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Takeda's acquisition of Millenium and changes in the global drug industry.

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Teachers are packing up classrooms for the last time says this report in WSJ. Worn out by the covid pandemic, under staffed schools and political battles teachers are leaving in large numbers. About 300,000 public school teachers and other staff left the field during the 27 months of the pandemic, according to Bureau of labor Statistics data. More teachers are thinking of doing the same, A National Education Association poll conducted in 2022 found 55% of teachers saying they would leave earlier than planned. Teachers are finding better pay and working environment in other professions and in business. Teachers of younger students in the early grades say teaching should be about kids learning but that isn't true anymore. 

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Jill Biden pushes the long neglected US agenda on education. She has talked to teachers and union members in about 21 states. Dr. Biden told teachers in Salt Lake City that president Biden was committed to increased federal funding for schools and to pay teachers competitive salaries. In his speech to the joint sessions of Congress president Biden said " she (Jill Biden) has long said any country that out-educates us will out-compete us- and she'll be leading this effort." One part of this is 2 years of free community college education. Like Eleanor Roosevelt during the presidency of Franklin Delano Roosevelt in the 1930's and 1940's Jill Biden is playing an active role.

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The White House statement says on this new Economic Corridor agreed on at the G20 Summit in New Delhi yesterday September 10, 2023, says-

"We aim to ensure a new area of connectivity with a railway, linked through ports connecting Europe, the Middle East, and Asia. The United States and our partners aim to link both continents to commercial hubs, and facilitate the development and export of clean energy; lay undersea cables and link energy grids and telecommunication lines to expand reliable access to electricity; enable innovation of advanced energy technology; and connect communities to secure and stable internet. Across the corridor we envision driving existing trade and manufacturing, and strengthening food security and supply chains."

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A federal jury finds the NAR National Association of Realtors and residential brokerages liable for $1.8 billion in damages for keeping commission rates on home sales artificially high. The case was brought forward by sellers in midwestern states and the decision was announced by the jury at a Kansas City courtroom. Under antitrust rules the verdict could be tripled to $5 billion. At present the sellers pay their own agents commission about 5-6% of the home's selling price, which is shared with the buyers agent. As the WSJ report shows mostly all countries in the world charge lower commissions in the range of 2% and the US has the most realtors, many working parttime-1.6 million of them.

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The term "lazy girl job" is a misnomer because it refers to work life balance choices made by women who prefer to do remote work, avoid micro manager bosses, and pay attention to health and exercise, lifestyle choices. Being able to take a walk midday and take a bike ride in the evening at 5.00 pm with work cut off times is a preference for many young people. It follows the trend of quiet quitting where lifestyle choices and health take precedence over existing flawed ways of work that ignore family, health and exercise needs. The pandemic has created a new awareness about what is important in life and a new set of priorities. Young people are following their heart.

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As Arnold Schwarznegger's time as governor of California comes to a close, the state is still short of $20 billion to pay for all the services that it provides. Arnold's popularity is down to 27% and he has failed to bring financial order to the state- the state is simply broke. Hikes in tution for the state's university system and other moves haven't been enough. And Arnold is down to warning the federal government that California's safety net faces further shredding- with more pain for the elderly and children, and in the schools.

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Now that finance ministries around the world are trying to save their economies with trillions of dollars in aid packages their finances are stretched to the limit. The so called digital tax is not really a digital tax. And efforts to recover lost tax revenues in Europe are being opposed by the U.S. because tax levies by France go only to France, not the U.S. The U.S. Treasury or U.S. government or the American people would not turn down tax revenues that it normally gets when its finances are stretched to the limit with trillions of dollars for cornavirus leaving little for crumbling infrastructure and essential public health services, other services that determine quality of life in America.  This Washington Post report shows that there is greater awareness that the right approach is to pay taxes based on where revenues are located and by the number of users in each country. But the problem goes deeper than that. The coronavirus changes the entire perspective and take this back to roots. Companies pay taxes because it is the right thing to do. In Japan Panasonic's founder Matsushita felt that it was a national duty to pay its share of taxes as it too was sharing in the benefits provided by society- in the health, sanitation, education and transportation, parks, and hundreds of services provided by government. Once this is seen as dispensable or somebody else's problem, then these very services and infrastructure can be starved of capital. Coronavirus changes this perspective. People crave for outdoor spaces- who is going to maintain them and set up new spaces. People crave for not moving around on crumbling bridges, roads, subway systems. Who is going to provide them? People crave for good schools, community colleges. Who is going to provide them? People crave for good sanitation systems? Who is going to provide them? People crave for good public health systems. Who is going to provide them? Its just good common sense. Is it possible for common sense to be missing? It is- just ask people today, and it is good common sense to have good critical infrastructure such as sanitation, medicine, public health, and local manufacturing of medicine, yet economic experts and economic theories thought it made sense not to do this.  ...

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Frank Rich of the NYT thinks Obama's problem is not the GOP which is losing public support very quickly as the CBS/New York TImes poll shows, or the mortgage rescue plan and the shaping of new priorities in his address to the joint session of Congress which have increased in popularity for a people nervous about the economy, but the increasing unpopularity of the banks and financial institutions. His plan for financial institutions lacks the clarity and direction of his other efforts, says Rich. And Geithner who was protegeof the old boys Greenspan, Rubin and Summers who got the country into this disaster, is not the man who can convince the people. Therein lies the President's problem. He has chosen these people to come up with the solution to the banking crisis, and he has to sell this hugely unpopular solution with his advisors too timid and too complicit in the origins of this problem, that they have not been able to craft an effective plan. And the people who run these banking institutions are still running these institutions, and the people who run these auto companies are still running these auto companies, something that is hugely unpopular with the people as the CBS/New York Times poll shows. Only a new management, a new board, and a fresh clean beginning, and a convincing plan, would convince the people that another big bailout of $750 billion in banking "asset purchases" on top of the previous $700 billion bailout is going to work....

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Dina Asher-Smith, Britain's greatest sprinter is bouncing back in the 200 metres sprint after the Tokyo Olympics. Here she talks to Sean Ingle in the Guardian.  Much of what she says from her experience and what she has learned is valuable for people working in all walks of life. How do you take the ups and downs (she did not do well at the Tokyo Olympics) and what is the best way to be? On the best way to be- "As a sprinter I want to be light, and bouncy and carefree. So you can't run fast with baggage. It's really unhealthy. You just gotta throw it out. What happened in Tokyo doesn't affect my calibre. It doesn't affect the  work I put in, or my potential. It was just really unfortunate timing. I'm not the first person it has happened to and certainly not the last." She says one never knows what someone else is facing behind the scenes. Nobody is truly unbeatable, and everything is always up for play, even if the odds look to be infinitely stacked against you. That is why she says she approaches every race as a clean slate. And that is why she does not bring whatever  happened last year to this year. And on that last bit of effort she says- "You have to stay focused, be humble and hungry, to keep finding those 0.01 seconds in every phase, and every step you do." ...

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Britain's banks still owe the government 100 billion pounds ($158 billion) from the bailouts that followed the 2008 financial crisis. The incentivizing of risk by pay structures and bonuses was seen as a big part of the problem. LIBOR manipulation abuses by banks are still on regulators minds. The Financial Conduct Authority and the Bank of England's Prudential Regulation Authority, have set new rules to correct the problem. Earlier EU rules limited bonuses to 100% of salary. The new FCA rules require a 3 year period for traders and risk managers have to wait 5 years for performance awards in full. Top executives have a ten year wait to be certain claw back provisions do not go into effect. Andrey Bailey at the PRA says the rule is designed so "that people in positions of responsibility are rewarded for behaviour which fosters a culture of effective risk management and thus promotes the safety and soundness of individual institutions. "

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Provides the details of the agenda to be implemented, the action plan to rapidly develop a partnership between India and the U.S. and to double trade in three years.

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Italy's National Reform Plan shows a forecast of GDP contraction in 2012 of 1.2%, up from an earlier forecast. Italy will show a budget deficit of 0.5% of GDP in 2013. Italy's Deputy Economy Minister Vittorio Grilli poitsed out that in structural, cyclically adjusted terms Italy will post a budget surplus of 0.6% of GDP in 2013, that fiscal policy was tightening. This was confirmed by the IMF which said that Italy will achieve structural balance in 2013- which means that if the economy were operating at full potential Italy would have a balanced budget.

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At the G7 meeting in Washington of finance ministers efforts to pitch Gordon Brown's plan to other G7 members. The British idea to expand its proposal to other countries has a lot of support on Wall Street and is being studied by officials at Treasury and US government officials. Under the British plan the government would guarantee upto 250 million pounds ($432 billion) in bank debt maturing in 36 months. It is also injecting capital into British banks in exchange for equity stakes. The government is also considering removing a ceiling on deposit insurance giving essentially unlimited protection to bank deposits to protect investors and banks seeing withdrawals from scared investors.

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Mark Carney, chief of the central bank of Canada, was chosen to be the next Governor of the Bank of England, succeeding Mervyn King. Carney's private sector experience with Goldman Sachs has given him contacts with people in the city of London and in British industry. He also studied at Oxford for a doctorate in economics. He helped Canada strengthen the economic reforms made in the previous 15-20 years, in his position as head of the Bank of Canada, say experts. This helped Canada withstand the 2008 financial crisis better than other countries. He says he can "play a constructive role in relaunching this institution with its new responsibilities."

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Whites are gradually coming back to the cities just as black people are leaving the cities for the suburbs and Hispanic people are skipping the cities entirely and heading directly for suburbs. The change is gradual and slow except for some cities like Atlanta and San Francisco where the change is becoming significant. As demographic changes take years to play out this change means that at some time in the near future America's cities will look differentas whites return. This change will only accelerate as more whites abandon long commutes from the suburbs as the price of gasoline keeps climbing and move closer to places of work in the cities.