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Obama administration admits to understating economic impact of recession Obama administration admits to understating economic impact of recession

The Obama administration indirectly admitted to softening economic data during the recession that was revealed by the latest U.S. Department of Commerce GDP report in which revisions where made going back as far as 2007.

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Committee approves Kagan nomination, despite Republicans voting against her

The Senate Judiciary Committee has approved the nomination of Solicitor General Elena Kagan to the Supreme Court, which goes before the full Senate for a vote.

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India's strategy of suppression in Kashmir could backfire

India has imposed a curfew on Kashmir and squashed nonviolent rallies. Now a cycle of retaliation between rock-throwing boys and gun-wielding security forces has set in.

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SEC charges Wyly brothers with insider trading

The Securities and Exchange Commission has charged Sam and Charles Wyly with stock fraud in an international scheme involving $550 million in profit that spanned more than a decade of illegal trading in the market.

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INSIDE BUSINESS

Obama administration admits to understating economic impact of recession

The Obama administration indirectly admitted to softening economic data during the recession that was revealed by the latest U.S. Department of Commerce GDP report in which revisions where made going back as far as 2007.

Oil prices rose on top of spike in U.S. stocks

Thursday morning the price of west texas crude oil rose more than 1.3% to top $78 per barrel despite a spike in U.S. stocks as reported Wednesday morning by the EIA.

ExxonMobil (XOM) doubles second quarter earnings

Major oil and gas companies ExxonMobile (XOM), Royal Dutch Shell (RDS-B) and BP PLC (BP) weigh in with second quarter earnings results Thursday with XOM the clear leader as both Shell and BP face mounting losses from their troubled Gulf of Mexico oil production units.

ENTERTAINMENT TODAY

Republic Pictures turns 75. Anniversary celebration planned.

Home to many of the early John Wayne Westerns, Republic Studios will be celebrating its 75th anniversary in late September with local festivities planned around the event.

Obama on 'The View': ratings blockbuster or presidential epitaph?

Daytime talk show has political observers split over whether Obama on 'The View' will help or hurt his image.

Jewish watchdog group slams director Oliver Stone for anti-Semitic remarks

The Simon Wiesenthal Center in New York, one of the largest international Jewish human rights organizations in the world, slammed director Oliver Stone over anti-Semitic remarks made in a London Sunday Times article in which Stone called the Holocaust over-rated by the media because so many Jews controlled the press.

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