Must Read Money Stories for Tuesday, May 10

by May 10, 2016

Must Read Money StoriesBoom town burning.

The wildfire that forced tens of thousands of people to flee their homes in Fort McMurray is still raging. The New York Times filed a dispatch from the area, noting that Fort McMurray is in the heart of Canada’s booming oil sands. Some nicknamed the town “Fort Make Money,” according to the Times. And residents are vowing to rebuild, even as the fire continues to rage in nearby forests. The AP reports the fire is so large, its smoke will float into parts of northern California by today.

Money printer.

Another day, another round of claims to check from presumed Republican presidential nominee Donald Trump. Trump made headlines yesterday from a comment he made on CNN about his plan for how to handle U.S. debt. Trump had previously suggested the U.S. shouldn’t pay full price for what it owes to bond holders. That comment stoked fears that his policy could lead to an unprecedented default on U.S. debt. Not so, said Trump on CNN: “You never have to default, because you print the money.” Sound crazy? Well, there’s actually some sense to what he’s saying, according to Slate. And here’s more backstory from Vox, which explains that Trump’s position on debt is actually aligned with a previously-obscure theory among liberal economists.

On drugs.

ProPublica has the details on a new study that shows the connection between doctors who receive money from prescription drug companies and what those doctors actually prescribe. Turns out, when big pharma pays out to doctors, those doctors are more likely to prescribe more expensive name-brand drugs than generics. Who would have thought?

What remains.

Officially, the Great Recession is long gone. So why do so many people still feel so bad about the economy? The Wall Street Journal explored one explanation: The emotional trauma of the collapse remains. For those who lost jobs, or lost homes in the recession, the Journal reports, lingering scars exist.

Fort McMurray Wildfires 10405” by flickr user “premierofalberta” CC license CC by-ND 2.0.