Federal Reserve Chairman Ben Bernanke warned again that driving off the fiscal cliff could be detrimental to the U.S. economy. However, if a grand bargain is reached by politicians in Washington, Bernanke said during a speech a the Economic Club of New York, it could be a good new year for the U.S.
A life well-worth noting has caught the attention of obituary writers:
-- "Andrew F. Brimmer, a Louisiana sharecropper's son who was the first black member of the Federal Reserve Board and who led efforts to to reverse the country's balance-of-payments deficit, died on Sunday in Washington. He was 86." (The New York Times)
After a meeting of the Federal Open Market Committee, the Fed announced that it would spend $40 billion a month on mortgage-backed securities in an effort to stimulate the economy and drive the the unemployment rate down.