In the past five years, the Federal Reserve has created roughly $3 trillion out of thin air.
The Fed uses the money it creates out of thin air to buy bonds. The idea is to drive down interest rates, which encourages people and businesses to borrow and spend money. It's called quantitative easing.
Originally published on Wed December 18, 2013 6:42 pm
Michael Steinberg, a top portfolio manager at SAC Capital Advisors, has been found guilty of insider trading — the latest conviction stemming from a years-long federal investigation into the hedge fund's activities.
Steinberg was found guilty on five counts of conspiracy and securities fraud.
"Prosecutors said he traded on confidential information that was passed to him by an employee, who later admitted to swapping illegal tips with friends at other firms."
There are seven shopping days left until Christmas. But there are just five days until another important deadline — the last day to sign up for health insurance under the Affordable Care Act if you want coverage to start January 1.
After a slow start, activity on the federal website HealthCare.gov has been heavy all month. And with the deadline approaching, some people are getting worried that they won't get signed up in time.
And this being the health care law, it's complicated. There is more than one deadline.
Originally published on Wed December 18, 2013 6:31 pm
(This post was last updated at 3:50 p.m. ET)
Citing an improving economy, the Federal Reserve announced Wednesday that it would begin gradually paring back an $85 billion-a-month bond-buying program aimed at stimulating growth.
The move was seen as a tentative vote of confidence and comes amid an improving jobs picture and other positive signs as the U.S. continues struggles to emerge from the worst downturn since the Great Depression.
The first of four current or former BP employees charged with crimes related to the 2010 Gulf oil spill has been found guilty of obstructing justice because he deleted text messages from his cellphone that contained information about the worst offshore spill in the nation's history.
NPR's Debbie Elliott tells our Newscast Desk that a federal jury in New Orleans convicted 52-year-old Kurt Mix on Wednesday.
Originally published on Wed December 18, 2013 4:08 pm
Now that the bipartisan budget agreement has passed the Senate and is headed for the president's desk, it's a good time to consider some of the takeaways from the past two weeks of congressional Sturm und Drang.
Originally published on Wed December 18, 2013 4:44 pm
Apple recently released a Christmas ad it calls "Misunderstood."
In it, a kid — maybe 14 or so? — spends Christmas with his family. He seems to be always looking at his phone when everybody else is decorating the tree, making a snowman, skating, or whatever else they're doing. He smiles, but he sets himself apart.
Originally published on Wed December 18, 2013 9:00 am
Talk about a fall:
"Prices of virtual currency bitcoin fell 20% Wednesday and are now down more than 50% from their record high hit two weeks ago amid worries that China is moving to block the purchase and use of the currency by its citizens," The Wall Street Journal writes.
VANCE, Ala. (AP) - Mercedes-Benz is opening a new section at its plant in Tuscaloosa County. The German automaker is cutting the ribbon on a $70 million logistics center at its automotive factory in Vance on Wednesday afternoon. Gov. Robert Bentley is among the officials planning to attend the event. About 600 contractors and service providers will work in the 900,000-square-foot building. They will be responsible for handling almost 3 million parts a day. The facility will receive components and organize them into the proper order for the manufacturing process.