LyrArc Article Gist
According to the General Accountability Office inquiry, 28 drug products had price increases over 100% in 2000, in 2008 71 drug products had such large increases. Medicines like Adderall for attention deficit disorder, Inderal for chest pain, Sumycin for infections were in the list of 416 brand name drug products where makers or distributors raised prices at least once by 100% or more for period 2000-2008. As large pharmaceutical companies sold their marginally profitable drug products or small selling products to smaller companies, these smaller companies would immediately increase prices to recover the money they paid to the large pharmaceutical companies. 26 of the brand name products saw prices raised 10 fold. A third of the drugs with large price increases treat depression and disorders of the central nervous system.

LyrArc Article Gist
In this essay in Der Spiegel, Charles Hawley says that the Trump movement has become a movement of patriotic downtrodden whites, with a whole range of interests-of extreme right talk show hosts, Tea Party politicians, white power supremacists, those left out by globalization in the working class especially in the midwestern states. The danger he says is that this movement of which Trump has become a part, rejects the narrative on which America is based of the Constitution and the Founding Fathers establishing a country based on principles of "the inalienable rights of man," that have evolved through the years to include black people, women, and minorities.  To put this in perspective, president Obama writing for The Economist magazine in October 2016, puts this movement in a different context- that of the Alien and Sedition Acts of 1798, Know Nothing Movement of the 1800's, the anti-Asian sentiment in the late nineteenth and early twentieth century, periods when anti-immigrant or anti-foreign sentiment gained prominence. Obama's view is that it is not fundamentally economic. In this he is right in that some of the forces on the far right do not stem from globalization. Yet he would be missing a great deal if he did not address the economic problems for the middle and working class that have given such views the support of a broad segment of the population, especially in some midwestern and older industrial states compared to say the economy of California or New York. Obama is aware of the problems in his essay as he points to the problems of workers trying to get a decent wage, of job losses through globalization, and the aggravation of these problems by the financial crisis of 2008 when some of the potential physicists and engineers as he calls them went into the financial sector to create faulty mortgages. Yet he goes back to the free trade and global networks of supply chains as having reduced global poverty, without showing a keen awareness of how it has through a combination of events and decades of policy indifference to manufacturing communities in the U.S.- as documented by experts and shown in Lyrarc, with David Autor and Gordon Hansen in the WSJ, 2016- 08-16. A Gallup Study, WSJ, 2016-05-16, supports Obama's assertion by showing that many of Trump supporters are actually self-employed and not in economic distress. Yet the movement would not have taken its proportions without the merging of different groups particularly largely disadvantaged working class voters, and fortunately Hillary Clinton, Bernie Sanders, have a better sense of this than the president. It is by their efforts that income and wealth disparities can be tackled in a way that restores the social fusion of all parts of society- in Hillary Clinton's emphatic words in the final debate by "growing the middle," growing the middle class. This is the task of the next decade, or possibly two decades. (For Gallup study see WSJ, How Economic Anxieties Explain Trump's Appeal- And Where They Fall Short, Nick Timiraos, 08-16-2016. And for Autor, Hanson, see Tallying the Toll of U.S.-China Trade, Justin Lahart, 08-27-2011)   ...

LyrArc Article Gist
German response to Obama's urging for a bigger stimulus as seen from the American side. The German side looks at the hyperinflation of the 1920's, the American side looks at memories of the Great Depression and the Hooverist response, in the early years before Roosevelt.

LyrArc Article Gist
This NYT editorial provides statistics for the problems of young people facing high student debt, high unemployment, and working in jobs that do not require their educational qualifications. Federal Reserve data show 44% of young college graduates in 2012 working at jobs that did not require a college degree. Underemployment stands at 16.8% in the U.S.- this includes young people too discouraged to look for work and those stuck in part time jobs. Put another way the hope that existed in the 1970's for a better future is simply lacking. The boom, bust, and corrective policy preceding and following the 2000 and 2008 crises have acted as a huge distraction for needed policy steps and imposed additional penalties on young people, just as other trends in the globalized manufacturing and IT industry were shifting jobs overseas.

LyrArc Article Gist
The ECB reduced a short term lending rate to 0.75%. The People's Bank of China reduced its one year yuan lending rate by 0.31% percentage point to 6%. The Bank of England increased its bond buying program by 50 billion pounds to 375 billion pounds.

LyrArc Article Gist
Andy Street, Mayor of the West Midlands Combined Authority, says when you consider that London gets 7 times the infrastructure spending per person than West Midlands, "its not bloody surprising" that his region is not growing fast. West Midlands covers a large part of central England, including Wolverhampton, Birmingham and Coventry. Even life expectancy is lower by 8 years in Blackpool, and disposable income can be quarter in Camden compared to North London. Labor's Corbyn and Conservative's Thatcher in the British general election are both campaigning for reviving the regions outside London, that have seen investment in people and technology lag substantially behind London. Regional revival is the big issue in this election. Consider that London which accounted for about 15% of economic output in the 1980's now accounts for nearly 25% of economic output of Britain. Berlin is about 4% of Germany's economy, and Paris 10% of France's economy. A word of caution on Brexit is sounded by experts at the University of Birmingham, who say the whole process of Brexit is so complicated that it may detract from the task of reviving this region. Even though the political upheaval had origins in this discontent, was it more about shifting government attention to the gap between London and the rest of the country, and less about a complex process of withdrawal from the European Union. ...

LyrArc Article Gist
U.S. Commerce Secretary, Wilbur Ross, has balanced the rhetoric of president Trump on trade in the NAFTA debate by saying the U.S. is looking for win-win solutions in trade relations with Mexico. At the WSJ CFO network Ross says the trade regime from the post war years is now an anachronism and does not work well especially for the U.S. Many experts agree that the trade framework from that period is problematic. It does not take into account, for instance say experts, the situation where a command economy such as China could help manufacturing industries with state policies, including currency policies. The rapid growth in China was different from the rapid growth in an earlier period of Japan, in terms of its impact say experts. The U.S was the dominant economy during the sixties, and the growth in Japan was not at the accelerated pace and of the magnitude that happened in China. As a result the impact on  some communities in the U.S. was much more intense in the last two decades, as documented by prominent trade studies, leading to the sense that trade did not work for these communities. ...

LyrArc Article Gist
The foreign policy establishment and the Obama administration is caught completely by surprise by the protests in Egypt against the 30 year rule of Mubarak. Secretary of State Clinton makes shifting statements on the protests. The WSJ editorial reminds the state department that support for democratic government worked in the Philippines and S. Korea. The Journal points to the state department realists who opposed President Bush's efforts to reach out to civil society groups inside Egypt. And refers to US Ambassador Frank Ricciardone's admiration for President Mubarak and his downplaying of US support to democracy for Egypt. The Wall Street Journal in this editorial concludes by saying it can't see how the US can walk away from supporting those who favor more pluralism in politics.

LyrArc Article Gist
This NYT editorial on Nov. 23, 2012, points out the importance of a forward looking Britain that has a needed voice in the affairs of the European Union, and positive engagement with the nations in the eurozone that make up its largest trading partner. Roger Carr, head of the British Confederation of Industry, made just such a call saying British engagement with the rest of Europe was "the linchpin of our wider global trade ambitions." The danger now is that because of missteps in the managing of affairs in the EU, including the hasty setup of the euro currency without proper safeguards for debt of individual countries and the strict fiscal arrangements imposed by Germany that stifle the chance of growth, the mood in Britain is now shifting towards exit from the EU. An Opinion/Observer poll suggests a referendum held today is likely to win an yes vote for Britain to leave the EU, a huge mistake for British interests. A referendum is expected to be scheduled for 2015.

LyrArc Article Gist
Syria after the Houla massacres and the sharpening divide between Sunnis and Alawites in Syria. Pro government thugs called shabiha using small arms are said to be responsible. The Houla area is predominantly Sunni and villages near it Alawite. The army is predominantly Alawite in a largely Sunni country. This risks bringing in other Sunni Arab countries into the conflict. U.S. Secretary of State Clinton tells students at the Royal Library in Copenhagen that China and Russia, mainly Russia, were obstacles for the Security Council to taking strong action, and this could lead to civil war.

LyrArc Article Gist
During the primaries Trump appealed to blue collar voters of a white working class that felt neglected by leaders and policies of both parties that did not seem to work for ordinary people. Having caught onto this early long before Republican candidates, Trump registered a series of wins in the Republican primaries. He continued this theme in his acceptance speech at the Republican National Convention on July 21, 2016, saying- "The forgotten men and women of our country- people who work but no longer have a voice: I am your voice." The idea was to couple this with the theme of law and order and put perception of Hillary Clinton as part of the rigged system of the past that Trump would change, with Clinton's legacy described in terms of "death, destruction, terrorism and weakness." As a change agent Trump described his entering the political arena in terms of coming into this election only to help blue collar people "so that the powerful can no longer beat up on people that cannot defend themselves." The two themes for the rest of the election season- law and order, and blue collar lives- and who can best defend them a traditional Democratic politician with a fighting spirit for traditional Democratic values, or a blustery newcomer adept with slogans and the public mood and ironically representing the Democratic values of representing the working class to become the  Republican nominee, with the law and order theme thrown in. The voter or independent listening in to all this will hopefully ask what all this means. As the WSJ, July 19, 2016, pointed out in a recent look at economc policies under the two candidates- on Glass Steagall Act being reinstated to increase safety of the banking system that caused many of today's problems through the 2008 financial crisis both Trump and Clinton are similiar, on opposing trade agreements similiar except that Trump's bluster is a riskier approach, on infrastructure building similiar with Clinton's $275 billion plan spelled out out for source of financing and Trump's unclear as to source of financing. On immigration the candidates are different, on the minimum wage which impacts low income people Clinton supports $15 minimum wage and Trump has not taken a stand. On ISIS and the Middle East Clinton is in reality a hawk and not much difference in the candidates, on law and order more chance of divisions in the country with Trump than Clinton. Overall for the working class and blue collar voter his life will take a decade or more to rebuild, with both candidates commiting to go in that direction. And the bluster and ads to come- just that.  ...

LyrArc Article Gist
This Journal editorial points to the 3 page letter from Gen. Dempsey that make a U.S. response in Syria seem difficult and laborious, cost $1 billion a month, and endless. Gen. Keane points to the Syrian air force operating from just 6 main air strips and with about 50 aircraft out of 100 operational, using this to terrorize the opposition and the countryside indiscriminately including civilian population. Taking these out with cruise missile and other strikes is all that is needed, not even a no-fly zone says Keane. Short of a proper response the U.S. and the Obama administration could only end up leaving the Assad regime in place for longer, says the Journal. Aid to rebel groups that can then do the work of completing the transition is the right strategy, says the Journal.

LyrArc Article Gist
A proposal to transfer debt in excess of 60% of GDP of all eurozone countries into a single fund to be paid off in 25 years is gaining attention in Germany. It is seen as finding acceptance with Germany's Constitutional Court. Angela Merkel, the German chancellor, says eurobonds are unconstitutional in Germany. Germany calls instead for greater European integration and transfer of powers from sovereign governments to a European banking supervisory authority. In early June 2012 discussions continued in Berlin between Manuel Barroso, president of the European Commission and Angela Merkel of Germany. The German position is summarized in the words of German finance minister Schauble, when he said that Germany could not hand over its credit card to other countries.

LyrArc Article Gist
The EU statistics agency Eurostat reported that the eurozone countries GDP declined by 0.3% in the 4th quarter compared to the third quarter of 2011. The decline for Germany was 0.2%. For Italy the decline was 0.7% over the prior quarter according to Istat, the Italian statistics agency. Spain 0.3% decline over the prior quarter. France experienced 0.2% growth over the prior quarter with larger exports by Airbus and more business investment. Italy plans cuts to military spending reducing aircraft purchases, buying 90 instead of 131 Lockheed F-35 fighter jets. Only France and Slovakia showed quarterly growth.

LyrArc Article Gist
A look at Department of Transportation data shows a downward trend in airline ticket prices. Average domestic fares in the U.S. declined 16%, adjusted for inflation, compared to 1995. A comparison shows a round trip ticket price of $410 in 2010 dollars in 1995, the same ticket is priced $338 in 2011, including $22 for bags and reservation charges that were added in recent years. Not including the $22 would give a 21% decline in prices in 2010 compared to 1995. Higher labor costs for American which could not shed legacy costs because it did not go into bankruptcy like some of its competitors, combined with higher fuel prices have posed a serious threat to American Airlines. American Airlines (AMR) experienced a 33% drop in share price on Sept. 3, 2011, with a recovery gaining 21% the following day to close at $2.39. UnitedContinental had a 2nd quarter 2011 average fare- revenue divided by number of passengers- excluding taxes, of $273. Southwest had an average one way fare of $143 for the 2nd quarter 2011. According to DOT figures, passenger tickets provide only 71% of total passenger revenues to airlines, compared to 88% in 1990. The remaining 29% comes from reservations charges, standby service, checked luggage, in-flight food service, transporting pets and other charges. ...

LyrArc Article Gist
The effort by 90 German universities to provide education for free to the large number of refugees from North Africa and the Middle East that are being given a home in Germany in 2015-2016. In rural areas especially in former East Germany there is still uneasiness about the large number of refugees expected to come in 2015- but students and most people in urban areas are receptive. Yet the challenges remain as the university system is crowded with students and can accomodate only about a fourth of the refugges coming in 2015. The low unemployment rate and need for workers is helpful in absorbing such a large influx of people into the country. Volunteers and the German language classes will help better integrate the refugees into German society. Though there is a small minority of people opposed to immigration, Germany society remains largely open to taking in and helping the refugees, compared to the situation in Sweden and Denmark where recent elections showed parties with anti-immigration stance getting a larger share of the vote and becoming part of the government....