Mend it, don’t end it’ was Bill Clinton’s rhetorical straddle regarding affirmative action. Republican efforts to ‘repeal and replace” the Affordable Care Act (ACA) (Obamacare) look increasingly like ‘mend it, don’t end it.’ The problem is not that, as is frequently said, no entitlement can be ended. The most consequential legislation of the 1990s, the 1996 welfare reform, repealed …

  Among financial geeks, the repurchase market is seen as the lifeblood of a monetary system. Without it, banks can’t really operate. China’s seized up, prompting the People’s Bank to perform an emergency cardiac massage. Other regulators in Beijing may want to look on closely, because they may be called upon to undertake a similar maneuver shortly. To understand what …

  The Federal Reserve might be doing the right thing for the US economy by moving to bring interest rates back up to normal. But for foreign companies and governments that have borrowed trillions of US dollars, the adjustment could be painful. Thanks in large part to a prolonged period of extremely low US interest rates, borrowers around the world …