Wireless telephone giant AT&T, in a bold attempt to reshape the wireless market, unveiled a mega deal over the weekend to acquire rival T-Mobile USA for $39 billion, marking the largest transaction of the year.

In a clear indication of the times, economists predict that the odious tide of inflation will continue to ravage the U.S. economy, as the price of groceries and gasoline continues to soar.

As inflation continues to rear its ugly head, one of the most pressing and ominous side effects of the country’s inflationary spiral is the rapid and sustained increase in gas prices.

Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was starting to collapse. The Securities and Exchange Commission brought forth the civil action against Citigroup, claiming that investors who bought into the deal (which involved, essentially, stuffing portfolios with risky mortgage — related investments, selling it to unsuspecting customers, and then betting against those investments) had been defrauded. The transaction involved a one-billion dollar portfolio of mortgage-related investments, many of which were handpicked for the portfolio by Citigroup without telling investors of its role or that it had made bets that the investments would fall in value. The SEC says that as investors lost millions, Citigroup made $160 million in fees and profits.

Republican presidential hopeful Herman Cain’s popularity in numerous polls is increasing daily, and while the former CEO of Godfather’s Pizza may portray himself as a principled conservative, an analysis of his campaign positions, especially his most controversial flat tax proposal, reveals serious concerns with Cain’s commitment to fiscal conservatism.

In response to AT&T’s proposed acquisition of mobile carrier T-Mobile for $39 billion, the Department of Justice (DOJ) announced it would be bringing suit against AT&T on the grounds the wireless giant is in violation of federal antitrust laws.

One of the most important, but widely unknown bills currently proposed in Congress is legislation that would end American participation in the North American Free Trade Agreement (NAFTA). The bill, H.R. 4759, calls for America’s withdrawal from the free trade agreement, and is sponsored by several Democrats and a small cadre of Republicans, including Rep. Ron Paul (R-Texas) and Rep. Walter B. Jones (R- N.C.).

In stealth succession on Wednesday evening, both the House and Senate approved three so-called free trade agreements with South Korea, Panama, and Colombia. The Obama administration claims that the three pacts will boost exports by $13 billion and result in the creation of tens of thousands of American jobs.

The House Homeland Security Committee Wednesday conducted its second hearing on Islamic radicalization in the United States. Under the leadership of Rep. Peter King (R-N.Y., left), the committee hearing focused specifically on processes of radical Islamic proselytizing in the American prison system.

King stressed that there “is no doubt” that fanatical Islamists are trying to radicalize U.S. prison inmates. And he castigated the “vacuous morons” at the New York Times and elsewhere who contend that his hearings are politically incorrect. King made the comments on MSNBC’s Morning Joe Thursday, the day after he convened the second in a set of hearings into the radical Islamist threat in the United States.

The Federal Communications Commission (FCC) announced Wednesday that they are abandoning the so-called Fairness Doctrine, an FCC policy introduced in 1949 which requires the holders of broadcast licenses to both present controversial issues of public importance and to do so in a manner that was, in the Commission's view, honest, equitable and balanced. Congress backed the policy in 1954, and by the 1970s the FCC called the doctrine the "single most important requirement of operation in the public interest — the sine qua non for grant of a renewal of license."