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Apple brings jobs to Arizona

With Apple’s announcement that it will start manufacturing high end sapphire glass in Arizona, we have some good news on the domestic job front. The impact will be 2,000 jobs, though it’s important to note that 1,300 of those jobs will apply to the construction phase, so the permanent jobs number is 700. Still, it’s a start for high-end glass manufacturing in the United States and that could have a long-term effect. Hopefully Apple continues on this path to bring more jobs home to the US.

  

CEOs try to push Congress to end shutdown and debt limit insanity

dollar bills spelling USA

Wall Street and the business community have supported Republicans for years, but now many of them are stunned to see the utter contempt that many Tea Party Republicans have for the financial system. While some understand the point of using leverage in negotiations, the willingness to tempt fate with a potential default on the national debt is making many CEOs nervous. GOP representatives are now hearing an earful from those business interests that helped raise a ton of money for them, and now CEOs are getting involved. Their ideal solution is to get a big budget defiicit deal, but they have had to impress on many members the potential for economic catastrophe if we get to the brink of defaulting on the national debt.

There are very strong opinions on all side of the government shutdown and the debt debate, but the plain fact is that the GOP is engaging in political extortion, and the President is not willing to let them get away with it.

Many Republicans from the beginning saw this as a failed strategy, and now even more are becoming frustrated as John Boehner again doesn’t seem to have an out. It’s a mess, and hopefully at some point this will be resolved without a full-blown crisis.

  

Twitter hoax spooks financial markets

The SEC isn’t amused by the Twitter hoax that led to a quick and serious drop in financial markets yesterday and we may see an investigation.

Frankly it’s also a little troubling that some of these computer programs can move so fast to sell off stock just based on key words in a Tweet. Maybe we need to start thinking about a financial transaction tax.

  

Should we even have a debt ceiling?

Moody’s wants the United States to eliminate the debt ceiling, arguing that it adds uncertainty to the debt markets.

This would make for better policy, but I don’t agree with Ezra Klein who argues that it would also be good politics for President Obama to make this argument. The issue is too polarized at the moment.

  

Roubini predicts perfect storm of problems in 2013

Will the world economy go through another crisis in 2013? Nouriel Roubini thinks so. Check out the video from CNBC.

  

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