Thursday morning headlines

Bernanke sounds upbeat: Well, as upbeat as the Fed chairman can ever sound. While mentioning all the usual culprits - housing credit markets, etc. - Bernanke is looking for the economy to rebound later this year and into 2009. "At present, my baseline outlook involves a period of sluggish growth, followed by a somewhat stronger pace of growth starting later this year as the effects of monetary and fiscal stimulus begin to be felt," he said in prepared remarks before the Senate Banking Committee. He also left open the possibility of more interest rate cuts. So far, the markets seem pretty ho-hum about his comments. (NYT)

Probes on health care billing: NY Attorney General Andrew Cuomo wants to know whether health insurers force patients to pay more than they should when using out-of-network doctors and hospitals. And L.A. City Attorney Rocky Delgadillo, never shy about leaping on the train after it's already stopped at the station, is assembling a team of investigators to look into industry practices such as canceling patients' coverage after they get sick. Now I know our side will win. (LAT , NYT)

The inquiry by Mr. Cuomo focuses on a fundamental industry practice: how insurers determine what portion of a doctor or hospital bill they will pay if a patient receives care from a provider not under contract to the insurer. Individuals who use doctors outside the insurer’s networks are generally required to pay a certain percentage, typically 20 percent, of “reasonable and customary” charges — a calculation that is supposed to reflect the prevailing market rate in a given geographic area for a doctor visit or other services. But Mr. Cuomo contends that the industry has consistently underestimated the prevailing market rates, forcing insured patients to pay a greater portion of their own medical bills than their insurance policies are supposed to require.

Valentine's Day gridlock: It's one of the big restaurant nights of the year, so be prepared to wait - and be sure to make reservations. It's long since too late at the usual high-end haunts. Several places are trying to milk the V-Day festivities by offering specials on Friday and Saturday. (LAT)

How bad is the housing slump? The Register's Jonathan Lansner provides this sobering stat on the OC numbers: The median price of an Orange County home has fallen 19.4 percent from the peak of $645,000 in June 2007. That's just seven months. In the early 90s, prices fell 16.4 percent from the peak to the valley. That drop took 55 months.

Ad-fest on Oscar night: The going rate for a 30-second spot is $1.6 million - not quite the levels of the Super Bowl, but close. Advertisers will use the time to introduce various campaigns - J. C. Penney is bringing out a new line of clothing and home goods, and Unilever will begin a contest for Bertolli (Rocco DiSpirito asking viewers to submit videos at a Web site). The Feb. 24 telecast is one of those few opportunities during the year to generate huge audiences. (NYT)

Silverman sells Reveille: The independent TV production company is being bought by London-based Shine Ltd., which is owned by Rupert Murdoch's daughter Elisabeth. Purchase price is $125 million. Silverman, co-chair of NBC Entertainment, was under the gun to sell Reveille because of the obvious conflict-of-interest issues (Reveille is one of NBC's most important programming suppliers). From the LAT:

NBC Universal confirmed that it would keep its conflict-of-interest process in place. It will continue to review all Reveille projects because of Silverman's ties to Murdoch and the possibility that he may someday return to the company. Silverman's contract with NBC expires in the summer of 2009. Silverman is a close friend of Elisabeth Murdoch, the 39-year-old daughter of the News Corp. chairman. Their relationship goes back a decade. Silverman was Elisabeth Murdoch's agent when he worked at the William Morris office in London.

"24" co-creator leaves show: Joel Surnow had already begun to back away from the series, with more of the day-to-day operations assumed by its executive producer and head writer, Howard Gordon. Surnow is known for his conservative credentials, though the WSJ reports that Fox executives had privately expressed frustration with his outspokenness. Ratings have been sliding.

New rules for money managers: They have to provide online brochures describing their services, fees, investment performance and potential conflicts of interest. Seems like the least they can do, considering that some managers are only supplying bare-bones information. SEC Commissioner Paul S. Atkins said this proposal was much better than the one offered in 2000, but questioned whether the level of detail sought by the agency might produce lengthy, “unappealing” brochures. (DJ)