Philip Pearlstein, 93, on the moment money revolutionized the art market and created a rift with Andy Warhol Philip Pearlstein is one of America’s leading realist painters and is still going strong at the age of 93. That a new exhibition of his modern realist nudes has just opened at London’s Saatchi Gallery, and his work regularly shows at the Betty Cunningham gallery in Manhattan testifies to that.
But why did he grow apart from his one-time close friend and roommate Andy Warhol who, like Pearlstein, hailed from Pittsburgh? Turns out the answer has plenty to do with money and artistic rivalry.
Pearlstein and Warhol met as art students at the Carnegie Institute of Technology in Pittsburgh. They moved to New York in 1949 where they lived together for three years.
“Andy and I had very similar backgrounds, although he was very religious,” Pearlstein recalled. “We had no money. Andy was not Andy Warhol then, he was Andy Warhola. He was talented and intense and eccentric, but he was als..Read More →

White House charges Democrats with hostage-taking as shutdown looms Getty Images White House legislative affairs director Marc Short speaks while White House budget director Mick Mulvaney listens regarding the possible government shutdown on Friday during a press briefing at the White House. Top Trump administration officials charged Democrats with hostage-taking as the federal government barreled toward a shutdown early Saturday.
White House legislative director Marc Short said Democrats were deploying such tactics after the House voted Thursday night to keep the government open for about another month, but the Senate appeared all-but certain to defeat that bill.
Mick Mulvaney, the White House budget director, said some things would be different about a shutdown this time: national parks, for example, would stay open.
In a speech on the Senate floor, Majority Leader Mitch McConnell employed a similar metaphor.
Related Topics U.S. Economy U.S. Politics Washington, D.C.Read More →

Opinion: Jason Furman says we can have faster growth and less inequality CAMBRIDGE, Mass. (Project Syndicate) — The belief that inequality hurts economic growth is gaining currency among policy makers. Some argue forcefully that high levels of inequality can make sustained growth impossible, and may even contribute to recessions. This view stands in stark contrast to the traditional view that there is a tradeoff between equality and growth, and that greater inequality is a price that must be paid for higher output.
Lost in the discussion, however, is whether any of this is actually germane to economic policy making. I don’t believe it is. Whether inequality is good or bad for growth should and will continue to concern social scientists. But those guiding an economy should focus on assessing outcomes and modes of distribution rather than on a puzzle that will never fully be solved.
Three developments make this refocusing necessary. For starters, while recent studies have concluded tha..Read More →

Opinion: Treasury yields may climb above 3%, but the bull market in bonds isn’t over The stars are aligned for the U.S. Dollar Index to rebound in 2018, given that the Fed is expected to up the pace of quantitative tightening by increasing the monthly runoff rate of its balance sheet and raising the fed-funds rate up to four times.
But in the first two weeks of the year, the greenback has been weak.
What gives?
The dollar’s main nemesis, namely the euro, has been rebounding. Since the euro is the largest component of the U.S. Dollar Index DXY, +0.13% at 57.6%, a stronger euro means a weaker dollar. After the September 2017 election that left Germany without a governing coalition, the euro EURUSD, -0.0735% weakened a bit, but last week finally saw Angela Merkel’s CDU and the Social Democrats sign an agreement to start official negotiations.
Still, an agreement to start negotiations to form a government isn’t exactly the same as forming a government. The reason for doubt is the growi..Read More →

Can diligent 401(k) savers go too far? One of the most popular employee benefits is a 401(k) retirement plan.
Many employers offer some sort of contribution on the employee’s behalf. When an employer contributes to the plan, it usually occurs in one of two ways. First, your employer may offer a contribution that does not depend upon your participation. These employer payments may be labeled as either “profit-sharing” or safe harbor” contributions. Regardless of which type is offered, the employee does not have to add anything to receive the benefit. The second type of employer contribution is a matching contribution. To receive matching contributions, the employee must defer income into the plan.
Read: 5 ways life could change for retirees in 2018
Generally, an employer match is somewhere between 3% to 6%, but it could be more or less. The match can be made using one of many formulas. A common matching formula may be stated as “a dollar for dollar match up to 3% of pay”. Under th..Read More →

Weekend roundup: Trump’s big year for stocks | Trump’s faulty coal claim | Bitcoin dips a bit MarketWatch rounded up 10 of its most interesting topics over the past week.
1. Happy anniversary to the Trump stock market Saturday will mark a year since President Trump’s inauguration. No doubt he’s thrilled that more than half of S&P 500 stocks have risen more than 20% since he took office.
2. On the other hand, Trump’s coal claims are exaggerated Rex Nutting looks at President Trump’s claims of success in reviving the coal industry and finds them wanting.
3. Defensive strategies for bitcoin Through Thursday, the price of bitcoin BTCUSD, +1.09% has plunged 14% from a week earlier and 38% from a month earlier. True, we’ve seen bitcoin come back from major declines again and again, but learn about defensive strategies that crypto traders use — and you can too if you’re playing cryptocurrencies.
More coverage of bitcoin and its ilk:
• Bitcoin trades above $11,000 as cryptocurrencies ste..Read More →