In today's news: Saudis cut oil production, Greenspan says tax cuts need to lapse, Bank of America isn't banking on big profits, e-books outsell paper ones, and a list of cars that go fast for cheap.
Even though gas prices keep rising, Saudi officials say there’s an oil glut. “The kingdom had cut production by 500,000 barrels per day,” MSNBC reports. “Consumers have urged OPEC to quickly add supply to quell the rally that has taken oil to its highest level in two-and-a-half years.”
Alan Greenspan, the former Federal Reserve chairman who served under George Bush, says Bush’s tax cuts need to expire if the federal deficit is to be tamed. The country needs to “put the rates back to where they were during the Clinton administration,” Bloomberg reports Greenspan as saying.
If you’re a Bank of America customer, don’t expect lower fees or more forgiving policies anytime soon. “Bank of America first-quarter income fell 39 percent on higher costs related to its mortgage business and higher litigation expenses,” USA Today reports.
Amazon’s Kindle and Apple’s iPad are killing off the paperback. “E-book sales totaled $90.3 million in February, up 202% compared to the same month a year earlier,” CNN reports.
What cars cost under $30,000 and go from zero to 60 in under six seconds? According to MSNBC, the Ford Mustang and Subaru Impreza WRX, among others. “Plenty of affordable cars will do zero to 60 mph in under six seconds,” MSNBC reports. “Some are one-third the price of racers from Porsche or BMW.”