President Barack Obama has shown a determination to redistribute wealth by increasing government spending, despite unsustainable deficits. We shouldn’t be surprised if Janet Yellen, the president’s nominee to be Federal Reserve chairman, shares his objective.
Janet Yellen’s nomination to be chairman of the Federal Reserve won support from the Senate Banking Committee today in a 14-8 vote, moving her bid to be the Fed’s first female head to the Senate for confirmation.
On Jan. 1, Latvia will adopt the euro, and its lats currency will be no more. Farewell to the bearded Krisjanis Barons, the collector of folk songs who graces the 100-latu note. The Baltic nation is shucking a piece of its heritage because its leaders predict joining Europe’s common currency zone will lead to more trade and prosperity.
The biggest risk to equity markets and the economy in 2014 is dysfunction in Washington, following the strongest year in American stocks in a decade, according to CBOE Holdings Inc.’s William Brodsky and Ariel Investments LLC’s Mellody Hobson.
Beatrice Weder di Mauro, who made her name by being an expert on debt, can’t collect on one of her own: Nouriel Roubini owes her a bottle of Champagne for a 2012 bet they made about whether Greece would leave the euro. It didn’t, and she won.
When James Tobin joined President John F. Kennedy’s administration in 1961, the U.S. economy was struggling to recover from its third recession in seven years. As a member of Kennedy’s Council of Economic Advisers, the Yale University professor put his theoretical research on asset markets to work in fashioning a novel strategy -- nicknamed Operation Twist -- to reduce long-term interest rates.