Federal Reserve Bank Chairman Ben Bernanke told reporters at the Fed's first ever press conference April 27 that the Fed's Open Market Committee will not change existing policies that are suppressing interest rates to nearly zero and will complete purchase of $600 billion in federal government debt securities. Bernanke also predicted inflation will stay under control and the economy will grow only slowly for three more years.
"I'm sure the rising cost of energy is bothering the market," said Fred Dickson, chief investment strategist at D. A. Davidson & Company last week. "I do think the uptick in gasoline prices will have an impact on consumer spending in the next few quarters."
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:
President Barack Obama's imprudent moratorium on drilling for oil in the Gulf Of Mexico cost not only the Gulf region but also the nation billions of dollars and tens of thousands of jobs.
In the realm of online news, the New York Times is one of the premier go-to sites that hundreds of thousands of news surfers around the world check in with every day. On March 18, the Times announced that it would end the free usage online readers have accessed for the past 15 years, and would begin to charge for unlimited access to its site.
The number of activities contemplated by the Founding Fathers in the Constitution for the federal government is very small. However, astute Americans are aware that much of what the government does these days involves a considerable stretching the Constitution — e.g., the "necessary and proper clause," the "general welfare" clause, and the "interstate commerce" clause — to "justify" the federal government's involvement in everything from education and entitlement programs to energy production and ecology.
Reports that the Huffington Post struck a deal with online company AOL, Inc. that involves the sale of the Huffington Post to the online company for $315 million, $300 million of which will be paid in cash and the rest of the amount in stock. The deal was signed at the Super Bowl in Dallas, where both Arianna Huffington and AOL CEO's Tim Armstrong were in attendance.