Open Thread November 28 2023 Housing Buy or Rent?
Buy or rent Housing in 2023? Cost of buying has surpassed the cost of renting in 2023.
Blame high house prices and soaring mortgage rates. Since 2020 nominal house prices have climbed by roughly 40%. In the same period the average 30-year fixed-rate mortgage rose from 3.1% to 7.3%, lifting the mortgage repayments on a typical house by more than 50%.
Is it cheaper to rent or buy property? economist,
Corporate America Has Dodged the Damage of High Rates. For Now.
NY Times – Nov 28
Small businesses and risky borrowers face rising costs from the Federal Reserve’s moves, but the biggest companies have avoided taking a hit.
https://www.nature.com/nature-index/institution-outputs/generate/all/global/all
The Nature Index
1 July 2022 – 30 June 2023 *
Rank Institution ( Count) ( Share)
1 Chinese Academy of Sciences ( 7211) ( 2169)
2 Harvard University ( 3485) ( 1073)
3 Max Planck Society ( 2554) ( 661)
4 University of Science and Technology of China ( 1779) ( 647)
5 University of Chinese Academy of Sciences ( 3054) ( 623)
6 French National Centre for Scientific Research ( 4314) ( 617)
7 Nanjing University ( 1394) ( 588)
8 Peking University ( 2128) ( 573)
9 Tsinghua University ( 1707) ( 570)
10 Zhejiang University ( 1358) ( 524)
11 Helmholtz Association of German Research Centres ( 2514) ( 515)
12 Stanford University ( 1820) ( 502)
13 Massachusetts Institute of Technology ( 1933) ( 485)
14 Sun Yat-sen University ( 1135) ( 461)
15 Fudan University ( 1241) ( 446)
16 Shanghai Jiao Tong University ( 1269) ( 422)
17 University of Oxford ( 1497) ( 383)
18 National Institutes of Health ( 1114) ( 380)
19 University of Cambridge ( 1321) ( 374)
20 University of Tokyo ( 1136) ( 368)
* Annual Tables highlight the most prolific institutions and countries in high-quality research publishing for the year
China overtakes United States on contribution to research in Nature Index
Nature – May 19
Data on affiliations suggest that authors from China made the largest contribution to high-quality natural-science research in 2022.
Using the Nature Index
https://news.cgtn.com/news/2023-11-23/Beijing-again-tops-Nature-Index-global-science-city-rankings-1oXtEAT4IZW/index.html
November 23, 2023
Beijing again tops Nature Index global science city rankings
( City) ( Share) ( Count) ( Contribution of city count to national share %)
1 Beijing ( 3,735) ( 7,841) ( 19.3)
2 New York Metropolitan Area ( 1,925) ( 4,693) ( 10.9)
3 Shanghai ( 1,919) ( 4,162) ( 9.9)
4 Boston MA ( 1,618) ( 3,850) ( 9.2)
5 San Francisco Bay Area ( 1,498) ( 3,647) ( 8.5)
6 Nanjing ( 1,344) ( 2,762) ( 6.9)
7 Baltimore-Washington ( 1,158) ( 3,238) ( 6.6)
8 Guangzhou ( 1,113) ( 2,460) ( 5.7)
9 Tokyo MA ( 1,017) ( 2,410) ( 37.1)
10 Wuhan ( 929) ( 1,902) ( 4.8)
11 Paris MA ( 868) ( 2,490) ( 44.1)
12 Seoul MA ( 790) ( 1,637) ( 53.3)
13 Hefei ( 778) ( 1,792) ( 4.0)
14 Los Angeles MA ( 774) ( 2,127) ( 4.4)
15 London MA ( 711) ( 2,219) ( 21.8)
16 Hangzhou ( 706) ( 1,659) ( 3.6)
17 Chicago MA ( 701) ( 1,844) ( 4.0)
18 Tianjin ( 695) ( 1,362) ( 3.6)
19 Shenzhen ( 591) ( 1,743) ( 3.0)
20 Xi’an ( 565) ( 1,185) ( 2.9)
* https://www.nature.com/collections/hafgcfdcaf
https://twitter.com/RnaudBertrand/status/1729842877772218837
Arnaud Bertrand @RnaudBertrand
“China’s new cancer drug Toripalimab is approved in the US but will cost 30 times more.
“In China, a single-dose vial costs US$280 but in the US it will have a wholesale price of US$8,892.”
This case is particularly interesting because high drug prices in the US are always sold to the public as “the cost of innovation”, but obviously in this case the innovation happened in China so it’s pretty crystal clear it’s in fact just Americans getting screwed by their healthcare system…
https://www.scmp.com/news/china/science/article/3243209/cocaine-price-hike-chinas-new-cancer-drug-approved-us-will-cost-30-times-more
China’s new cancer drug Toripalimab is approved in the US but will cost 30 times more
In China, a single-dose vial costs US$280 but in the US it will have a wholesale price of US$8,892
Following the approval by the Food and Drug Administration, two more Chinese-made cancer drugs have received approval for distribution this month
By Victoria Bela
A cancer drug developed by Chinese scientists and recently approved by the American Food and Drug Administration (FDA) will cost over 30 times more in the United States than in China, with two other Chinese cancer drugs set to experience similar price bumps in the US market.
However, even with the huge price mark-up in America, the Chinese cancer drugs will still be priced significantly less than similar drugs sold in the US.
7:40 AM · Nov 29, 2023
China is working on a series of medicines, and the pricing problem produced by American drug importers will be happening again and again:
https://twitter.com/RnaudBertrand/status/1729842877772218837
Arnaud Bertrand @RnaudBertrand
“China’s new cancer drug Toripalimab is approved in the US but will cost 30 times more.
“In China, a single-dose vial costs US$280 but in the US it will have a wholesale price of US$8,892.”
This case is particularly interesting because high drug prices in the US are always sold to the public as “the cost of innovation”, but obviously in this case the innovation happened in China so it’s pretty crystal clear it’s in fact just Americans getting screwed by their healthcare system…
SCMP:
China’s new cancer drug Toripalimab is approved in the US but will cost 30 times more
In China, a single-dose vial costs US$280 but in the US it will have a wholesale price of US$8,892
Following the approval by the Food and Drug Administration, two more Chinese-made cancer drugs have received approval for distribution this month
By Victoria Bela
A cancer drug developed by Chinese scientists and recently approved by the American Food and Drug Administration (FDA) will cost over 30 times more in the United States than in China, with two other Chinese cancer drugs set to experience similar price bumps in the US market.
However, even with the huge price mark-up in America, the Chinese cancer drugs will still be priced significantly less than similar drugs sold in the US.
7:40 AM · Nov 29, 2023
Henry A. Kissinger, who dominated US foreign policy, dies at 100
Boston Globe – just in
House Expels George Santos From Congress in Historic Vote
NY Times – just in
Mr. Santos, a New York Republican, is the sixth member of the House to be expelled in the body’s history. “To hell with this place,” he said after his colleagues ousted him.
(All but 4 Dems voted to expell him. A slight majority of GOP members voted to keep him there.)
(As for a replacement…)
Dems who did not vote to expel Santos
NY Times – earlier today
Wait until after the first few fed rate cuts. The same homes bought 2016-2021 will realize over 200% profits.
olddog:
At a 2.6% VA mortgage rate, there is no way I am going anywhere. My wife included. It is like a piggy bank. Half of my payment goes to equity. Where are you from olddog, I am the moderator here who approved you.