Breaking AI & Tech News Analyzed

The LeadAlan Greenspan, the influential economist who ​steered US ⁠monetary policy ⁠during ​his ‌five ‌terms as chairman ⁠of the Federal Reserve ⁠under four presidents, ⁠has died aged 100, ⁠NBC News ​reported ​on ​Monday. His wife, NBC News correspondent Andrea Mitchell, confirmed that he died from complications of Parkinson's disease.The Event DetailsGreenspan chaired the Federal Reserve from 1987 to 2006, serving under the presidencies of Ronald Reagan, George HW Bush, Bill Clinton and George W Bush. His tenure covered significant economic events including the 1987 stock market crash, the dot-com boom and bust, and the early 2000s housing bubble.The Impact AnalysisGreenspan's death marks the end of an era for American economic policy. He will be remembered for his brilliance and his kindness, according to his wife. Being his life partner was the joy of my life, Mitchell stated. His influence on global monetary policy and financial markets extended far beyond his time at the Fed, with his speeches often moving markets and his economic theories shaping central banking approaches worldwide.The PredictionGreenspan's legacy will likely be debated by economists and historians for years to come. His handling of various economic crises and his role in the events leading up to the 2008 financial crisis will continue to be subjects of intense scrutiny. As the world faces new economic challenges, policymakers may look back at Greenspan's tenure for lessons on managing monetary policy in times of uncertainty and technological change.

The Inflation Conundrum For such an uncannily successful politician, Donald Trump exhibits a perplexing political myopia. His most recent own-goal was endorsing Ken Paxton, a state attorney general, against four-term senator John Cornyn in the Republican primary for Senate in Texas. Trump's Inflationary Gambits What truly screams “I want us to lose the midterms” is what Trump is doing about inflation, which is becoming his most vulnerable issue. According to a New York Times/Siena poll of registered voters earlier in May, Trump’s approval on handling the cost of living is underwater by 42 percentage points. The Data Analysis Inflation rose at the fastest pace in three years in April, driven by the Iran war and other factors. The nationwide average price of regular gasoline is hovering around $4.50 a gallon, about $1.30 higher than a year ago. Consumer prices increased 3.8% in the year to April, their highest annual rate in two years. The Impact Analysis People’s attitudes about inflation are difficult to parse. They think less about the alphabet of indices policymakers focus on, such as CPI and PCE, and more about how much the price of eggs and gas have risen since they last remembered. The Prediction This may not be statistically robust, but since George HW Bush lost to Bill Clinton in 1992, there has been only one presidential election in a year with inflation as high as it is today. The incumbent, George W Bush, lost to Barack Obama.

The LeadUnited States President Donald Trump, his family, and his businesses have been granted immunity from any pending audits into their tax affairs, according to a directive by the Department of Justice. The move on Tuesday came as an addendum to Trump's agreement a day earlier to settle a $10 billion lawsuit against the Internal Revenue Service (IRS) over the leak of his tax information to media outlets between 2018 and 2020.The DOJ's Immunity DirectiveIn a one-page document, signed by acting Attorney General Todd Blanche, the Justice Department said authorities would be "FOREVER BARRED and PRECLUDED" from "prosecuting or pursuing" tax claims against Trump, members of his family, and his businesses. This unprecedented directive effectively shields the Trump family and their business interests from any existing or future tax audits.Political Backlash and Constitutional ConcernsDemocratic lawmakers immediately blasted the move. Senator Adam Schiff of California accused the Trump administration of engaging in corruption and "self-dealing." Richard Painter, the chief White House ethics lawyer under former President George W Bush, said that exempting Trump from any tax obligations would be unconstitutional, citing the domestic emoluments clause of the US Constitution.The Anti-Weaponization Fund ExpansionThe Justice Department's directive marks a dramatic expansion in Trump's settlement with the IRS after having established a so-called "Anti-Weaponization Fund" to compensate people who claim to have been victims of politically-motivated "lawfare." Critics have likened the initiative to a "slush fund," warning that it is likely to be used to reward Trump's allies.Future Implications and Oversight QuestionsDecisions on distributing money from the $1.776 billion fund will be made by a five-member commission, four of whom will be directly appointed by Blanche, a Trump appointee who formerly acted as his personal lawyer. In heated exchanges with senators on Tuesday, Blanche denied that Trump had directed him to establish the fund or that it would be used in a partisan manner, stating that "anybody in this country is eligible to apply if they believe they were a victim of weaponisation."

The Trump administration has filed an emergency motion to resume construction on its White House ballroom project, citing national security concerns. The project, which has been temporarily halted by a court decision, is estimated to cost nearly $400m and has sparked controversy over its potential impact on the White House's historic design.Lawyers for the Trump administration and the National Park Service have called the court decision to pause construction 'shocking, unprecedented, and improper'. They argue that the court-ordered suspension has left a 'massive excavation' site next to the executive mansion, threatening grave national-security harms to the White House, the President and his family, and the President's staff.The motion outlines various security measures slated to be incorporated into the ballroom project, including drone-proof roofing materials and glass meant to withstand bullets and blasts. 'Time is of the essence,' the motion reads.The court filing is the latest response from the Trump administration to a March 31 ruling from Judge Richard Leon, an appointee of former Republican President George W Bush. Judge Leon had issued a 35-page ruling ordering construction on the project to stop, citing the need for congressional approval for a project so transformative.The Trump administration has appealed Leon's injunction against the project and has claimed broad authority to make changes to the White House, citing past renovations under earlier presidents. The project has grown from a $200m structure to a nearly $400m one, by current estimates, and is set to span 90,000 square feet.