The University of Texas decided this week to take physical possession of some 664,000 ounces of gold it has bought over the past year, a quantity valued at nearly $1 billion as gold passed $1,500 per ounce Wednesday.
Speculation over the length of conservative pundit Glenn Beck’s tenure at Fox News has pervaded media circles and conservative blogs almost since the first days of his appearance on the news channel. As Beck’s contract is set to expire in December of this year, it appears more likely that Beck may leave Fox News and possibly start his own channel.
On February 4, 2009, President Barack Obama signed legislation establishing a $500,000 limit on executive compensation at firms receiving federal aid through the Troubled Asset Relief Program. “In order to restore trust” to our financial system, Obama said during the signing ceremony, “we’ve got to make certain that taxpayer funds are not subsidizing excessive compensation packages on Wall Street. He referred to these “lavish bonuses” for executives at failing firms as “the height of irresponsibility” and “shameful” — “exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis.”
Even after the Cash for Clunkers program failed, the federal government refuses to give up. It is now launching Cash for Clunkers 2, this time for “green vehicles.” Perhaps not surprisingly, the proposal has delighted General Motors.
Credit Time magazine for identifying, however imprecisely, a very important but little understood consequence of the modern Federal Reserve-based financial system: a “brain drain” that is luring many of the best and brightest from math, science, and engineering into finance. “Wall Street,” notes Time’s Rana Foroohar, “hires more math, engineering and science graduates than the semiconductor industry, Big Pharma or the telecommunications business.” The author continues: