Money Minute: Beef Prices Break the Bank; Vanguard Rakes In the Dough

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The price of beef is near record highs, and it's likely to go still higher.

Food and Farm Local Beef
Jessica Hill/AP
While most food prices have increased only modestly, beef prices have soared 26 percent over the past five years. The main reason for the latest round of beefier prices is the severe drought in Texas and other key areas that has trimmed cattle supplies. And as prices go up, American consumption of beef continues to decline.

The Vanguard Group took in more than one of every $4 invested in mutual funds last year. In all, investors poured $117 billion into Vanguard funds and ETFs. Vanguard is best-known for its index funds and its low costs. One of the big losers in the fund war was Pimco, the bond fund run by the well-known strategist Bill Gross. Investors pulled a record $41 billion, as Treasury bond prices slumped.

Here on Wall Street last week, the Dow Jones industrial average (^DJI) edged slightly lower, while the Nasdaq composite (^IXIC) and the Standard & Poor's 500 index (^GPSC) fell about half a percent. Most of the damage came on Thursday, as the new year got off to a weak start.

Members of the largest union at Boeing (BA) narrowly approved a new eight-year contract, assuring that production of the new 777X jet won't be moved out of Washington state. The vote Friday means as many as 10,000 jobs will stay in the state, and stay within the machinists union. The pact includes some significant concessions by the workers on the company-sponsored pension plan. Boeing had received incentive offers from 22 other states to move production of new aircraft.

And the Philadelphia Inquirer, one of the oldest daily papers in the country, may go on the auction block. The group of owners that rescued the company from bankruptcy 2010 have been bickering over the management of the paper. One of the groups warns that there's a "real risk of another bankruptcy."

-Produced by Drew Trachtenberg.


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cpenrod

I miss having a government that really did care about the people and the future of our nation. And I detest the communist pukes in office today, Bring on a Second American Revolution. I\'d rather go down fighting than laying down.

January 06 2014 at 5:02 PM Report abuse +1 rate up rate down Reply
HK1962Purple03

Well I'm sorry... because it seems Beef is getting so exspencive people wont be able too buy it, So what going too happen it's going too Rot, And then it will just become waist, So then the price will go down people, I know it's hard too do because trust me I love my beef to. but if we boycot the beef trust me it will come down.

January 06 2014 at 3:59 PM Report abuse rate up rate down Reply
Mike

I\'ve pulled back a lot from beef consumption, more for health reasons than anything else. Still like a good steak but it is a treat when it happens. More corn in gas tanks, right?

January 06 2014 at 3:45 PM Report abuse rate up rate down Reply
morphiss7

I dont even eat beef anymore !!!!! Eating chicken and turkey ! Lost weight and feel much better !
No more beef for me.

January 06 2014 at 2:16 PM Report abuse rate up rate down Reply
alfredschrader

You can't get bacon from beef cattle. No beef ? Some nice BBQ baby-back spare ribs, baked potato, corn on the cob - I can live with that.

January 06 2014 at 12:35 PM Report abuse +3 rate up rate down Reply
unitedpaintings

The Loonie Lib's love high prices.

January 06 2014 at 11:49 AM Report abuse +6 rate up rate down Reply
1 reply to unitedpaintings's comment
HK1962Purple03

Yeah because they can afford it. this is getting crazy, Chicken use to be the cheapest meat too buy now foreget it, the price of fish too....What are my little nicese and nephews going too do, What are the meat prices going too be when they grow up.

January 06 2014 at 4:06 PM Report abuse rate up rate down Reply
Tom Harrell

I\'ll bet ya Congress isn\'t having any problems geting Filet Mignon for their Martini Lunches or Milk for their Kids

January 06 2014 at 11:19 AM Report abuse +5 rate up rate down Reply
joematej

Here is an idea. Let\'s allow the big oil and gas companies to do as they please with our land and the water under our land. That way the water will be useless and we will not be able to raise cattle for milk or meat. Then we can use all the corn that grows for fuel. It may even be better for fuel use because it will have the oil and gas already in it from the polluted water we will be forced to irrigate it with. We can all just buy bottled water to drink because we all know that stuff is man made and comes in plastic bottles

January 06 2014 at 10:53 AM Report abuse +1 rate up rate down Reply
whscms

Always a drought of brains in the TP states

January 06 2014 at 10:41 AM Report abuse rate up rate down Reply
pdbliz

IT IS TIME THE SCARED REPUBLICANS ,,,SAY ,,,,,,NO.......
They will get blamed anyway,,,so,,stand up for your fellow voters...
Make the Democrates Cry.!!!!!!
It is now time to make it,,or,,,break it,,,,,,,,,,I see a new line of voters coming soon...
If you old republicans do not stand up,,,,you will be out of the game.!!!!
And,,you old Democrates,,wake up to how the democrate party is making a fool out of you too.!!!

January 06 2014 at 9:58 AM Report abuse +1 rate up rate down Reply