“Social Security could face default within two years,” U.S. Rep. Spencer Bachus predicted here Tuesday. “The situation is much worse than people realize, especially because of the problems brought on by the recession, near depression. What this recession has done to Social Security is pretty alarming."
“We’ve known for 15 years that we were going to have to make adjustment to Social Security, but we still through that was seven or eight years down the road,” he said. “But if things don’t improve very quickly, we’re going to be dealing with that problem before we know it.”
“We could raise the retirement age, or in the worst case, cut back on some benefits,” he said. “But that is something we are just now beginning to get a handle on.”
All that exists of Social Security is a bunch of IOUs and unpaid promises that most believe cannot possibly be met.
Health Care Debate Rages On
Bachus also commented on health care and will not vote for the package in it’s current form. “I cannot vote for a bill that has the government intruding into the private sector, subsidizing health care and eventually putting the insurance companies out of business,” he said.
Bachus believes privately-administered health “co-ops,” and elimination of fraud and waste in Medicaid and Medicare is the way to go.
The creation of health care “co-ops,” or non-profit health cooperatives run by members, is an idea that has gained momentum as Democrats and President Barack Obama seems to have moved away from the idea of a “government option,” which would be a government-run alternative to private health care now offered by for-profit insurance companies.
How should France answer to the horror in Nice? The country is now deeply entrenched in a long-term war with few hopes of dodging future attacks. The anger of the French population is understandable. But booing a prime minister at the commemoration ceremony for the loss of innocent lives is not the smartest idea. No intelligence service could have prevented the Nice attack as nothing in the profile of the lunatic who drove over 84 people ...
My vision of driverless trucks and taxis within the time frame of six to eight years looks downright feeble to that of Chris Dixon, a partner at prestigious Silicon Valley investment firm Andreessen Horowitz.
Not only does Horowitz see things happening faster than I do, he envisions entire cities totally driverless within ten years.
Let's review the Dow Jones Industrial with Gann Angles.
We have jump to the long Gann Angle sourced from the 2007 highs, this is major resistance. A charge to 19,000 is required to bust this line. However this blog suspects more of the same consolidation along the angle. If there sellers are in charge then this is were they start to unload.
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Below looks at a chart of Silver prices over the past 8-years. After declining sharply, Silver hit its 38% Fibonacci retracement level twice at (1). After failing to break above Fibonacci retracement resistance, selling pressure picked up and Silver fell hard.
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Silver is now testing its 23% Fibonacci retracement level and falling resistance at (2), inside of a short-term rising wedge pattern.
By Jacob Wolinsky. Originally published at ValueWalk.
Relypsa Inc (NDAQ:RLYP) — to be acquired by Galenica AG (VTX:GALN) for $32 per share in cash is soaring this morning up about 58 percent at the time of this writing in early morning. On the other hand shares of Galenica are down on the announcement by about 8 percent. What are the details of the deal? Here is what the sell side analysts are saying about the pharma news.
Relypsa Inc (NDAQ:RLYP) bid – analysts react
Relypsa will be acquired by Galenica for $32 per share, a 59% premium over the last closing price. We have thought that Relypsa would likely be acquired at some point, given the opportunity to grow Veltassa to be a significant commercial brand, ...
Companies around the world are exploring blockchain, the technology underpinning digital currency bitcoin. In this Blockchain unleashed series, we investigate the many possible use cases for the blockchain, from the novel to the transformative.
Most people agree we do not need to know how a television works to enjoy using one. This is true of many existing and emerging technologies. Most of us happily drive cars, use mobile phones and send emails without knowing how they work. With this in mind, here is a tech-free user guide to the blockchain - the technology infrastructure behind bitcoin...
After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at email@example.com with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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