Business
Here we bring you business news affecting both our economy and our daily lives. ___________________________________________________________________________________________
Sen Warren blasted for cheering blocking of merger that might have saved Spirit Airlines
Sen. Elizabeth Warren, D-Mass., is under fire after Spirit Airlines abruptly shut down, with critics citing her claim that blocking a merger that could have saved the troubled carrier was “a Biden win for flyers.”
Spirit announced early Saturday it would cease operations immediately, canceling all flights and shutting down customer service, leaving many travelers stranded. The collapse is reigniting debate over whether federal regulators got it wrong in blocking a proposed JetBlue-Spirit merger, with opponents now arguing the decision may have reduced competition and contributed to the airline’s downfall.
“I’ve warned for months that a @JetBlue-@SpiritAirlines merger would have led to fewer flights and higher fares,” Warren wrote in a March 2024 post on X. “@JusticeATR and @USDOT were right to stand up for consumers and fight against runaway airline consolidation. This is a Biden win for flyers!”
Biden administration officials made similar arguments at the time. Former…Read more here.
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Powell says he’ll stay on Fed board after chairmanship ends but won’t be a ‘shadow Fed chair’
Eric Revell / FOXBusiness
Federal Reserve Chair Jerome Powell on Wednesday announced he will remain a member of the Fed’s Board of Governors after his term as chairman ends next month, though he added that he won’t be a “shadow Fed chair.”
The outgoing Fed chair hosted his final news conference after the Federal Open Market Committee (FOMC) voted to hold interest rates steady at the current range of 3.5% to 3.75%. The news conference occurred hours after the Senate Banking Committee voted to advance his successor as Fed chair, former Fed Governor Kevin Warsh.
Powell said he intends to continue serving as a member of the Fed’s Board of Governors for a “period of time to be determined” and was asked during the press conference about how he will conduct himself as a governor and not have an outsized influence over the process.
“That’s just something I would never do, the shadow chair thing. I don’t know what the exact specifics of it will be, but I’m going back to being a governor. I respect the role…Read more, and see video here.
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O’Leary slams NYC tax plan as ‘sheer blind stupidity,’ defends wealthy investors
By Arabella Bennett FOXBusiness
A renewed push to raise taxes on wealthy individuals and corporations in New York City is drawing criticism from business leaders as policymakers weigh how to balance budgets without driving away investment.
O’Leary Ventures Chairman Kevin O’Leary joined FOX Business’ Stuart Varney on “Varney & Co.” to weigh in on proposals targeting high earners, arguing the approach risks undermining the economic activity cities rely on.
“Well, let’s just look at the policy itself and stay out of the emotional aspect of it… These people do not live in the city, they do not burden the city with anything because they’re obviously out-of-towners,” O’Leary said.
His comments come as major firms and high-net-worth individuals increasingly signal a willingness to relocate capital in response to tax policy, a trend that has reshaped migration patterns across several high-tax states in recent years. Read more here.
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Five financial mistakes Americans in their 30s and 40s are making, expert warns
Sophia Compton / FOXBusiness
Americans are facing mounting financial pressure, but even small changes to everyday habits could make a major impact on long-term wealth, one expert says.
Nearly three-quarters of Americans failed to meet their savings and spending goals last year, according to a Vanguard consumer survey — highlighting nationwide financial pressure.
Many households are dealing with broader cost pressures. The Federal Reserve said in its latest Survey of Household Economics and Decisionmaking that inflation and prices remained a top financial concern, while overall financial well-being stayed below the recent high reached in 2021.
People in their 30s and 40s are also falling into costly traps, including failing to build emergency savings, delaying investing and taking on too much debt, fintech entrepreneur and financial expert Ksenia Yudina told FOX Business. Read more, and see video here.
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