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What We Read Today 24 June 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".).

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Topics today include:

  • The Richest Person in Each State

  • Fed Funds Target Rate Still 464 Basis Points Below Taylor Rule Estimate

  • Record High for Global Equities

  • Capitalism Can Thrive Without Cooking the Planet

  • Senate Health Bill Gives Huge Tax Cuts to Businesses, High-Income Households

  • Charles Blow Makes a Bold Prediction for How the Trump Investigation Will Unfold

  • Trump Is Girding for a Fight

  • Sen. Grassley Drops Bomb When He Outs 2 Dems As Liars on Senate Floor

  • Public Has Criticisms of Both Parties, but Democrats Lead on Empathy for Middle Class

  • London tower blocks evacuated as 27 buildings fail fire tests

  • Arconic knowingly supplied flammable panels for use in tower - emails

  • Italy to start wind-down of Veneto banks Friday or Saturday-lawmaker

  • Two Large Banks Decent to Oblivion

  • China, U.S. agree on aim of 'complete, irreversible' Korean denuclearisation

  • Six dead, scores missing hours after landslide buries Chinese village

  • And More

Articles about events, conflicts and disease around the world

Global

  • Capitalism Can Thrive Without Cooking the Planet (Bloomberg)  But most advanced countries are still not growing consumption without increasing carbon.  In table below, only the U.S. has grown economically without increasing carbon emissions.

carbon.and.growth

U.S.

The tax portions of the proposal, a draft of which was released on Thursday in advance of a possible vote next week, are very similar to the elements in the version the House passed last month. The plan operates like the 2010 Affordable Care Act, but in reverse. Instead of raising taxes to pay for expanded insurance coverage, it reduces coverage and cuts taxes.

Newt Gingrich, a staunch Trump supporter, appeared on ABC News Sunday to excoriate Mueller for hiring a group of what he claims are partisan laywers bent on removing the president from office. On the Friday of the investigation, Gingrich told Fox News' Sean Hannity: "They're going to get somebody. I don't think they're going to get the president, but they're going to get somebody, and they're going to get him for something. And they're probably going to jail."

The normally gentlemanly Iowa Republican observed that Senate Minority Leader Chuck Schumer and House Intelligence Committee ranking Democrat Adam Schiff have persisted in claims that Trump was under investigation.

Grassley disclosed, however, that both, as members of the National Intelligence Oversight “Gang of Eight” was fully aware that the president was not under investigation.

pew.2017.jun.23.pt.01

UK

  • London tower blocks evacuated as 27 buildings fail fire tests (Reuters)  Britain said 27 high-rise apartment blocks had failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents were forced to evacuate amid chaotic scenes late on Friday.  British officials have conducted tests on some 600 high-rise buildings across England after fire ravaged the Grenfell social tower block in west London on June 14, killing at least 79 people in the capital's most deadly blaze since World War Two.

  • Arconic knowingly supplied flammable panels for use in tower - emails (Reuters)   Six emails sent by and to an Arconic Inc (ARNC.N) sales manager raise questions about why the company supplied combustible cladding to a distributor for use at Grenfell Tower, despite publicly warning such panels were a fire risk for tall buildings.  The emails, dating from 2014 and seen by Reuters, were between Deborah French, Arconic's UK sales manager, and executives at the contractors involved in the bidding process for the refurbishment contract at Grenfell Tower in London, where 79 people died in a blaze last week.

When asked about the emails, Arconic said in a statement that it had known the panels would be used at Grenfell Tower but that it was not its role to decide what was or was not compliant with local building regulations.

The company manufactures three main types of Reynobond panel-- one with a polyethylene (PE) core, one with a fire retardant core and another with a non-combustible core, according to its website.

Italy

The decree "is on its way, between this evening and tomorrow there will be a cabinet meeting," Laura Puppato told Reuters.

The decree will effectively remove one of the government's biggest banking headaches by splitting the two lenders' assets into "good" and "bad" banks.

Italy's top retail bank Intesa Sanpaolo is set to buy the good assets for 1 euro, leaving the state to foot the bulk of the bill for the losses that will arise from the liquidation.

Click for large image.
italian.banks.2017.jun.23

China

  • China, U.S. agree on aim of 'complete, irreversible' Korean denuclearisation (Reuters)  China and the United States agreed that efforts to denuclearize the Korean Peninsula should be "complete, verifiable and irreversible", Chinese state media said on Saturday, reporting the results of high level talks in Washington this week.

  • Six dead, scores missing hours after landslide buries Chinese village (Reuters)   More than 100 Chinese villagers were feared dead on Saturday, 17 hours after a landslide buried their homes in southwest China as a day of searching by rescuers uncovered just six bodies, according to state media.  The landslide swept over more than 60 homes as dawn broke in Xinmo, a remote village in north Sichuan province. Rubble slid 800 metres (half a mile) down a steep slope to block a two-kilometre stretch of river and 1.6 kilometres of road, official state news agency Xinhua said.

It said more than a thousand were involved in the rescue effort, including more than a hundred medical staff.

But state broadcaster CCTV reported that by midday only three people had been pulled from the rubble: a couple and their two-month-old baby. Another child of the family remained buried.

Some 112 were believed still missing in the latest count, according to Xinhua. Authorities had previously stated 141 people could not be reached.

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

  • Record High for Global Equities (Twitter)  According to the San Francisco Fed’s Glenn Rudebusch and his calibration of the Taylor Rule (based primarily on inflation and unemployment), the Fed Funds target rate should be 5.89%.  It is currently at 1.25%.

Click for larger image.
record.high.global.equities.2017.jun.23


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