That’s because, in large part, inequality starts in the crib. Rich parents can afford to spend more time and money on their kids, and that gap has only grown the past few decades. Indeed, economists Greg Duncan and Richard Murnane calculate that, between 1972 and 2006, high-income parents increased their spending on “enrichment activities” for their […]
Category: Business
Wells Fargo Criminal Investigation Underway
Wells Fargo is under criminal investigation for identity theft by the state of California, the latest fallout from its fake account scandal. California Attorney General Kamala Harris said in a warrant that there is probable cause to think the San Francisco-based bank committed felonies including identity theft and false impersonation. Wells Fargo has drawn the […]
Historically Low Raise to Social Security to Take Effect
Millions of Social Security recipients and federal retirees will get a 0.3 percent increase in monthly benefits next year, the fifth year in a row that older Americans will have to settle for historically low raises. The adjustment adds up to a monthly increase of less than $4 a month for an average recipient. The […]
Major Brake Defect Leads to Honda Recall
Honda is recalling 350,083 of its new 2016 Civics because the electric parking brake may not engage when the engine is turned off, leading to the possibility that the car could roll away and crash. It’s not uncommon for new models to be recalled, but the pullback doesn’t help the redesigned Civic, which has been […]
Nasa makes entire research library open to public
NASA is opening up its research library to the public in the newly launched web database PubSpace…and it’s absolutely free. NASA Chief Scientist Ellen Stofan believes that this move will benefit fellow scientists and engineers and accelerate innovation. “Making our research data easier to access will greatly magnify the impact of our research,” she said. […]
John Stump, Wells Fargo, OUT as CEO Effective Immediately
John Stumpf, the chairman and CEO of Wells Fargo, is retiring effective immediately. Stumpf has recently come under fire for a scandal in which 2 million credit and debit card accounts were opened by bank employees without the knowledge of customers. His successor, Tim Sloan, is chief operating officer of the firm and has been […]
Three very rich men discuss Trump, taxes, and the 1%
Pickens made the disclosure about his tax bill to CNN’s Carol Costello in a joint interview with billionaires Ken Langone and Leon Cooperman. The conversation touched on the three men’s wealth, their charitable work, and the current presidential election. Pickens, who fell off the Forbes billionaires list in 2014, said he isn’t paying taxes because […]
Sprint To Give 1 Million Low-Income Students Free Devices & Data
The Internet is a blessing to many a school-aged kid trying to get through the night’s homework assignment, but what if your home has no Internet access? It happens all too often in poorer neighborhoods, but Sprint’s new initiative will provide 1 million high school students with free devices and wireless connections. The 1Million Project […]
Bank of America warns of recession in mid 2017
There’s a chilling trend in the market, and it could wreak havoc on your portfolio, a top market watcher said. “We are seven years into a full-fledged, all out, central bankers doing everything they can to stimulate demand,” Bank of America-Merrill Lynch’s head of U.S. equity and quantitative strategy Savita Subramanian recently warned on CNBC’s […]
Unlike Trump, Warren Buffet pays his taxes
Donald Trump is a master of the “I am rubber and you are glue” approach to political rhetoric, but at Sunday night’s presidential debate, he tried a novel variant on the strategy. After Anderson Cooper asked him point blank if he used his $916 million reported loss from his 1995 tax return to avoid income […]
Protect yourself from latest iPhone hack
It lets people send messages from your phone – even when it’s locked. You might have already heard about this annoying new iPhone hack: it allows people to send messages, make calls and post Facebook updates from your phone – even when it’s locked. Pranksters are using Siri to do it. They summon the voice […]
Yahoo Lets Government Scan Emails… Why?
Reuters dropped a bombshell story on Tuesday, reporting that in 2015 Yahoo agreed to scan all its users’ incoming emails on behalf of a U.S. intelligence agency, hunting for a particular “character string” and turning over messages where it found a match to the government. Yet the vagueness of the story—which appears to be based […]