on Christians

  • Iraqi forces call on civilians to flee Mosul's Islamic State-held Old City

  • The Donald vs. Das Auto

  • Status report on Trump: a president in peril

  • And More

Articles about events, conflicts and disease around the world


  • G7 leaders reach impasse on climate, urge cyber crackdown (Reuters)  Leaders from the world's major industrialized nations failed to persuade U.S. President Donald Trump to back a landmark climate deal at a G7 summit in Sicily on Friday after hours of talks that were described by Germany's leader as "controversial".  Host Paolo Gentiloni, the prime minister of Italy, told reporters, referring to a 2015 deal on reducing greenhouse gas emissions:

"There is one open question, which is the U.S. position on the Paris climate accords.  All others have confirmed their total agreement on the accord."

  • Six to One Against Trump on Climate in ‘Honest’ Exchange at G-7 (Bloomberg)  Donald Trump’s views on the Paris climate accord are "evolving",  according to his top economic adviser, who signaled the president may be willing to bow to pressure from European leaders and stay in the agreement if the U.S. wins assurances it can scale back its carbon-cutting commitment.  After German Chancellor Angela Merkel and other Group of Seven leaders pressed the U.S. to remain part of the pact of nearly 200 nations, Trump stressed his commitment to environmental protection.  Merkel told reporters after a closed-door G-7 meeting in Sicily on Friday:

“We made it clear that we want the U.S. to stick to its commitments.  There were very different arguments from us all urging the president to hold to the climate accord.”


  • FBI Scrutiny of Kushner Brings Russia Probe Into the White House (Bloomberg)  FBI scrutiny of Jared Kushner, President Donald Trump’s son-in-law and senior adviser, brings the sprawling probe into Russia’s role during and after last year’s campaign into the heart of the White House.  Kushner’s dealings with Russia have drawn the attention of FBI agents conducting the probe, according to a person familiar with the inquiry who spoke on condition of anonymity because of the sensitivity of the issue. There’s no indication Kushner, 36, has been designated a primary target of the investigation.

  • Boehner: Aside From Foreign Affairs, Trump’s Term a ‘Complete Disaster’ (Bloomberg)  Former House Speaker John Boehner says that aside from international affairs and foreign policy, President Donald Trump's time in office has so far been a "complete disaster".  Speaking at an energy conference Thursday in Houston, Boehner praised Trump for his approach abroad and his aggressiveness in fighting Islamic State militants, according to the energy publication Rigzone.

  • Status report on Trump: a president in peril (Fabius Maximus)  FM has contributed to GEI.  FM says he has found what he thinks is the best status report about president Trump's problems.  Written by oresidential biographer (Nixon and Clinton) Elizabeth Drew:  Trump: The Presidency in Peril (The New York Review of Books).

  • Hospitals Still Face an Ugly, Uncertain Future (Bloomberg)  There is a massive $800 billion in Medicaid cuts over the next 10 years. Those cuts account for 14 million of those 23 million that would be newly uninsured. That $800 billion in missing coverage will have to be made up somewhere, and much if will come from the pockets of hospitals and other health-care provider and Medicaid-focused insurers.


  • U.S. 10/2 Year Spread Drops Further Below 100 bp Level (Twitter)  (Econintersect:  Yes the indication is for higher probability of recession, but lots of such yield cureve flattening events are not followed by recessions.  See 2016, for ecample.  Now, if the slope goes to zero (completely flat) the probability of recession is very high - and if the yield curve inverts recession is virtually certain (if not already started).  So this signal (below) is a caution light, not a red light.)

Click for large image.


Click for larger image.


The newly elected French President tweeted the video of himselfwalking up the red carpet towards the group of Nato leaders, seemingly headed straight towards the US President.

But at the last second Mr Macron ducks to the right and shares a warm embrace with Mrs Merkel, leaving Mr Trump to lower his hands awkwardly back down to his sides. 

Mr Macron then proceeds to greet other leaders including Mr Trump, who grabs his French counterpart's hand with a characteristic pumping action.


  • The Donald vs. Das Auto (Bloomberg)  Unfortunately, global economic imbalances -- the massive trade deficits of the U.S. and U.K. and surpluses of Germany and China -- are complicated and intractable. No matter, Trump has found a simplistic way to frame the problem: Americans buy lots of German cars, whereas mean Germans don’t buy many from the U.S. Ergo, the overall U.S. trade deficit with Germany was about $65 billion last year. And deficits are bad.  The author of this piece dissects the global auto industry and criticizes president Trump's assertion that Germany is "bad" or "evil" because they export more cars than they import.


Egyptian President Abdel Fattah al-Sisi said he had directed strikes against what he called terrorist camps, declaring in a televised address that states that sponsored terrorism would be punished.

The sources said the strikes took place at around sundown, hours after masked gunmen attacked a group of Coptic Christians traveling to a monastery in central Egypt, killing 28.


  • Iraqi forces call on civilians to flee Mosul's Islamic State-held Old City (Reuters)  The Iraqi air force dropped leaflets on Friday urging residents in the Islamic State-held Old City center of Mosul to flee, raising fears among humanitarian groups for the safety of desperate civilians there.  The leaflet drop, announced in an Iraqi military statement, signaled that the decisive offensive to dislodge the militants from their remaining enclave in the northern Iraqi city was imminent.  The U.S.-backed offensive on Mosul, now in its eighth month, has taken longer than planned as the militants are dug in among civilians, fighting back with booby traps, suicide cars and motor-bikes, snipers and mortar fire.

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

  • Las Vegas, Nevada

  • Tucson, Arizona

  • Fresno, California

  • Camden, New Jersey

  • Lake and Kenosha Counties, Illinois and Wisconsin

  • Fort Lauderdale, Florida

  • Bakersfield, California

  • Deltona-Daytona Beach-Ormond Beach, Florida

  • New Haven, Connecticut

  • Riverside-San Bernardino, California

  • U.S. fossil fuel groups pull out of climate change court case (Reuters)  Three fossil fuel industry groups dropped their attempt to intervene in a court case over climate change this week after failing to reach an agreement on a unified legal position on climate science, court filings show.  The American Petroleum Institute (API) and the National Association of Manufacturers (NAM), prominent trade groups in the oil and gas industry, along with the American Fuel & Petrochemical Manufacturers (AFPM), intervened in a federal case in which a group of teenagers sued the U.S. government for violating their constitutional rights by causing climate change.

The three groups were arguing that a judgment requiring the government to tighten environmental regulations would harm their business interests. But discord arose among them after a judge ordered them to submit a joint filing stating their views on climate science.

A lawyer representing the three groups said in a court hearing on May 18 that they were unable to agree on the causes and effects of human activity and greenhouse gas emissions on the climate, transcripts of the proceedings show.

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