The Taper Coming, So Long Tony
Thursday, June 20, 2013
Vol.2, No. 172
National: With increased confidence in economic recovery, the Federal Reserve will start dialing back economic stimulus by the end of the year, Fed Chairman Ben Bernanke said yesterday. Stimulus will end early next year when unemployment hits 7%. Short-term interest rates will start to rise when unemployment is 6.5%, Bernanke said. It will be the end of nearly free money for banks. The Dow has dropped 400 points in two days.
- President Obama is getting ready to propose tighter emission controls on power plants. Electric plants produce about 40% of greenhouses gases.
- The American Medical Assn. voted to label obesity a disease. The AMA doesn’t have authority to classify diseases, but took the vote to emphasize the seriousness of obesity, which is over 25% in at least 27 states.
Roll the Dice: NY Gov. Andrew Cuomo and his legislature have agreed to present voters with a referendum on whether to allow full Las Vegas casino-style gambling. New York already has casinos on Indian reservations and electronic betting at racetracks, but if the bill passes the state would be the biggest with full-blown casino gambling.
Game Over: Microsoft blinked in the face of angry video gamers who faced limits on trading and selling pre-owed games with the new Xbox console. Gamers would have had to keep their boxes online, allowing Uncle Microsoft to watch everything they do. The new Sony PlayStation has no such limits and was using it as a marketing weapon against Xbox.
On Ice: Chicago beat Boston with a shot from the blue line in overtime last night to tie the Stanley Cup series at 2-2. Three of the games have gone into overtime. Next match, Saturday night in Chicago.
Oh, Anthony: Actor James Gandolfini, 51, who made a name as the suburban mobster Tony Soprano on HBO, died while traveling in Rome. Gandolfini’s Tony was a magnet for beautiful women and ruthless men. “The Sopranos” ran for six seasons and helped to establish not just HBO but cable broadcasting itself as a source for great television fiction.
- Yodeling country star Slim Whitman died at age 90. He said, “I’d like people to remember me as having a good voice and a clean suit.”
Suits: Men’s Warehouse abruptly fired its founder and commercial spokesman George Zimmer who always said, “You’re going to like the way you look. I guarantee it.” Zimmer started the business in Texas with a cigar box for a cash register. Last year the chain grossed $2.48 billion. The company gave no reason for the firing, but Zimmer said he had disagreed with the board over the direction of the business. He looked good when he left the building.
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