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The Latest Opinions From Bloomberg View


September 19, 2014

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U.K.

Marc Champion:"Scots discovered at 6:08 a.m. this morning that they won't break up the U.K. to become an independent nation. ... Scots, and the U.K. as a whole, have achieved something rare and, I think, more worthy of pride than any nationalism. They asked a question that in most parts of the world, at most times, results in war; they debated it for more than two years; and then an astonishing 85 percent of them, including 16-year-olds, turned out to vote on whether to secede. They said no, and the losing side conceded."
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Leonid Bershidsky:"For many days, Scotland's independence referendum seemed too close to call on the basis of opinion polls, making the size of the victory for the pro-union campaign -- by 55 percent to 45 percent -- a surprise. German political scientist Elisabeth Noelle-Neumann explained this paradox back in 1974 with a theory she called the Spiral of Silence."
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Mark Gilbert:"Valuable lessons abound in the aftermath of the Scottish referendum on independence, both for those regions that would secede and for the nations or institutions that would prefer to maintain a status quo. Some of them, moreover, need be learned rapidly."
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Midterm Elections

Christopher Flavelle:In a speech yesterday at the American Enterprise Institute, House Speaker John Boehner "laid out five steps for rebuilding the American economy: tax reform, lower spending, tort reform, fewer regulations and more charter schools. ... The singular importance of those five ideas lasted about two minutes, until a questioner asked Boehner if it wasn't perhaps important to address immigration reform."
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Immigration

The Editors:"Although the crisis on the southern border of the U.S. has abated in recent months, federal officials warn that the number of unaccompanied minors crossing the border could rise again. If it does, the influx will almost surely occur along one stretch of the 1,954-mile border: the 320 miles of the Rio Grande Valley Sector."
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China

William Pesek:"On Friday morning, China woke up to news that homegrown e-commerce giant Alibaba had raised $21.8 billion in its initial public offering -- the largest by any company in the U.S. Just as commuters were going home, state-owned media announced that authorities had fined London-based pharmaceutical giant GlaxoSmithKline a record $489 million and given several executives suspended prison sentences for ordering the bribing of doctors and hospitals. These are the two faces of China Inc., and they should give Alibaba’s eager new investors pause."
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Investing

Barry Ritholtz:"Last week, I came across the following headline: 'As music sales fall, sax player Kenny G turns to stockpicking.' My immediate reaction: Uh oh. The last thing any bull market needs is for celebrities to be featured in the financial press."
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News Roundup

Jonathan Bernstein
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- Thoughtful Hans Noel post about what’s good and bad about the focus on election forecasting systems and the differences between them.
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- On Scotland … how about Ross Douthat with a (pre-voting) interesting long post (spoiler alert: the "no" vote won).
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- Andrew Sprung on what might be ahead for Healthcare.gov in its second year.
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Barry Ritholtz
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- Dirty secret of $1 trillion loans is when you get your money back.
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- A history of misses for RadioShack:
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- Underwater luxury homes rise above the tide.
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