St. Louis Fed head warns of Japan-style deflation risk

WASHINGTON — In an unusual move, the president of the Federal Reserve Bank of St. Louis released a paper Thursday warning that the Fed's policy of keeping interest rates near zero during the economic crisis may lead to Japanese-like deflation in coming years. [Links] [Related]

Dallas'Wyly brothers charged with illegal trading by SEC

Wealthy Dallas brothers Charles and Sam Wyly were charged by the Securities and Exchange Commission on Thursday with violating federal laws by conducting a massive, 13-year-long fraud. [Links] [Related]

MC-12W turboprop spy planes head to California's Beale AFB

Yuba County's Beale Air Force Base is being put in charge of a fleet of spy planes that will bring at least 550 jobs and help boost the regional economy. [Links] [Related]

TransCanada to take bids for Alaska gas pipeline

The market will speak today and say whether TransCanada Corp. has enough likely customers to justify building a multibillion-dollar natural gas pipeline from Alaska's North Slope to Canada or Valdez. [Links] [Related]

South Carolina's Graham does an about-face on immigration

WASHINGTON — Sen. Lindsey Graham said Thursday that he's talked with other senators about crafting a constitutional amendment that would deny American citizenship to illegal immigrants' children born in the United States. [Links] [Related]