Beware of Falling Gas Prices: Ritholtz Chart

The American Automobile Association reports that the average price of a gallon of regular gas is $3.19. (The U.S. Energy Information Administration has regular gas at about $3.26).

Via: Bloomberg

Continue Reading.....

4 Things Obama Will Deny Americans…

President Obama was one of the most promising candidates to ever run for President. He promised us so much that he might as well have run for National Genie.

Obamacare is the skunk that has been called a kitty in hopes that everyone would embrace it. But the stink is nearly impossible to eliminate. There were promises made that turned out to be lies. They could bring down the President. But forget about impeachment. There are too many Democrats to allow that, even though Obama nearly makes Nixon look like a saint.

In medical research, we were maybe a generation away from breakthroughs that could have helped most Americans and lowered medical costs dramatically. The pain bypass unit that will be smaller than a AAA battery would be placed at the base of the brain to prevent most pain signals from being felt. Millions of Americans and hundreds of millions of others around the world would have benefited from the development of the device, which might have cost less than $1,000 to users thanks to government absorption of most of the expenses. The need for pain pills and pain treatment would be dramatically reduced, and multitudes would have lived normal lives. But since the company or companies that would have developed the idea would also have been taxed heavily and maybe driven out of business, they may never develop something people need and would have financially benefited from (thanks to less need for pain medication.)

Another device that might be denied is the nerve bypass that would be implanted to allow paralyzed people to function normally again. The first version of the device was drawn in 1974, and I approached a head of surgery with that idea and the idea that nerves would be transplanted from one part of the body to another. He said that both ideas were impossible. At the time, he might have been right. But the second idea has become reality, and I trust the first idea will also become reality unless Obamacare prevents it from becoming available.

Via: Western Journalism

Continue Reading......

Budget deal opens door to tax, entitlement changes

The deal struck Wednesday in Washington could make it easier for lawmakers to make big changes to tax policy, spending and entitlement programs.

Here's a look at what is in the accord, what didn't make the cut and what's coming down the pipeline.

This deal is an important way forward for big policy changes.

Tom Williams | CQ Roll Call| Getty Images

The U.S. Capitol building in Washington D.C.

While a lot of the news focused on the aspects of the deal that ended the shutdown and prevented default, the plan also calls for an agreement by mid-December on a long-term budget plan.

(Related video: S&P on why US won't get AAA rating back yet)

Senate Majority Leader Harry Reid said on the Senate floor Wednesday that under his agreement with Senate GOP Leader Mitch McConnell, the two leaders would name members to a bicameral budget conference committee "that will set our country on a long-term path to fiscal sustainability."

Reid announces a bipartisan deal has been reached in the Senate to raise the debt limit and reopen the government.

The House and Senate each have already passed their own conflicting versions of a budget plan for 2014. The aim of this committee would be to come up with a compromise budget blueprint which would then be put to a vote in each House.

Via: CNBC

Continue Reading.....

Fitch puts US AAA rating on rating watch negative

Play Video

Fitch puts US credit rating on negative watch

Tuesday, 15 Oct 2013 | 4:46 PM ET

Fitch has put the U.S. credit rating on negative watch, reports CNBC's Dominic Chu.

Fitch Ratings put the US government's "AAA" credit rating on 'rating watch negative' Tuesday, saying that the standstill on the U.S. debt ceiling negotiations risks undermining the effectiveness of the country's government and political institutions.

U.S. stock index futures fell.

"Although Fitch continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default," the rating agency wrote in a statement.

S&P 500 futures fell 9.6 points while Dow Jones industrial average futures sank 60 points and Nasdaq 100 futures fell 7.5 points. 

A Treasury Department spokesperson said the Fitch move reflected an urgent need for Congress to act on the debt ceiling.

Earlier today Senate Majority Leader Harry Reid lashed out at House Republicans, shortly after the collapse of a rival GOP proposal.

He warned at the time that the U.S. credit ratings could be downgraded as soon as Tuesday night.

Via: CNBC

Continue Reading.....

Longest Streak Ever for $3-Plus Gas

(CNSNews.com) - The national average price of gasoline will surpass $3.00 a gallon Tuesday for the 1,000th consecutive day -- the longest stretch above $3.00 on record, according to the American Automobile Association (AAA).

“Paying less than $3.00 per gallon for gasoline may be automotive history for most Americans,” said Bob Darbelnet, president and CEO of AAA. “The reality is that expensive gas is here to stay, which is tough on millions of people who need a car to live their lives. “

The current thousand-day streak began on Dec. 23, 2010.

AAA is predicting that the national average will remain above $3.00 a gallon for at least another thousand days, barring a major economic recession.

“Spending more on gas concerns consumers because it reduces savings and spending for everything else we need,” Darbelnet said. “Our leaders can help alleviate this economic burden by encouraging a national policy that stimulates production, limits price volatility, ensures greater efficiency and promotes alternative energy.

Via: CNS News
Continue Reading....