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Herman Daly, 84, Who Challenged the Economic Gospel of Growth, Dies

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By the time Dr. Daly received his doctorate from Vanderbilt in 1967, he was teaching at LSU There, he began to focus more closely on the interconnections between the economy, the environment and ethics, with an emphasis on the steady-state principles articulated by the 19th-century British economist John Stuart Mill. Daly published his first book, “Toward a Steady-State Economy,” in 1973. dr Daly’s 1996 book “Beyond Growth: The Economics of Sustainable Development,” one of some 20 he wrote detailing his theories. He remained at LSU until 1988, when, in an unlikely move, he joined the World Bank in Washington as a senior economist in the environment department. “It was a big surprise for me that the World Bank, whose basic policy was economic growth, offered me a job,” he wrote. While there, he developed his “three rules for sustainable development” and worked with others to try to change the bank’s system for measuring GDP to reflect environmental costs. The efforts, he wrote, we...
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Jim Cramer says to ‘hope for the best, prepare for the worst’ ahead of October CPI report

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CNBC’s Jim Cramer on Tuesday gave investors his expectations for the October CPI report. “Maybe this time will be different, and it could be. … But right now when it comes to the CPI, I think we’re in a hope for the best, prepare for the worst situation,” he said. The consumer price index measures prices consumers pay for a variety of goods and services. Investors will be watching for any signs that inflation is cooling down in the October CPI report, which is set to be released Thursday morning. The October CPI reading could give clues as to whether the Federal Reserve will adjust its pace of interest rate hikes in December. The report also has implications for the stock market, which is already jumpy this week due to the US midterm elections on Tuesday. “We’re all worried about the consumer price index — every time this key inflation number comes in too hot, interest rates soar and stocks plummet,” Cramer said, adding that many inputs for the report including food and energy ...
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Triple-I Blog | Education Can Overcome Doubts on Credit-Based Insurance Scores,IRC Survey Suggests

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Consumer skepticism about the connection between credit history and future insurance claims appears to decline when the predictive power of credit-based insurance scores is explained to them, a recent study by the Insurance Research Council (IRC) suggests. This is just one of the IRC’s encouraging findings. Others include: Consumers are generally knowledgeable about credit, credit histories, and credit scores. Almost all believe it’s important to maintain good credit history, and most believe it would be easy to improve their credit score. Among nearly all demographic groups, paying for auto insurance is not considered a burden for most households. Concerns have been raised about the use of credit-based scores and certain other metrics in setting home and car insurance premium rates. Critics say it can lead to “proxy discrimination,” with people of color—who are more likely to have less-than-stellar credit histories—sometimes being charged more than their neighbors for the sa...
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Binance to Buy FTX in Megadeal of Crypto Exchanges

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The cryptocurrency world was rocked on Tuesday as one of the largest exchanges for digital currencies, which appeared to be on the verge of collapse, was bailed out by a major rival in a deal that underlined the perils of the industry’s volatility. Binance, the world’s largest cryptocurrency exchange, said that it had reached an agreement to buy its competitor FTX, which struggled to meet a surge of withdrawal requests in recent days as the crypto market teetered on the edge of another meltdown. The size of the acquisition couldn’t immediately be determined, but the privately held FTX had once been valued at $32 billion. The emergency deal making highlighted the persistent instability of the crypto industry, which was buffeted this spring by a $2 trillion crash that drained the savings of many amateur investors. That downturn destabilized some of crypto’s biggest firms, though FTX was by far the largest casualty. It was widely regarded as among the most nimble and best-run firms, ...
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Lyft, Tripadvisor, Take-Two Interactive and more

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Check out the companies making headlines in midday trading. lyft — Shares of Lyft plummeted 21% after the company’s earnings report showed mixed results in the last quarter. The rideshare company reported adjusted earnings per share of 10 cents, more than analysts’ expectations of 7 cents, but revenue fell short of the Street’s forecast, coming in at $1.05 billion versus $1.06 billion expected, per refinitive. tripadvisor — The travel platform dropped 17% after its quarterly earnings came in below expectations. The company cited currency fluctuations as a driver of the performance while noting demand for travel remained strong. Take Two Interactive — Shares of Take-Two tumbled more than 11% a day after the video game company slashed its outlook for net bookings for the year. It also said it expects a net loss for the fiscal year ending March 31, 2023, between $674 million to $631 million, worse than the guidance provided in its first-quarter earnings. Kohl’s — Shares of the ...
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Consumer confidence is near its lowest in a decade, and that could be a problem for Biden

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US President Joe Biden speaks during a DNC rally in Miami Gardens, Florida, US, on Tuesday, Nov. 1, 2022. Eva Marie Uzcategui | Bloomberg | Getty Images Anxiety about the cost of living and the direction of the economy could prove costly to President Joe Biden and his fellow Democrats in Tuesday’s election. Recent surveys show consumer sentiment has risen only modestly and remains well below where it was a year ago, when inflation worries first began to grip policymakers, shoppers and business executives. A report released Friday outlined the problem for Washington’s current ruling party. The University of Michigan, which releases a closely-watched sentiment survey each month, asked respondents who they trusted more when it came to the economy and which would be better for personal finances. The result: overwhelmingly Republican. The survey of 1,201 respondents saw Republicans with a 37%-21% edge on the question of which party is better for the economy. While that left a wide...
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Rig Rundown: Joe Robinson [2022]

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If there’s one thing players love more than new guitars, it’s old guitars—the unique feel, the design idiosyncrasies, the quirks in finish that all came from the pre-CNC era of instrument manufacturing. These characteristics become the stuff of legend, passed on through the years via rumors and anecdotes in shops, forums, and community networks. It’s a little difficult to separate fact from fiction given these guitars aren’t easy to get your hands on. Fender Telecasters manufactured in the 1950s and 1960s sell for upwards of $20,000. But old is about to become new again. Fender’s American Vintage II series features 12 year-specific electric guitar and bass models from over two decades, spanning 1951 to 1977, that replicate most specs on their original counterparts, but are produced with modern technologies that ensure uniform build and feel. Chronologically, the series begins and ends, fittingly, with the Telecaster—starting with the butterscotch blonde, blackguard 1951 Telecast...
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