Jewish New Year Cometh Amidst Disasters

Wed, 2017/09/20 - 12:54pm | Your editor
Printer-friendly version

 

The most important thing is that our contacts in Mexico City are all well. I checked with Eduardo Garcia who runs sentidocomun.com.mx and with Maria Eugenia Pichardo of Mexican Equity & Income Fund. Both report that their entire staff and relatives are accounted for and unhurt although Maru reports that walking down 22 flights of stairs in her office building was a novelty.

The Bolsa was not closed and wobbled a lot because the economic impact of the quake was not yet clear.

 

*VA reader CP added to my coverage of medicare pricing, pointing out that the Veterans Administration can negotiate low prices for pharmaceuticals because it buys in huge volumes. However its formulary doesn't include the newest drugs. Meanwhile the rules for Medicare D specifically enjoin the drug program for seniors from negotiating lower prices, giving “a real gift to big pharma.”

 

It doesn't look like the latest GOP attempt to repeal Obamacare has wings, but we need to be aware that the US system still is based on deals which are bad for patients. Medicare D is means tested and the monthly fees for those of us who planned for our retirement are going up by about 35% in 2018. Meanwhile Bernie Sanders is boosting single-payer Medicare for all on Friday on facebook.

 

US markets are focused on the Federal Reserve Open Market Committee meeting this afternoon when analysts expect more information on how fast the Fed will unwind the bond and mortgage-backed securities purchases it made after the Global Financial Crisis. However a rate hike is now considered unlikely given the hurricanes but, just in case, Wall Street is cautious.

 

We are cautious and are taking part profits at two Asian high flyers in our portfolio. In fact this requires that we lower our risks with 3 stocks, discussed below for paid subscribers. And we sell a northern neighbor stock too.

 

No blog tomorrow. Middle Eastern markets, starting with Israel, close for 4 days for the New Year so we will begin with Israel today. Happy New Year 5778 to you all and a hope for less dramatic weather, a more stable earth, good health, prosperity, and peace on earth.

Full content is available to subscribers only. Subscribe now.