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AP's Top 10 Business Stories of 2013

Wall Street
AP Business Writers Michael Liedtke in San Francisco and Ken Sweet and Joyce M. Rosenberg in New York contributed to this report.

It was an easy year to emulate Warren Buffett even as Congress almost wrecked the economy.

U.S. stocks rocketed to new heights, and markets in Japan and Europe jumped, too. The gains enriched investors and defied a still-subpar economic rebound from the Great Recession.

Budget fights closed much of the U.S. government for 16 days. Leaked classified documents showed that the National Security Agency collected private online communications via Internet companies. The disastrous rollout of President Barack Obama's health care law confirmed fears of a bureaucratic train wreck.

Central banks embarked on a shopping spree. JPMorgan Chase paid a record $13 billion for its role in the housing bust. General Motors flashed signs of its old horsepower. A colossal merger for American Airlines and US Airways took flight. Twitter's IPO recalled the dizzy dot.com era. And the heartbreaking deaths of 1,100 garment workers in Bangladesh showed that some overseas factories serving U.S. companies remain unsafe.

The stock market boom was chosen as the top business story of 2013 by business editors at The Associated Press. Washington's gridlock and dysfunction came in second, followed by revelations involving the NSA.

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aledenican December 29 2013 at 3:02 PM

The stock market surge is because the administration won't let anybody invest in safe, deposit insured vehicles. ('The Fed.' controls interest rates). There is NO interest to be earned. So, individuals only have 'the market' to gamble in with their investments.
But, don't forget, you only actually made any money in the 'the market' when you actually sell your appreciated asset to someone else and have his money. Until then, it only looks like you have something.

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aledenican December 29 2013 at 2:44 PM

I have a completely diferent take on the congress (mostly Republicans) vesus the administration. Congress gave the president the option of 'shutting down the government' or delaying the ACA. The president opted for 'shutting down the government'. They planned it all along. Had all the signs made and everything.

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bitcoinaffiliates December 29 2013 at 11:28 AM

I vote for decentralization!

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Joe Marino December 29 2013 at 11:24 AM

Congress continues to display its ineptitude and inability to contribute to the recovery of the country.

Unemployment should not be extended, but a work program for those dropped from the unemployment roles with the government funding these programs. the cost could be offset by revenues received from the entities benefiting from these programs. For example, highway clean ups can be funded by the states receiving the benefits from this benefit.

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bitcoinaffiliates December 29 2013 at 11:51 AM

Love the work program thought. However, the offset is a real additional cost that must be paid...the states don't have the addition funds unless they furlough the workers presently doing said task.
I say extend the program but to qualify for the benefits you have to volunteer for 20 hours a week to a charity of your choice! Lets see who really needs the benefits and happily extend them! Enforcement, i.e. verification can be conducted by the same pool of labor. While there would be additional cost to such a scheme I believe the overall cost would drop substantially !

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bitcoinaffiliates December 29 2013 at 11:53 AM

In fact let get rid of welfare and lets call it workfare!!!!

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hhfisher1 December 29 2013 at 11:13 AM

And we just watch the new bubble growing. The rich make a killing. Stocks great while people unemployed and will soon go without unemployment compensation. The housing bubble is also building again with foreclosed homes going cheap and new construciton illusionary while people are forced to double up in what housing their family groups can find. And those that get it all are subsidized by lower taxes on the theory their wealth helps the gross national product when in fact they drain from it to get their wealth. Cooperative economics is the only solution if we don't want to end up iwht National Socialism like in Hitler's Germany. We got all the ingredients for it. Study the frustratons of the German people under the Wiemar Republic. Herb Fishere

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kwt49 December 29 2013 at 11:01 AM

Isn't greed still the #1 biz story?

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autorizedhwy December 29 2013 at 10:38 AM

Let's wake up to facts no one in their right mind wanted to pick up after former president Bush.I lived in ny and with 3 years left in bushes term people of ny were loosing jobs jumping off bridges cuz no jobs no money to live.press obma is not the one to blame how can one man be the blame in a big government with everyone head up each others ass it's a soap opera .look at the rest of the old folks that should leave polossie banner all a waste of time and money. Work together stop wasting money on bull **** that's not working. So many ways to make Money. And all act so stupid n keep the bull **** going just to keep their jobs. We need a younger government that wants to work together n get the old folks out along with the soap opera n bull and run a nation the way it should be run with pride

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pbjclv December 29 2013 at 10:33 AM

The average workers wage has increased by about 7% while the average ceo's compensation has gone up about 3000%. I wonder if those poor guys have to worry about the cost of insurance?

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wild64u December 29 2013 at 10:00 AM

To me the big falicy is that the republicans support the rich while somehow the Dems are for the little guy. They both cater to the rich and just try to buy votes. If either party was serious about doing whats right they would reign in big businesses influence, level the playing field for small business. Quit buying votes and work to make this a country of inovation, integrity and hard working people once again.

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fisherman695 December 29 2013 at 9:50 AM

Make people on unemployment get jobs even if they are low paying and the government can make up the difference, instead of paying for them to do nothing with no time limit. Vote Rep/Dem/ officials out of office until we get one who works for the average worker. You can't keep giving away free and expect people to want to work for the same thing they are getting for nothing but being alive in the USA.. Stock market is on a big bubble, the government is putting 85 Billion a month in to support market, when that quits guess whatbend over and kiss your funds goodbye for another 5 years. We need Help

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