How Bad Would a Government Shut Down Be? Plus 6 More Things You Want to Know Today

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Defunding ObamaCare Vote
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Here's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.

• House Republicans are still threatening a government shutdown if President Obama doesn't gut his signature health care reform law, which we all know is never going to happen. So how bad would a shutdown be? Depends on how long it lasts.

• In Germany, Chancellor Angela Merkel and her Social Democrats rolled to a strong electoral victory, putting her back in power for a third term. Why this matters to us? Germany is the biggest economic power on the Continent, and its No. 1 banker. Question is, will she ease off the austerity stance that has pushed painful budget cuts in Europe's big debtor nations since the economic crisis?

Apple sold 9 million iPhones this weekend, nearly doubling its previous best debut weekend record. The iPhone 5s sold out and is on back-order into October. Apple stock is up 6 percent in premarket trading. But Apple shouldn't feel too cocky this morning: Hackers have already cracked that super-cool fingerprint reader security system.

• There's something for almost everyone on Pinterest, the image-oriented social media site where people "pin" pictures of whatever cool stuff strikes their fancy. Well, now advertisers are going to be pinning stuff too, with "promoted pins." But the CEO promises that the ads will be "tasteful," with "no flashy banners or pop-up ads," and, equally important, that it will always be clear what's an ad.

• Has LinkedIn been accessing users accounts and hijacking their emails? So says a lawsuit filed Friday. Naturally, LinkedIn denies the allegations.

• Last week, we wrote about the collectors' market for currency with "fancy" serial numbers. Well, keep your eyes peeled when the new $100s hit the street. Some will be worth 10 times their face value to the right hobbyist.

• And finally, here's a variation on the old "a watched pot never boils" theme. Turns out, the more financial analysts there are "covering" a company, the worse it gets at innovating.

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betty_brock

Any way you slice it, chris1011. We can't afford "affordable" care.

September 24 2013 at 3:33 PM Report abuse rate up rate down Reply
chris1011

THE TOP FIVE MYTHS ABOUT THE AFFORDABLE CARE ACT
Myth #1: The ACA is a Sign of Impending Socialism Does ACA close down the free market framework and limited restrictions in the current structure? This is the framework we’ve operated under for decades, and that is has left tens of millions without care. A true socialized medicine would have us contributing via taxes to a government-administered healthcare delivery system. Instead ACA is a restructuring of the regulations that govern private insurance and private health care delivery.
Myth #2: The Government is Taxing You for Healthcare Nope. The penalty fee only applies to those who choose not to buy insurance, so outside of legal circles, calling it a “tax” is inaccurate. Taxes are intended to pay for public goods that the government provides to everyone. The individual mandate is intended to charge those individuals who don’t choose to buy insurance for the cost that society incurs as a result of their decisions—emergency room fees for example.
Myth #3: It’s Going to Plunge Us Into More Debt and Cost Us Trillions The Congressional Budget Office projects the ACA will save us money and cut the deficit by about a trillion dollars during its second decade of implementation. The ACA prevents average Americans from paying the healthcare costs of others: Because of those we have to pay for premiums go up, procedures are more costly, and physicians have to charge more.
Myth #4: The Government is Eliminating My Choices Choice is built into the ACA with health insurance exchanges. These allow people to choose the providers and plans they want. By giving you the ability to select your physician, the ACA reallocates to you the power previously held by insurance companies to tell you which doctors you can see. Additionally, with the virtual elimination of annual and lifetime caps which impose spending limits, you’re no longer forced to choose what essential medical tests or care to pursue based on arbitrarily low spending limits imposed by insurers.
Myth #5: ACA is Raiding Medicare In the last decade, payments from Medicare to private plans have increased dramatically—in fact, figures show that Medicare actually overpaid by 14-20 percent, and the costs of this overpayment fell on our seniors via increased premiums. The ACA has made Medicare more efficient by cutting out a significant part of that overpayment.

AND ACA-
*STRENGTHENS THE SUPERVISION/APPROVAL PROCESS FOR PREMIUM INCREASES AND COMPANY EXPENDITURES;
*ELIMINATES THE PRE-EXISTING CONDITION EXCLUSION;
*LETS PARENTS KEEP THEIR KIDS ON THEIR INSURANCE UNTIL THEY TURN 26,
*CLOSES THE SENIOR\'S PRESCRIPTION DONUT HOLE; * REQUIRES INSURERS TO MEET CARE STANDARDS INCLUDING PREVENTATIVE CARE

September 24 2013 at 1:15 AM Report abuse -1 rate up rate down Reply
1 reply to chris1011's comment
hugh_geenormous

Myth #6....chrissy actually knows WTF he's talking about.

September 24 2013 at 12:17 PM Report abuse -1 rate up rate down Reply
gopisstupid2

What's with all the repukes showing no facts?

September 23 2013 at 8:23 PM Report abuse -1 rate up rate down Reply
1 reply to gopisstupid2's comment
betty_brock

You make up your "facts" Evan.

September 24 2013 at 3:32 PM Report abuse -1 rate up rate down Reply
white41990

If the gov't shuts down, let our payment of taxes shut down as well to show the gov't what it means by theres no such thing as a free ride in life. Better yet hell with our gov't no country in this world will ever agree on everything 100% so just get rid of it all together with the taxes we got too because of it. Show the rest of the world how independant we really can be.

September 23 2013 at 8:21 PM Report abuse rate up rate down Reply
Trevor

I could care less if the government shut down or not.. I'm tired of repubies and their whinning.. waaa waaa waaa...

September 23 2013 at 4:21 PM Report abuse +1 rate up rate down Reply
tjstieg

The worst part of a "gov't shutdown" is no paychecks for gov't workers. Of course if they are "shut down" does that mean we won't be spending a billion dollars a day wagin' war somewhere? If that's the case then let it remain shut down.

September 23 2013 at 3:28 PM Report abuse +1 rate up rate down Reply
dexrmerritt

you know every time you see a government shut down you see the GOP ..trust me its not the GOP alone its the stoopid politicians we have in DC DEM Liberals and those GOP's both of them...

September 23 2013 at 3:17 PM Report abuse rate up rate down Reply
hugh_geenormous

Where is the proof that we would default if the government shut down? It's already shut down every weekend and holidays. We would still be able to service our debt, pay our military, medicare ss etc. Don't fear the shutdown.

Besides, the last time we had a government shut down, the Repubs gained two seats in the senate, and we balanced the budget within three years.

September 23 2013 at 3:15 PM Report abuse -2 rate up rate down Reply
pdbliz

Why do the Demcrates keep on killing ,,unborn babies,,,and,,,keeping families in ,,modern day slavery,,called the democrate party....
vote democrate and get your ....free benefits,,,,,,,,,,,nothing is free,,,,you pay with your freedom,,,,,,,,

September 23 2013 at 2:43 PM Report abuse rate up rate down Reply
pdbliz

First of all.......THE GOVERMENT DOES NOT COMPLETLY SHUT DOWN....
ALL CHECKS WILL GO OUT,,,,, ONLY SMALL PORTION WILL CLOSE...
Government will run as normal.!!!!

ANOTHER SCAM.!!!!!!!!!!!!!

September 23 2013 at 2:32 PM Report abuse +2 rate up rate down Reply