Immigrant Son

IMMIGRANT SON – Breaking News, Provocative Stories, Global Economic Analysis

Starbucks Supports Union Bill

“Three big retailers are expected to back an alternative proposal next week on a hotly contested bill that would make it easier to unionize workplaces, a move some experts said would bolster the legislation’s chance of passage. Costco Wholesale Corp., Starbucks Corp. and Whole Foods Market Inc. are supporting the alternative proposal, according to someone familiar with the effort. Ray Krupin, a management labor lawyer in Washington said the most likely compromise would allow employees to unionize if 70% of them sign union-authorization cards, as opposed to 50% as currently proposed in the Employee Free Choice Act…”

We’re not all froth…


Filed under: Economics, Politics, , , , , , , , , , , , , , , , ,

Obama Decides Not to Charge Veterans for Health Care Afterall

“President Barack Obama reversed course Wednesday on a highly charged proposal to have private insurance companies, instead of the Veterans Affairs Department, pay for veterans’ service-related injuries. The proposed policy shift was aimed at recouping $540 million, but it risked souring goodwill of veterans, an enormous…”

After being set to charge them for it…

Filed under: Obama, , , , , , , , , , ,

WSJ: Will Obama Go AWOL on VA Health Benefits?

“If you were injured in Iraq or Afghanistan and you have not paid your co-pay, please press 1. If you were injured during military training and you have not yet reached your deductible, please press 2. If your family has reached its maximum insurance benefit, please call back after you have purchased additional coverage. Thank you for your service…”

Charles Dharapak/AP

Charles Dharapak/AP

The American Legion Chief Says Obama “Refused to Hear About Government-Avowed Obligations…”

Filed under: Economics, Obama, , , , , , , , , , , , , , , , ,

Obama Set to Charge Wounded Veterans for Treatment; ‘Refused to Hear About Government-Avowed Obligations’

“‘It became apparent during our discussion today that the President intends to move forward with this unreasonable plan,” said Commander David K. Rehbein of The American Legion. “He says he is looking to generate $540-million by this method, but refused to hear arguments about the moral and government-avowed obligations that would be compromised by it.'”

Jim Young/Reuters

Jim Young/Reuters

Filed under: Obama, Politics, , , , , , , , , , , , , , , , , ,

California Budget Slashes Illegal Immigrants’ Health Care

“Bowing to recession-related budget pressures, Sacramento County recently took the drastic step of cutting non-emergency health services for illegal immigrants. Contra Costa County, on the east side of San Francisco Bay, will vote on a similar measure Tuesday…”

Filed under: Economics, Politics, , , , , , , , , , , , ,

Stocks Slip For Second Straight Day on Obama Budget, $1 Trillion Tax Hike

US Session Key Developments

  • President Obama Offers $3.75 Trillion Budget; $1 Trillion Tax Hike
  • Durable Goods Orders Plummets More Than Forecast
  • Aflac, AIG Surge 17.69% and 13,04% on $316 Billion Medicare Cut

Stocks Slip For Second Day on Obama Budget, $1 Trillion Tax Hike

Wall Street was not happy today after President Obama unveiled a $3.75 trillion budget that would include $1 trillion in new taxes. Indeed, the new tax plan would lift Bush’s $338 billion tax cuts for the top two income tax brackets. As far as accounting standards are concerned, the Obama tax plan would also repeal the LIFO (last in-first out) tax rule in an effort to raise $61 billion. Macroeconomic data continued to paint a bleak picture of the economy. Durable Goods Orders fell by 5.2% in January after economists had anticipated the number to fall by only 2.3%. The previous month’s number was revised substantially downward, from -2.6% to -4.6%. When excluding transportation, December’s figure was revised downward from -3.6% to -5.5%. New Home Sales helped alleviate some of the pain. Despite falling by 10.2% from the previous month, December’s figure was actually revised substantially upward; it was revised from -14.7% to -9.5%. Overall most of the equity losses came from Health Care and Consumer Discretionary with the latter reacting to the Durable Goods news. Financials surprisingly swung upward for a second straight day. Some of the biggest movers in the sector were the insurers as Obama vowed to slash $316 billion from Medicare. With Medicare having less money to compete with its competitors in the private sector, it was likely seen that the insurers would pick up some of the market share that Medicare would lose. As such, Aflac and AIG surged 17.69% and 13.04%, respectively.

DJIA        7182.08      -88.81        -1.22%

The Dow started the day off in positive territory but then moved into the red half-way through the trading session. Health Care, a defensive sector, slipped by 3.97; making it the worst performer in the index. Financials actually rallied for a third straight day despite overall negative sentiment.

NASDAQ      1391.47      -33.96         -2.38%

The NASDAQ saw only the Energy and Financial sectors rally today, by 0.96% and 0.50%, respectively. Health Care tanked more than it did from within the Down, sinking more than 5.0%.

S&P500      752.8          -12.07        -1.58%

Financials in the S&P 500 were led by insurance giants. Aflac, AIG and Metlife, each gained 17.69%, 13.04%, and 8.80%. Volatility dipped just a tad, from 44.67 to 44.66.

Filed under: Economics, Obama, Stocks, , , , , , , , , , , , , , , , , , , , ,

Just What The Doctor Ordered: Obama Seeks $634 BILLION For Health Care

Obama’s plan would trim $316 billion over 10 years from Medicare.”…

Obama: “Cannot Wait”…

Filed under: Obama, , , , , , ,