The MBA reports that mortgage applications rose 5.5% last week, with purchases up 7.0% and re-fis 5.0%.
Durable goods orders in August edged up 0.1% after dropping a huge 8.1% in July. Ex-transportation orders fell -0.1%. On a year-over-year basis, orders rose 13.7% at the headline level, while ex-transportation orders rose 7.6%.
New home sales rose 7.9% in August on softer prices to an annual rate of 421,000.
It is your wallet which is going to need “conditioning” for this “improved” health care system:
Based on a Manhattan Institute analysis of the HHS numbers, Obamacare will increase underlying insurance rates for younger men by an average of 97 to 99 percent, and for younger women by an average of 55 to 62 percent. Worst off is North Carolina, which will see individual-market rates triple for women, and quadruple for men.
Of course you’ve seen the lies smoke that HHS has been putting out about how cost will be down, right? By 16%. But they never really tell you down from what, do they?
“Premiums nationwide will also be around 16 percent lower than originally expected,” HHS cheerfully announces in its press release. But that’s a ruse. HHS compared what the Congressional Budget Office projected rates might look like—in 2016—to its own findings. Neither of those numbers tells you the stat that really matters: how much rates will go up next year, under Obamacare, relative to this year, prior to the law taking effect.
That’s right, they’ve apparently learned from Congress about “spending cuts”. You know, when they spend less than they projected they’d spend but more than they did last year? Yeah, “spending cuts”.
Instead, the travesty that is called ObamaCare will be adding on to everyone’s bill (to include those getting a subsidy). Those below 40 get hammered. And those at 40? Not so good either:
The cheapest exchange plan for the average enrollee, compared to what a 40-year-old would pay today, will cost an average of 99 percent more for men, and 62 percent for women.
For this cohort, men fared worst in North Carolina, with rate increases of 305 percent. Women got hammered in Nebraska, where rates will increase by a national high of 237 percent. Again, Colorado and New Hampshire fared best, with 17 percent and 5-8 percent declines, respectively.
Remember that here, we aren’t conducting an exact comparison. Instead we’re comparing the lowest-cost bronze plan offered to the average participant in the exchanges, to the cheapest plan offered to 40-year-olds today. This approach artificially flatters Obamacare, because the median age of an exchange participant is, in most states, below the age of 40.
I’ve always wondered how making everyone get insurance, subsidizing those who can’t “afford” it, and adding layer upon layer of bureaucracy could make health care “more affordable”. Common sense tells you it won’t.
Common sense is right.
In weekly retail sales, ICSC-Goldman Store Sales fell -1.0% following last week’s -1.6% drop. Year-over-year sales growth is at a weak 1.6%. Conversely, Redbook is reporting solid retail sales, up 3.6% from last year.
The FHFA House Price Index rose 1.0% in July, with the year-over-year increase coming in at 8.8%.
The S&P Case-Shiller home price index is up 0.6% in July, with a year-over-year increase of 12.4%.
Consumer confidence continues to sag, with the Conference Board’s index falling -1.8 points to 79.7 in September.
The Richmond Fed Manufacturing Index shows no change in September, with the index flat at 0.
The State Street Investor Confidence Index dropped to 101.4 in September from July’s 105.1.
Six in 10 Americans (60%) believe the federal government has too much power, one percentage point above the previous high recorded in September 2010. At least half of Americans since 2005 have said the government has too much power. Thirty-two percent now say the government has the right amount of power. Few say it has too little power.
Is this a partisan view? Yes and no.
As you’d expect, Republicans and Democrats pretty much switch positions depending on who is in the White House. But the telling line is the Independent line. It is higher now than it was in the Bush years.
Of course, the pregnant question is, “so what are you going to do about it?”
The answer, if the recent past is any indication, is “not much”. Probably change the Senate over to the GOP, and possibly, in the next presidential election, change parties again.
And then what? Again, look at the trend on the graph above. We’ve changed parties before and yet we still see the power of government continuing to grow. Will another party change really make any difference?
One other thing to note in passing, take a look at the Democrat line in the last year. Democrats who think government has too much power are up 13 points. If I had to guess that is a direct result of the IRS and NSA scandals, ObamaCare and the EPA and other regulatory agencies over-reach. Anyone who thinks those scandals, new regulations and abuse of power haven’t been significant is living in a dream world or, alternately Maine, which is about the same thing.
If anyone ever put the “E” in “establishment GOP”, it is John McCain. “Maverick” my rear end. He’s the archtypical establishment Republican and as such, he’s a member of a group that is almost as bad as the Democrats.
The House passed a bill to defund that abomnination called “ObamaCare”, a travesty foisted upon the public by the Democrats. Republicans, McCain included, decried the bill, decried the money it would cost and frankly said they’d stop it if they could.
That was then, this is now. Apparently you’re not supposed to remember all that rhetoric, and if you do, you weren’t supposed to believe it.
So, speaking of “now”, this his how the old lady of the establishment GOP is addressing an opportunity in the Senate to try to defund ObamaCare:
In the United States Senate, we will not repeal, or defund, Obamacare. We will not. And to think we can is not rational. I will again state unequivocally that this is not something that we can succeed in, and that’s defunding Obamacare, because we don’t have 67 Republican votes in the Senate, which would be required to override a presidential veto.
So they won’t even try – which is essentially what he’s saying. They won’t bother to make the symbolic attempt and build a ground swell for it’s eventual defunding or, perhaps, enable an GOP candidate to build a campaign on the attempt. They won’t try to pass it make the President veto it.
Nope. It’s not ‘rational’.
And you wonder why there’s a Democrat in the White House right now?
All I have to say is this brings in focus how awful a choice the people of the United States had in 2008.
This week, Bruce, Michael, and Dale discuss the week’s shootings, and the debt limit. Be sure not to miss the hilariously incompetent closing credits.
The direct link to the podcast can be found here.
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Speaking of “disgust”, these people disgust me – this one in particular:
Striking a tone of disgust, House Democratic Leader Nancy Pelosi ridicules the GOP as obsessed with its loathing of President Obama and hell-bent on hurting him politically, regardless the cost. She assigns little to no blame to the president (even though Democrats privately say that’s laughable) and instead portrays him as saintly, above reproach and the victim of jealousy or something worse.
After 26 years in the House, she says, “I haven’t seen anything like it. I haven’t seen anything like it.”
She must have had an 8 year mental enema then because she did precisely what disgusts her for 8 years to a president of the opposition party. And, of course, does anyone in the press call her on it.
Then, like many of our political class, she utters nonsense that is factually inaccurate:
Then she added a line that she has used before, that drives Republicans batty: “He has been … open, practically apolitical, certainly nonpartisan, in terms of welcoming every idea and solution. I think that’s one of the reasons the Republicans want to take him down politically, because they know he is a nonpartisan president, and that’s something very hard for them to cope with.”
Does anyone in the press call her on it?
“Ill served” by both the press and our politicians doesn’t even begin to cover it.
Initial jobless claims rose 15,000 to 309,000 vice last week’s wildly undercounted number. The 4-week average fell 7,000 to 314,750, while continuing claims fell to a recovery low of 2.787 million.
The nation’s current account deficit for the second quarter was a higher-than-expected $-98.9 billion.
The Bloomberg Consumer Comfort Index rose nearly 3 points to -29.4 in the latest week.
Existing home sales were much better than expected for August, up 1.7% to a 5.480 million annual rate. On a year-over-year basis, sales are up 13.2%.
The September Philadelphia Fed Survey rose from an already strong 9.3 to an outstanding 22.3.
The Conference Board’s index of leading indicators jumped a surprisingly strong 0.7% in August.
The Fed reports that M2 money supply fell by $-0.3 billion in the latest week.
The Fed’s balance sheet jumped $60.2 billion last week, with total assets of $3.722 trillion. Reserve Bank credit increased $56.4 billion.
There are among politicians, certain ones who think you’ll believe this:
“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”
Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt: “It’s always a tough vote because the average person thinks raising the debt ceiling must mean that we’re running up our debt, so people don’t like to vote on it, and, typically, there’s some gamesmanship in terms of making the President’s party shoulder the burden of raising the — taking the vote.”
First – what is it called?
Oh, a debt ceiling.
Anyone – what is the purpose of raising the debt ceiling?
To allow more debt.
If the debt ceiling isn’t raised, then the government can’t do what?
Increase our debt. Correct?
They can’t borrow (commonly known as going into debt) more money to pay those “bills” they’ve already “racked up”, can they?
So when “the average person” thinks that raising the debt ceiling means”running up more debt“, they’re absolutely dead-on right. Unless you plan on “running up more debt“, there is no reason to raise the debt ceiling, is there?
It’s called a “debt ceiling” for a reason.