Amancio Ortega has just bumped Warren Buffett off his No. 3 spot on Forbes' list of billionaires. The Spanish entrepreneur's clothing chain has become highly popular around the world, but do you know the man behind the label?
At the end of last year, Americans were borrowing money at the fastest clip since 2008, that could be seen as the bad news. If you prefer to think of it as good news though, at the end of last year, Americans were borrowing money at the fastest clip since 2008. That's according to the Federal Reserve.
It's the paradox of debt -- leverage, as Wall Street likes to say. According to Matt Phillips, with the business website Quartz, this borrowing is, “for the economy, in the short term, a good thing." Phillips said this debt isn't being used for mortgages; mostly people are buying cars with auto loans and borrowing to pay for college.
"In auto loans, there is subprime and subprime has been growing as a share of pie," said Phillips. "If we do want to do any fundamental reshaping to the way the economy works, a necessary precondition to that is to have economic growth. And if economic growth depends on consumer debt, then as long as it doesn't get out of control, you can argue that this is a good thing."
Phillips says the U.S. economy is still largely fueled by debt and consumer spending -- and has been for the last 30 years.
Like the famous cherry blossoms forecast to bloom in a few weeks, this time of year is marked by the arrival of competing, partisan and utterly doomed federal budget proposals.
Years of war have overtaxed Gaza's hospitals, making it tough for kidney patients to get good treatment. Thanks to help from British doctors, Gaza surgeons are now being trained to perform kidney transplants. They hope to help ease the huge demand for dialysis, but transplants have their own cost.
Years of war have overtaxed Gaza's hospitals, making it tough for kidney patients to get good treatment. Thanks to help from British doctors, Gaza surgeons are now being trained to perform kidney transplants. They hope this will ease the huge demand for dialysis.
Our V.I.P. and Radiolab host Jad Abumrad plays a game about unintentional scientific discoveries and inventions.
One name has been "retired." Others have never been reused. John is the most popular. It's a tradition going back to the year 533 that a new pope chooses a name other than the one he was born with. He's likely sending a message about what type of leader he hopes to be.
President Bashar Assad's government has repeatedly blamed religious extremists for the uprising. Now, the most prominent Muslim cleric says it is the religious duty of Syrians to fight in support of the government.
Drilling into some Mars rock, the rover found sulfur, nitrogen, hydrogen, oxygen, phosphorus and carbon — key ingredients for life.