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Old 08-10-2010, 10:24 AM   #1
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Default Intelligent Daily News Thread!

Hey guys, so I know we get the occassional thought provoking news article here but I thought it'd be interesting if I posted a new one about a different topic everyday and had a discussion/debate on it.

I'll post today's shortly.
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Old 08-10-2010, 10:27 AM   #2
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Default Re: Intelligent Daily News Thread!

breaking news! Bieber gets hit by water bottle!

Ok, sorry. Had to do it.
Here are two articles (ones an Op-ed) from the NYT I found interesting the other day
http://www.nytimes.com/2010/08/08/bu...08consume.html
THis one is about how consumers are finding ways to spend less as well as be happier in their lifes doing so.

http://www.nytimes.com/2010/08/09/op...gman.html?_r=1
this is about our incredible lack of investment in infrastructure in this country. Which is funny considering obama has dumped more into roads than any president since Dwight Dees. Still not enough after decades of neglect. not to mention our rail systems.

Last edited by boozehound : 08-10-2010 at 10:30 AM.
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Old 08-10-2010, 10:29 AM   #3
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Default Re: Intelligent Daily News Thread!

anyone hear about that flight attendant?



http://www.cbc.ca/world/story/2010/0...attendant.html






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Old 08-10-2010, 10:30 AM   #4
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Default Re: Intelligent Daily News Thread!

Quote:
Fed Will Meet With Concerns on Deflation Rising WASHINGTON — The Federal Reserve will meet on Tuesday faced with a pivotal decision about whether to abandon its presumption that the economy is gradually picking up steam and begin to consider new steps to keep the recovery from sputtering out.

Related
Bank of Japan Holds Rates Steady (August 11, 2010)
Times Topics: Deflation (Economics) | Federal Reserve SystemA string of developments, including the weak jobs report last Friday, has altered the sentiment within the central bank, leading Fed policy makers to stop worrying for the moment about the increasingly remote prospect of inflation. Instead, they are increasingly focused on the potential for the economy to slip into a deflationary spiral of declining demand, prices and wages.

Economists, including former Fed officials, say the central bank’s interest rate policy committee is likely, at the least, to acknowledge the slowdown in the recovery, and to discuss steps like reinvesting the proceeds from its huge mortgage-bond portfolio, which could help the economy by keeping more money in circulation.

Not since 2003 has the prospect of deflation been taken so seriously at the Fed, and not since the 2008 financial crisis have the markets been looking so closely to it for guidance. With Congress unwilling to embark on substantial new stimulus spending, the Fed has the only tools likely to be employed anytime soon in response to the economic warning signs.

The Fed’s chairman, Ben S. Bernanke, and other officials believe that the Fed, having lowered interest rates all the way to zero in 2008, still has the ability to avoid deflation. But they are also concerned that any new dose of monetary medicine could carry unintended side effects, making it harder to normalize policy in the future.

Complicating matters, a vocal minority of Fed officials is skeptical that deflation — a spiral of falling wages and prices, which Japan’s economy has experienced since the 1990s — is even a worry.

“The outcome of this meeting is more uncertain than in any in at least the last year,” said Laurence H. Meyer, a former Fed governor.

At the Fed’s last meeting, in June, the prospect of deflation was discussed for the first time this year.

Alan Greenspan, the Fed chairman for 18 years until he retired in 2006, said Friday that the economic outlook had darkened. “It strikes me as a pause in the recovery, but a pause in this type of recovery feels like a quasi-recession,” he said.

He added: “At this particular moment, disinflationary pressures are paramount. They will not last indefinitely.”

Mr. Greenspan said there had been “some evidence of a pickup in inflation” until the Greek debt crisis took hold in the spring. But the resulting uncertainty drove down long-term interest rates — the yield on the benchmark 10-year Treasury note fell to 2.82 percent on Friday, the lowest level since April 2009, and barely budged Monday — in a reflection of what Mr. Greenspan called continuing problems in the financial markets.

Mr. Greenspan declined to make recommendations or predictions for Fed policy, but on Wall Street, there is already talk that the Fed could begin a new round of quantitative easing — buying financial assets to hold down long-term interest rates and increase the supply of money.

Jan Hatzius, chief United States economist for Goldman Sachs, predicted on Friday that the Fed would begin a new round of asset purchases — which could include at least $1 trillion worth of Treasury securities — late this year or early next year. He revised down his forecast for the growth of gross domestic product in 2011 to 1.9 percent from 2.4 percent. He also predicted that unemployment would hit 10 percent in the second quarter of next year.

Among the voting members of the central bank’s policy-setting Federal Open Market Committee this year, the presidents of the Fed’s Boston and St. Louis district banks have warned recently about the threat of deflation, while the Kansas City bank president is known for his view that inflation, the Fed’s traditional enemy, remains the greatest threat. But it is Mr. Bernanke who holds the most say over the outcome.

Randall S. Kroszner, a former Fed governor, said the committee was certain to alter its outlook in its statement on Tuesday.

“I think the language will broadly change to acknowledge the moderation in the pace of the recovery,” he said.

Mr. Kroszner said it seemed increasingly likely that the Fed could announce that it would reinvest the cash it receives as the mortgage bonds it holds mature, rather than letting its balance sheet gradually shrink over time.

In March, the Fed completed its purchase of $1.25 trillion in mortgage-backed securities. A decision to reinvest the bond proceeds in other mortgage-related securities, or in Treasuries, would be largely symbolic but carry great weight, as it would signal concern about the economy, and also make clear that an “exit strategy” from easy monetary policy was not imminent.

The Fed might also be poised to discuss two other options: lowering the interest rate it pays on the roughly $1 trillion in reserves that banks are keeping at the Fed in excess of what they are required to, and altering the “extended period” language it has been using to describe how long short-term interest rates will remain at “exceptionally low” levels.

Frederic S. Mishkin, another former Fed governor, said that most recoveries hit speed bumps, and that economic indicators contained considerable statistical “noise.” He said the Fed would be prudent not to overreact.

“It’s not clear the Fed needs to ease at this point,” Mr. Mishkin said. “If the recovery gets back on track they are still going to have to worry about an exit strategy. Quantitative easing is not a trivial matter. The expansion of the balance sheet leads to many complications for the Federal Reserve.”

But Mr. Meyer, the former Fed govenor, said the committee should take into account not just the probability of various outcomes, but the potential damage associated with each of them.

“Because the cost of a slowdown in growth is so dramatic relative to that of higher inflation, they should follow the risk-management strategy that Greenspan espoused during the last deflation scare,” he said.

During that period, in 2002-3, the Fed kept interest rates low, as the economy recovered from the 2001 recession, to guard against deflation. Those fears did not come to pass. But some now say the Fed kept rates too low for too long, feeding the housing bubble.

“It is by no means a slam dunk,” Mr. Meyer said of the Fed’s decision.

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Old 08-10-2010, 10:39 AM   #5
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Default Re: Intelligent Daily News Thread!

I think a simplified version of my solution would be is to revamp the minimal interest rates that the government enacted earlier this decade.

There is some criticism in the article how that contributed to the housing market but I think that is overblown in the relation to the housing collapse. Yes it gave the banks extra money to invest in both CDOs that turned out to be sh*tholes and gave them extra capital to loan to subprime home buyers, but regardless, the subprime mortgage market would've expanded regardless and collapse was inevitable.

Tiny interest rates by the fed in combination with better credit scanning will pump necesasry money into the US economy and prevent deflation. Eventually, this excess pumping of cash will cause some inflation but that is better and a more natural route than deflation anyways.
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Old 08-10-2010, 10:49 AM   #6
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Default Re: Intelligent Daily News Thread!

Quote:
Originally Posted by boozehound
http://www.nytimes.com/2010/08/09/op...gman.html?_r=1
this is about our incredible lack of investment in infrastructure in this country. Which is funny considering obama has dumped more into roads than any president since Dwight Dees. Still not enough after decades of neglect. not to mention our rail systems.

This is my Republican take on points in that article.

Government should relocate some of the money and responsibilities to the state govts. It shouldn't be a national concern to contribute to an overall interstate system. If a state is concerned about better infrastructure, the state should be responsible for it. Of course, government would give them a cut of taxes proportional to cumulative taxes coming from that state. Every state for itself is my basic premise as far as this topic goes.

Some things they need to grow balls on : Cut back AID both domestic and international (as selfish as this sounds, why are many of these people my concern again?), pump money into rising fields such as education, creating jobs and also more magnet programs and specialized programs in schools. Building the economy from the youth is very important in my eyes and is a better allocation of resources. Also, quit trying to cut taxes for f*ck's sake, how is pushing more of the tax responsibility to the rich justifiable at all?
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Old 08-10-2010, 03:59 PM   #7
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Default Re: Intelligent Daily News Thread!

Former U.S. senator Ted Stevens killed in Alaska plane crash, staffer says
Quote:
Former Alaska Sen. Ted Stevens has died in a plane crash near Dillingham, Alaska, and his family has been notified, the senator's former chief of staff, Mitch Rose, confirmed to CNN Tuesday.
The private plane carrying Stevens and a former head of NASA crashed Monday night in a rugged stretch of southern Alaska. The crash left at least five people dead, but at least three people survived, authorities said.
EADS North America said its chief executive officer, Sean O'Keefe, who formerly headed the National Aeronautics and Space Administration, was a passenger on the aircraft.
Maj. Guy Hayes, a spokesman for the Alaska Air National Guard, said rescue crews were working to get at least three injured people away from the scene. He said it's possible there may be more survivors.

House gives needy states $26 billion for Medicaid, teachers
Quote:
NEW YORK (CNNMoney.com) -- Cash-strapped states are one signature away from getting $26 billion in federal funds to shore up their budgets.

The House voted 247-161 Tuesday, with support from the Democrats and overwhelming rejection from the Republicans, to send $16.1 billion in additional Medicaid money and $10 billion to prevent layoffs of teachers and first responders. In an unusual move, representatives returned from their August recess to approve the measure.
http://money.cnn.com/2010/08/10/news...hers/index.htm
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Old 08-10-2010, 04:06 PM   #8
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Default Re: Intelligent Daily News Thread!

Quote:
Originally Posted by boozehound
http://www.nytimes.com/2010/08/09/op...gman.html?_r=1
this is about our incredible lack of investment in infrastructure in this country. Which is funny considering obama has dumped more into roads than any president since Dwight Dees. Still not enough after decades of neglect. not to mention our rail systems.

It still isn't anywhere close to what we need, and it's not really dumping money, it's investing money in our future.

http://www.infrastructurereportcard.org/

According to the American Society of Civil Engineers, we need $2.2 Trillion over the next 5 years to get ourselves back to par.
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Old 08-10-2010, 04:12 PM   #9
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Default Re: Intelligent Daily News Thread!

Quote:
Originally Posted by Black Joker
Former U.S. senator Ted Stevens killed in Alaska plane crash, staffer says


House gives needy states $26 billion for Medicaid, teachers

I'm fine with the money that'll save the jobs. I'm also a fan of the decreased food stamp benefits though it should be provisional - as in if the family can't meet living requirements despite proof of respectable employment, they should get the benefits whereas other families should be severely reduced from it.

However, what I don't like at all is how excess money is taken from large corporations to pay for a lot of this aid. This will cost jobs in those sectors and how is that justified.
I'm completely against the Medicaid provision.. once again take money from the rich and benefit the poor. I would even prefer a more universal healthcare system where the middle class doesn't get shafted AGAIN.
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Old 08-13-2010, 09:32 AM   #10
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Default Re: Intelligent Daily News Thread!

i miss paul volcker
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Old 08-14-2010, 08:10 AM   #11
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Default Re: Intelligent Daily News Thread!

Obama apparently expressed support for the "Ground Zero mosque." Whatever you think about the actual mosque (that's a community center) being built, that's pretty ballsy considering there's absolutely nothing to gain from it and a majority (I've seen everywhere from 54-70% against) are against it. Think liberals who've become disgusted are all of a sudden going to have his back again? No. Can't see this being a positive in the eyes of the true centrists out there. Obviously the right won't enjoy it. Where the hell's he at when there actually IS something to gain? Democrats hate their base, I swear.
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Old 08-14-2010, 10:56 AM   #12
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Default Re: Intelligent Daily News Thread!

Four dead in shooting outside downtown restaurant

Eight people were shot early this morning, four fatally, outside City Grill, a popular Main Street restaurant in the heart of the downtown Buffalo business district.

The shooting spree occurred at around 2:30 a.m., when a private party -- possibly part of a wedding celebration -- was being held inside the restaurant.

Of the dead, two are men and two are women, including Tiffany Wilhite, 32. Four other men were injured, at least one seriously.

"It's just a senseless killing," said Tiffany Wilhite's father, Raymond Wilhite, who returned to the shooting scene around 9 a.m. this morning. "A senseless, random killing. And this kind of thing just has to stop."

At least two people were arrested at the scene early this morning for disorderly conduct, but they are not suspects in the shooting. Police had not charged anyone in the shootings as of this morning, and offered no immediate motive for the violence.

Family members of the victims as well people who fled the party during the mayhem were among those, along with police, at the blood-splattered scene this morning.

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