Federal Reserve Chairman Ben S. Bernanke and his colleagues are suffering through their own form of cognitive dissonance: revealing new concerns about the economy’s long-term prospects even as they forecast faster growth in 2014.
Over the course of 2012, the U.S. economy rebounded with all the vitality of a slug waking from a long nap. In debt-strapped, recession-hit Europe, investors fret about a Spanish bailout, a Greek default and whether the euro itself will shatter.
Detroit’s unions and retired workers face longer odds of ending the record-setting bankruptcy than the city does of winning continued court protection in a trial that started today, lawyers not involved in the case say.
As New Jersey Governor Chris Christie leads his opponent by as much as 34 percentage points in his bid for a second term, some Democrats say they’re worried that votes for the incumbent Republican will trickle down the ballot.
A federal judge questioned whether pension rights for Detroit’s municipal workers can be guaranteed by Michigan’s constitution, as claimed by current and retired employees seeking to have the city’s $18 billion bankruptcy case thrown out.
At the Top Crop farm in Dwight, Illinois, 200 turbines rise from a sea of corn and soybeans, their blades gently turning day and night to spin up wind energy. They talk to one another, unheard by the human ear, seeking to keep pace with their neighbors’ output.
The U.S.’s best 250 years are behind it, Northwestern University professor Robert Gordon writes in a paper published by the National Bureau of Economic Research, saying economic growth may gradually “sputter out.”
Detroit, the cradle of the automobile assembly line and a symbol of industrial might, filed the biggest U.S. municipal bankruptcy after decades of decline left it too poor to pay billions of dollars owed bondholders, retired cops and current city workers.
Reverend Steven Jamison recalls the February day 13 years ago when he was digging ditches to replace culverts at his Maranatha Faith Center in Columbus, Mississippi. As he switched from a shovel to an excavator, an oily black substance began to fill the trench. It smelled like turpentine, and the deeper he dug, the more he saw, Bloomberg Markets magazine reports in its June issue.