Connect with us

Money

Joint Statement Following the Meeting Between President Biden

Today, the President of the United States and the President of the French Republic met in Washington during the first State Visit of the Biden-Harris Administration. This special occasion reaffirms a relationship founded on more than two centuries of friendship, economic partnership, defense and security cooperation, and shared commitment to democratic principles, values, and institutions. France is the United States’ oldest ally, and while our relationship is rooted in history, it is oriented squarely toward the future. Building on their joint statement of October 29, 2021, the leaders outlined a shared vision to strengthen security and increase prosperity worldwide, combat climate change, build greater resilience to its effects, and advance democratic values. This vision is built on a shared conviction that the United States and its European allies and partners can better face our greatest challenges and capitalize on our most promising opportunities together. This includes addressing global issues such as climate change and energy transition, investing in technologies and building resilient value chains in strategic sectors such as health, semiconductors, and critical minerals, as well as strengthening our security and defense cooperation.

The Presidents resolve to continue working tirelessly for a Europe that is whole, free, and at peace. This entails maintaining our nations’ collective defense and security, including through NATO; pursuing a more robust, integrated, and coherent approach to building national and collective resilience against military and non-military threats to our security; and promoting international stability in response to the full range of current threats. The Presidents recognize the importance of a stronger and more capable European defense that contributes positively to transatlantic and global security and is complementary to and interoperable with NATO.  European-led missions and operations, such as in Bosnia and the training mission for Ukraine, are positively contributing to transatlantic security.

The Presidents commend the U.S.-France defense relationship and welcome the Statement of Intent signed on November 30, 2022, by the U.S. Secretary of Defense and French Minister of Armed Forces, which allows for increased interoperability and enhanced cooperation in the areas of space, cyberspace, intelligence, and countering malign influence. The Presidents intend to expand defense cooperation on advanced capabilities and key technologies that will be critical to deterrence and defense in the future.

They welcome progress made by the U.S.-France Defense Trade Strategic Dialogue in fostering shared views on defense market access and export issues. The United States and France intend to continue our cooperation to enhance the efficiency of the defense export authorization process, with a view to developing stronger and interoperable defense industrial bases in Europe and in the United States as a means to deliver better military capabilities for the benefit of the Alliance.

Ukraine 

The Presidents strongly condemn Russia’s illegal war of aggression against Ukraine and stress that intentionally targeting civilians and civilian infrastructure constitutes war crimes whose perpetrators must be held accountable. They also condemn and reject Russia’s illegal attempted annexation of sovereign Ukrainian territory, in clear violation of international law. The United States and France deplore Russia’s deliberate escalatory steps, notably its irresponsible nuclear rhetoric and its disinformation regarding alleged chemical attacks, and biological and nuclear weapons programs. They reaffirm their nations’ continued support for Ukraine’s defense of its sovereignty and territorial integrity, including the provision of political, security, humanitarian, and economic assistance to Ukraine for as long as it takes.  This includes the provision of significant resources to support Ukrainian civilian resilience through the winter, including stepping up the delivery of air defense systems and equipment needed to repair Ukraine’s energy grid. The United States and France plan to continue working with partners and allies to coordinate assistance efforts, including at the international conference taking place in Paris on December 13, 2022. They also intend to continue providing robust direct budget support for Ukraine, and to urge the international financial institutions to scale up their financial support.

The United States and France reiterate their duty to uphold applicable international obligations and the principles and purposes of the UN Charter. They also reiterate their steadfast resolve to hold Russia to account for widely documented atrocities and war crimes, committed both by its regular armed forces and by its proxies, including mercenary entities such as Vagner and others, through support for international accountability mechanisms, including the International Criminal Court, the Ukrainian prosecutor general, UN Human Rights Council Commission of Inquiry, and the OSCE Moscow Mechanism, sanctions, and other means.

The United States and France remain committed to addressing the wider effects of Russia’s war, including working with the international community to build greater resilience to food and energy disruptions.

Indo-Pacific 

The United States and France, two nations of the Indo-Pacific, are strengthening their partnership in the Indo-Pacific region to advance prosperity, security, and shared values based on a rules-based international order, transparent governance, fair economic practices, and respect for international law, including freedom of navigation. The United States and France intend to expand their regional diplomatic, development, and economic engagement with a view to building resilience in the Pacific Islands. They also intend to increase practical coordination in the region on maritime security. The United States intends to increase its support and material contributions to air and maritime deployments conducted by France and other European nations in the region.

The United States and France will continue to coordinate on our concerns regarding China’s challenge to the rules-based international order, including respect for human rights, and to work together with China on important global issues like climate change. The Presidents reaffirm the importance of maintaining peace and stability across the Taiwan Strait. Both leaders also strongly condemn the Democratic People’s Republic of Korea’s (DPRK) unprecedented number of unlawful ballistic missile tests this year that violate multiple UN Security Council resolutions and pose a threat to regional peace and stability, and are committed to continue coordination at the UN Security Council to address DPRK violations.

Africa 
The Presidents renew their resolve to work with African partners to pursue shared governance, security, and economic priorities on the continent. They affirm the importance of African voices in multilateral fora, especially in addressing global crises like climate change, pandemic response and recovery, sustainable energy access, and food insecurity. They aim to support democratic institutions and civil societies in Africa to enhance accountability and the delivery of basic services.

They reaffirm their joint support for the African-led Great Green Wall initiative to address the climate and biodiversity crisis, contributing to sustainable development, peace, and security in the Sahara and Sahel regions. Fighting disinformation and terrorism remain joint priorities of France and the United States on the continent. France and the United States intend to continue to work closely with the African Union and African regional organizations to address the continent’s challenges and seize opportunities to increase trade and investment.

Middle East
France and the United States are determined to work closely in support of peace and prosperity in the Middle East. The Presidents welcome the launch of the Negev Forum and the second anniversary of the signing of the Abraham Accords, along with the historic breakthrough of the October 2022 Israel-Lebanon maritime boundary agreement. They are determined to sustain joint efforts to urge Lebanon’s leaders to elect a president and advance critical reforms. They remain committed to maintain the means and capabilities necessary for the counterterrorism mission in Iraq and Syria as members of the Global Coalition to Defeat ISIS. France and the United States continue to work to improve the grave humanitarian situation faced by the Syrian people as well as to promote a long-lasting, just solution to the Syrian conflict. They will continue engaging with partners in the Middle-East and follow up on the August 2021 Baghdad Conference.

The Presidents also express their respect for the Iranian people, in particular women and youth, who are bravely protesting to gain the freedom to exercise their human rights and fundamental freedoms, which Iran itself has subscribed to and is violating.

They remain determined to ensure that Iran can never develop or acquire a nuclear weapon. France and the United States continue to work with other international partners to address Iran’s nuclear escalation, its insufficient cooperation with the IAEA, including on serious and outstanding issues relating to Iran’s legal obligations under its Non-Proliferation Treaty Safeguards Agreement, and its destabilizing activities in the Middle East, most urgently its transfers of missiles and drones, including to non-state actors. These transfers can threaten key Gulf partners and stability and security in the region, contravene international law, and now contribute to Russia’s war of aggression against Ukraine. France and the United States will work with partners to enhance cooperation regarding enforcement of relevant UN Security Council resolutions and countering these activities. They will undertake joint efforts aimed at further strengthening the international framework constraining the proliferation of Iranian missile and unmanned aerial vehicle technologies in the region and beyond and in enhancing practical efforts to counter this proliferation.

Nuclear Deterrence, Nonproliferation, and Disarmament
The United States and France reaffirm that nuclear deterrence remains essential for their national security and a core component of NATO’s overall capabilities for deterrence and defense. They reaffirm that the fundamental purpose of NATO’s nuclear capability is to preserve peace, prevent coercion, and deter aggression against the Alliance. They reaffirm the importance of the Treaty on the Non-Proliferation of Nuclear Weapons and their opposition to the Treaty on the Prohibition of Nuclear Weapons, which does not reflect the increasingly challenging international security environment and is at odds with the existing non-proliferation and disarmament architecture. The United States and France also reaffirm support for their Mutual Defense Agreement and intend to expand their technical cooperation on a wide range of strategic risk reduction topics.

Economy, Emerging Technologies, Trade, and Supply Chains
The bilateral investment and trade relationship between our nations is longstanding and deep, creating significant jobs and prosperity for both. The United States and France reaffirm their commitment to an open and rules-based multilateral trading system, with a modernized WTO at its core. In that spirit, they continue to promote bilateral trade and investments that support supply chain resilience and our high-tech and innovative industries, including aerospace, information technology, pharmaceuticals, and finance. With a view to further enhancing their bilateral trade and investment relationship, they intend to hold discussions on reciprocal facilitation of visa issuance and renewal, and authorizations of stay.

The United States and France are committed to developing diverse and robust supply chains for critical minerals, including through their collaboration in the Mineral Security Partnership and the Partnership for Global Infrastructure and Investment. They reaffirm their shared goal of accelerating the global green energy transition. They look forward to the work of the U.S.-EU Taskforce on the Inflation Reduction Act to further strengthen the U.S.-EU partnership on clean energy and climate through mutually beneficial ways.

Space
The Presidents are committed to strengthening the U.S.-France alliance across all sectors of space cooperation. They highlight their engagement in continuing the longstanding bilateral cooperation in Earth observation for monitoring and assessing climate change and adapting to its consequences. In that spirit, they plan to working jointly on future Earth science missions. They welcome France’s commitment not to conduct destructive, direct-ascent anti-satellite missile testing and will work towards universal adherence to this pledge.  The United States and France are determined to deepen collaboration on defense space activities, including military planning, information sharing, and operational coordination. They welcome the June 2022 signings of the Artemis Accords by France and of the Space for Climate Observatory Charter by the United States, as well as the first meeting of the U.S.-France Comprehensive Dialogue on Space in Paris in November 2022.

Energy
The Presidents welcome the successful first year of the U.S.-France Bilateral Clean Energy Partnership, which convened most recently in October 2022, as the high-level platform to advance our energy and climate cooperation. In reaffirming their joint determination to further synchronize and deepen cooperation on civil nuclear energy, the United States and France plan to set up a nuclear energy small group within the Partnership’s framework. The Partnership’s priorities also include deepening civilian nuclear cooperation and contributing to a reliable nuclear supply chain, in accordance with the highest standards of nuclear nonproliferation, including the application of IAEA Additional Protocol, and by further reducing reliance on civil nuclear and related goods from Russia. The Partnership will promote advanced nuclear power globally, which has a key role to play in order to reduce global CO2 emissions, while continuing efforts to limit the spread of sensitive enrichment and reprocessing technology.

The United States and France continue to promote energy policies, technology, and innovation that enhance renewable energy production and accelerated deployment. They intend to continue to support the diversification of Europe’s natural gas supply, including through U.S. liquified natural gas exports, as well as to cooperate in reducing overall demand for natural gas in alignment with climate objectives. The Presidents welcome the progress made through the U.S.-EU Task Force on Energy Security to diversify the EU’s natural gas supplies, reducing its cost and limiting its dependence on natural gas.

Climate and Biodiversity 
The Presidents express their deep concern regarding the growing impact of climate change and nature loss and intend to continue to galvanize domestic and global action to address it. France and the United States plan to continue pursuing their efforts to support the phase out of coal as soon as possible, both domestically and in emerging economies. They plan to increase their support towards those countries that host the most critical reserves of irrecoverable carbon and important biodiversity. France and the United States will also work together to protect rainforests and to tackle deforestation and illegal forest clearances, including through the One Forest Summit that will be held early 2023 in Libreville. They will work together to ensure better ocean protection in view of the next UN Ocean Conference that will be held in France in 2025 and are fully mobilized at the highest level for the conclusion of the UN Treaty on the protection of the High Sea in 2023.

Strengthening the International Financial Architecture
France and the United States intend to work jointly to strengthen the international financial architecture to support the most vulnerable countries in a context of multiple shocks, from the COVID-19 pandemic to the repercussions of Russia’s war against Ukraine and the accelerating effects of climate change. The United States and France will also cooperate closely to reduce the financing gap in emerging and developing economies in order to foster sustainable pathways towards net zero. This includes working together to ensure that multilateral systems are delivering timely debt relief from all key creditors to countries in distress.

As two major shareholders, France and the United States reaffirm their determination to drive an evolution of the multilateral development banks, starting with the World Bank, to better address global challenges and support private investment in emerging and developing markets. France and the United States reiterate their commitment to help meet the global ambition of $100 billion U.S. dollars in voluntary contributions as soon as possible for countries most in need, including through the channeling of special drawing rights.

The Presidents affirm their willingness to cooperate to raise the level of ambition on these issues, including at the summit to be held in Paris in June 2023.

Global Health and Food Security
It is fitting that this State Visit coincides with World AIDS Day, given our nations’ leadership in turning the tide of the AIDS pandemic and as the most recent hosts of the replenishments for the Global Fund to Fight AIDS, Tuberculosis and Malaria. Learning from the COVID-19 pandemic, France and the United States plan to intensify their cooperation on global health security and pandemic prevention, preparedness, and response, including by supporting the newly established Pandemic Fund, bolstering national health systems, training health workers, and strengthening multilateral institutions including the World Health Organization.  The United States and France intend to continue working together to respond to regional and global food security challenges. They also intend to promote and safeguard an open and transparent agricultural market, to invest in resilient food systems, and to refrain from imposing any unnecessary trade obstacles.

Democracy and Human Rights
The Presidents recognize that strengthening democratic values and respect for universal human rights is essential to meeting the unprecedented challenges of our time. They reinforce the commitments they each made at the first Summit for Democracy to support free and independent media, tackle the proliferation of surveillance technologies and disinformation, bolster democratic reformers, and advance technology for democracy. The United States and France intend to strengthen and expand the Freedom Online Coalition, advance the commitments made in the Christchurch Call to Action to counter the dissemination of terrorist and violent extremist content online to better protect human rights both on- and off-line, and plan to promote the principles outlined in the Declaration for the Future of the Internet.

Cyber and Disinformation
The Presidents renew their determination to work alongside partners and stakeholders to advance cybersecurity and to uphold international law and established, non-binding global peacetime norms in cyberspace, including through the Paris Call for Trust and Security in Cyberspace and through an ambitious United Nations Program of Action. The United States and France plan to hold their fifth U.S.-France Cyber Dialogue in early 2023. They also intend to strengthen bilateral coordination in combating foreign manipulation of information online. They reaffirm their support for independent media at the international level, including through the International Fund for Public Interest Media (IFPIM) to be hosted in Paris. The United States and France underscore the importance of last month’s Counter Ransomware Initiative Summit where they and 35 other participants reaffirmed their cooperation to disrupt ransomware globally. Recognizing the growing use of commercial space capabilities to support critical functions and the increasing cybersecurity threats to those capabilities, France and the United States intend to work together to strengthen the cybersecurity of these space systems.

Education and Science Partnerships
The United States and France are committed to deepening their educational cooperation with the shared objective of fostering greater equity and access to excellence in education. Because the power of language and international mobility can lead to meaningful partnerships, they intend to undertake new initiatives to foster language learning, such as facilitating French and English language teaching assistant exchanges between their respective countries. They welcome and support the French for All initiative, which promotes greater and more equitable access to French language education and the benefits of bilingualism for young learners across the United States.

The United States and France aim for a robust network of educational partnerships and exchange programs to reach the next generation of transatlantic leaders who will shape Franco-American relations for decades to come. This includes strengthening the flagship U.S.-French Fulbright Program, which will celebrate the 75th anniversary in 2023. They also intend to develop new ways for young French and Americans to learn about each other’s culture and history, including through Villa Albertine’s residency program for French and Francophone creators across the United States as well as for American creators across France.  Likewise, they are creating the “250 for 250” program, which celebrates France’s role in the founding of the United States, and the enduring friendship between their two nations, by sending 250 French students to study or intern in the United States and 250 American students to study or intern in France.

Through technical and scientific exchange, the United States and France intend to deepen their collaboration on shared priorities such as health, the environment, and emerging technologies, including biotechnology, quantum science, and artificial intelligence.

Continue Reading

Money

The Economy Is Improving in Three Major Ways

The bad news you probably already know. Mortgage costs are brutal at the moment, putting homeownership out of reach for millions of Americans. The pace of inflation is coming down but remains high, meaning consumer goods keep getting more expensive. Businesses are bracing for a recession. The economy is just weird right now, suffused with uncertainty and crossed with mixed signals.

Nevertheless, Americans have some positive short-term trends to celebrate, among them falling gas prices. Better still are three long-term trends that, despite their economy-transforming magnitude, have gone largely uncelebrated or even unnoticed. These trends promise a more dynamic economy not only in 2023 but also in the coming decades.

A decade ago, President Barack Obama called economic inequality “the defining challenge of our time,” arguing that “the next few years will determine whether or not our children will grow up in an America where opportunity is real.” At the time, data showed the middle class shrinking, average wages stagnating, and the wealthy eating up all the gains from economic growth. Rising inequality was paralyzing Washington and fraying the country’s politics. Yet around the time of Obama’s speech, inequality stopped rising. In the past three years, the country has become more equal, at least by some measures.

I don’t want to overstate things: Income and wealth are still distributed very unequally in the United States, much as they were in the Gilded Age. The haves are still trouncing the have-nots. The country’s level of inequality remains a threat to its political stability and long-term growth trajectory. Still, wage growth of late has been fastest for the poorest workers, David Autor of MIT and Arindrajit Dube and Annie McGrew of the University of Massachusetts at Amherst recently found—so much so that, the pandemic notwithstanding, the past few years have erased one-third of the growth in the wage gap between the highest- and lowest-paid workers over the past four decades.

Annie Lowrey: The economy’s fundamental problem has changed
The country’s wealth inequality has eased a little too, although the explanation isn’t entirely salutary. The value of assets held by the top 0.1 percent of the wealth distribution has dropped from $18.4 trillion to $16.9 trillion in the past three quarters; the holdings of the top 10 percent have fallen from $98.6 trillion to $92 trillion. (The bottom 50 percent, by the way, accounts for less than $5 trillion.) Rich people still own the bulk of the assets; those assets are just trading for less, thanks to the downturn in the stock market and in high-end real estate. A more encouraging sign in 2023 would be if wealth inequality declines because more middle-class and low-income families also get to own homes, stocks, and businesses.

Fourteen years ago, analysts at the Centers for Medicare and Medicaid Services thought that health spending would be roughly 22 percent of GDP in 2022. The real share was 18.3 percent. Government actuaries spent years overestimating the number of dollars Americans would spend in hospitals and doctor’s offices—a decade-plus ago, they thought we would be spending about $700 billion more on an annual basis than we are today—and the share of the economy devoted to health care. That is because the “cost curve” bent.

Nothing scared the green-eyeshade set like the cost curve projected in the aughts—a swoop showing Medicare spending, national health expenditures, or both growing faster than the economy itself did. Their projections, and thus their worries, were rooted in reality: The country’s health expenditures were swelling by tens of billions of dollars a year, and the country’s population was aging, meaning demand for health care would go up.

Read: What does a good health-care system look like?
But for the past 15 years, health-care spending growth has been subdued, leaving aside the catastrophic early years of the pandemic. As a result, CMS anticipates that health spending as a share of GDP should be stable over the next decade at roughly 20 percent. And the CBO sees Medicare spending rising from 5.8 percent of GDP to just 6.8 percent of GDP 10 years from now—a reasonable amount, given the rising share of older Americans.

What happened? Any number of things. The Great Recession and slow recovery that followed dampened health spending for years. More employers started offering and more people signed up for high-deductible health plans, which come with significant out-of-pocket costs and discourage people from seeking care. The Affordable Care Act implemented a series of cost controls in Medicare. And pharmaceutical companies have conjured up fewer new, expensive drugs.

Of course, the country still spends an extraordinary amount on health care while having significantly lower life expectancies and worse health outcomes than its peers. And families are still struggling with crushing out-of-pocket costs. But in the long term, the bending of the cost curve promises higher wages for families and more room in the federal budget for other priorities.

It took 76 months for the economy to recover every single job it shed in the Great Recession. It took 30 months for it to recover every job it lost during the pandemic. And in this most recent recession, the labor market gained back the majority of jobs it lost in less than a year—far faster than after the housing crash.

This is an extraordinary policy triumph. An unprecedented downturn hit, and the government—with loose monetary policy and trillions of dollars of stimulus spending—buoyed millions of families through it, unlike during the Great Recession. The economy has not lost any potential output due to the COVID recession, economists think. Long-term unemployment has barely grown. The government’s income supports made low-income families more than whole.

Earnings among the poorest workers actually increased by 66 percent in 2020 because of boosted unemployment-insurance payments and stimulus checks; during each of the prior two recessions, the same group of Americans lost a quarter of its earnings.

Jerusalem Demsas: Why so many COVID predictions were wrong
Prior recessions left grievous scars. Many laid-off workers experienced worse health and permanently lower earnings trajectories; in some cases, their children’s educational and employment prospects were diminished too. Economists are now hopeful that the COVID downturn might not cause such permanent damage.

Each of these overlooked but hugely consequential trends means a more vibrant, productive economy today and in the future. The COVID stimulus program saved jobs, lives, and livelihoods while protecting the economy’s productive capacity. The moderation in inequality means less food insecurity and healthier kids growing up in low-income households. The bending of the cost curve frees up money for wage increases and gives the government space in the budget for investments in child care, social insurance, infrastructure, and everything else.

Yet each feels like just a beginning. An efficient and effective health system, the end of poverty, and lower inequality—these are things worth fighting for in the new year.

Continue Reading

Money

Billy Packer, Straight-Talking College Basketball Analyst, Dies at 82

With partners on NBC and then CBS, and with a rapid, opinionated style, he was heard during every N.C.A.A. men’s basketball tournament from 1975 to 2008.

Send any friend a story
As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.
By Richard Sandomir.

Billy Packer, the sharp-eyed, opinionated lead college basketball analyst for NBC and CBS whose commentary was heard during every Final Four game of the N.C.A.A. men’s basketball tournament from 1975 to 2008, died on Thursday in Charlotte, N.C. He was 82.

His son Brandt said the cause was kidney failure.
A former point guard and assistant coach at Wake Forest University, Mr. Packer began as a broadcast analyst in the early 1970s as the men’s tournament, and especially the Final Four, became the signature sports event known as March Madness. He took to the national stage easily with a fast-talking, straightforward style and opinions that provoked strong feelings among fans.

“He had the ability to make every fan base feel he was against them, and he relished that role,” Jim Nantz, who became Mr. Packer’s partner at CBS Sports in 1991, said in a phone interview on Friday. “He wore the black hat better than anyone I’d ever seen.” He added: “North Carolina thought he was in the bag for Duke. Duke thought he was pro-North Carolina. He loved it.”

At NBC Sports, Mr. Packer worked with Dick Enberg and Al McGuire, a former coach at Marquette University, forming one of the most popular announcing teams in sports. Mr. Packer and Mr. McGuire had different views not just of basketball but also of the world, and they played off each other well, with Mr. Enberg acting as the straight man.

Their partnership broke up in 1981, when the tournament’s television rights were acquired by CBS. Switching networks, Mr. Packer worked with several partners, including Brent Musburger and Mr. Nantz, with whom he stayed until he retired in 2008.

Mr. Packer was largely serious on the air, without any schtick, unlike ESPN’s exuberant Dick Vitale; he stuck instead to X’s and O’s and strategy, with a healthy dose of opinion about the game he was watching and the state of college basketball.

“The poor guy is so serious about basketball that he can’t have any fun with it,” Mr. McGuire once said. “It’s all life or death. There’s no in-between with Billy. If it’s on his mind, it jumps out of his mouth. But bless his heart, his mind is just as fast as his mouth.”

In 2004, Mr. Packer excoriated St. Joseph’s University as a No. 1 seed in its region in the N.C.A.A. tournament. The next year, he criticized N.C.A.A. officials for choosing some mid-major conference teams for the tournament while excluding teams from larger conferences that he deemed better.

More problematic was the time in 1996 when he called the Georgetown University guard Allen Iverson, who is Black, a “tough little monkey.” He apologized on the air, saying he had not intended the comment to be racial. “Al Capone was a tough monkey,” he said. “Mike Ditka was a tough monkey. Bobby Hurley was a tough monkey.”

In 2000, he snapped at two female students who were checking press passes at Duke’s Cameron Indoor Stadium, saying, according to news reports, “Since when do we let women control who gets into a men’s basketball game?” He later apologized.

Anthony William Paczkowski was born on Feb. 25, 1940, in Wellsville, N.Y., near the Pennsylvania border, and moved to Bethlehem, Pa., where his father, also named Anthony, was hired to coach the Lehigh University men’s basketball team. The elder Mr. Packer changed the family name soon afterward. Billy’s mother, Lois (Cruikshank) Packer, was a homemaker.

Billy played guard at Wake Forest University in Winston-Salem, N.C., and led the team to two Atlantic Coast Conference titles and to the Final Four in 1962, which the Demon Deacons lost to Ohio State. He totaled 1,316 points in his career, finishing second in scoring in each of his three years.

He graduated with a bachelor’s degree in economics in 1962 and returned to Wake Forest in 1966 as an assistant coach. He held that job until 1970 while also working in the furniture business. In the early 1970s, while Mr. Packer was sales manager for a radio station in Winston-Salem, a friend asked him to fill in for the announcer of an A.C.C. game being televised by a syndicator.

“I wasn’t nervous,” he told The Chapel Hill News in 1974. “I figured I’d just walk in and tell the people what I saw, and that’s it. And that’s been my approach throughout.”

He became a regular on syndicated broadcasts and was hired by NBC in 1974, putting him in place to be at the center of college basketball for the next 34 years. He was there for John Wooden’s last game as the U.C.L.A coach in 1975; the title-game victory of Magic Johnson’s Michigan State team over Larry Bird’s Indiana State team in 1979; North Carolina State’s last-second win over Houston to win the 1983 championship; and the successes of Duke, Indiana, Louisville, Kansas and the University of Nevada, Las Vegas.

“He knew the game — cold,” Kevin O’Malley, the former CBS Sports executive who hired Mr. Packer in 1981, wrote in an email. He added, “Billy was the best basketball analyst at doing one very important thing in a fast-paced game — ‘see it and say it.’ He wasted no words and reacted to what he saw on the floor instantaneously — a really invaluable trait for the broadcast.”
After retiring from CBS, Mr. Packer was replaced by Clark Kellogg.

In addition to his son Brandt, a golf producer at NBC Sports and Golf Channel, Mr. Packer is survived by another son, Mark, the host of a daily television program on the ACC Network, which covers A.C.C. sports; his daughter, Liz Kimberly; four grandchildren; his sister, Carol Dague; and his brother, Richard. His wife, Barbara (Sucansky) Packer, died last year.

Mr. Packer said that broadcasting was a hobby for him, compared with his interests in real estate and golf course development and art collecting. He also pursued other paths: He hired a psychic to find the knife used in the murders of O.J. Simpson’s former wife, Nicole Brown Simpson, and her friend Ron Goldman in 1994. And he started a defense fund for Richard Jewell, the security guard who was wrongly suspected of planting a pipe bomb in Atlanta that killed one person and injured more than 100 during the 1996 Summer Olympics.

Mr. Packer had an entrepreneurial streak that he demonstrated on the Friday before the 1995 Final Four at the Kingdome in Seattle. Bryant Reeves, the Oklahoma State center, shattered the backboard on a layup drill during the team’s practice, sending pieces of it all over the court. Mr. Packer went after the shards, stuffing his pockets with pieces shaped like three- or four-carat diamonds.

Continue Reading

Money

U.S. Home Price Insights – January 2023

The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through November 2022 with forecasts through November 2023.
CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner.
CoreLogic HPI Forecasts™ (with a 30-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends.

November 2022 National Home Prices
Home prices nationwide, including distressed sales, increased year over year by 8.6% in November 2022 compared with November 2021. On a month-over-month basis, home prices declined by 0.2% in November 2022 compared with October 2022 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

Forecast Prices Nationally
The CoreLogic HPI Forecast indicates that home prices will decrease on a month-over-month basis by 0.1% from November to December 2022 and on a year-over-year basis by 2.8% from November 2022 to November 2023.

Year-over-year home price growth ended its 21-month streak of double-digit momentum in November, posting an 8.6% gain, the lowest rate of appreciation in exactly two years. Although 16 states bucked the national trend and saw annual double-digit increases, appreciation is decelerating in many popular housing markets across the country. Southeastern states still led the country for price growth in November but also saw some of the most pronounced cooling. Similarly, relatively more expensive Western areas also posted substantial combined declines in recent months since spring’s peak.

Nationwide, the recent price deceleration pushed November home values 2.5% below the spring 2022 peak. In 2023, home values will likely move even further from that high point, as CoreLogic expects price growth to begin recording negative year-over-year readings in the second quarter.

“Although home price growth has been slowing rapidly and will continue to do so in 2023, strong gains in the first half of last year suggest that total 2022 appreciation was only slightly lower than that recorded in 2021. However, 2023 will present its own challenges, as consumers remain wary of both the housing market and the overall economic outlook.

And while the recent decline in mortgage rates may bode well for the housing market, potential homebuyers are grappling with the idea of buying amid possible further price declines and a continued inventory shortage. Nevertheless, with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.“

– Selma Hepp- Executive, Deputy Chief Economist for CoreLogic
The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

Nationally, home prices increased 8.6 % year over year in November. No states posted an annual decline in home prices. The states with the highest increases year over year were Florida (18%), South Carolina (13.9%) and Georgia (13.6%).

The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

These large cities continued to experience price increases in November, with Miami again on top at 21.3% year over year.

The CoreLogic Market Risk Indicator (MRI), a monthly update of the overall health of housing markets across the country, predicts that Bellingham, WA is at a very high risk (70%-plus probability) of a decline in home prices over the next 12 months. Crestview-Fort Walton Beach-Destin, FL; Salem, OR;  Merced, CA and Urban Honolulu, HI are also at very high risk for price declines.

CoreLogic HPI features deep, broad coverage, including non-disclosure state data. The index is built from industry-leading real-estate public record, servicing, and securities databases—including more than 40 years of repeat-sales transaction data—and all undergo strict pre-boarding assessment and normalization processes.

CoreLogic HPI and HPI Forecasts both provide multi-tier market evaluations based on price, time between sales, property type, loan type (conforming vs. non-conforming) and distressed sales, helping clients hone in on price movements in specific market segments.

Updated monthly, the index is the fastest home-price valuation information in the industry—complete home-price index datasets five weeks after month’s end. The Index is completely refreshed each month—all pricing history from 1976 to the current month—to provide the most up-to-date, accurate indication of home-price movements available.

The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the “Single-Family Combined” tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — “Single-Family Combined” (both attached and detached) and “Single-Family Combined Excluding Distressed Sales.” As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index.

About Market Risk Indicator
Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall “health” of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction.

Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at newsmedia@corelogic.com. For sales inquiries, contact sales@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit .

CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Continue Reading

Trending