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Democracy Requires Disagreement. Here’s How To Do It Better | Bret Stephens and Yordanos Eyoel | TED

Wed, 03 Jul 2024 11:00:29 +0000

The Last 6 Decades of AI — and What Comes Next | Ray Kurzweil | TED

Thu, 27 Jun 2024 11:00:55 +0000

5 qualities to look into when you are looking to rent office space in Singapore

Mon, 19 Dec 2016 18:45:48 +0000

There are some different things to consider if you are going to rent office space in Singapore. Singapore is a great city to open up a business or office in. However, you must not blindly open an office space. You will have to consider a few factors before you can even find the right location […]

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How To Choose The Best Online Florist In Petaling Jaya, Malaysia

Fri, 19 May 2017 22:27:53 +0000

Are you looking for an online and best floristin Petaling Jaya, Malaysia to assist you with getting flowers delivered to someone? If so, then the following are some great tips to help you do just that. It will help to prevent you from getting poor service, or sending the wrong thing to someone. Search for […]

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How To Spot Authoritarianism — and Choose Democracy | Ian Bassin | TED

Tue, 18 Jun 2024 20:00:12 +0000

Video: The Married Millennial Parents Are Coming

Fri, 14 Aug 2015 18:02:34 +0000

A wave of millennial marriages and parents is its way, according to wedding and birth forecasting firm Demographic Intelligence. WSJ’s Lee Hawkins has the details.

Millennials Become the Biggest Generation in the U.S. Workforce

Millennial Parents More Likely Than Gen Xers To Increase Work After Kids, Survey Says

How to Tell If a ‘Fact’ About Millennials Isn’t Actually a Fact

Lower Electronics-Store Spending May Not Be What You Think

Thu, 13 Aug 2015 17:26:06 +0000

: One reason for lower electronics sales is that websites and general-merchandise stores are stealing sales from traditional electronics purveyors such as Best Buy and the struggling Radio Shack. Another reason is that electronics are getting cheaper.; JOE RAEDLE/GETTY IMAGES

Americans spent more at retailers selling everything from cars to camping gear in July, but they spent less at electronics stores.

How can this be when gadget-head consumers are equipped with everything from Fitbits to Beats by Dre headphones? One answer is that websites and general-merchandise stores are stealing sales from traditional electronics purveyors such as Best Buy and the struggling Radio Shack.

Another reason is that electronics are getting cheaper.

Sales at electronics and appliance stores fell 2.5% from a year earlier in July, according to the Commerce Department’s retail sales report released Thursday.

But adjusting for inflation, that’s not a bad result. The price of products sold at those stores was down 6% in June from a year earlier.

In fact, since the recession ended in mid-2009, the price of electronics is down 33%, by far the largest decrease of any category tracked by the Commerce Department. Overall prices are up almost 10% from six years ago, as measured by the personal-consumption expenditure price index.

The reasons for cheaper electronics are numerous. Technology tends to get cheaper over time, so one-time status symbols such as smartphones and flat-panel TVs are now everyday items. Some would also argue that it’s been a few years since a new must-have item such as the iPad has been rolled out. New innovations tend to be more expensive and prop up overall prices.

The global economy is likely also playing a role. Many electronics are produced overseas. As the dollar has gained strength against global currencies, that’s made foreign-made gadgets cheaper for American consumers.

Retail Sales Tracker

With iPad Sales Falling, Apple Pushes Into Businesses

U.S. Consumer Credit Picks Up in June

Americans Curb Their Spending Increases in June

Is Cultivated Meat the Future of Food? | Uma Valeti | TED

Fri, 21 Jun 2024 12:00:40 +0000

How to Organize your Company?

Wed, 16 Nov 2016 12:58:34 +0000

Managing a business is not an easy job. Employers are in charge of the hundreds and thousands of employees. A CRM Software is used to communicate each customer’s concern for all employees. As the concern of the client is taken care of by employees, the employers take care of employees. They keep them organized and […]

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Home Tuition Offers A Number Of Advantages Over Traditional Classroom Learning

Wed, 19 Apr 2017 08:36:16 +0000

In many parts of the world, students are able to learn at home through the use of a tutor. Home tuition has been around for a long time. The way that it is handled can vary quite a bit, depending on the needs of the students. No matter which approach is taken, it can be […]

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A Shoe Buying Guide for Malaysian Online Shoppers

Thu, 10 Nov 2016 03:06:16 +0000

Buying shoes online is a great alternative to buying shoes from physical footwear stores. There are many advantages of choosing to buy shoes through online stores. One benefit you can gain from buying shoes from online stores is the wide variety of shoe sizes, styles and brands you can get. Malaysia online shoe stores simply […]

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Office 365 Malaysia Software Overview

Wed, 08 Mar 2017 16:40:18 +0000

What can be done in order to make Office 365 Malaysia work for you? This office program is of great benefit to people from all over the world given its wide degree of language support. Several questions naturally arise from there however. For instance, how can you find a good price? Also, how do you […]

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How to Find the Best Event Company in Malaysia

Wed, 28 Dec 2016 20:00:48 +0000

Is it the same in your place when you look for an event company in Malaysia? There are similarities. The only thing that differs is the work culture that Malaysia has with their event companies. You are planning to have a major bash in Malaysia, only to find out that you do need the assistance… Read More

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Leadership Lessons From the Prime Minister of Canada | Justin Trudeau | TED

Tue, 18 Jun 2024 16:00:35 +0000

The Benefits Of Servicing Your Air Conditioning System

Thu, 23 Feb 2017 13:53:15 +0000

It’s not a good idea to put off air-conditioning repairs and there are a few things you’ll want to do if you want your air conditioning system to last for as long as possible. Buying an air conditioning system for your home or business is an investment and it’s an investment that’s well worth the […]

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Did the Mortgage-Fee Cut Help Borrowers?

Tue, 11 Aug 2015 16:54:43 +0000

: In January, the Obama administration said that fee cuts to a popular mortgage program would bring in more first-time home buyers.; JUSTIN SULLIVAN/GETTY IMAGES

In January, President Barack Obama announced a major mortgage-fee cut for some lower-wealth borrowers. The fee cut brought praise from the real-estate industry and affordable housing advocates but ire from conservatives who thought it would result in riskier mortgages and lower revenues for the cash-strapped agency.

More than half a year from the cut, the number and mix of loans being backed by the Federal Housing Administration have changed markedly. Here’s what happened and how the change affected the mortgage market.

What happened in January?

Mr. Obama said the FHA would cut the annual fees it charges most borrowers to 0.85% from 1.35% of a loan. That would save a borrower $1,000 in the first year of a $200,000 mortgage.

That was a big deal for typical first-time home buyers, who often favor the FHA because it allows down payments of as little as 3.5% and credit scores of as low as 580.

At the time, the White House said that the cut would enable 250,000 Americans to buy their first home within the next three years. Some conservatives, on the other hand, worried that the cut would hurt the FHA’s finances without the big gain Mr. Obama promised.

An analysis of the FHA premium cut by Moody’s Analytics’ Mark Zandi performed soon after the announcement estimated the cut would result in 45,000 more home sales in 2015 and 20,000 more single-family home starts. Mr. Zandi also estimated that the FHA’s insurance fund would reach its legally mandated 2% capital ratio by 2018, about a year later than he estimated previously.

What’s happened since then?

According to research by Andy Winkler, director of housing finance policy at the right-leaning American Action Forum, the number of home buyers has increased, but some of the gains are going to more well-heeled buyers that the administration didn’t intend to target.

The fee reduction, for example, made the FHA program more attractive to borrowers with higher credit scores, Mr. Winkler says. The percentage of FHA endorsements where the borrower had a credit score above 680 grew to 45% in the second quarter, up from 41% in the fourth quarter of 2014, he says.

The percentage of FHA loans with high balances has also gone up, and overall, the FHA’s share of the mortgage market rose to 32% in the first quarter.

To be sure, the shift was expected.

When finding a mortgage, buyers or their lenders are often weighing the FHA program against options available from mortgage-finance companies Fannie Mae and Freddie Mac , which back loans with down payments of as little as 3%. By cutting fees, the FHA became the most cost-effective option for more borrowers.

Edward Pinto of the American Enterprise Institute in July criticized the decision to cut fees, saying in part that the premium cut resulted in borrowers buying more expensive homes rather than saving money. Mr. Pinto said that FHA’s increase in loan volume came at the expense of other housing programs.

Did the fee cut hurt taxpayers?

Also perhaps unsurprisingly, the cut in FHA fees reduced the revenues per loan that the agency brings in, Mr. Winkler notes. The FHA estimates that for every $100 the program guarantees, the agency makes $5.35 in profit, down from $9.03 before the cut, Mr. Winkler says.

The reduced revenues for the program were the immediate target of Republican lawmakers and some conservatives after the fee cuts were announced.

The law requires the FHA to maintain a capital buffer of at least 2% of the loans it guarantees, a threshold it hasn’t met since 2009. HUD Secretary Julián Castro has said that the department expected the fee cut to delay reaching the threshold by “a few months.”

HUD and lawmakers won’t get an official update on the financial impact of the fee cut until later in the year, when an independent actuary comes out with its report on the FHA’s finances. The actuary’s outlook is typically heavily influenced by assumptions it makes on the direction of home prices and interest rates, making it difficult to predict the outcome even knowing that fees dropped.

Is the fee cut bringing in more first-time buyers?

All else being equal, cheaper mortgages should make buying a home affordable for more people.

Problem is, all else isn’t equal. This year, home prices have risen sharply, hurting affordability. Some researchers suspect that a small portion of the rise in prices might even be a result of the fee decrease.

On the other hand, mortgage rates dropped early this year, helping to spur a hot start to the spring selling season.

All that’s to say that it’s near-impossible to isolate the fee decrease and calculate what would have happened to first-time home buying but for the cut.

That said, so far this year, FHA originations in the first quarter ran more than 30% higher than they did through the same period a year ago, according to Inside Mortgage Finance.

On a percentage basis, Mr. Winkler says 83% of FHA loans went to first-time home buyers in May, unchanged from a year earlier.

Related reading:

Home Prices Soar in Some Metro Areas

Why Risky Borrowers Still Aren’t Getting Mortgages

U.S. Homeownership Rate Hits 48-Year Low

Are Home Prices Again Breaking Records? Not Really

The Shaky Foundation For U.S. Housing-Price Growth

A Master Chef’s Take on Food, Culture and Community | Marcus Samuelsson | TED

Wed, 19 Jun 2024 11:00:10 +0000

High-Quality CO2 Laser Treatment in Malaysia

Wed, 22 Mar 2017 20:55:25 +0000

Malaysians are not the only people who utilize the advanced medical services in their country. Any people come to Malaysia for many different reasons. One reason for tourism is medical tourism. People having all different types of surgical procedures done, most often cosmetic surgical procedures. Even noninvasive techniques such as CO2 laser treatment is very […]

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WhyYou Should Keep Your Air Conditioner In Good Repair

Mon, 23 Jan 2017 15:37:29 +0000

When it is warm outside, you want to know your air conditioner will work. This is why it is so important to keep it in good repair. Providing routine maintenance and repair is important to ensuring you will have climate control when you need it. Purchasing or installing an air conditioning system is a major […]

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Lessons From People Already Adapting to the Climate Crisis | Dorcas Naishorua | TED

Fri, 05 Jul 2024 11:01:03 +0000

WSJ Survey: Oil and Inflation Are Stubborn Disappointments

Thu, 13 Aug 2015 14:07:19 +0000

: An oil well in Garden City, Texas.; SPENCER PLATT/GETTY IMAGES

The history of oil tycoons is littered with booms and busts—fortunes that swelled and collapsed with unexpected velocity—subject to the vagaries of oil discoveries and the high-stakes game of world diplomacy and international intrigue. Economic forecasters can’t avoid them, either.

Ever since oil prices collapsed last fall, the best guess of economists has been that oil prices would gradually firm up. The average of predictions in The Wall Street Journal’s survey of economists has shown that forecasters typically expect prices to rise about $5 every six months.

Crude oil prices climbed earlier this year—even briefly surpassing $60 a barrel—only to plunge again over recent weeks as investors contemplated the possibility that there’s simply not enough global demand to support higher prices. As oil prices plunged back below $50 and slid toward $40, it left economists’ forecasts as wrecked as a 1980s oil town in West Texas. At no point in the last 12 months have economists anticipated that oil could drop so low.

The missed forecasts of oil prices matter because of how much oil feeds into inflation. As a crude rule of thumb, energy prices make up about 10% of the consumer-price index, so a major drop in oil can cause inflation to fall through the floor. That’s exactly what’s happened and economists didn’t anticipate it. For the past year, they have forecast that the annual rate of change for the consumer-price index would return to slightly above 2% within about a year.

WSJ Survey: Economists Expect Fed Rate Liftoff in September

Explore the Economic Forecast

Look Into Office 365 Malaysia Today!

Fri, 10 Mar 2017 15:06:33 +0000

What is Office 365 Malaysia and how can it work for you? Office 365 is an office program made in many languages and can be used by people around the globe as it is made in several languages. The next question is: how can you get good prices or find that Office 365 is ideal… Read More

Learn More Here: Look Into Office 365 Malaysia Today!

A Scientific Breakthrough That Could Transform How We Produce Food | David Friedberg | TED

Tue, 25 Jun 2024 11:00:23 +0000

Renters Spent a Record-High Share of Income on Rent This Spring

Thu, 13 Aug 2015 16:17:18 +0000

: A home for rent in San Francisco in April. Renters there put 47% of their income into rent in the second quarter.; JUSTIN SULLIVAN/GETTY IMAGES

The rental squeeze is getting worse, according to a new report by Zillow, as people are paying the highest-ever percentage of their income on rent.

Renters can expect to pay 30.2% of their income on rent, according to a Zillow analysis of rental and mortgage affordability in the second quarter released Thursday. That is the highest percentage ever, said Zillow, which has data going back to 1979.

The number is significant in part because it shows rental burdens creeping past 30%, which economists consider an affordable proportion of income for people to pay on rent.
Between 1995 and 2000, renters on average spent just over 24% of their incomes on rents.

“Our research found that unaffordable rents are making it hard for people to save for a down payment and retirement, and that people whose rent is unaffordable are more likely to skip out on their own health care,” said Svenja Gudell, Zillow’s chief economist.

Rental affordability worsened in 28 of the 35 metro areas covered by Zillow. It remained especially poor in the New York area and pricey West Coast cities. Los Angeles renters could expect to pay 49% of their incomes in rent. San Francisco wasn’t far behind, with renters paying 47% of their incomes on rent.

Even in New York and northern New Jersey–long considered a pricey place to rent–affordability has worsened significantly. Renters in the city historically paid about 25% of their incomes on rent and now pay 41%.

In Miami, a city that was long considered affordable but has been dramatically transformed by luxury condos, renters now pay 44.5% of their incomes on rent.

Renters have been becoming increasingly burdened thanks to a combination of rents rising due to increased demand and limited supply and income levels remaining relatively flat. That has put a squeeze even on working, middle-class households.

For some renters there may be a way out: Buy a house. Mortgages remain very affordable. Buyers should expect to pay about 15% of their incomes on housing.

Still, economists say the rising rents are making it even more difficult for renters to make the transition to buying because it is difficult to save for a down payment. Stricter credit standards have also made it more challenging to get a mortgage.

“If you can possibly come up with a down payment, then it’s a good time to buy a home and start putting your money toward a mortgage,” Ms. Gudell said.

Where Rents Are Eating Up a Bigger Share of Income

Did the Mortgage-Fee Cut Help Borrowers?

Learn the Steps of an Air Conditioning Installation

Mon, 23 Jan 2017 06:32:23 +0000

Planning to have an air conditioner in the home needs a lot of thought. Perhaps you’d be thinking of investing in it. Indeed, you can not go wrong with having two or more units in your home because of the convenience and comfort. So when it comes to purchasing your air conditioning, there are of …

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Aircon Servicing Singapore

Thu, 19 Jan 2017 21:27:22 +0000

Are you looking for the best air conditioning services in Singapore? If you happened to be new in the country, adjusting to the new environment is something that you’ll also need to figure out especially when it comes to calling out for services such as general repair services like that air conditioner service provider. It […]

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The DOs And DON’Ts Of Finding A Solid Office 365 Partner

Sat, 01 Apr 2017 16:32:34 +0000

These days, many companies look at Office 365 as a solid business solution. With that said, there are constant changes that require having a partner available to help manage things. If you are in Malaysia and you are looking for a reliable Office 365 partner, the following list of dos and don’ts should be quite […]

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Next Up for AI? Dancing Robots | Catie Cuan | TED

Tue, 02 Jul 2024 11:00:33 +0000

Choosing the Right Hair Loss Treatment in Malaysia

Thu, 26 Jan 2017 05:14:31 +0000

Millions of people get affected by hair loss. Whether it is aging, a medical condition, stress, or such other causes, it is a fact that a lot of people are losing their manes prematurely. While there are others that do not mind the condition and just opt to embrace it fully, there are those that see this […]

Article Source Here: Choosing the Right Hair Loss Treatment in Malaysia

Are There Any Good Web Site Design In Malaysia Options?

Mon, 30 Jan 2017 03:26:42 +0000

A website design company can make sure your company has an online home. The best part of having a nice site is that it can help you impress potential customers. Making money from people all around the world is possible with the right website. The internet is a place that grows often, and there are […]

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"Ye Pariye Naz" / "Simorgh" / "Darya" | Niaz Nawab | TED

Mon, 24 Jun 2024 12:00:30 +0000

The Hidden Danger of Lead in Soil | Yvette Cabrera | TED

Mon, 01 Jul 2024 11:01:45 +0000

Magic and Wonder in the Age of AI | David Kwong | TED

Thu, 04 Jul 2024 11:00:36 +0000

Tips For Office Renovation In Malaysia

Tue, 17 Jan 2017 20:08:18 +0000

When it comes to renovating a Malaysia office, there are so many options that it becomes difficult to choose from. You may have too many ideas and it becomes a difficulty to settle one. If you are having difficulties making this choice, then you may need the following tips. If you are operating on a […]

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5 Things to Watch on the Economic Calendar

Fri, 14 Aug 2015 20:55:38 +0000

Kinds of Scars and Their Type of Treatments

Thu, 24 Nov 2016 10:59:39 +0000

One of the frustrations and fears of people having severe wounds and injury is the risk of developing a scar as soon as the wounds heal. There are a lot of individuals who do not want to have any scars on their bodies, especially on the body parts which is often exposed. There are a […]

Originally Published Here: Kinds of Scars and Their Type of Treatments

A Street Librarian's Quest to Bring Books to Everyone | Storybook Maze | TED

Fri, 28 Jun 2024 11:00:01 +0000

Why you should study an IT course in Malaysia: 5 reasons to do so

Wed, 14 Dec 2016 18:51:37 +0000

With the growing demand of IT course in Malaysia, many students are flocking to universities to study an IT related course. And if you are a student, you should also seriously consider going to study IT in a university located in Malaysia. Malaysian colleges are one of the best colleges in Asia or even the […]

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U.S. Job Openings in June Fall a Bit From Record Highs

Wed, 12 Aug 2015 14:14:18 +0000

: Job openings registered at 5.25 million in June, down from 5.36 million in May.; JOE RAEDLE/GETTY IMAGES

The number of job openings in the U.S. fell slightly in June but remained at a level suggesting strong demand for workers.

Job openings slipped to 5.25 million in June, down from a record 5.36 million in May, according to the Labor Department’s Job Openings and Labor Turnover Survey, known as Jolts.

Hires climbed to the highest level of the year at 5.12 million and the number of Americans voluntarily quitting their jobs climbed to 2.75 million from 2.73 million the prior month. The number of voluntary quits tends to rise when people are confident about job prospects.

Another 1.79 million people were laid off or discharged in June, down from 1.66 million in May.

“In other words, labor demand is still rising very rapidly, and is hugely elevated relative to the unemployment rate,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note to clients.

The main jobs report, out earlier this month, showed the unemployment rate at 5.3% in July and June. Nonfarm payrolls rose a seasonally adjusted 215,000 in July and 231,000 the prior month. The initial employment situation report only shows net job gains or losses, while the Jolts report offers additional details on the total number of hires, openings and separations.

Both reports are closely followed by officials at the Federal Reserve. Chairwoman Janet Yellen has said the rate of voluntary quitting is a key gauge of workers’ confidence in the economy. When the economy is stronger, workers are more likely to quit their jobs because it’s easier to find something elsewhere.

In recent months, the number of quits has held fairly steady and a gap between job openings and hires has opened, a mismatch that suggests employers haven’t been able to find workers with the desired skills at the salary on offer.

“While growth in job openings has cooled off in recent months, the key takeaway should be that the underlying health of the labor market continues to improve,” said Jeremy Schwartz, an associate at Credit Suisse. “The ratio of vacancies to unemployed workers continues to rise and is near precrisis peaks.”

Still, businesses haven’t responded with significantly higher wages. That may be because there’s still a ready pool of workers.

Despite 58 consecutive months of rising payrolls, 8.3 million workers were looking for a job but couldn’t find one in July, while others had given up looking or were stuck in part-time jobs but would have preferred a full-time position.

And the share of Americans participating in the labor force, at 62.6% in July, matched the lowest reading since 1977, a possible sign there’s a mismatch between job openings and job seekers.

Related reading:

The July Jobs Report in 12 Charts

So the Job Market Is Strong, But There’s Still Plenty of Slack

U.S. Job Openings Remain at Historic Highs

Job Openings Rise to Record

How To Choose The Best Hair Loss Treatment When In Malaysia

Thu, 23 Feb 2017 11:53:07 +0000

How To Choose The Best Hair Loss Treatment When In Malaysia Millions of individuals suffer from hair loss these days. Whether it is due to stress, a medical condition, aging or other causes, many people are prematurely losing their hair. Some people don’t mind this condition and decide to just fully embrace it, but there […]

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To Love Is to Be Brave | Kelly Corrigan | TED

Thu, 20 Jun 2024 11:00:04 +0000

Benefits of Undergoing Dermal Filler

Tue, 29 Nov 2016 10:03:09 +0000

Have you been wondering what dermal filler is and how it works? If you are reading this article, chances are you are searching for answers about dermal filler and wanted to know more about this beauty dermal filler which is one of the beauty rejuvenation processes. Accordind to Dr. Jeff Khoo, dermal filler is a… Read More

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Visiting An Aesthetic Clinic In Malaysia

Tue, 06 Dec 2016 08:56:20 +0000

If you recently looked into the mirror and you were chocked with what you saw, then it may be time to make an appointment to visit an aesthetic clinic. This is where you can have great treatments done to improve upon your appearance, some of which will help to bring back your youthful appearance. It …

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When Is The Best Time To Call For An Air-con Servicing in Singapore

Wed, 18 Jan 2017 17:27:36 +0000

Investing for an air-conditioner surely gives you the opportunity to relax in your home rather than going somewhere like the mall or a nearby coffee shop just for you to have a break from a very humid environment in Singapore. The good thing about innovation is that air-cons are upgrading in a sense that it… Read More

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Making Your Fitness Trainer Your Good Buddy

Wed, 01 Feb 2017 14:25:05 +0000

If you have become depressed about your appearance of you have begun to lose hope when it comes to your present body shape, you should know that you are not alone. You can do something about it, and there is always a solution to every body-related problem, as well as someone who would love to […]

See Full Article Here: Making Your Fitness Trainer Your Good Buddy

China Fires the First Shot in a Currency War

Thu, 13 Aug 2015 12:32:37 +0000

: China’s action is a zero-sum game and thus the first shot in a currency war.; STR/AFP/GETTY IMAGES

In recent years, Japan, the U.S. and Europe have been accused of fomenting currency war by employing monetary stimulus that drove down their currencies. These accusations were off base: by boosting domestic spending with easier monetary policy, everyone, including their trading partners, benefited.

But China’s move this week to devalue the yuan is an exception. Because its action was not part of a broader monetary boost, the effect will be to siphon demand from its trading partners while giving nothing in return. It is a zero-sum game and thus the first shot in a currency war.

When the Federal Reserve or the European Central Bank ease monetary policy by cutting interest rates or buying bonds, it prompts investors to move their money elsewhere in search of a better return. This will ordinarily drive down the dollar or the euro. The Fed and ECB, though, have no say in how much it will drop. They only know that the boost to their economies will come through the combined effect of lower interest rates and a lower currency. While the latter may hurt their trading partners, the former will help since stronger domestic demand usually leads to more imports.

By contrast, China has a closed financial system and routinely adjusts interest and exchange rates independently of each other. This week’s devaluation did not come about because of an interest rate cut, but in lieu of one. In seeking to stimulate the economy, the Chinese authorities appear to have taken aim at exports, rather than take the chance that lower rates might elevate asset prices and debt.

: Pedestrians walk past a currency exchange store in Hong Kong on Wednesday.; XAUME OLLEROS/BLOOMBERG

The U.S. and the International Monetary Fund have long called on China to let market forces rather than government diktat determine the yuan’s value. This is what China claims to be doing. Market forces had been pressing the yuan to the bottom of its permitted trading band, and henceforth, that trading band itself will adjust in accordance with where market forces are pushing the currency.

But this is far cry from truly making the yuan market-determined. The fact that the People’s Bank of China will maintain any sort of trading band, that the formula behind the band remains a black box, and that trading (at least of the onshore currency) may not occur outside that band, are all at odds with the true market determination.

How, one might ask, is this different from, say, Denmark, which pegs its currency, the krone, to the euro? The reason is that Denmark adjusts its monetary instruments–interest rates and the volume of the volume of krone that it prints–to ensure that the market wants the exchange rate to trade at the peg. If the market is pushing the krone above that level, Denmark has to lower interest rates, print krone and buy euros. Thus, the krone’s peg and its fundamental market value are the same.

For China, the equivalent action would be to allow unlimited purchases and sales of yuan by foreigners and residents, and then use both intervention and interest rates to push the yuan to its desired level. But for all their talk of market reforms, China’s authorities remain deeply attached to having as many macroeconomic levers as possible, and making the exchange rate an appendage of monetary policy, as in most countries, would surrender one of those levers.

While on the surface China has moved in the direction of market determination, it is surely not a coincidence that it came when markets were pushing the yuan in the direction the authorities consider essential for economic stimulus. This has the collateral benefit of leaving the Obama Administration tongue-tied. Since in principle the U.S. only wants the yuan to be market-determined, it can’t really complain if the result is that the yuan goes down instead of up.

But the real test of whether China is truly committed to market determination is when market forces push in the opposite direction to what the authorities prefer. Perhaps China really means it, and will stand aside when that happens. On the other hand, its commitment to market-determined equity prices lasted so long as those prices kept going up, and melted away when prices headed down.

Cheaper Chinese Currency Has Global Impact

China’s Neighbors Feel Pain of Yuan Devaluation

Tuition Agencies- What Are They and How Can They Benefit You?

Fri, 16 Dec 2016 02:48:15 +0000

Do you know what a tuition agency is and how it may help you? Probably not. A tuition agency is a new education method that allows you to learn from home. Many people who have tried this method report that they love not needing to interact with others and the money that it saves them… Read More

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Who May Get a Boost From New Overtime Rules

Wed, 12 Aug 2015 14:29:08 +0000

: The Institute for Women’s Policy Research and Moms Rising found that 3.2 million women could be covered by proposed changes to overtime rules, compared with 2.7 million men.; GETTY IMAGES

The Obama administration’s move to expand overtime eligibility has the potential to impact millions of workers. And women, who are disproportionately concentrated in low-wage jobs, make up the majority of those who may stand to gain.

A new analysis by the left-leaning Institute for Women’s Policy Research and Moms Rising found that 3.2 million women are newly covered by proposed changes to overtime rules, compared with 2.7 million men. But based on current work habits, men could take a greater share of the additional income, the study found.

The “newly covered” category is based on the proposal’s updated threshold under which most full-time salaried workers would be eligible to earn time-and-a-half pay for working more than 40 hours per week. The threshold would be increased to $970, or $50,440 annually. That level is about the 40^thpercentile of weekly earnings for salaried workers. The Labor Department takes comments on proposed changes through early September. The current threshold is $23,660, or $455 a week. The institute’s analysis refers to all eligible workers, including ones who do not currently work overtime.

Currently exempt single mothers and women of color in particular stand to gain, according to the institute’s analysis. It finds 44% of currently exempt single mothers would be covered, compared with 32% of married mothers and 39% of single childless women. The likely newly covered single mothers also start out with the lowest base pay, earning $707 per week compared with married mothers’ $744 and single women’s $719.

Increased pay could help improve outcomes for children living with single mothers, which today is one in four. Since the recession, the share of female-headed households that are low-income has risen to 58 percent in 2012, up from 54 percent in 2007.

Nearly one-half of black and Hispanic workers would be newly covered, compared with about one-third of white women and slightly more than one-fourth of Asian/Pacific Islander women, the institute estimates.

The report found that newly covered men could see a bigger jump in weekly pay than women, since they work, on average, an extra hour of overtime than women, 11.7 hours compared with 10.7. The average newly covered man makes $725 a week, and could earn as much as $252 extra for overtime. The average woman, by contrast, has a base pay of $728 but would earn $227 a week in overtime pay.

A separate analysis by the right-leaning think tank American Action Forum looked at the proportion of newly covered workers who currently do work overtime. Under these conditions, only three million workers would benefit. About two-thirds would be workers in two-earner families. Just under two-thirds would be in households without children. And the majority, about 57%, would be men, according to an earlier analysis by Ben Gitis, director of labor market policy at the American Action Forum.

“Men actually stand to benefit much more than women from the rule,” Mr. Gitis said in an email.

It is possible that employers will avoid paying overtime altogether by limiting hours or hiring new workers to cover additional hours. On the other hand, workers who were previously happy to leave after 40 hours may grab extra hours thanks to the possibility of overtime pay. The final rule—and how employers respond—will shape who truly benefits.

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As Home Prices Rise, the Foreclosure Crisis Continues to Recede

Thu, 13 Aug 2015 14:42:23 +0000

: Rising home prices have led to steady improvement in foreclosure rates.; JOHN MOORE/GETTY IMAGES

Fast-rising home values are raising alarms among some economists that the home-affordability problem is getting out of hand. But there is one happy side effect: The foreclosure crisis is receding into the background.

The Mortgage Bankers Association, which represents mortgage lenders, on Thursday said that the foreclosure starts rate was merely 0.4% in the second quarter, 0.05 percentage point lower than the first quarter and on par with the rate seen during the housing boom.

The delinquency rate–which includes loans that are past due but not in the foreclosure process–fell 0.24 percentage point to 5.3%, after adjusting for seasonality, its lowest point since the second quarter of 2007.

Marina Walsh, MBA’s vice president of industry analysis, attributed the improvement to a strong job market and the broader housing recovery.

Though fewer homeowners are falling behind, there are still an abnormally high number of borrowers stuck in the foreclosure process. In the second quarter, 2.09% of loans were in some stage of the foreclosure process, 0.13 percentage point lower than last quarter and 0.4 point lower than a year ago. That rate is still twice as high as those seen at the peak of the boom.

As has been the case for years, states that use mainly a judicial foreclosure process, which means typical foreclosures must work their way through the court system, had a higher foreclosure inventory rate than nonjudicial states. Judicial states tend to give more protection and time to delinquent borrowers at the expense of a swift process.

New Jersey maintained the highest percent of loans in foreclosure, at 7.31%, followed by New York at 5.31% and Florida at 4.24%. In the meantime, Colorado, North Dakota and Wyoming had foreclosure inventory rates of below 0.7%.

California, another boom-bust state but one with a nonjudicial foreclosure process, had an inventory of 0.91%.

Overall, 3.41% of loans in judicial states are in the foreclosure process, compared with 1.15% of loans in nonjudicial states.

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