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• Fed raises key rate by quarter-point despite bank turmoil The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. At a news conference, Fed Chair Jerome Powell sought to reassure Americans that it is safe to leave money in their banks, two weeks after a rush of depositors pulled funds from Silicon Valley Bank, which collapsed in the second-biggest bank failure in U.S. history. Signature Bank fell soon afterward. “We have the tools to protect depositors when there’s a threat of serious harm…
• Nobel economist Paul Krugman sounds the recession alarm as banking fears mount - but shrugs off 'apocalyptic warnings' and fears of another financial crisis Paul Krugman.AP Paul Krugman has warned the banking chaos has increased the risk of a US recession. The Nobel Prize-winning economist advised the Fed to hold off on hiking interest rates again. Krugman cautioned that cutting rates could signal to investors that regulators are panicking. The US banking turmoil has boosted the odds of a recession, so the Federal Reserve should stop turning the screws on the economy for now, Paul Krugman has said. "Everyone is wondering what other landmines may be about to go off," the Nobel Prize-winning economist wrote in his New York Times column on Tuesday. He…
• How Amazon’s flawed job posting process caused it to overhire It's the middle of the week, 10 Things in Techies. I'm Diamond Naga Siu, and for the first decade or so that I worked, I was always paid in cash. I didn't put much of it into a bank, because I didn't really understand how it worked. So I hid it in different places, keeping a mental tally of my cash stash. I'd be pretty upset if I mistaked one of my decoy reserves for a pot of proverbial gold. But that's almost exactly what happened to JPMorgan Chase. The financial services company thought it had $1.3 million worth of…
• Mayor goes on national TV to defend MiamiCoin benefits even after suspension MiamiCoin was virtually worthless on Wednesday, but this didn’t stop Miami Mayor Francis X. Suarez from going on national television to defend the venture yet again. In 2021, Suarez told Fox News that the MiamiCoin — which he described as not an involuntary tax and not philanthropy — was a model with the potential to “revolutionize the way governments are funded.” In 2022, when MiamiCoin lost value, Suarez stood up for MiamiCoin and told Fox News that it was “a success from the perspective of what it has done for the city.” “It wasn’t a city-sponsored or city-promoted ... initiative.…
• ‘We’re learning love’: Inmates becoming dog trainers while finding pups forever homes The Everglades Correctional Institute in southwest Miami-Dade County is giving a second chance to both inmates and dogs. The nonprofit Magic City K9 hosted an event that allowed inmates to become certified dog trainers while providing the pups a chance for adoption. This is all about rehabilitation, for the inmates, but also for the dogs as both are just looking for another shot at life. “We’re learning patience, we’re learning love, we’re learning how to communicate,” said inmate Scott Turner. Inmates carefully guided shelter dogs Wednesday as they weaved through cones, and show they know how to sit, heel and…