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 7:42 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."
For more than a year, the Senate Intelligence Committee and the CIA have been engaged in a tug of war over the release of the so-called torture report.
Chairman Dianne Feinstein, a Democrat from California, says the $40 million, 6,000-page report demonstrates that CIA treatment of detainees was all but useless in terms of gathering actionable intelligence.
For its part, the CIA says the classified committee report contains significant errors and that no one at the agency was interviewed by Senate investigators.
Whether you love buying gifts or dread trips to the mall, good luck avoiding some kind of shopping during the holiday season. But I don't need the excuse of a holiday to get me to the stores. I'm obsessed with shopping.
The question is, am I a shopaholic? The technical term is "compulsive buyer," according to psychologist April Benson.
"Simply put," says Dr. Benson, compulsive buying is "when we spend so much time, energy and/or money shopping ... or even thinking about shopping and buying that it is impairing our life in a significant way."
Originally published on Wed December 18, 2013 7:12 pm
In a year that featured divisive fights over the budget, health care and presidential nominations, the United States Senate took a break from partisan bickering Tuesday night to get in the Christmas spirit.