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.
#Curious? The home of oversharing can keep its balance sheet under wraps until just before it goes to market, thanks to President Obama and Congress. Daniel Gross explains.
Finance and technology are rarely ironic. But on Thursday night, for a brief moment, they were. Twitter, the app/ad platform/medium devoted to public oversharing announced a confidential public offering. Wait, what? How can a public offering be confidential? And why would Twitter not want to broadcast its intentions to sell shares to the public as loud as possible?You can thank Congress and President Obama for this bit of jumbled logic.Typically, when a company announces its intention to sell shares to the public, it files a remarkably exhaustive prospectus with the Securities and Exchange Commission, known as an S-1.
The international yoga apparel retailer is a hot company with a ton of stores and great sales. But now Wall Street thinks it has grown too fast and saturated the market, says Daniel Gross.
Breaking: trends are trendy.Case in point: Lululemon Athletica. The high-end yoga apparel retailer has enjoyed astronomic growth as the craze for stretching, striking poses, and uttering Hindi phrases has gone national. It’s hard to negotiate the streets of New York these days without being knocked in the head by a yoga mat strapped onto a backpack.Its shares, as shown by the chart below, soared from the single digits in 2009 to a peak of $82 in June.
We’re all sick of political campaigns. So why did the Obama administration wage one over Janet Yellen and Larry Summers? It just makes the president look weak, says Stuart Stevens.
There’s a lot that divides Americans these days, but if there is one unifying idea, it must be that people are sick to death of political campaigns. Our toxic campaign culture, dominated by negativity, has soured vast swaths of the populace to all things political.So it’s more than a little ironic that the poisonous qualities of our multibillion-dollar campaign are seeping into ever more areas of public discourse. And the battle over the next chairman of the Federal Reserve is a perfect example of campaign weaponry deployed for zero public good.
After years of manual labor, people's distinctive thumb markings can wear away. Will they be able to use the latest gadgets and gizmos?
The first thing I thought about Apple’s announcement Tuesday that the next generation of high-end iPhones will be unlocked with a fingerprint was, of course, “cool.” Then I thought about Stephanie Upchurch.Upchurch, a pal of mine and (great) massage therapist, moved from Oregon to Washington a couple years ago, which required her to obtain a new license to practice, which required her to submit a set of fingerprints for not just state but also federal approval, which is when she realized she doesn’t have any fingerprints.
After five years at The Daily Beast, the irrepressible editor is leaving to build her own company. David Freedlander reports.
The Daily Beast’s editor in chief, Tina Brown, announced to the newsroom on Wednesday afternoon that she will be leaving the five-year-old online outfit.Brown said she will form a new company, Tina Brown Live Media, which she described as a home for “theatrical journalism.” Brown said the company will produce live events, panel discussions, summits, and debates, including the Women in the World conference, which she has produced since 2010.“Creating The Daily Beast at the original instigation of Barry Diller in 2008 has given me some of the most exciting and fulfilling years of my professional life,” Brown said.
Apple’s new ‘low-cost’ iPhone is still pretty expensive, which is bad news for profits in an economy where wages are stagnant and truly cheap options are plentiful. Daniel Gross on the stock market’s punishing response—and the bleak outlook in Asia and Africa.
Well that was an expensive product launch. On Tuesday, Apple unveiled two new iPhones, the “cheaper” 5C and the whiz-bang 5S, or as my colleague Winston Ross dubbed them, the “cheap” and the “fancy.”Tech fanboys and fangirls marveled at some of the new features—new colors for the shell! Thumbprint security! But investors were less impressed. The company’s stock, which was trading at $505 in the middle of the day, closed at $494.64. On Wednesday morning, after investors slept on it, they decided to dump the shares like a cheap BlackBerry.
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.
The perfect gift for any crime and mystery lover this season is a new omnibus edition of Dashiell Hammett’s work. Allen Barra on the enduring greatness of his work, even when there are no crimes.