A Special Veterans Day

Visit msnbc.com for Breaking News, World News, and News about the Economy

We are a nation that is dedicated to the proposition that all men and women are created equal. We live that truth within our military, and see it in the varied backgrounds of those we lay to rest today. We defend that truth at home and abroad, and we know that Americans will always be found on the side of liberty and equality. That is who we are as a people...

Thank you, all who have served. A grateful nation honors your sacrifice.

Spokesjerk Andy: Mea Culpa, Sick for Profit

credit: Brave New Films

On a lighter note: Faux News Does Virginia

Governor Elect Bob McDonnell Faces Challenging Times

Big win notwithstanding, Republican Gov.-elect Bob McDonnell will start his administration hampered by a slashed state budget, a politically divided legislature and a sour economy.
Less than 24 hours after he was elected Virginia's 71st governor, McDonnell acknowledged that he will face tough economic times when he takes office Jan. 16.

"Tuesday's election "certainly creates a large majority there that gives me the ability to . . . get full cooperation to get a lot of things done in the House," McDonnell said during his first news conference as governor-elect.
"And then obviously the challenge is for me to get these solutions put together in a bipartisan fashion that we're able to get [them] through the Senate," he said.

McDonnell maintains that he expects to carry out the agenda he outlined during his campaign. And he insisted Wednesday that he will do so without raising taxes.
That agenda includes doubling the size of the Governor's Opportunity Fund, which is used to lure industry to Virginia; tax credits for job creation; merit pay for teachers; and transportation improvements.

Read more 


McDonnell Pledges to Govern as He Campaigned

His campaign was over, but governor-elect Bob McDonnell made another promise Wednesday as he began the transition from candidate to chief executive.

"I just want everybody in Virginia to know that I intend to govern the same way I campaigned," McDonnell said.
"I try to tell people in a detailed way what we intend to do, and now that it's time to govern, I want to go about the business of getting the results and accomplishing those goals."

"I intend to hold myself accountable for everything I said I was going to do," said McDonnell, who won 59 percent of the vote to defeat Democrat Creigh Deeds.

Read more

Affordable Health Care Act Information

Affordable Health Care for America Act

Publications 

From the Huntington News:

The public option would be available to those who are otherwise uninsured and would not be available to anyone who is already covered by an existing employer’s plan.


Mollohan helped clear the way for passage of the bill by arguing forcefully for an amendment to prohibit federal funding of abortion. Without that amendment, the votes of several dozen Democratic Members of Congress remained in doubt. Mollohan obtained the signatures of 28 of those Representatives on a letter to the House leadership endorsing the amendment. Late Friday night, the House leadership relented and decided to allow a vote on the amendment, which passed 240-194-1.


Noting that the American Association of Retired Persons (AARP) strongly endorsed the legislation, Mollohan pointed out that seniors would be among the major beneficiaries of the bill. "Seniors who have fallen into the prescription drug donut hole will see a reduction in their out-of-pocket expenses. Additionally, this legislation will shore up the solvency of the Medicare Trust Fund.”


Small business owners would also benefit from the legislation. “Their health care costs have grown a whopping 129% since 2000, and they are in desperate need of relief,” Mollohan said. “The national insurance marketplace set up by this legislation will allow them to comparison shop and get the best coverage at the cheapest price for their employees. Additionally, it will provide a tax credit to help them provide insurance for their employees.”


Other provisions in the legislation would promote competition among insurers by ending their existing antitrust exemption; allow young adults to remain on their parents’ policies through age 26; prohibit insurance companies from discriminating against anyone because of their health status; and provide subsidies to help lower-income families purchase basic insurance coverage.


The nonpartisan Congressional Budget Office estimates that the legislation will also reduce the national debt by $109 billion over ten years.

Read the story 

More news on the passage of the Affordable Health Care Act

Statement by James P. Firman, President and CEO of the National Council on Aging:

After a carefully analysis, we have concluded that the bill is a good deal for America's seniors. H.R. 3962 would improve care for older Americans, protect and strengthen the Medicare program, significantly reduce the number of uninsured Americans, and make important delivery system reforms that should reduce costs and improve quality - all in a fiscally responsible manner. 

Read more

Reading the Tea Leaves

Let's look at the economy like a good GP would look at your chart, and look at more than just the one headline number (that unemployment rate of 10.2%, released yesterday).

• Just over 40% of the stimulus money has been spent, and the impact lag for fiscal policy is between 6-18 months. It's going to work more like an anti-depressant than crack cocaine.
• Reagan's highest UE rate was 10.8% in the early 80's, with double-digit inflation,and some short-term interest rates in the 20% range. We won't match that pain. And they didn't have a global financial meltdown to deal with.
• For the current recession, employment peaked in December 2007and begain to increase during the last full year of the Bush Administration. This recession was a somewhat slow starter (in terms of job losses and declines in GDP). The lowest UE at the start of this recession was in Nov. 2007.
• The Bush 2008 tax cuts didn't stop the recession, and didn't keep unemployment from rising. It almost certainly slowed the increase. UE rates from the start of the recession:

Nov. 07 4.7%
Dec. 07 4.9%
J 08 4.9%
F 08 4.8%
M 08 5.1%
A 08 5.0%
Jun 08 5.5%
Jul 08 5.6%
Aug 08 5.8%
S 08 6.25?
O 08 6.6%
N 08 6.8%
D 08 7.2%
J 08 7.6%

• More currently, the four-week average of weekly unemployment claims decreased this week by 3,000 to 523,750, and is now 135,000 below the peak in April. Such a significant decline from the peak strongly suggests that initial weekly claims have peaked for this business cycle.
• Outstanding consumer debt fell at a 7.2% annual rate in September, the eighth consecutive decline, the Federal Reserve reported Friday. Consumers are making significant progress in repairing their balance sheets, a necessary step before spending increases.
• Retail sales were up slightly year-over-year in October.
• The economy is performing better that the stress test baseline scenario for GDP and house prices. This is good news for bank balance sheets.
• On the BLS diffusion indexes for total private employment and manufacturing employment: both the "all industries" and "manufacturing" employment diffusion indices are trending up - meaning job losses are becoming less widespread.
• The Fed expects inflation to remain low for some time, and has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent.
• Productivity -- output per hour worked -- increased at a sizzling 9.5% annualized rate in the latest quarter, well above the 6.5% rate that had been expected. GDP rose at 3.5%, so fewer workers are producing more output. This can't last. Hiring will begin to rise; first, with more part-timers, then an increase in hours-per-week worked, and last the UE rate itself.

11 states emerging from recession

As the national economy starts its slow recovery, 11 states and the District of Columbia are showing signs of emerging from the recession, according to a new report.

Alaska, Idaho, Indiana, Iowa, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, South Dakota and Washington, D.C., are in recovery, according to Moody’s Economy.com, an economic forecasting firm. It determines where a state is in the recession based on employment rates, home prices, residential construction and manufacturing production figures. Some or all of these indicators were stable or improving in these states.

States that have invested in high-tech industries or green energy could find themselves in an enviable position, said CanagaRetna. He singled out wind energy in Oklahoma, solar energy in Tennessee and biotech firms in North Carolina as industries that could drag states out of the doldrums.





Read more

Want to Save Our Economy from Almighty Greed? 

Here Are 10 Crucial Fights and Key Fighters to Watch

Let's face it, financial regulation is boring and complicated. But if the economic crisis taught us anything, it's that bringing Wall Street under control is one of the most critical domestic policies facing the country right now.
Here's what you need to know, and who you need to watch, as Congress readies its banking overhaul.

1. A New Consumer Financial Protection Agency. Subprime mortgages. Abusive and arbitrary rate hikes on your credit card. Payday loans. If you're wondering who lets banks get away with this crap, there are more people at it than you think. There are no less than four federal regulators responsible for overseeing consumer protection in finance, and all of them are terrible.
Regulators currently are responsible not only for keeping consumers safe from predation but for ensuring the "safety and soundness" of banks -- that is, keeping banks from failing.
Not surprisingly, sometimes what's best for bank balance sheets doesn't exactly jive with the interests of consumers. If banks can fend off failure by gouging you on your credit card, they're going to do it, and regulators aren't going to lift a finger to stop them.

Read more