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."
The Obama administration's ambassador to the U.N. says this is a pivotal moment for the Central African Republic and time for the international community to take steps to prevent further atrocities there.
Samantha Power, a former journalist and Pulitzer Prize-winning author, is well-known as an advocate for humanitarian intervention. How she and the Obama administration handle the conflict in the CAR is a major test of that.
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.