Who would have thought that Fannie Mae (FNMA) , once the recipient of $116 billion in government bailout funds, would one day be the reason the government could delay its debt ceiling deadline by almost four months? U.S. Treasury Secretary Jack Lew told CNBC Friday that a one-time payment of $59.4 billion from Fannie Mae pushes back the debt ceiling deadline effectively from May 19 “until at least Labor Day,” which falls on September 2
The relationship between the world’s great economic powers — the U.S., Europe and China — will be in transition in 2013, and changing political leadership is a big reason why, says Daniel Franklin, editor of The Economist magazine’s “The World in 2013.
Follow The Daily Ticker on Facebook The U.S. economy picked up some steam in the third quarter. The Commerce Department reported that GDP grew at a 2% annualized rate from July to September.
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There have been a bunch of theories about why Apple decided to put a $329 price tag on the iPad Mini when well-reviewed competitive tablets from Amazon and Google are priced at $199. (In the accompanying video, TechCrunch East Coast editor John Biggs and I discuss Tuesday's Apple event which he says lacked the shock and awe of previous product announcements.) The theories include: Because Apple can charge this much--its fans are either so brainwashed or so locked-in to Apple's ecosystem that they'll pay anything Because Apple wants to protect its extraordinarily high profit margin Because Apple's "mini" is better than the Google and Amazon tablets All of those theories probably factored into the decision. And now there's a new report out of Asia that adds a fourth theory, one that also makes sense: Apple's iPad mini production, at least for the time-being, is supply-constrained.
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One of the biggest challenges for the U.S. going forward is the country's massive debt and deficit problem.
Follow The Daily Ticker on Facebook Four years after Lehman's bankruptcy, most Americans are still waiting for the "perp walks." Despite the populist (and partisan) appeal, former Goldman CEO and New Jersey Governor Jon Corzine seems likely to escape prosecution for the demise of MF Global, which collapsed nearly one year ago. "After 10 months of stitching together evidence on the firm's demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear," The New York Times reported in August.
Follow The Daily Ticker on Facebook Facebook ( FB ) dispelled fears Tuesday that its mobile advertising business was failing. The social network reported that its third-quarter revenue from mobile ads jumped 14% last quarter to $150 million
Follow The Daily Ticker on Facebook! From credit cards to mortgages to student loans, the average American consumer is loaded with debt. Roughly 30 million people have debt collection agencies coming after them to repay an average of $1,500 in unpaid loans