Gridlock in washington. First, the fate of the Affordable Care act, also known as obamacare, will once again be in the hands of the u. S. Supreme court. Justices have decided to hear an appeal of the law. Our Supreme Court reporter joins me on the phone. This appeal deals with subsidies or tax credits. They have helped more than 4 million americans afford insurance. Arent these subsidies the linchpin of the Health Care Law . They are really important. Without them, most or all of those people could not afford insurance. If they cannot afford insurance, that would mean that only the most to desperate people might buy insurance. That would essentially send the Insurance Markets what the Administration Calls a death spiral. Hospitals would have fewer people coming to the with insurance. Their costs would be raised. And it would potentially undermine the law. You have been covering this from the beginning. This appeal is not about nuance. Opponents say the language of the law cannot be int
Officials are saying it will not be as damaging as back in 2010. The fire is located just 150 miles from that bp oil spill where that happened. Connell the rig operator is hercules offshore. The stock price today is down by a little more than 4 . Dagen phil flynn is in the pits of the cmb with more on this. It has backed off. As far as the Market Impact of this particular blowout right now, it is not that much. This particular well was not in production. We had this rig getting ready to prepare for more production down the road. They already knew that they had a problem with this well. It was trying to fix the problems that they already had with this well. The impact is about tighter regulation in the gulf of mexico. Regulations became a lot more stringent. There is a concern that a mishap like this could make it even more difficult to bring production online in the future. This is a Shallow Water rig. They have a lot of experience with tapping these kinds of rigs in Shallow Water. It
That weighs on Consumer Confidence and Consumer Spending and you are talking about home sales. Lets not forget, however, that to an unprecedented extent, this recovery by home sales is being powered by private investors and by foreigners with a lot of cash, and in fact never before have we had a situation where one third of the homes purchased has funded entirely with cash. The president is talking about how Government Spending creates jobs cash is something that ignites this. In regards to overseas, how do you bring that home to great money instead of the Government Spending money. We have 33,000 more workers and 97,000 less jobs that are fulltime since the beginning of the year. This is a really poor job growth picture we are looking at right now. Lou within the parttime jobs and all that is happening, a very important drivers obamacare, which has yet to go into effect and to be fully felt in terms of cost across the economy. That changes in 2014. Unless something material happens, w