Federal Reserve chairmen used to be named without much fanfare. Not this time. A very public competition between former Treasury Secretary Larry Summers and the current vice chairman of the Fed Janet Yellen has made headlines and pitted the White House against liberal Democrats in Congress. It raises the question of whether the Fed succession has become too politicized — and whether it could ultimately hurt the economy.
In Florida, Louisiana, New York and other coastal states, many homeowners are in shock at new flood insurance rates that are rapidly approaching. After Hurricanes Katrina and Sandy left the National Flood Insurance Program $24 billion in the red, Congress revamped the program--phasing out subsidies. One group especially upset are new homeowners--people who bought a property and are now seeing their flood insurance costs skyrocket, making the property no longer affordable.
Very few insurers around the country are offering top-of-the-line platinum insurance plans. Policymakers predicted less expensive but more restrictive bronze and silver plans would prove more popular than high-end options, and it looks like insurance companies think so, too.
A perfect storm of sorts is leading some Western energy companies to step back from investments and operations in the Middle East. Companies see increased risk in the region because of the turmoil and violence following the Arab Spring. And, advances in technology have made it easier to produce oil in North America.
An electric wire factory in western Georgia is staffed almost entirely by teenagers. They are there because of a partnership between a local company, Southwire, and the Carroll County school system. They teamed up six years ago to try to reduce the high school dropout rate.
Even as the potential government shutdown drama remains unresolved, House Republican leaders are moving on to the next deadline: the debt ceiling. Economists say defaulting on payments could be catastrophic, but many House Republicans believe the debt ceiling is the best place to take a stand. Some even say the risk of default really isn't all that bad.
A perfect storm of sorts is leading some Western energy companies to step back from investments and operations in the Middle East. Companies see increased risk in the region because of the turmoil and violence following the Arab Spring. Advances in technology have made it easier to produce oil in North America. And relatively high oil prices make it profitable to drill in North America, even if it's costlier than production in the Middle East.