Good morning from the business news desk of the Star Tribune.
The government shut down and stocks have gone higher around the world overnight and appear set to open higher in the U.S. The dollar has slipped but that appears to be the only market consequence so far.An up day on the market would follow a pattern that has happened for much of the year: a decline on the last trading day of a month followed by a sharp rebound on the first day of the next month.
Also expect a lot of coverage today about the launch of MNsure, the state insurance exchange, and mplementation nationally of the Affordable Care Act, or Obamacare. MNsure announced last night that it would be officially open this afternoon while it undertakes some last minute technical checks this morning.
Our arts and metro reporters are following...
As Minneapolis PR pro Christina Milanowski said this morning on Twitter, "Should be an interesting day." The big news is the shutdown and the launch of the health care exchanges, both heavily represented in my list of links this morning. Also want to draw attention to the fact that the BEA website is down, which sadly means I will be producing no charts on GDP data. Here goes:
Markets initially shrug off partial government shutdown – LA Times
Oh yeah, Obamacare goes into effect today – Fox News
Some glitches reported as traffic snarls up sites – Reuters
Basically for now it’s like “an eBay for insurance” – Atul Gawande
Uh-oh. The Bureau of Economic Analysis site is down – BEA
IHS says shutdown will cost the U.S. economy $300m per day – Bloomberg
Orchestra talks collapse, celebrated conductor quits – StarTribune
American Crystal to default on $71m gov’t loan – Fargo Forum
Slumping sugar prices cost taxpayers $53m – StarTribune
German firm Siemens (rival of GE) to cut 15,000 jobs worldwide – Reuters
Obama disagrees with Tyler Cowen on inequality – Marginal Revolution
Apartment market tightens as home prices rise – WSJ
"And we're going to be speeding things up in the next few hours to handle all of this demand that exceeds anything that we had expected. Consider that just a couple of weeks ago, Apple rolled out a new mobile operating system, and within days, they found a glitch, so they fixed it. I don't remember anybody suggesting Apple should stop selling iPhones or iPads or threatening to shut down the company if they didn't. That's not how we do things in America. We don't actively root for failure. We get to work, we make things happen, we make them better, we keep going.
"So in that context, I'll work with anybody who's got a serious idea to make the Affordable Care Act work better. I've said that repeatedly. But as long as I am president, I will not give in to reckless demands by some in the Republican Party to deny affordable health insurance to millions of hardworking Americans."