Facebook and Google on privacy, Bernanke on interest rates and income inequality

The major stock indices (^DJI, ^GSPC, ^IXIC) are trading flat through the morning half of Monday's session. Mixed economic data may be to blame for the blasé start to June. The PCE index which gauges inflation was flat last month, the manufacturing index rose slightly and consumers saved instead of spent as incomes rose but spending was flat.

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Here are some of the other stories Yahoo Finance is watching today.

Privacy debate
Privacy and government surveillance are in the headlines today as Kentucky Senator and Presidential candidate Rand Paul blocked a provision in the Patriot Act that had allowed the government to collect bulk phone records. Concerns about government access to personal data has intensified with the revelations of former NSA spy Edward Snowden and complaints by tech companies such as Facebook (FB), Twitter (TWTR), Google (GOOGL) and our own parent company Yahoo (YHOO). How are those companies tackling the issues and what does it mean for their futures?

Bernanke defends monetary policy
Former Fed chair Ben Bernanke is defending the monetary policies during his tenure against those who claim they have added to income inequality. Bernanke argues that the interest rate cuts and massive bond-buying called Quantitative Easing have not disadvantaged the poor and middle class relative to the rich.

Fight over "Female Viagra"
Later this week, the Food and Drug Administration will decide whether to approve a drug known as female Viagra. Officials have twice before rejected the treatment made by Sprout Pharmaceuticals, saying the side effects outweigh its modest effectiveness.  Sprout and some women's groups accuse the FDA of gender bias, since it has approved some two dozen drugs for male sexual dysfunction but none for women.

California Drought: Defending backyard pools
A group representing the California pool and spa industry is pushing back against those who claim pools are adding to the state's unrelenting drought. It is running a new campaign claiming a well-maintained pool uses less water per day than an irrigated lawn...and owners should not be singled out for tougher water regulations.

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