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What We Read Today 24 September 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:

  • Robert Shiller on similarities between the market today and 1929

  • Companies Outside the U.S. Valued at More Than $1 Billion

  • Insanely Concentrated Wealth Is Strangling Our Prosperity

  • Jews around world concerned by far-right breakthrough in German election

  • Trump Says He Wants 15% Corporate Tax Rate Despite Plan for 20%

  • Republicans struggle to keep ObamaCare repeal alive

  • NFL Ratings Become Part of Political Battle With President Trump

  • Trump comments condemned across NFL

  • U.S. Medical Care Inflation

  • Hurricane Maria Could Threaten North Carolina Later This Week

  • Out to Sea but is the Track Forecast Reliable? - 24Sep2017

  • Existing Home Sales are Slumping

  • August 2017 Headline Existing Home Growth Slows Again

  • German vote could doom Merkel-Macron deal on Europe

  • Euro slips 0.4 percent after German election surprise

  • Two Rate Hikes Expected by the BOE in Next Year

  • Merkel set to win but bleeds support to far right

  • And More

Articles about events, conflicts and disease around the world

Global

  • Jews around world concerned by far-right breakthrough in German election (Reuters)   Jewish groups in Europe and the United States expressed alarm on Sunday at the far-right Alternative for Germany’s success in Germany’s parliamentary election and urged other parties not to form an alliance with the AfD.  Early projections gave the AfD 13.5% of the vote, allowing it to enter the Bundestag for the first time, as Germany’s third-biggest party.  The far-right has not been represented in parliament since the 1950s, a reflection of Germany’s efforts to distance itself from the horrors of the Nazi Holocaust.

U.S.

We’ll see what happens, but I hope it’s going to be 15 percent,” Trump told reporters Sunday as he prepared to return to Washington after a weekend in New Jersey. The current corporate tax rate is 35 percent. Meanwhile, the group of administration officials and congressional leaders that’s planning a framework for tax legislation is also expected to recommend cutting the top individual tax rate to 35 percent, down from 39.6 percent, according to two people familiar with the matter.

  • Republicans struggle to keep ObamaCare repeal alive (The Hill)  Senate Republicans are struggling to find a path forward on their latest bid to repeal and replace ObamaCare, in the face of ongoing resistance within their own party.  GOP leadership is heading toward a potential vote this week on a bill from GOP Sens. Lindsey Graham (S.C.) and Bill Cassidy (La.) without 50 votes locked down.   Two more senators on Sunday indicated resistance to the bill in its current form, and if they turn into hard "no" votes - added to the opposition already announced - then Republicans will not be able to pass the bill.

  • NFL Ratings Become Part of Political Battle With President Trump (Bloomberg)  President Donald Trump has turned watching football on Sunday, one of America’s most popular activities, into an act of political protest at a time when NFL ratings are already under pressure.  Tune in to watch, for example, the New England Patriots play the Houston Texans on CBS, and you’re opposing a president who has called for fans to boycott the National Football League. Tune out, and you’re rejecting the most popular entertainment in the country.  See also Trump comments condemned across NFL (The Hill).

  • Ocean swells could reach U.S. Mid-Atlantic states on Sunday

  • A weakening Maria could be near Outer Banks by Wednesday

EU

  • German vote could doom Merkel-Macron deal on Europe (Reuters)  Weakened by the worst result for her party since 1949 and facing a more fractious political landscape at home, Germany’s Angela Merkel could be forced to rein in plans to re-shape Europe together with France’s Emmanuel Macron.

Merkel’s conservatives garnered more support than any other party in the German election on Sunday, projections showed, ensuring that she will return for a fourth term as chancellor.

But her party appeared on track for its poorest performance since the first German election after World War Two and its only path to power may be through an unwieldy, untested three-way coalition with the ecologist Greens and liberal Free Democrats (FDP), fierce critics of Macron’s ideas for Europe.

  • Euro slips 0.4 percent after German election surprise (Reuters)  The euro slipped in early Asian trading on Monday after Germany’s election showed surging support for a far-right party that left Chancellor Angela Merkel scrambling to form a governing coalition.  The euro EUR=D4 was trading down 0.4% at $1.1906 and looked set to test support around $1.1860 as liquidity picked up through the session.

UK

Germany

  • Merkel set to win but bleeds support to far right (Reuters)  Chancellor Angela Merkel won a fourth term in office but will have to build an uneasy coalition to form a German government after her conservatives haemorrhaged support in the face of a surge by the far-right.

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

[iframe src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&byGuid=3000655719&size=530_298" width="530" height="298" type="application/x-shockwave-flash" allowFullScreen="true" bgcolor="#131313"][/iframe]

Click for large image.
companies.outside.us.over.1.billion

If you’re thinking that they “deserve” all that wealth, and all that income just for owning stuff, because they’re “makers,” think again: between 50% and 70% of U.S. household wealth is “earned” the old-fashioned way (cue John Houseman voice): it’s inherited.

The bottom 90% of Americans aren’t even visible on this chart — and it’s a very tall chart. The scale of wealth inequality in America today makes our crazy levels of income inequality (which have also expanded vastly) look like a Marxist utopia.

 


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