The U.S. Census Bureau illustrates how lifespans are increasing at an unprecedented rate by using the growth rate of the number of centenarians as the basis for this chart.
The number of subprime auto loans sinking into delinquency hit their highest level since 2010 in the third quarter. It’s behavior much like that seen in the months heading into the 2007-2009 recession, according to data from Federal Reserve Bank of New York researchers.
The man who created the Big Mac, which went on to be one of the world’s best known sandwiches, died Monday. …read more
Read full story for latest details. …read more
By Trefis Team, Contributor While electric vehicles (EVs) and self-driving cars are being touted as the future of the automotive industry and several players are looking to increase their fleet of EVs, Toyota Motors is likely to start mass production of its electric vehicles by 2020. The company is forming an “in house venture […] …read more
By Trefis Team, Contributor The talks about a federal wage hike have been making the rounds ever since the latest recession (sub-prime mortgage crisis of 2007) ran its course in the States. Ideally, the increase in wages should be in tandem with the growth in the rate of inflation. However, owing to the repercussions […] …read more
President Obama. (Pablo Martinez Monsivais/AP)
In an “exit interview” with Rolling Stone magazine, President Obama said that marijuana use should be treated as a public-health issue similar to tobacco or alcohol and called the current patchwork of state and federal laws regarding the drug “untenable.”
“Look, I’ve been very clear about my belief that we should try to discourage substance abuse,” Obama said. “And I am not somebody who believes that legalization is a panacea. But I do believe that treating this as a public-health issue, the same way we do with cigarettes or alcohol, is the much smarter way to deal with it.”
Obama has made comments to this effect before. In a 2014 interview with the New Yorker magazine he said that marijuana was less dangerous than alcohol “in terms of its impact on the individual consumer.” More recently, he told TV host Bill Maher, “I think we’re going to have to have a more serious conversation about how we are treating marijuana and our drug laws generally.”
In the Rolling Stone interview published this week, Obama also reiterated his long-standing position that changing federal marijuana laws is not something the president can do unilaterally. “Typically how these classifications are changed are not done by presidential edict,” he said, “but are done either legislatively or through the DEA. As you might imagine, the DEA, whose job it is historically to enforce drug laws, is not always going to be on the cutting edge about these issues.”
The Drug Enforcement Administration recently turned down a petition to lessen federal restrictions on marijuana, citing the drug’s lack of “accepted medical use” and its “high potential for abuse.” Congress could resolve the conflict between state and federal marijuana laws by amending the federal Controlled Substances Act, but …read more
By Jeff Guo
Steven Mnuchin, the Trump campaign’s finance director, arrives at President-elect Donald Trump’s Trump Tower in New York City on Nov. 29. (Mike Segar/Reuters)
Throughout the presidential election, Donald Trump’s relationship with Wall Street ran hot and cold. On the podium, he sounded a populist battle cry — heaping disdain on elites and tarring his opponents by their associations with Wall Street. But behind the scenes, Trump assembled a gang of financiers, bankers and ex-bankers to advise his campaign.
Now, he is drawing on that same set of highflying, high-net-worth individuals to captain his new administration. There was Betsy DeVos, a billionaire investor and a heavyweight political donor, whom Trump nominated as his education secretary. There was Wilbur Ross, also a billionaire investor, said to be Trump’s pick to become commerce secretary.
On Wednesday, Trump named another member of America’s wealthy capitalists for a position in his Cabinet.
Steve Mnuchin, a hedge fund chairman and 17-year Goldman Sachs alum, is Trump’s pick for treasury secretary. If he is confirmed, Mnuchin would be at the helm of any future decisions on bank bailouts or economic stimulus. Previously, Mnuchin was the finance chairman on Trump’s campaign, where he was in charge of soliciting political donations.
Many voters found Trump’s anti-elite message genuine despite this dissonance of a self-styled billionaire claiming to be a champion of the common man. He cast himself as a former “ultimate insider” who knew how the system was broken. Now, after Trump ran a rancorous campaign that reserved its keenest barbs for hedge funders and bankers, the question is whether Americans will also embrace Trump’s new Cabinet of financiers, who are members of the same moneyed class that Trump profited from insulting.
Below, we’ve collected five of Trump’s most famous statements about Wall Street and big banks.
“I’m …read more
By Daniel W. Drezner In case you hadn’t noticed, President-elect Donald Trump has continued to use Twitter pretty much as candidate Donald Trump used Twitter. The media is having a devil of a time trying to figure out how to respond. I’ve come to the conclusion that having a common media response is self-defeating in the age of Trump. […] …read more
By Mike Riggs On my first day at my current job, one of my colleagues brought in a dozen doughnuts to welcome me to the team. I love doughnuts. And pie. And cake and ice cream and french fries and pancakes. But I almost never eat those things anymore. Instead of simply saying no, I declined in the […] …read more