| Want to save the US economy? Spread the wealth and give workers a pay raise
"The bright new financial system, with all its talented participants, with all its rich rewards, has failed the test of the marketplace." --Former Federal Reserve Chairman Paul Volcker A specter is haunting Wall Street -- the specter of insolvency. One major player, Bear Stearns, has already gone under, and by the looks of it, another may be on the way. It's getting ugly out there. The so-called TED spread -- which measures the willingness of banks to lend to each other -- has begun to widen ominously, suggesting that the money markets believe another body will be floating to the surface any day now. The ongoing deleveraging of financial institutions and the persistent downgrading of assets has the Fed in a tizzy. Fed Chairman Ben Bernanke has backed himself into a corner by stretching the Fed's mandate to include anyone on Wall Street with a mailing address and a begging bowl.
Modern India Still Prays for Boys
Standing in front of his small brick home, in a courtyard where the dirt has been packed down by generations of barefoot children, the middle-aged mustard farmer doesn't bother to hide his exhaustion. "Only someone who has been through something like this can understand the size of my catastrophe," said Sukhpal Singh Tomar. For years, he has struggled to find some reason for his suffering, but has come up with little. He shrugged: "It must be my karma." .
FDA approves new drug to treat Crohn's disease
A new drug has been approved to help sufferers of Crohn's disease, the U.S. Food and Drug Administration announced on Tuesday.
The drug Cimzia, which is manufactured by a U.S. company, received approval for adults with moderate to severe Crohn's disease who have not responded to conventional therapies, said FDA in a statement.
Crohn's disease is a chronic, inflammatory bowel disease that affects more than 1 million men and women worldwide. It has no cure and its cause is unknown. Crohn's can cause diarrhea, fever, rectal bleeding, narrowing of the intestinal tract, obstructions, abdominal pain, etc. It also can lead to abnormal connections (fistulas) leading from the intestine to the skin or internal organs.
Cimzia works to reduce the signs and symptoms of Crohn's, but it also carries risks that will require patients on it to be closely monitored by their physicians or other health care professionals, FDA warned.
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