The Fiscal Times - Business, Economics, Politics and Finance

McCain vs. Paul:Senate’s Generational Grudge Match

Reuters/Jason Reed

News, Analysis and Opinion

IRS Exec to Plead the Fifth Before House Committee

THE STAFF, Reuters | May 21, 2013

Lois Lerner, the Internal Revenue Service official who revealed the agency was giving extra scrutiny to...

Oklahoma Tornado One of the Top 5 Costliest in History

STAFF, CNBC | May 21, 2013

The worst of it lasted for about an hour. But the human, physical and economic toll in Oklahoma will rank among...

Jamie Dimon Wins Big in JPMorgan Title Fight

STAFF, CNBC | May 21, 2013

A proposal to cleave the roles of chairman and CEO at banking giant JPMorgan Chase was defeated in a shareholder...

Federal Execs Get Bonuses Despite Worker Furloughs

STAFF, CNBC | May 21, 2013

Despite the sequester—huge cutbacks in federal spending that were mandated by law in March—some high-level...

Round 2: IRS Faces Angry Lawmakers Today

BRIANNA EHLEY, The Fiscal Times | May 21, 2013

The Internal Revenue Service returns to Capitol Hill today to testify before the Senate Finance Committee at...

Apple Sheltered $74 Billion from U.S.Taxes--Legally

CECILIA KANG, The Washington Post | May 21, 2013

Apple used a “complex web” of offshore entities — with no employees or physical offices — that allowed it to...

Pentagon’s Failure to Audit Contracts Wastes Billions

DAVID FRANCIS, The Fiscal Times | May 21, 2013

The Pentagon’s internal auditing arm charged with ensuring that DOD spends its money properly has a $574 billion...

The 41 Questions Max Baucus Wants to Ask the IRS

JOSH BOAK, The Fiscal Times | May 21, 2013

Montana Sen. Max Baucus has plenty of questions about the IRS targeting Tea Party groups—41 of them, to be...

4.5-Mile Tornado Disaster Strikes Oklahoma

YUVAL ROSENBERG, The Fiscal Times | May 20, 2013

A massive 4.5-mile wide tornado tore through the Oklahoma City suburbs on Monday afternoon, leveling homes and...

Why Yahoo’s $1.1B Deal for Tumblr Won’t Pay Off

SUZANNE MCGEE, The Fiscal Times | May 20, 2013

If you can’t build it, buy it. That has been a long-established rule in Silicon Valley when it comes to growth...

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We've hit the debt ceiling again, and the U.S. is on life support. Are we headed for another blowout?

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5 Questions For...

D.J. Patil
Chief Data Scientist, Greylock Partners

"How is big data changing the way business captures customers? "

"Data science now has a front seat. Consider the success of ‘Moneyball’ and of election predictions. We’ve gone from targeting customers to building data products to benefit customers – like Google’s self-driving car. "
"Tell us something we don't know about a data scientist’s job."

"The most powerful skill of a great data scientist is the ability to create a narrative. Data by itself is cold. It’s the human that makes it come alive and be useful. "
"What excites you most about the field? "

"The ability to improve people’s lives, as in forecasting Hurricane Sandy. People are also using data to better track their health. There are advances in genomic analysis, too. "
"What concerns you most about this field? "

"We’re in an arms race against those who would breach security systems. There are very sophisticated data products out there. We need to better discuss privacy and the appropriate use of data by the government. "
"Best way to prepare the data scientists of the future? "

"Students need a great foundation in math, statistics, computer science. Domain expertise is also required. They also need to have another multidisciplinary area – biology or physics, for example. "

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Cartoons

“He said that he is socially liberal and fiscally conservative, but what he meant is that he sleeps around and is cheap.”
“You’re in luck, in a way. Now is the time to be sick – while Medicare still has some money.”
“Will this be cash or consumer debt?”
“Is there a history of recession in your family?”
“Something sleek and recessionproof, Edward”
“Well, so long, Eddie. The recession’s over.”
“I need some short-term economic stimulus.”

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Quote of the Day

[The AP violation] is a matter of policy. To say that there was “no knowledge of this” in the White House is false. This goes to the President and the people around him.