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People aren't paying their credit cards and more accounts are being shut down, and it could be a sign that 'economic clouds are darkening'
The economy is robust, unemployment is sitting at 3.7%, its lowest mark in nearly half a century, and interest rates, though moving upward, are still relatively low.So why are credit-card delinquencies, application rejections, and involuntary account closures all on the upswing?
That's what the Federal Reserve Bank of New York would like to know.
The Fed released the results this week of its "Credit Access Survey" - a quarterly report on US borrowers - and it surfaced a couple of alarming trends that suggest credit-card issuers are getting skittish and paring back risk: Both credit-card rejection rates and involuntary account closures are on the rise.
Wall Street giant Bloomberg LP could be put up for sale if owner Mike decides to run for president
Michael Bloomberg, the founder of the eponymous financial data and news operation, said he is likely to sell his company if he runs for president, according to an interview he gave to a local radio station.
Bloomberg said he would either sell the company or put it in a blind trust, but that at his age, 76, it makes more sense to sell it, according to an interview he gave to Radio Iowa."I think at my age, if selling it is possible, I would do that," Bloomberg said, adding that at the very least he wants to sell the company before he dies. "At some point, you're going to die anyway, so you want to do it before then."
Internal emails show Mark Zuckerberg saying what's good for the world is not necessarily what's good for Facebook
Facebook CEO Mark Zuckerberg once privately made a stark admission: What's good for the world isn't necessarily what's good for Facebook.
On Wednesday, the UK Parliament released a trove of confidential internal Facebook emails it seized from an app developer who had obtained them as part of a legal battle with the Silicon Valley tech giant. It was an extraordinary move, with the documents supposed to remain under seal by order of a California judge. The publication of the documents has provided an unprecedented window into the inner workings of Facebook's executive team and their ruthless approach to competition.
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