U.S. auto dealers had a huge August. They also may have saved a few polar bears.
Last month American car companies had their best August since 2007. That’s good news for their balance sheets. It’s also good news for the environment.According to data compiled by Michael Sivak and Brandon Schoettle of the University of Michigan Transportation Research Institute, the average sales-weighted fuel-economy rating (using the EPA fuel-economy guide) increased to 24.9 miles per gallon in August from 24.8 mpg in July. They calculate the rating by tallying the numbers of cars sold in the month by model and creating a blended average.
Forbes magazine releases its annual list.
We’re No. 1! The economy may be in a slow-motion recovery, but in terms of the richest person in the world, America is back on top. Bill Gates, with a net worth of $72 billion, has reclaimed the top spot globally from Mexico’s Carlos Slim. Warren Buffett also passed Slim, as 2012 was a banner year for the Oracle of Omaha—he added $12.5 billion. The biggest loser? According to Forbes, that would be outspoken investor T. Boone Pickens who is no longer a billionaire after losing big time on wind energy bets. And for those with a conscience, the total net worth of the 400 wealthiest Americans is $2.02 trillion, which is over twice what it was a decade ago. Most American families can’t say that.
After Larry Summers withdraws.
In a dramatic move, Larry Summers, the controversial former Treasury secretary and president of Harvard University, withdrew from consideration as the next head of the Federal Reserve. Now that Summers’s unfathomable frontrunner status is no longer, current Federal Reserve vice chair Janet Yellen is seen as gaining the most from the move. Yellen, regarded as more favorable toward expansive monetary policy, also seems to have Wall Street at her back. When news of the Summers withdrawal broke, U.S. stock futures soared, in large part because it was thought he would curtail monetary stimulus by the central bank. Summers withdrew when it became obvious he would face a contentious confirmation battle.
Larry Summers has dropped out of the race for chairman of the Federal Reserve. He was President Obama’s choice, but Peter Beinart says he’s a victim of the new Democratic left.
Still not convinced that the Democratic Party’s becoming more anti–Wall Street? Over the last few days, in response to my essay on the new new left, some commentators have suggested that I made too much of Bill de Blasio’s success in the New York mayoral primary. After all, New York Democrats are more liberal than Democrats nationally. De Blasio faced a weak field. And he may still face problems in the general election.OK, then. Let’s try this peg instead: Larry Summers has just dropped out of the race for chairman of the Federal Reserve.
Mayors, planners, architects, and developers argue that when it comes to cities, bigger is better, and taller and denser are best of all. Only one problem: most of the people who live in those cities don’t agree. By Joel Kotkin.
The Revolt Against GigantismPeople care deeply about where they live. If you ever doubt that, remember this: they staged massive protests over a park in Istanbul. Gezi Park near Taksim Square is one of that ancient city’s most beloved spots. So in June, when Prime Minister Recep Tayyip Erdogan threatened to demolish the park to make room for his grandiose vision of the city as “the financial center of the world,” the park’s neighbors and supporters took to the streets.
Pussy Riot goes to prison while a gang accused of murder and mugging in Mother Russia gets luxury apartments in lower Manhattan. One federal prosecutor is calling Putin out.
Even as the United States and Russia were nearing an agreement over Syria’s chemical weapons, a federal prosecutor was filing papers that effectively accuse the Putin regime of tolerating, if not abetting, an organized gang of government officials and criminals who looted $250 million from the Russian treasury.The immediate intent of the official complaint filed by U.S. Attorney Preet Bharara on September 10 was to seize several high-end Manhattan properties.
Who killed Larry Summers’s shot at running the Fed? Daniel Gross narrows down the list of suspects, from Elizabeth Warren and Wall Street to the brilliant economist himself.
On Sunday night, Larry Summers—brilliant economist, former Harvard president, former Treasury secretary—withdrew his name from consideration for the post that would top off one of the Western world’s great résumés: chairman of the Federal Reserve Board.Superficially, it’s obvious who—or what—killed the Summers nomination: the candidate himself took his name out of consideration. But at second blush, this situation is a little like an Agatha Christie mystery.
A funny thing happened on the way to the debt-ceiling battle: a big chunk of our annual budget quietly melted away. Daniel Gross on the good news you didn’t see coming.
Here we go again. The debt ceiling is approaching, and Washington is in the grips of another round of mania. Will the Republicans in the House engineer a default, or a near-default, on America’s sovereign obligations? Will President Obama agree to delay the implementation of the Affordable Care Act in exchange for a debt-ceiling increase? Will Obama and House Majority Leader John Boehner finally be able to engineer a grand bargain on taxes, spending, and deficit reduction? (The New York Times reports this morning that Boehner is appealing to Democratic White House leaders and the White House for help.
Got a piece of tape? Apple’s new authentication innovation could be cracked—and create a nightmare for users. Winston Ross explains.
Ask anyone who’s ever lived with a jealous boyfriend or girlfriend: If someone wants to get into your phone, they will find a way to get into your phone.That said, it’s worth considering in the wake of Apple’s announcement this week that the next generation of (high-end) iPhones will come with a fingerprint sensor: is that two tech steps forward, or two steps back, if you’re trying to keep your Snapchats from prying eyes?Turns out, it’s kind of standing still.
Rumors that the former Harvard president is the next Fed chairman had critics fuming. But it’s naïve to expect anyone so powerful to be free of Wall Street ties, writes Daniel Gross.
The rumors that Larry Summers is next in line to run the Federal Reserve are heating up again. And so, too, are criticisms of Summers.This week, more than 350 economists sent an open letter to President Obama urging him to appoint Janet Yellen, the current vice chairman of the Federal Reserve. The letter took an implicit shot at Summers by noting that “there is less and less room in modern public policymaking, especially at the FRB, for a single leader to dominate discussion.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
Watch Benedict Cumberbatch’s hilarious dramatic reading of R. Kelly’s ‘Black Panties’ on Jimmy Kimmel Live.