| Volume 91 Number 4 |
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The People’s Lawyer’s Tip of the Day
Are you responsible for damage caused by your children? In most cases a parent is not automatically liable for things done by a child. Generally, for the parent to be responsible, it is necessary to show the parent negligently supervised the child, and that is why the damage occurred. Kids will be kids and when something goes wrong, parents are usually not responsible.
For more general information about the law, check out my website.
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President Obama Nominates New Fed Chair
On January 31, Federal Reserve chairman Ben Bernanke will end his tenure as the leader of the nation's financial system. Regarded as one of the most influential chairmen in the history of the Federal Reserve, Bernanke took steps to mitigate damage during a bad recession, likely preventing what could have been another depression.
President Obama has nominated Janet Yellen to assume the lead role at the Federal Reserve.
Will the change in leadership come with a change in policy?
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Congressional Leaders Working Together
Congressional leaders appear to finally be working together to reopen the federal government and avoid default. However, a deal has yet to be cut.
Republican leaders have been split over the appropriate issue to tackle. What started as a singular fight to defund the Affordable Care Act has now morphed into an array of battles. Some republican leaders want to reduce spending on entitlement programs like Medicare. Others are focused on religious issues and tax reform. Another group is still focused on the original fight over the funding of the Affordable Care Act.
Until recently, political analysts saw democrats as unwilling to negotiate on any of these issues with the country's entire economic balance on the line. Instead, democrats would like to see a debt ceiling increase and only then bring the aforementioned issues to the table for greater discussion.
In the interim, a sequester remains, federal employees are on mandatory furlough, and the federal government is on the brink of default. If the sides don't pass a resolution soon, interest rates are expected to skyrocket and the American economy could swiftly enter into another devastating recession.
However, despite all the negative, things are finally looking up. With both sides finally talking, the federal government may soon be re-open for business. However, the core issues will likely remain and any deal may simply delay the fight for another day.
What's the latest in the fight over the debt ceiling?
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Your Money
For many jobs, the end of the year is when bonuses are distributed. How much of your bonus will you keep after income taxes?
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For the Lawyers
Law school tuition not paid for personal, family or household purpose was primarily for the purpose of operating a business.
The Sixth circuit held that the Michigan Consumer Protection Act did not apply to law school graduates action against law school. The court relied on the students’ complaint that stated they intended to use their law degrees to better themselves, “through the attainment of full-time employment in the legal sector.”
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