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Washington Budget Battles Have a New Twist for Wall Street

Sep 17, 2013, 1:07 pm EDT
Washington Budget Battles Have a New Twist for Wall Street

When it comes to fiscal debates in Washington, investors have become used to the playbook. Worries about the failure to reach a compromise lead to a stock market downturn in the weeks leading up to the relevant deadline, but eventually politicians save the day — and the markets — with an eleventh-hour deal.

The next set of deadlines is now approaching, but investors aren’t waiting around for the familiar storyline to play out before hitting the “buy” button. Instead, they’re ignoring the coming battles in Washington almost entirely, as evidenced by the nearly 4% rally in the S&P 500 in the past 12 sessions.

But is it wise to completely write off the potential for event risk in the coming weeks? Read 

Gun Control Advocates Gear Up for Possible Fight After D.C. Shooting

Sep 17, 2013, 10:19 am EDT

Laying the groundwork with rhetoric by President Obama and U.S. Senator Diane Feinstein, the political debate over gun control began again after the D.C. shooting spree on Monday.

Sen. Feinstein said yesterday that “Congress must stop shirking its responsibility and resume a thoughtful debate on gun violence in this country. We must do more to stop this endless loss of life.”

President Obama used the words “yet again” in reference to the mass shooting. Read 

Obamacare Coverage Promises Lots of Homework

Sep 16, 2013, 10:19 am EDT

It’s a combination 0f doing your taxes and doing your homework.

That’s how the Associated Press describes the process of applying for coverage under the Affordable Care Act — aka Obamacare coverage.

Open filing begins Oct. 1, pending some sort of surprise — and nearly impossible — measure by Republicans to block the Supreme Court-approved law from taking effect. Read 

Summers Withdraws From Fed Consideration

Sep 15, 2013, 6:33 pm EDT

Just a couple of days after it looked like Larry Summers was in the driver’s seat for the Federal Reserve chairman’s position, the former U.S. Treasury Secretary has announced he is withdrawing from consideration for the Fed post.

Summers, who also served as an economic advisor to President Barack Obama, made the surprising announcement in a letter to Obama that was released today. In the letter, he cited a potentially rocky confirmation process as his reason for withdrawing.

“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the administration or, ultimately, the interests of the nation’s ongoing economic recovery.” Read 

Bloomberg to Endorse ‘No One’ in NYC Mayoral Race

Sep 13, 2013, 2:32 pm EDT
Bloomberg to Endorse ‘No One’ in NYC Mayoral Race

New York City Mayor Michael Bloomberg, said on Friday, that he won’t be endorsing any of the candidates running to succeed him as mayor.

Bloomberg claimed that he doesn’t want to do anything that could complicate the job for his successor. He said that he will continue to do his job and that he will help the next mayor. Bloomberg said that the most important thing he can do after the November election is to get the next mayor up to date on what is happening in the city, reports the Associated Press.

“Whoever the voters elect, I want to make sure that person is ready to succeed, to take what we’ve done and build on that,” Bloomberg told The New York Times. Read 

Calif. Minimum Wage Set to Increase to One of Highest in Nation

Sep 13, 2013, 12:07 pm EDT

On Thursday, California’s legislature adopted a bill that would boost the state’s minimum wage to a new high.

The law would require employers to increase hourly worker pay from a minimum of $8 per hour this year to $10 per hour by January 2016. Governor Jerry Brown had previously expressed reservations about the bill, but will sign it into law after last minute changes that delayed full implementation until 2016, NBC News notes.

Republicans in both the state senate and assembly opposed the law, arguing that it will force small employers to cut workers and imperil the Golden State’s fragile economic recovery. Read 

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