The argument for austerity takes a big hit, and the two economists at the center of the debate respond. Muhammad Yunus, the founder of the Grameen Bank and a recipient of the Congressional Gold Medal in recognition of his “efforts to combat global poverty,” discusses lending without collateral and how business ideas are generated.
Boston: Reddit on the Case
Michael Sivy explains what the Boston bombing means for the economy and the stock market. There are many stories of businesses stepping up to help. The calamity reveals the value of social media, and an entrepreneur beats the conspiracy-theory “kooks” at their own game. Reddit readers did not solve the bombing, but entrepreneurs did introduce EvidenceUpload.org to aid the investigation. Boston restaurants rallied to the cause.
The Economy: Apple, Gold and Cupcakes
Apple’s stock price falls. The price of gold crashes. And so does the market for expensive cupcakes. Rising costs put the squeeze on builder confidence in April. A Kauffman Foundation report finds that entrepreneurial activity declined in 2012 and that millennials are the least entrepreneurial generation. Port traffic in the Los Angeles area decreased. But conditions in the New York metropolitan (pdf) region improved, and housing starts and industrial production moved up. Crucial measures showed low inflation in March and the Federal Reserve reported moderate growth across the country. Paul Ryan says the G.O.P. has no plans to create a budget-deal panel with Senate Democrats. Twelve million Americans say they believe lizard people run the country.