Business & Technology

One night in the late 1960s, Eugene Gagliardi was lying awake in bed trying to figure out how to save his company. He was thinking about the Philly cheesesteak.

Gagliardi ran a family business that sold hamburgers and other meat to restaurant chains in the Philadelphia area. But within the span of a few months, the company had lost several of its biggest customers.

Last year, consumers spent $17 billion on video games. That sounds like a lot, but it was nearly $1.5 billion lower than the previous year. One reason: there haven't been any new game consoles out to excite buyers.

Only Nintendo's Wii U might be on shelves for the holiday season.

The console makers are having a hard time figuring out how to improve on what they've got.

Try asking a gamer like Ryan Block what would entice him to drop a few hundred bucks on a new console.

The Federal Reserve could take more steps to boost the struggling U.S. economy. That's according to minutes released Wednesday of the Federal Open Market Committee's July 31-Aug. 1 meeting.

"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery," the minutes said. [PDF]