101 years ago, the first traffic light was installed on the corner of Euclid Avenue and East 105th Street in Cleveland. Before the installation, rush hour traffic was directed by police officers in the middle of the street, proving to be not only dangerous but unproductive as traffic conductors were only able to see a few yards ahead of them.
A pivotal campaign issue seems to be all but missing from the 2015-16 presidential primary race in both parties.
Just eight years ago we were watching candidates for the GOP and Democratic nominations for president start their first series of debates. In their last major televised contest before the Iowa caucus, Republicans, in Tampa, Florida, debated obvious topics, such as Iraq and social issues. The housing crash, which was already taking place, was hardly mentioned.
The U.S. territory of Puerto Rico owes more than $70 billionabout $19,729.43 per residentin debt to creditors and investors. First to note the territorys fiscal problems were the credit rating agencies, which downgraded the territorys bond status to speculative, the first of three steps along the junk-bond path to loan default.
My most recent trip to London was probably one of the most enjoyable and enlightening since I began travelling to Europe during the summers over 20 years ago. My previous trips had focused mostly on the Romance countries, France and Italy, which I also love and revere.
Pretty much everyone in the world wants the Federal Reserve to begin its "rate liftoff." September is the latest target date for this market consensus. But permit me one dissenting question: Are you sure?