Economist Tyler Cowen has some advice for what to do about America's income inequality: Get used to it. In his latest book, Average Is Over, Cowen lays out his prediction for where the U.S. economy is heading, like it or not:
"I think we'll see a thinning out of the middle class," he tells NPR's Steve Inskeep. "We'll see a lot of individuals rising up to much greater wealth. And we'll also see more individuals clustering in a kind of lower-middle class existence."
Celebrity editor Tina Brown announced Wednesday that she's leaving The Daily Beast to launch her own media company. She has been a regular guest on Morning Edition. Brown, 59, plans to produce live forums on news topics.
Brown has edited some of the most prestigious publications: Vanity Fair, The New Yorker and Tattler. Five years ago, she helped found The Daily Beast — a news and opinion website. Now, the editor-in-chief says she's leaving to do what she calls "theatrical journalism" before live audiences.
Sept. 15 is the anniversary of collapse of Lehman Brothers, which many see as a watershed moment in the financial crisis. We look back at a time when fear and uncertainty gripped financial markets and policymakers around the world and drove the world economy into the Great Recession.
Wall Street is buzzing about Verizon today. The telecommunications giant carried out the biggest sale in the history of the bond market, $49 billion worth of corporate bonds. Verizon will use the money to finance its recent mega deal with Vodafone.
As NPR's Jim Zarroli reports, the sale comes at a time when interest rates are rising. And companies that want to raise money can't afford to lose any time.
Originally published on Wed September 11, 2013 4:20 pm
The U.S. Appeals Court in San Francisco refused Tuesday to dismiss a lawsuit that accuses Google of violating federal wiretapping laws by collecting emails and data about people's Web surfing habits as the company's Street View cars crisscrossed the world.
Millions of people use unencrypted wireless networks in their homes to access the Internet. The lawsuit alleges Google's Street View cars were listening in to those digital conversations and making recordings of the traffic in violation of federal law.
Chinese Premier Li Keqiang has pledged to treat foreign multinational companies on a par with the country's own state-owned enterprises, but he warned that an economic rebound remains fragile.
Li, speaking at a business forum in the northeastern city of Dalian on Wednesday, cautioned that the global economic outlook was a "complex situation" and outlined a series of steps designed to keep the country on a moderate but sustainable growth path.
When the global financial system started to collapse five years ago, leaders from the Treasury Department, Congress and the Federal Reserve jumped up and started running.
Like men on a burning wooden bridge, they raced along, making crazy-fast decisions. They seized Fannie Mae and Freddie Mac, bailed out big banks, saved automakers, slashed interest rates and funded a massive infrastructure-building project to stimulate growth.