Best Buy extends deadline for founder to make takeover offer









Struggling Best Buy Co. has agreed to give founder and former chairman Richard Schulze more time to make a takeover bid for the electronics chain.


The agreement allows Schulze, the company's biggest shareholder, to wait until the end of the holiday season and fiscal year before making an offer.


In a statement, Best Buy said the extension "is in the best interests of shareholders" and will give Schulze and potential partners more time for due diligence on the company.





Shares of the company, which rose Thursday on news of an imminent buyout offer, fell $2.08, or 14.7%, to $12.04 in mid-session trading Friday.

Under the new terms, Schulze can make a proposal anytime in February, extending his previous deadline of mid-December. Then the board of directors will have 30 days to consider the offer.


In August, Schulze had offered to take the company private for $24 to $26 a share, a deal that could have been worth as much as $8.84 billion. Best Buy eventually agreed to open its books so Schulze could dig deeply into its finances before making another offer.


Complicating any potential deal is the relationship between Schulze and Best Buy's board, which Schulze led as chairman until a scandal involving its then-chief executive forced him to step down in June.


In April, Brian Dunn, then Best Buy's chief executive, resigned amid allegations that he engaged in an inappropriate relationship with a female employee. The board then voted to oust Schulze after an internal investigation revealed that he had known of Dunn's indiscretions months earlier and failed to take action.


Schulze remains the company's largest stakeholder with 20% of its shares.


Even if the 71-year-old Schulze succeeds in taking Best Buy private, he'll be taking over a company and a competitive landscape that looks nothing like they did when he founded the chain in 1966.


The company, based near Minneapolis, is the biggest survivor of the consumer electronics shakeout that saw the demise of Circuit City and a host of regional competitors. But the slowing market for DVDs and CDs and competition from online rivals have dimmed its prospects.


Despite its turnaround efforts, industry watchers speculate that Best Buy may eventually go the way of Circuit City, the former rival that closed its last store in 2009.


ALSO:


Best Buy chairman, founder Richard Schulze resigns early


Best Buy founder Richard Schulze offers to buy struggling retailer


Best Buy founder Richard Schulze's shadow hangs over annual meeting


Follow Shan Li on Twitter @ShanLi





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Fed to tie interest rate to job gains









WASHINGTON — The Federal Reserve said it will continue aggressive measures to stimulate the economy and made a major policy shift to focus more directly on boosting the job market.


Fed policymakers said they would keep interest rates at historically low levels until unemployment drops below 6.5%.


It's likely to keep the Fed's short-term interest rates at historically low levels well into 2015.





The move marked the first time that Fed policymakers have tied themselves to an explicit unemployment goal. It appeared to end the long-running debate within the central bank over how aggressively to target the nation's lagging job market.


The jobless figure was 7.7% in November, and the Fed's new forecast doesn't see that dropping below 6.5% for about three years.


The decision was made easier by the slow pace of inflation, which remains below 2% on an annual basis. Critics of the Fed's policies have argued that efforts to stimulate the economy would lead to inflation, but so far, that has not happened, and Fed Chairman Ben S. Bernanke has argued that the risk is much smaller than the dangers posed by high unemployment.


"The conditions now prevailing in the job market represent an enormous waste of human and economic potential," Bernanke said Wednesday during a news conference after the central bank's last policy meeting of the year.


Under its new policy, the Fed would let its inflation outlook rise to 2.5% before taking action to curtail it — giving the nation's employers more time to create jobs.


The move to link interest rate policies directly to the jobless rate is meant to give the public and businesses greater confidence about how long interest rates will remain exceptionally low, and that by itself could act as a kind of stimulus to the economy.


The new push got a warm welcome from both economists and Wall Street.


Economist Bernard Baumohl at the Economic Outlook Group said the previous time frame for action was "self-defeating because it provided no incentive for employers to start spending any time soon to avoid higher interest rates. It just didn't create any sense of urgency to accelerate investments or increase the rate of hiring."


The Fed has kept its federal funds rate, which influences rates for credit cards, mortgages and business and other loans, near zero since December 2008. Unemployment has been near 8% or above since early 2009.


Bernanke and his colleagues also decided Wednesday to continue the controversial large-scale bond-buying programs in the new year. Specifically, the Fed will buy $40 billion of mortgage-backed securities and $45 billion of long-term Treasury bonds a month.


The purchases are intended to drive down long-term interest rates to spur spending, investment and lending, boosting economic activity as well as hiring.


The central bank launched the purchase of mortgage-backed securities in September to give a lift especially to the housing market, which Fed policymakers said Wednesday "has shown further signs of improvement." They said they would continue to buy bonds until the job market "improved substantially."


The Fed, which has a dual mandate to maximize employment and keep inflation in check, also forecast a somewhat stronger growth for next year.


Its policy statement Wednesday noted a slowing in U.S. business investment and "significant downside risks" in the global economy, but made no mention of the so-called fiscal cliff, the automatic federal budget cuts and tax hikes scheduled to take effect beginning Jan. 1.


In a 75-minute news conference, however, Bernanke said it was clearly evident that concerns about the fiscal impasse already had hurt the economy, weakening business investments and consumer confidence.


He said that whatever the Fed did, it was not enough to offset the full effects of a U.S. economy failing to resolve fiscal issues. But he was cautiously optimistic: "I actually believe that Congress will come up with a solution, and I certainly hope they will."


For years, the Fed didn't give any indication of its future interest-rate path and only in recent years signaled what it might do by using somewhat vague language. In June 2011, the Fed said that it would keep rates exceptionally low for an "extended period." In August 2011, policymakers said no change was likely until at least mid-2013. And that date has since been extended twice, to late 2014 and then mid-2015.





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Review: PlayStation icons join in ‘Battle Royale’






The holiday season is a good time to catch up with old friends. If you’re an Xbox fan, you’re probably getting reacquainted with galactic warrior Master Chief in his new adventure, “Halo 4.” If you’re a Nintendophile, you’re probably frolicking with Mario on your new Wii U.


Sony, meanwhile, has expanded its holiday guest list to invite nearly two decades worth of characters to mix it up in “PlayStation All-Stars Battle Royale” (for the PlayStation 3, $ 59.99; Vita, $ 39.99). Fans of the original PlayStation can welcome back old pals like Sir Daniel Fortesque of “MediEvil” and the title character of “Parappa the Rapper.” Younger gamers who have only known the PS3 will be happy to see Nathan Drake from “Uncharted” and Cole MacGrath from “Infamous.” Turn them loose in an assortment of game-inspired arenas and you’ve got chaos.






It’s not an original idea: Nintendo has been pitting its lovable characters against each other since 1999′s “Super Smash Bros.” As you’d expect, “All-Stars” lets up to four players choose their favorite personalities and pound on each other until one is left standing.


The technique is a change from most fighting games. Most of the time, kicking or punching your opponent doesn’t do much damage. Instead, each blow adds to an attack meter; build up enough energy and you can unleash three levels of truly deadly moves. There’s a little more strategy, but most players won’t find it too complicated.


The solo campaign is awfully skimpy, but “All-Stars” makes for a lively party when you have a few friends over. Two-and-a-half stars out of four.


— Sony’s burlap-clad goofball Sackboy is part of the “All-Stars” lineup, but he takes center stage in “LittleBigPlanet Karting” ($ 59.99).


Yes, it’s a go-kart racer — a genre that has already made room for Mario, Donkey Kong and Sonic the Hedgehog — but Sony freshens it up by giving you the ability to build your own racetracks and share them online. By exploring the game’s built-in courses, you can find hundreds of elements to add to your own, and they all share the homespun “arts-and-crafts” aesthetic of the original “LittleBigPlanet.”


Unfortunately, “LBP Karting” also revives the weird, floaty physics of its parent. That worked fine in the two-dimensional fantasy world of “LBP,” but it’s annoying when you’re behind the wheel. The tracks are filled with the power-ups, obstacles and gravity-defying leaps you’d expect in a kart racer, but the vehicles themselves feel sluggish and unresponsive. Two stars.


—Insomniac Games’ popular “lombax”-robot buddies are celebrating their 10th anniversary, both in “All-Stars” and their own “Ratchet & Clank: Full Frontal Assault” ($ 19.99). The latter game, however, is a big disappointment, stripping away most of what made the team so endearing.


It’s a “base defense” game, meaning you’re plopped down on a planet and then have to protect your turf from waves of invading enemies. That eliminates the exploration and discovery that made most of the “R&C” games so absorbing, replacing it with a tiresome cycle of building fortifications, having them destroyed, then rebuilding them. Instead of the comedy that was once this series’ trademark, you get drudgery. One star.


___


Follow Lou Kesten on Twitter at http://twitter.com/lkesten


Gaming News Headlines – Yahoo! News


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Documents: Prisoner plotted to kill Justin Bieber


LAS CRUCES, N.M. (AP) — An imprisoned man whose infatuation with Justin Bieber included a tattoo of the pop star on his leg has told investigators in New Mexico he hatched a plot to kill him.


Court documents in a New Mexico district court say Dana Martin told investigators he persuaded a man he met in prison and the man's nephew to kill Bieber, Bieber's bodyguard and two others not connected to the pop star.


He told investigators that Mark Staake and Tanner Ruane headed east, planning to be near a Bieber concert scheduled in New York City. They missed a turn and crossed into Canada from Vermont. Staake was arrested on an outstanding warrant. Ruane was arrested later.


The two men face multiple charges stemming for the alleged plot.


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World’s Population Living Longer, New Report Suggests


A sharp decline in deaths from malnutrition and diseases like measles and tuberculosis has caused a shift in global mortality patterns over the past 20 years, according to a new report, with far more of the world’s population now living into old age and dying from diseases more associated with rich countries, like cancer and heart disease.


The shift reflects improvements in sanitation, medical services and access to food throughout the developing world, as well as the success of broad public health efforts like vaccine programs. The results are dramatic: infant mortality has declined by more than half between 1990 and 2010, and malnutrition, the No. 1 risk factor for death and years of life lost in 1990, has fallen to No. 8.


At the same time, chronic diseases like cancer now account for about two out of every three deaths worldwide, up from just over half in 1990. Eight million people died of cancer in 2010, 38 percent more than in 1990. Diabetes claimed 1.3 million lives in 2010, double the number in 1990.


But while developing countries made big strides – the average age of death in Brazil and Paraguay, for example, jumped to 63 in 2010, up from 28 in 1970 – the United States stagnated. American women registered the smallest gains in life expectancy of all high-income countries between 1990 and 2010. The two years of life they gained was less than Cyprus, where women gained 2.3 years of life and Canada, where women gained 2.4 years. The slow increase caused American women to fall to 36th place in the report’s global ranking of life expectancy, down from 22nd in 1990.


“It’s alarming just how little progress there has been for women in the United States,” said Christopher Murray, director of the Institute for Health Metrics and Evaluation, a health research organizationfinanced by the Bill and Melinda Gates Foundation at the University of Washington that coordinated the report. Rising rates of obesity among American women and the legacy of smoking, a habit women in this country formed later than men, are among the factors contributing to the stagnation, he said.


The World Health Organization issued a statement Thursday saying that some of the estimates in the report differ substantially from those done by United Nations agencies, though others are similar. All comprehensive estimates of global mortality rely heavily on statistical modeling because only 34 countries – representing about 15 percent of the world’s population – produce quality cause-of-death data.


Health experts from more than 300 institutions contributed to the report, which measured disease and mortality for populations in more than 180 countries. It was published Thursday in the Lancet, a British health publication.


The one exception to the trend was sub-Saharan Africa, where infectious diseases, childhood illnesses and maternal causes of death still account for about 70 percent of all illness. In contrast, they account for just one-third in South Asia, and less than a fifth in all other regions. Sub-Saharan Africa also lagged in mortality gains, with the average age of death there rising by fewer than 10 years from 1970 to 2010, compared to a more than 25-year increase in Latin America, Asia and North Africa.


The change means that people are living longer, an outcome that public health experts praised. But it also raises troubling questions. Behavior affects people’s risks of developing noncommunicable diseases like cancer, heart disease and diabetes, and public health experts say it is far harder to get people to change their ways than to administer a vaccine that protects children from an infectious disease like measles.


“Adult mortality is a much harder task for the public health systems in the world,” said Colin Mathers, a senior scientist at the World Health Organization in Geneva. “It’s not something that medical services can address as easily.”


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Inflation check: Energy prices fall most since 2009 on gas plunge









Wholesale prices slipped 0.8% last month for the second straight month as gasoline prices plunged.


In its deepest dip since May, the Labor Department’s producer price index fell 0.8% in November after sliding 0.2% in October. The index rose 1.1% in September.


A major factor? Plummeting gas prices, which sank 10.1% after spiking 9.8% just two months earlier. At the moment, a gallon of regular gas costs $3.30 on average nationwide, according to the AAA Fuel Gauge, down from $3.44 a month ago.





The gasoline tumble made up more than 90% of the overall 4.6% drop in energy prices -- the most substantial fall since March 2009. 


Quiz: The year in business


Food costs, however, more than made up for the energy dip by rising for the sixth straight month in a row. The 1.3% increase is the largest in nearly two years.


Beef and veal prices soared 30% alone in November. Vegetables also experienced an 11.8% wholesale price hike.


But when factoring out the volatile food and energy portions, the core producer price index inched up 0.1% last month. From November of last year, overall wholesale prices are up 1.5% in the most minimal year-over-year gain since July.


ALSO:


Rising rents and food prices mean Americans are paying more


California's crazy October gas price spike may be over, for now


Fed renews stimulus efforts, ties interest rates to jobless rate





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Ravi Shankar, sitar master, dies at 92









Ravi Shankar was already revered as a master of the sitar in 1966 when he met George Harrison, the Beatle who became his most famous disciple and gave the Indian musician-composer unexpected pop-culture cachet.


Suddenly the classically trained Shankar was a darling of the hippie movement, gaining widespread attention through memorable performances at the Monterey Pop Festival, Woodstock and the 1971 Concert for Bangladesh.


Harrison called him "the godfather of world music," and the great violinist Yehudi Menuhin once compared the sitarist's genius to Mozart's. Shankar continued to give virtuoso performances into his 90s, including one in 2011 at Walt Disney Concert Hall.





PHOTOS: Ravi Shankar | 1920 - 2010


Shankar, 92, who introduced Indian music to much of the Western world, died Tuesday at a hospital near his home in Encinitas. Stuart Wolferman, a publicist for his record label Unfinished Side Productions, said Shankar had undergone heart valve replacement surgery last week.


Well-established in the classical music of his native India since the 1940s, he remained a vital figure on the global music stage for six decades. Shankar is the father of pop music star Norah Jones and Anoushka Shankar, his protege and a sitar star in her own right.


Before the 1950s, Indian classical music — with its improvised melodic excursions and complex percussion rhythms — was virtually unknown in America. If Shankar had done nothing more than compose the movie scores for Indian filmmaker Satyajit Ray's "Apu" trilogy in the 1950s, he "would be remembered and revered," Times music critic Mark Swed wrote last fall.


PHOTOS: Notable deaths of 2012


Shankar was on a path to international stardom during the 1950s, playing the sitar in the Soviet Union and debuting as a soloist in Western Europe and the United States. Two early albums also had considerable impact, "Three Classical Ragas" and "India's Master Musician."


During his musical emergence in the West, his first important association was with violinist Menuhin, whose passion for Indian music was ignited by Shankar in 1952. Their creative partnership peaked with their "West Meets East" release, which earned a Grammy Award in 1967. The recording also showed Shankar's versatility — and the capacity of Indian music to inspire artists from different creative disciplines.


He presented a new form of classical music to Western audiences that was based on improvisation instead of written compositions. Shankar typically played in the Hindustani classical style, in which he was accompanied by a player of two tablas, or small hand drums. Concerts in India that often lasted through the night were generally shortened to a few hours for American venues as Shankar played the sitar, a long-necked lute-like stringed instrument.


At first, he especially appealed to fans of jazz music drawn to improvisation. He recorded "Improvisations" (1962) with saxophonist Bud Shank and "Portrait of a Genius" (1964) with flutist Paul Horn, gave lessons to saxophonist John Coltrane (who named his saxophone-playing son Ravi), and wrote a percussion piece for drummer Buddy Rich and Alla Rakha.


On the Beatles' 1965 recording "Norwegian Wood," Harrison had played the sitar and met Shankar the next year in London.


Shankar was "the first person to impress me," among the impressive people the Beatles met, "because he didn't try to impress me," Harrison later said. The pair became close and their friendship lasted until Harrison's death in 2001.


Harrison was instrumental in getting Shankar booked at the now legendary Monterey Pop Festival in 1967. They partnered in organizing the Concert for Bangladesh and were among the producers who won a Grammy in 1972 for the subsequent album. They toured together in 1974, and Harrison produced Shankar's career-spanning mid-1990s boxed set, "In Celebration."


But Shankar came away from his festival appearances with mixed feelings about his rock generation followers. He expressed hope that his performances might help young people better understand Indian music and philosophy but later said "they weren't ready for it."


"All the young people got interested … but it was so mixed up with superficiality and the fad and the drugs," Shankar told The Times in 1996. "I had to go through several years to make them understand that this is a disciplined music, needing a fresh mind."


When Shankar was criticized in India as a sellout for spreading his music in the West, he responded in the early 1970s by lowering his profile and reaffirming his classical roots. He followed his first concerto for sitar and orchestra in 1971 with another a decade later.


"Our music has gone through so much development," Shankar told The Times in 1997. "But its roots — which have something to do with its feelings, the depth from where you bring out the music when you perform — touch the listeners even without their knowing it."


In the 1980s and '90s, Shankar maintained a busy performing schedule despite heart problems. He recorded "Tana Mana," an unusual synthesis of Indian music, electronics and jazz; oversaw the American premiere of his ballet, "Ghyanshyam: The Broken Branch"; and collaborated with composer Philip Glass on the album "Passages."





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Facebook revises privacy controls in effort to make them more accessible, comprehensible






SAN FRANCISCO – Facebook is trying to make its privacy controls easier to find and understand in an effort to turn the world’s largest social network into a more discreet place.


The fine-tuning announced Wednesday will include several revisions that will start rolling out to Facebook Inc.‘s more than 1 billion users in the next few weeks.






The biggest change will be a new “privacy shortcuts” section that will appear as a tiny lock on the right-hand side at the top of people’s news feeds. This feature offers a drop-down box where users will be able to get answers to common questions such as “Who can see my stuff?”


Other updates will include a tool that will enable individuals to review all the publicly available pictures identifying them on Facebook.


Social Media News Headlines – Yahoo! News


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'Lincoln,' 'Les Mis,' 'Playbook' lead SAG awards


LOS ANGELES (AP) — The Civil War saga "Lincoln," the musical "Les Miserables" and the comic drama "Silver Linings Playbook" boosted their Academy Awards prospects Wednesday with four nominations apiece for the Screen Actors Guild Awards.


All three films were nominated for overall performance by their casts. Also nominated for best ensemble cast were the Iran hostage-crisis thriller "Argo" and the British retiree adventure "The Best Exotic Marigold Hotel."


Directed by Steven Spielberg, "Lincoln" also scored individual nominations for Daniel Day-Lewis in the title role as best actor, Sally Field for supporting actress as Mary Todd Lincoln and Tommy Lee Jones for supporting actor as abolitionist firebrand Thaddeus Stevens.


"Les Miserables," from "The King's Speech" director Tom Hooper, had nominations for Hugh Jackman for best actor as Victor Hugo's long-suffering hero Jean Valjean and Anne Hathaway for supporting actress as a woman fallen into prostitution, plus a nomination for its stunt ensemble.


"Silver Linings Playbook," made by "The Fighter" director David O. Russell, also had lead-acting nominations for Bradley Cooper and Jennifer Lawrence as lost souls who find a second chance at love and Robert De Niro for supporting actor as a football-obsessed dad.


Besides Lawrence, best-actress nominees are Jessica Chastain as a CIA analyst pursuing Osama bin Laden in "Zero Dark Thirty"; Marion Cotillard as a woman who finds romance after tragedy in "Rust and Bone"; Helen Mirren as Alfred Hitchcock's strong-willed wife in "Hitchcock"; and Naomi Watts as a woman caught in the devastation of a tsunami in "The Impossible."


Joining Cooper, Day-Lewis and Jackman in the best-actor field are John Hawkes as a polio victim aiming to lose his virginity in "The Sessions" and Denzel Washington as a boozy airline pilot in "Flight."


SAG nominees are almost all familiar names in Hollywood's awards season. Eighteen of the 20 film acting contenders are past Academy Awards nominees and 13 have won Oscars, among them five two-time winners. Only Cooper and Jackman have never before earned Oscar nominations.


One of the year's most-acclaimed films, Paul Thomas Anderson's "The Master," earned only one nomination, supporting actor for Philip Seymour Hoffman as a mesmerizing cult leader. The film was snubbed on nominations for ensemble, lead actor Joaquin Phoenix and supporting actress Amy Adams.


Other individual performances overlooked by SAG voters include Anthony Hopkins in the title role of "Hitchcock," Keira Knightley in the title role of "Anna Karenina," Bill Murray as Franklin Roosevelt in "Hyde Park on Hudson" and "Argo" director Ben Affleck, who also starred in the film.


The SAG Awards will be presented Jan. 27. The guild nominations are one of Hollywood's first major announcements on the long road to the Feb. 24 Oscars Awards, whose nominations will be released Jan. 10.


Nominations for the Golden Globes, the second-biggest film honors after the Oscars, come out Thursday.


Maggie Smith had four individual and ensemble nominations. Along with sharing the ensemble honor for "Best Exotic Marigold Hotel," Smith joined the cast of "Downton Abbey" among TV ensemble contenders and had nominations for supporting film actress as a cranky retiree in "Marigold Hotel" and TV drama actress for "Downton Abbey."


Nicole Kidman earned two individual nominations, as supporting film actress as a woman smitten with a prison inmate in "The Paperboy" and best actress in a TV movie or miniseries as war correspondent Martha Gellhorn in "Hemingway & Gellhorn."


Bryan Cranston had three overall nominations, as best actor in a TV drama for "Breaking Bad," an ensemble honor for that show and a film ensemble honor for "Argo."


Along with "Breaking Bad" and "Downton Abbey," best TV drama ensemble contenders are "Boardwalk Empire," ''Homeland" and "Mad Men." TV comedy ensemble nominees are "30 Rock," ''The Big Bang Theory," ''Glee," ''Modern Family," ''Nurse Jackie" and "The Office."


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Online:


http://www.sagawards.org


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Fed to spend $45B to sustain bond purchases








The Federal Reserve will spend $45 billion a month to sustain an aggressive drive to keep long-term interest rates low. And it set a goal of keeping a key short-term rate near zero until unemployment drops below 6.5 percent.

The policies are intended to help an economy that the Fed says is growing only modestly with 7.7 percent unemployment in November.

The Fed said in a statement issued Wednesday that it will direct the money into long-term Treasurys to replace an expiring bond-purchase program. The new purchases will expand its investment portfolio, which has reached nearly $3 trillion.

The central bank will continue buying $40 billion a month in mortgage bonds. All told, its monthly bond purchases will remain $85 billion. They are intended to reduce already record-low long-term rates to encourage borrowing and accelerate growth.


Quiz: The year in business
The Fed kept its target for its benchmark short-term interest rate at a record low near zero, where it has been for the last four years. The Fed said Wednesday that it would link any future rate change to lower unemployment, as long as inflation is expected to stay below 2.5 percent.

Before Wednesday, the Fed had said it planned would keep the rate low until at least mid-2015.

The Fed said it can pursue the aggressive stimulus programs because inflation remains below its target.

The statement was issued after the Fed's two-day policy meeting and approved on an 11-1 vote. Jeffrey Lacker, president of Federal Reserve Bank of Richmond, objected for the eighth time this year.

The Fed's final meeting of the year is being held against the backdrop of the looming “fiscal cliff,” the sharp tax increases and spending cuts that will hit the economy in January if Congress and President Barack Obama are unable to reach an agreement this month to avert them.

Bernanke has said that the Fed's efforts will not be able to rescue the economy if the budget negotiations fail and the country does go over the fiscal cliff.

Fears of the cliff have led some U.S. companies to delay expanding, investing and hiring. Manufacturing has slumped. Consumers have cut back on spending. Unemployment remains elevated. If higher taxes and government spending cuts were to last for much of 2013, most experts say the economy would sink into another recession.

The latest bond-buying program would replace an expiring program called Operation Twist. With Twist, the Fed sold $45 billion a month in short-term Treasurys and used the proceeds to buy the same amount in longer-term Treasurys.

Twist didn't expand the Fed's investment portfolio, it just reshuffled the holdings. But the Fed has run out of short-term securities to sell. So to maintain its pace of long-term Treasury purchases and to keep long-term rates low, it must spend more and increase its portfolio.

The Fed's portfolio totals nearly $2.9 trillion — more than three times its size before the 2008 financial crisis.

The Fed has launched three rounds of bond purchases since the financial crisis hit. In announcing a third program in September, the Fed said it would keep buying mortgage bonds until the job market improved substantially.

Skeptics note that rates on mortgages and many other loans are already at or near all-time lows. So any further declines in rates engineered by the Fed might offer little economic benefit.

Inside and outside the Fed, a debate has raged over whether the Fed's actions have helped support the economy over the past four years, whether they will ignite inflation later and whether they should be extended.






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