Obama hints at Bernanke departure and NSA director says plot against NYSE was foiled. Read more about these headlines and the other news stories investors should pay attention to today.
Obama Hints at Bernanke Departure While Wall Street Waits for Fed Outcome
President Obama hinted in an interview with talk show host Charlie Rose this week that he may not re-nominate Federal Reserve Chairman Ben Bernanke when his term expires in January. According to USA Today, this revelation occurs while investors await the outcome of a two day Federal Reserve policy meeting that will end later today. Worries that the Fed may scale back its bond purchase program made shares sway in recent days. Expect some type of market reaction when the meeting is finished.
NSA Director Says Plot Against NYSE Was Foiled
The National Security Director, while testifying before a House Intelligence Committee on Tuesday, indicated that a plot to bomb the NYSE was foiled by their surveillance programs. The Associated Press indicates that the NSA was able to identify an extremist in Yemen who was in touch with an individual in Kansas City. Eventually they were able to thwart a plot to bomb the NYSE. Details will be offered to the Committee today but the information will remain classified.
American Medical Association Recognizes Obesity as a Disease
The New York Times is reporting that the American Medical Association has officially recognized obesity as a disease which may spur more insurers to pay for treatment. The AMA's decision has no legal authority, however, the belief is that the recognition of the condition will bring more focus and attention to obesity. The IRS has said that obesity treatments can qualify for a tax deduction. Weight loss drugs, however, are not currently covered under Medicare Part D.
Chrysler Agrees to Recall Jeeps
After initially denying a recall was necessary, Chrysler agreed on Tuesday to recall some older model Jeeps with fuel tanks that could rupture and cause fires in rear end collisions. According to the Associated Press, the recall came after Chrysler struck a deal with the National Highway Traffic Safety Administration in which only 1.56 of the 2.7 million Jeeps initially identified will be subject to the recall. The rest are part of a "customer service action" and may not get fixed.
Obamacare Health Insurance Exchanges Behind Schedule
According to the Wall Street Journal, government officials have missed several deadlines in setting up new health-insurance exchanges for small businesses and consumers. The Government Accountability Office said federal and state health officials still have major work to complete and may not be ready by the October 1 deadline. Obamacare created two exchanges for people who could not get healthcare. Approximately 2 million people are expected to receive insurance through the small business exchanges. Seventeen states are creating their own exchanges while 33 state are relying on the federal Centers for Medicare and Medicaid.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.