Particularly interesting are the graphs he posted from the Commonwealth Fund Policy Survey (2008).
The US does not do well in access to care except in the case of specialists....gee what do you suppose is helping drive costs?
Showing posts with label Economic. Show all posts
Showing posts with label Economic. Show all posts
Thursday, May 7, 2009
Health Care:US Still Well Behind
Jonathan Cohn has a good post up on the TNR blogs.
Particularly interesting are the graphs he posted from the Commonwealth Fund Policy Survey (2008).
The US does not do well in access to care except in the case of specialists....gee what do you suppose is helping drive costs?
Particularly interesting are the graphs he posted from the Commonwealth Fund Policy Survey (2008).
The US does not do well in access to care except in the case of specialists....gee what do you suppose is helping drive costs?
Saturday, March 14, 2009
Outsourcing Broadway (and English)
For a Revival of ‘Dreamgirls,’ Pacific Overtures - NYTimes.com
Several months ago, when John F. Breglio told fellow New York producers that he was not only remaking “Dreamgirls,” the 1981 Broadway hit musical based loosely on the career of the Supremes, but that he was also going to South Korea to do it, they were puzzled, to say the least.
“Then they really laugh,” he said, when he told them “that it’s in Korean with Korean actors.”
The financial incentives for Mr. Breglio to go to South Korea were significant, coming as many Broadway producers are struggling to cover production costs. The fact that the set was made and financed here, and will be transferred to the United States for the run there, is a big savings for the American producers.
Several months ago, when John F. Breglio told fellow New York producers that he was not only remaking “Dreamgirls,” the 1981 Broadway hit musical based loosely on the career of the Supremes, but that he was also going to South Korea to do it, they were puzzled, to say the least.
“Then they really laugh,” he said, when he told them “that it’s in Korean with Korean actors.”
The financial incentives for Mr. Breglio to go to South Korea were significant, coming as many Broadway producers are struggling to cover production costs. The fact that the set was made and financed here, and will be transferred to the United States for the run there, is a big savings for the American producers.
Friday, March 13, 2009
Citibank: Just a Quick Post for Historical Recall a Few Months From Now
Anybody think this bank will exist a year from now?
(Reuters) - Citigroup Inc Chairman Richard Parsons said Thursday that the bank does not need any more capital injections from the government and expressed confidence that Citi would remain in private hands.
Asked in an interview with Reuters whether Citigroup needed additional government capital injections, Parsons said: 'No, I think actually, particularly with the latest conversion ... Citi is actually one of the better capitalized banks in the world.'"
(Reuters) - Citigroup Inc Chairman Richard Parsons said Thursday that the bank does not need any more capital injections from the government and expressed confidence that Citi would remain in private hands.
Asked in an interview with Reuters whether Citigroup needed additional government capital injections, Parsons said: 'No, I think actually, particularly with the latest conversion ... Citi is actually one of the better capitalized banks in the world.'"
China Pressures US: Take Your Pick --- Depression or Hyperinflation
China’s Wen ‘Worried’ on Safety of Treasuries, Seeks Assurances - Bloomberg.com:
Click through and read the short article, but be sure you're sitting down first.
“China is worried that the U.S. may solve its problems by printing money, which will stoke inflation,” said Zhao Qingming, a Beijing-based analyst at China Construction Bank Corp., the country’s second-biggest lender. “If the U.S. can make sure this won’t happen, then China will continue to invest.”
Click through and read the short article, but be sure you're sitting down first.
“China is worried that the U.S. may solve its problems by printing money, which will stoke inflation,” said Zhao Qingming, a Beijing-based analyst at China Construction Bank Corp., the country’s second-biggest lender. “If the U.S. can make sure this won’t happen, then China will continue to invest.”
Sunday, March 8, 2009
Welcome to the Death Spiral
Steve Benen at The Washington Monthly: posts the following graph (Via Jaun Cole)
Says Benen, "See that column on the far-right edge? That's where Obama proposes the marginal top-rate should be. It's also the rate conservatives believe is so outrageous, that they're accusing the president of 'socialism' and talking openly about the 'Going Galt' scenario in which wealthy and industrious Americans would deliberately make less money to spite their country. It's all quite silly, but the graph adds some helpful context to drive the point home. Obama is proposing a top rate lower than Reagan's first term, lower than Nixon's, lower than Eisenhower's, and lower than FDR's when he pulled us out of the Great Depression."
Couldn't Agree More!
Meanwhile in my little town some Board of Finance members are trying to force the Board of Eduation to reduce their proposed budget by an estimated amount of Federal Stimulus. Such an action would, of course, reduce the current balance of the Federal Stimulus package (60% stimulus and 40% tax cuts) as it plays out in our education budget to 100% tax cuts and 0% stimulus.
One resident, an annual opponent of any spending, accidentally realized the problem when he said that "We will be in a recession as long as GDP continues to shrink and it won't end until people start spending again." Then, in his very next sentence, he advocated shrinking our local spending! This is the common wisdom and I am sure our town is not the only one that faces this shortsightedness. Welcome to the Death Spiral!
Says Benen, "See that column on the far-right edge? That's where Obama proposes the marginal top-rate should be. It's also the rate conservatives believe is so outrageous, that they're accusing the president of 'socialism' and talking openly about the 'Going Galt' scenario in which wealthy and industrious Americans would deliberately make less money to spite their country. It's all quite silly, but the graph adds some helpful context to drive the point home. Obama is proposing a top rate lower than Reagan's first term, lower than Nixon's, lower than Eisenhower's, and lower than FDR's when he pulled us out of the Great Depression."Couldn't Agree More!
Meanwhile in my little town some Board of Finance members are trying to force the Board of Eduation to reduce their proposed budget by an estimated amount of Federal Stimulus. Such an action would, of course, reduce the current balance of the Federal Stimulus package (60% stimulus and 40% tax cuts) as it plays out in our education budget to 100% tax cuts and 0% stimulus.
One resident, an annual opponent of any spending, accidentally realized the problem when he said that "We will be in a recession as long as GDP continues to shrink and it won't end until people start spending again." Then, in his very next sentence, he advocated shrinking our local spending! This is the common wisdom and I am sure our town is not the only one that faces this shortsightedness. Welcome to the Death Spiral!
Thursday, February 19, 2009
World Press Photo: Winner 2008 - US Foreclosures
Via The Independent:
"This picture by US photographer Anthony Suau, for Time won the World Press Photo of the Year 2008 award, it was announced by the organisers on 13 February 2009 in Amsterdam, The Netherlands. US Economy in Crisis: Following eviction, Detective Robert Kole must ensure residents have moved out of their home in Cleveland, Ohio, 26 March 2008.
A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday."
"This picture by US photographer Anthony Suau, for Time won the World Press Photo of the Year 2008 award, it was announced by the organisers on 13 February 2009 in Amsterdam, The Netherlands. US Economy in Crisis: Following eviction, Detective Robert Kole must ensure residents have moved out of their home in Cleveland, Ohio, 26 March 2008.
A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday."
Tuesday, February 17, 2009
Sign of the Times ...Gold Teeth For Sale
No comment needed
Gold teeth among items bought at 'Gold for Cash' in Danbury - NewsTimes.com: "DANBURY -- If you have any doubts that we're in a recession, just ask the guy who sold his gold teeth Saturday.
Yes, old gold teeth were among the items people sold at the Courtyard by Marriott on Eagle Road, where 'Gold 4 Cash' representatives were doing appraisals and making payments.
The company, affiliated with Midas Touch Jewelry in Fairfield, will be at the hotel Sunday and Monday.
Newtown's Drew Talbot, the 'Gold 4 Cash' marketing director, sat down for a Valentine's Day cash for gold question and answer."
Gold teeth among items bought at 'Gold for Cash' in Danbury - NewsTimes.com: "DANBURY -- If you have any doubts that we're in a recession, just ask the guy who sold his gold teeth Saturday.
Yes, old gold teeth were among the items people sold at the Courtyard by Marriott on Eagle Road, where 'Gold 4 Cash' representatives were doing appraisals and making payments.
The company, affiliated with Midas Touch Jewelry in Fairfield, will be at the hotel Sunday and Monday.
Newtown's Drew Talbot, the 'Gold 4 Cash' marketing director, sat down for a Valentine's Day cash for gold question and answer."
Friday, January 9, 2009
Paulson Assures His Future (Not Ours)
Just one question, will he be obvious and go right to Sachs or BOA, or will another company play the beard? Follwing from Bloomberg
Henry Paulson may be the most powerful manager of money in the world and he still couldn’t do for taxpayers with the $700 billion bailout of American banks what Warren Buffett did for his shareholders in investing in Goldman Sachs Group Inc.
The Treasury secretary has made 174 purchases of banks’ preferred shares that include certificates to buy stock at a later date. He invested $10 billion in Goldman Sachs in October, twice as much as Buffett did the month before, yet gained warrants worth one-fourth as much as the billionaire, according to data compiled by Bloomberg. The Goldman Sachs terms were repeated in most of the other bank bailouts.
Paulson’s warrant deals may give U.S. taxpayers, who are funding the bailouts, less profit from any recovery in financial stocks than shareholders such as Goldman Sachs Chief Executive Officer Lloyd Blankfein and Saudi Arabian Prince Alwaleed bin Talal, owner of 4 percent of Citigroup Inc., said Simon Johnson, former chief economist for the International Monetary Fund.
Henry Paulson may be the most powerful manager of money in the world and he still couldn’t do for taxpayers with the $700 billion bailout of American banks what Warren Buffett did for his shareholders in investing in Goldman Sachs Group Inc.
The Treasury secretary has made 174 purchases of banks’ preferred shares that include certificates to buy stock at a later date. He invested $10 billion in Goldman Sachs in October, twice as much as Buffett did the month before, yet gained warrants worth one-fourth as much as the billionaire, according to data compiled by Bloomberg. The Goldman Sachs terms were repeated in most of the other bank bailouts.
Paulson’s warrant deals may give U.S. taxpayers, who are funding the bailouts, less profit from any recovery in financial stocks than shareholders such as Goldman Sachs Chief Executive Officer Lloyd Blankfein and Saudi Arabian Prince Alwaleed bin Talal, owner of 4 percent of Citigroup Inc., said Simon Johnson, former chief economist for the International Monetary Fund.
Monday, December 29, 2008
Krugman on State and Local Panic
Read "Fifty Herbert Hoovers" in full at the NYT.
"No modern American president would repeat the fiscal mistake of 1932, in which the federal government tried to balance its budget in the face of a severe recession. The Obama administration will put deficit concerns on hold while it fights the economic crisis......state and local government revenues are plunging along with the economy — and unlike the federal government, lower-level governments can’t borrow their way through the crisis. Partly that’s because these governments, unlike the feds, are subject to balanced-budget rules. But even if they weren’t, running temporary deficits would be difficult. Investors, driven by fear, are refusing to buy anything except federal debt, and those states that can borrow at all are being forced to pay punitive interest rates.
What can be done? Ted Strickland, the governor of Ohio, is pushing for federal aid to the states on three fronts: help for the neediest, in the form of funding for food stamps and Medicaid; federal funding of state- and local-level infrastructure projects; and federal aid to education. That sounds right — and if the numbers Mr. Strickland proposes are huge, so is the crisis.
And once the crisis is behind us, we should rethink the way we pay for key public services.
As a nation, we don’t believe that our fellow citizens should go without essential health care. Why, then, does a large share of funding for Medicaid come from state governments, which are forced to cut the program precisely when it’s needed most?
An educated population is a national resource. Why, then, is basic education mainly paid for by local governments, which are forced to neglect the next generation every time the economy hits a rough patch?
And why should investments in infrastructure, which will serve the nation for decades, be at the mercy of short-run fluctuations in local budgets?
That’s for later. The priority right now is to fight off the attack of the 50 Herbert Hoovers, and make sure that the fiscal problems of the states don’t make the economic crisis even worse."
"No modern American president would repeat the fiscal mistake of 1932, in which the federal government tried to balance its budget in the face of a severe recession. The Obama administration will put deficit concerns on hold while it fights the economic crisis......state and local government revenues are plunging along with the economy — and unlike the federal government, lower-level governments can’t borrow their way through the crisis. Partly that’s because these governments, unlike the feds, are subject to balanced-budget rules. But even if they weren’t, running temporary deficits would be difficult. Investors, driven by fear, are refusing to buy anything except federal debt, and those states that can borrow at all are being forced to pay punitive interest rates.
What can be done? Ted Strickland, the governor of Ohio, is pushing for federal aid to the states on three fronts: help for the neediest, in the form of funding for food stamps and Medicaid; federal funding of state- and local-level infrastructure projects; and federal aid to education. That sounds right — and if the numbers Mr. Strickland proposes are huge, so is the crisis.
And once the crisis is behind us, we should rethink the way we pay for key public services.
As a nation, we don’t believe that our fellow citizens should go without essential health care. Why, then, does a large share of funding for Medicaid come from state governments, which are forced to cut the program precisely when it’s needed most?
An educated population is a national resource. Why, then, is basic education mainly paid for by local governments, which are forced to neglect the next generation every time the economy hits a rough patch?
And why should investments in infrastructure, which will serve the nation for decades, be at the mercy of short-run fluctuations in local budgets?
That’s for later. The priority right now is to fight off the attack of the 50 Herbert Hoovers, and make sure that the fiscal problems of the states don’t make the economic crisis even worse."
Wednesday, December 17, 2008
Goldman Sachs takes bailout while offshoring profits
And we won't bailout the car companies!
Excerpted from Bloomberg
By Christine Harper
Dec. 16 (Bloomberg) -- Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.
The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.
Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said.
The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC.
“I was definitely taken aback,” Willens said. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.”
U.S. Representative Lloyd Doggett, a Texas Democrat who serves on the tax-writing House Ways and Means Committee, said steps by Goldman Sachs and other banks shifting income to countries with lower taxes is cause for concern.
Excerpted from Bloomberg
By Christine Harper
Dec. 16 (Bloomberg) -- Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.
The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.
Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said.
The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC.
“I was definitely taken aback,” Willens said. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.”
U.S. Representative Lloyd Doggett, a Texas Democrat who serves on the tax-writing House Ways and Means Committee, said steps by Goldman Sachs and other banks shifting income to countries with lower taxes is cause for concern.
Monday, October 27, 2008
We Are All Bankers Now!
From Bloomberg
`This is just unprecedented,'' said BMO Capital Markets analyst Peter Winter. ``What the government has said is that you can't let the financial system fail, and if this doesn't work they'll come up with another plan.''
The capital infusions come as governments worldwide do all they can to ensure the stability of banks. Kuwait's central bank said it will guarantee deposits at Gulf Bank KSC, which remains solvent after clients defaulted on currency derivatives contracts, the state-run Kuwait News Agency reported. Paulson already gave $125 billion to nine of the biggest U.S. lenders."
`This is just unprecedented,'' said BMO Capital Markets analyst Peter Winter. ``What the government has said is that you can't let the financial system fail, and if this doesn't work they'll come up with another plan.''
The capital infusions come as governments worldwide do all they can to ensure the stability of banks. Kuwait's central bank said it will guarantee deposits at Gulf Bank KSC, which remains solvent after clients defaulted on currency derivatives contracts, the state-run Kuwait News Agency reported. Paulson already gave $125 billion to nine of the biggest U.S. lenders."
Following are banks that have announced participation in the
Treasury program. Some company names have been shortened for
space:
FIRST ROUND
Citgroup $25 billion
Wells Fargo $25 billion
JPMorgan Chase $25 billion
Bank of America $15 billion
Merrill Lynch $10 billion
Goldman Sachs $10 billion
Morgan Stanley $10 billion
Bank of New York $3.0 billion
State Street $2.0 billion
TOTAL $125 billion
SECOND ROUND
PNC $7.7 billion
Capital One $3.6 billion
SunTrust $3.5 billion
Regions Financial $3.5 billion
Fifth Third $3.4 billion
BB&T $3.1 billion
KeyCorp $2.5 billion
Comerica $2.25 billion
Northern Trust $1.5 billion
Huntington $1.4 billion
First Horizon $866 million
City National $395 million
Valley National $330 million
Washington Federal $230 million
UCBH Holdings $298 million
First Niagara $186 million
Old National $150 million*
HF Financial $25 million
Redding Bank $17 million
Provident --**
TOTAL $34.93 billion (35.18)
*Old National hasn't decided whether to participate.
**Provident didn't say how much it expects.
Tuesday, September 16, 2008
Merrill Buyout: Thain and Montag might make $32,800/hr.
OK, the damage was done long before these jokers got hired but come on!
Between the two of them they put in 10 months work, lets be kind and say they worked 70 hour weeks (I doubt it!). Thain then would have around 2800 hours into the company and Montag would have aroundy 280 hours. That would be about 47 million for 3080 hours or $15,260 per hour! It appears that is on top of 54 million the two stand to collect in bonus pay. That brings us up to about $32,800 per hour per man! There may be additional stock values that each will receive, the whole article is worth a read! (Some of this value is based on the future value of Bank of America's share price but the calculations provided are based on its current price and the article is not entirely clear (or I may misuderstand it) if any of the 54 million is included in the 47 million figure.)
Also note that previously Thain was C.O.O. to Henry Paulson's C.E.O. at Goldman. Treasury Secretary Paulson's involvment in the brief and "successful" talks between Merrill and Bank of America most likely helped Thain to ink this deal. Will Paulson be working at BOA next year? Inquiring minds want to know.
Excerpts from Jonathan Keehner and Bradley Keoun writing for Bloomberg.com: Worldwide follow.
Between the two of them they put in 10 months work, lets be kind and say they worked 70 hour weeks (I doubt it!). Thain then would have around 2800 hours into the company and Montag would have aroundy 280 hours. That would be about 47 million for 3080 hours or $15,260 per hour! It appears that is on top of 54 million the two stand to collect in bonus pay. That brings us up to about $32,800 per hour per man! There may be additional stock values that each will receive, the whole article is worth a read! (Some of this value is based on the future value of Bank of America's share price but the calculations provided are based on its current price and the article is not entirely clear (or I may misuderstand it) if any of the 54 million is included in the 47 million figure.)
Also note that previously Thain was C.O.O. to Henry Paulson's C.E.O. at Goldman. Treasury Secretary Paulson's involvment in the brief and "successful" talks between Merrill and Bank of America most likely helped Thain to ink this deal. Will Paulson be working at BOA next year? Inquiring minds want to know.
Excerpts from Jonathan Keehner and Bradley Keoun writing for Bloomberg.com: Worldwide follow.
Sept. 16 (Bloomberg) -- Merrill Lynch & Co. Chief Executive Officer John Thain and trading-division head Thomas Montag may reap payouts totaling more than $47 million if they leave or are given lesser roles after Bank of America Corp. buys the firm.
Thain, hired last December following the ouster of Stan O'Neal, stands to collect about $11 million on the vesting of free shares if he doesn't stay after the sale, said Graef Crystal, a Santa Rosa, California-based compensation consultant. Montag, who joined in August and is a former colleague of Thain's from Goldman Sachs Group Inc., would get $30 million in accelerated stock awards and at least $6.4 million in options if he's dismissed or his duties are diminished after a change of control, Crystal said.
Snip
Since Dec. 1 of last year, Thain's first day, the shares have fallen about 70 percent, as writedowns on devalued mortgage holdings eroded the company's financial results.
Any payouts triggered by a change in control are on top of a $15 million signing bonus awarded to Thain last December and a guaranteed $39 million bonus Montag is due to get in January for his work in 2008.
``This isn't necessarily the outcome I would have expected when I took this job,'' Thain said. He said his future role at the combined company hasn't been decided.
Snip
(THAIN) was president and chief operating officer at New York-based Goldman, where he served under then-CEO Henry Paulson. Now U.S. Treasury secretary, Paulson helped to lead a weekend of discussions during which Bank of America initially weighed a bid for Lehman.
Thain said Merrill's talks with Bank of America began on the morning of Sept. 13. The deal was done by nightfall the next day.
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