This year is on track to be the biggest ever for recalls. General Motors and Toyota are recalling over 6 million vehicles each, and last month Toyota settled criminal charges with the Justice Department, paying a $1.2 billion penalty. Despite the giant steps they've made, cars produced by the Detroit Three still lag behind many of those made by the Germans and Japanese over concerns due to reliability. According to Time, since 2004, GM, Ford and Chrysler had more recalls by far than other automakers.
Chelsea Clinton announced at an event in New York Thursday that she is pregnant. Clinton, 34, daughter of former President Bill Clinton and former Secretary of State Hillary Rodham Clinton, made the announcement at a women's event hosted by the Clinton Foundation.
The U.S. stock market is rigged in favor of high-frequency traders, stock exchanges and large Wall Street banks who have found a way to use computer-based speed trading to gain a decisive edge over everyone else, from the smallest retail investors to the biggest hedge funds, says Michael Lewis in a new blockbuster book, Flash Boys. "They're able to identify your desire to buy shares in Microsoft and buy them in front of you and sell them back to you at a higher price," says Lewis. "The speed advantage that the faster traders have is milliseconds ... fractions of milliseconds."
The White House's economics team, like many economic forecasters, expects the economy to improve. Here's why.
As the chart shows, households have made progress paying off debt. Household debt has dropped from 1.4 times annual disposable income, in the good old days of the fourth quarter of 2007, to 1.1 times in the fourth quarter of 2013.
Debt service also has dropped, from 13% of disposable income in the fourth quarter of 2007 to 10% in the third quarter of 2013.
Harold Ramis, the legendary comedic writer, director and actor, died in his North Shore home in Chicago Monday, according to the Chicago Tribune. Ramis, 69, died from complications related to autoimmune inflammatory vasculitis, a rare disease that causes blood vessels to swell. He was best known for co-writing and acting in the 1984 classic Ghostbusters alongside Bill Murray and Dan Aykroyd. He also wrote the screenplays for Groundhog Day, Stripes and Caddyshack.