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A divided U.S. appeals court in Atlanta ruled Friday that a key provision of last year's federal health-care overhaul is unconstitutional, siding with a group of 26 states that challenged the law.
The 2-1 ruling marks the Obama administration's biggest defeat to date in the multifront legal battle over the health-care law. The decision directly conflicts with a ruling issued in June by a federal appeals court in Cincinnati that upheld the law.
The U.S. Court of Appeals for the 11th Circuit ruled that Congress exceeded its constitutional powers when it required individuals to purchase health insurance or pay a penalty.
"This economic mandate represents a wholly novel and potentially unbounded assertion of congressional authority: the ability to compel Americans to purchase an expensive health insurance product they have elected not to buy, and to make them re-purchase that insurance product every month for their entire lives," Judges Joel Dubina and Frank Hull said in a jointly written opinion.
The decision affirmed part of a January ruling by U.S. District Judge Roger Vinson of Florida, who ruled the health-insurance mandate unconstitutional.
The appeals court, however, overturned the portion of Judge Vinson's decision that voided the entire health-care law. The appeals panel said the unconstitutional insurance mandate could be severed from the rest of the law, with other provisions remaining "legally operative."
The Cincinnati-based Sixth Circuit Court of Appeals upheld the health law on a 2-1 vote in June. The Supreme Court is widely expected to provide the final word on the law's constitutionality, possibly as soon as its next term, which begins in October and runs through June 2012.
Originally posted by mossme89
reply to post by SeekerofTruth101
Short selling ftw!!! Somehow, other countries banning shorting makes me want to short even more
Oh yeah, and you can short the market without having a margin account. There are these things called inverse ETF's which track the market, but in reverse. So when the market goes down, they go up. Just don't hold them longer than short term (or however long the trend lasts) because they tend to decay over time. Right now, I'm watching TZA, looking for a good entry point.
With ES trading at 45% below average volume for this time of the day (read: massive explosion on vapor volume as is de rigeur), we doubt anyone is actually trading or will notice this, but for any carbon based forms out there, the latest news on Jefferson county may be just a little notable: There is an 80% chance that Jefferson County, Alabama, officials will vote to file for Chapter 9 bankruptcy today, Commissioner Sandra Little Brown said before the panel was set to meet to consider the option. Is this just posturing to force the creditors to agree to the debtor's terms, or an actual reflection of the truth, we shall fund out this afternoon, when the meeting ends and the standstill expires.
Originally posted by Crakeur
reply to post by galdur
in other words, there's a 50% chance of it going up and a 50% chance of it going down.
the charts don't lie
Originally posted by OuttaTime
It's all still quite interesting that the global currency is about 500 times smaller than the money we owe
Since then, derivative trades have grown exponentially, until now they are larger than the entire global economy. The Bank for International Settlements recently reported that total derivatives trades exceeded one quadrillion dollars
As of December 2007, currency in circulation—that is, U.S. coins and paper currency in the hands of the public—totaled about $829 billion dollars.
There is about $829 billion dollars of U.S. currency in circulation; the majority is held outside the United States.
Arguably if there were a recession next year the decline in risk assets would be larger than usual. Investors may be unsettled by two related factors. First, the limited policy options for policymakers. Conventional policy tools are near-exhausted in major developed economies. Moreover, there seems to be political, institutional and market obstacles to aggressive use of unconventional policy tools. Ultimately they may come – the bigger the crisis, the bigger the response – but they may only come after there are very significant asset market losses.
Second, a recession next year would increase deflation risks in developed economies. This is partly a matter of inadequate policy response. But the more important point is that the developed economies would enter recession with the lowest nominal GDP growth rate seen entering recession, so nominal GDP contraction would be a larger-than-usual threat. Falling nominal GDP with elevated debt levels is the deadly debt-deflation combination of the 1930s. We are not forecasting such an outcome, but it is a significant tail risk, and one that could lead to a larger-than-usual setback in risk assets.
Translation: we are on the verge of the biggest deflationary market collapse since the 1930s, which will, inevitably, be followed by the most powerful (read fiat dilutive) central bank response in history.
All those gloating that hyperinflation has not set in yet... give it a year.
Asian stocks rose following the longest series of weekly losses since June after U.S. retail sales increased by the most in four months and Japan’s second- quarter gross domestic product beat economist estimates.
“People had been worried about the U.S. economy over the medium term, but after retail sales and an earlier jobs report exceeded estimates, people’s fears weren’t amplified,” said Kazuhiro Takahashi, a general manager at Daiwa Securities Capital Markets Co. in Tokyo. “There will be some buying in exporters and large-cap stocks.”