New York (CNNMoney) - Female economists aren't the only ones who want Janet Yellen to be the new Federal Reserve chair.
A CNNMoney survey of 21 economists - mostly male - showed lots of support for Yellen and virtually none for the other frontrunner, former Treasury Secretary Larry Summers. While gender was not a factor in the survey's recipients, only two of the respondents were women. A separate survey by CNNMoney that polled only female economists, showed overwhelming support for Yellen.FULL STORY
(CNNMoney) - Four years ago, the Obama administration rode to the rescue of two Detroit automakers, pouring $80 billion into General Motors and Chrysler Group to see them through their bankruptcies.
But their hometown won't get a similar bailout, even as Detroit becomes the largest municipal bankruptcy in U.S. history.FULL STORY
(CNNMoney) - President Obama is set to name Jason Furman as the chairman of the Council of Economic Advisers, the fourth person to hold the top economics post since Obama took office.
Furman has served as assistant to the president for economic policy and as principal deputy director of the National Economic Council, a post he has held since the beginning of the administration. During his time in the White House, he has helped craft the stimulus bill passed in the administration's early days and was a major contributor to the shaping of health care reform legislation.FULL STORY
New York (CNNMoney) - Apple executives defended the company's tax strategy on Capitol Hill Tuesday, claiming that it pays one of the highest effective tax rates of any major corporation.
The Senate called a hearing Tuesday to examine the iPhone maker's strategy of shifting income to an Irish subsidiary to avoid paying U.S. taxes. Apple officials said the company shifted money to its overseas operations, such as those in Ireland, not to avoid taxes but because of the growth of Apple's sales overseas.FULL STORY
New York (CNNMoney) - Facebook CEO Mark Zuckerberg and a number of other leading technology CEOs are forming a public interest group to push for immigration and lobbying reform.
The group, named FWD.us, and pronounced as Forward US, is pushing for a significant increase in legal immigration and a path to citizenship, especially for those educated here or who came to the country as children.FULL STORY
New York (CNNMoney) - The fiscal cliff hasn't been reached yet, but it has already affected the nation's economy.
Economists say some key aspects of the economy - particularly those affecting consumer and business spending - have been weakened by worries about the fiscal cliff negotiations. But they say the damage is relatively small so far, well short of the new recession that so many feared. Improvements in home and auto sales, as well as job creation, have tempered the decline up to now.FULL STORY
New York (CNNMoney) - The number of newly unemployed seeking jobless benefits fell more sharply than expected last week, according to the government's latest reading on the state of the labor market.
There were 350,000 filing for initial jobless claims in the week, down from the 362,000 who sought assistance a week earlier. Economists surveyed by Briefing.com had forecast 375,000 would be seeking help last week.FULL STORY
(CNNMoney) - Several prominent Michigan Democrats met with Republican Gov. Rick Snyder on Monday in an effort to convince him not to sign the "right-to-work" bill expected to pass the legislature.
The legislation, which cleared some legislative hurdles last week, is expected to get final approval Tuesday. It would allow workers at union-represented employers to not pay dues even though the union would be bargaining on their behalf.FULL STORY
New York (CNNMoney) – The number of people filing for unemployment benefits for the first time declined last week, a sign that the impact of Hurricane Sandy on jobs is starting to wane.
The Labor Department reported that 393,000 filed for initial jobless claims during the week, down from the 416,000 who sought help the previous weeks.FULL STORY
New York (CNNMoney) – Warren Buffett is again arguing for higher taxes on himself and other high-income individuals, calling for an even steeper bite than in the Obama administration's so-called "Buffett Rule."
In an op-ed column in Monday's New York Times, Buffett advocates that taxable income of between $1 million and $10 million should be taxed at a minimum 30% rate, and that income above $10 million should be taxed at 35%.FULL STORY