Markets dip on Bernanke's QE news
The Dow Jones industrial average tumbled more than 200 points Wednesday, thanks to the Federal Reserve chairman Ben Bernanke, who spoke during a press conference in Washington.
"Generally speaking, financial conditions are improving," Bernanke said.
That's right. Good news, was bad news.
Bad news because today, for the first time, Federal Reserve chairman Ben Bernanke talked seriously about taking the drug away from the addict. That's right. He's talking about cutting back on the Fed's stimulus program - quantitative easing - which is pumping $85 billion a month into the economy and frankly...we've all gotten addicted to the extra padding.
Here's why:
We're now on round three of QE,and each new round has been pretty good for the dow.
But starting later this year, the Fed's gonna start taking the drugs away and may even cut the addicts off entirely by the middle of 2014 if the economy continues to improve.
Outfront tonight: Ben White, Chief Economic Correspondent for Politico.
Was Men’s Wearhouse founder’s support for legalizing marijuana the cause of his ousting?
The founder and executive chairman of Men's Wearhouse clothing stores has been booted out of a job.
George Zimmer. You may not know his name, but you know his voice:
[youtube http://www.youtube.com/watch?v=G3bnrQp1GCE%5D
While Men's Wearhouse isn't saying why Zimmer was dumped from the company he started 40 years ago, Zimmer made it clear there was a rift.
In a statement today, he said: "the board has inappropriately chosen to silence my concerns through termination."
Zimmer had unorthodox views on illegal drugs. He refused to require criminal background checks on employees, and vocally supports legalizing marijuana.
According to the Wall Street Journal, Zimmer helped fund California's Proposition 19 to legalize marijuana.
Outfront tonight: CNN Contributor Margaret Hoover and the other half of this dynamic duo, John Avlon, writer for Newsweek and The Daily Beast.
Whitey Bulger's chief accuser branded a liar
Defense attorneys for accused Boston mob boss James "Whitey" Bulger tore into the prosecution's key witness. John Martorano, a confessed mob hitman, turned government witness has given three days of damning testimony tying Bulger to multiple murders.
Bulger's team tried to convince the jury he is not to be believed.
Deb Feyerick is OutFront.
New documentary claims TWA Flight 800 crash wasn't an accident
New claims that TWA flight 800, which exploded over the Atlanta ocean in 1996 may not have been an accident.
The ill-fated flight killed all 230 people on board when it blew up. The initial investigation said the culprit was a short-circuit, which ignited one of the plane's fuel tanks.
A new documentary suggests the official government report was wrong.
As part of a documentary on flight 800 for CNN David Mattingly conducted multiple in-depth interviews with leading FBI and NTSB investigators.
Sen. Paul: Intel community has "credibility gap"
FBI director Robert Mueller admitted Wednesday that the agency has used surveillance drones within the U.S.
Mueller made clear - this is happening on U.S. soil.
FBI uses drones in U.S., says Mueller
The FBI already acknowledged using unmanned surveillance aircraft earlier this year to monitor the situation where a boy was held hostage in a bunker in Alabama.
But we don't know how often these drones are being used. Or whether your rights are being violated.
Outfront tonight: Republican Senator Rand Paul - he sits on the Homeland Security Committee.
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