Hurricane Sandy Will Have Lasting Effects

Hurricane Sandy
As each day passes the cost estimate of Hurricane Sandy could rise, but analysts see the present price tag at up to $50 billion. Long-term, most agree the massive storm will have ripple effects.

Former Federal Reserve official Vincent Reinhart tells CNBC that the impact of Hurricane Sandy will be felt for some time because it “destroyed significant capital and infrastructure in areas, and that’ll leave an imprint on activity for a bit to come.”

In the aftermath of a natural disaster it is crucial to get children back into the structure and safety of the school room. However, Brookings Institution scholars note, this requires taking action before disaster strikes.

Quick Hits

After decades of growth, it is China headed for a crisis? Possibly. Chinese economist Mao Yushi believes it is inevitable that something has to give whether it is a crisis spurred by an overproduction of houses or increasing debt in the steel industry. Or potentially more dangerous, adds the Financial Times, “an eruption of wealth management products, sold as a high-yielding alternative to regular deposits, has drawn comparisons with US subprime loans.

Divisions Among Business Laders Over Fiscal Cliff’s Impact
Opposition in the business community to allowing a range of tax cuts from expiring at the end of the year is not universal.

ECB’s Draghi Discusses Interest Rates, Future Bailouts
European Central Bank President Mario Draghi sits down for an interview with Der Speigel to discuss everything from bailing out Spain and Greece to rising interest rates.

The Western World’s War On Speech
It is not only China and Cuba who are trying to restrict the speech of its citizens. In Europe and Britain regulations and other government policies are effectively restricting free speech.

 

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