By taking his name out of consideration for the Federal Reserve chairmanship this weekend, Lawrence Summers became a metaphor for the difficulties President Obama has had in pursuing his economic agenda.
And the end of Summers, at least as Ben Bernanke's potential successor, signaled that the president's inability to get traction on his economic agenda is likely to get worse, not better. Now even lawmakers in his own party are willing to break with him on high-profile economic decisions.
Financial markets rallied Monday, a day after Lawrence Summers took himself out of the running to be the next chairman of the Federal Reserve. Summers had been seen as a front-runner to replace Ben Bernanke, whose term expires in January.
His exit improved the odds for his chief rival for the position — Fed Vice Chairman Janet Yellen — as well as those of Donald Kohn, the former vice chairman of the Fed board.
South Korean managers are heading back to their factories at a complex located just north of the Demilitarized Zone. They're teaming up with North Korean workers to test-run idle assembly lines. The complex has been closed for five months because of political tensions between the two countries.
Five years ago this week, a Canadian company proposed building a pipeline to send heavy crude oil from Alberta to U.S. refineries. Although the Obama administration's answer on the Keystone XL pipeline is not expected anytime soon, politicians in Washington and Canada are ramping up the pressure for the project, while environmentalists are pushing hard against it.
Former Treasury Secretary Larry Summers has withdrawn from consideration as the next chairman of the Federal Reserve. He cited a potentially divisive nomination hearing. Summers was widely thought to be President Obama's top choice to replace Ben Bernanke next year.
Chili's Grill & Bar is leading the way in digital dining. The restaurant chain is installing table-top computer screens to allow customers to place orders and swipe their credit card, according to The Wall Street Journal.
In a typical cafe in downtown Lisbon, old men play cards or dominoes over cups of milky coffee or cold glasses of vinho verde and commiserate about the economy.
One of their favorite ways to do this is through a new card game that's all the rage in Lisbon these days. Vem Aí a Troika, or Here Comes the Troika, is a satirical cross between Monopoly and Old Maid, in which players try to stash away savings in offshore accounts, win elections — and avoid the dreaded troika card.
Last week, Apple introduced two new iPhones with new features, including fingerprint recognition on one model, and extra password protections. But the new technology is up against a sophisticated black market that has had years to grow and adapt to meet the world's desire for smartphones.
To call smartphone-related crime an epidemic is not an exaggeration. By one estimate, more than 4,000 phones are stolen every day in the United States.