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Business Day
Fiat Chief Rolls Dice on Market and Chrysler Merger
Sergio Marchionne of Fiat hopes the open market will set a price for Chrysler shares that will return the U.A.W. trust to the table.
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U.S.
I.R.S. Official Linked to Tea Party Scandal Retires
Lois Lerner, an official at the center of the Internal Revenue Service’s scrutiny of the Tea Party, is retiring, the agency said Monday.
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N.Y. / Region
Hundreds of Storm Evacuees in Hotels Face Evictions
Lawyers for New York City are trying to transition about 350 people uprooted by the storm into shelters, saying FEMA was ending reimbursements for the program.
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Business Day
An Escape From Slavery, Now a Movie, Has Long Intrigued Historians
Solomon Northup told a story of escaping from slavery in 1853, and for decades scholars have been trying to untangle the truth of his account.
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World
Black Market for Water Expands in Delhi
The failure of the Delhi government to provide piped water to more than 4 million residents has created a burgeoning black market for water.
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World
Israel Plans to Ease Gaza Blockade
Israel plans to allow building materials meant for private projects into the Gaza Strip for the first time in six years, an Israeli defense official said Tuesday.
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World
In a Faded Literary Capital, Efforts at a Revival
In a city long famous as a big market for Arabic writers, there is growing worry that the collapse of book culture is a direct mirror of Sudan’s overall decline.
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World
Authorities Say No Radiation Leaked in Russian Sub Fire
Two nuclear reactors were aboard a submarine when it caught fire in Russia’s Far East early Monday, but they had been shut down before the fire started.
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Technology
When Tech Turns Nouns Into Verbs
It started with smartphones that downloaded new operating systems, or became maps or cameras. Now cars, actual cameras, thermostats and computers are changing their look and functionality on a near-constant basis. We’re making a world where all objects change to create the experience of the moment.
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Great Homes and Destinations
A Vacation Hideaway in Portugal's Golden Triangle
For Humberto Sousa, life in the resort area of Vilamoura means there are only two items on his to-do list: choose a beach for the day and select a restaurant for the night.
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Business Day
Atomic Goal: 800 Years of Power From Waste
TerraPower, a start-up led by Bill Gates, is at work on a new kind of reactor that would be fueled by today’s nuclear waste.
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T:Style
Market Report | World-Class Watches for International Travelers
These stylish timepieces for men and women, which can keep track of up to 24 time zones, cater to the world’s most serious journeyers.
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Booming
Advice About Sleep Deficiency in Midlife, Part 1
Orfeu Marcello Buxton, a neuroscientist, addresses questions about “normal sleep” in midlife, sleep apnea and other aspects of sleep deficiency.
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Science
ScienceTake: A Thresher's Deadly Tail
The tail of the thresher shark is not just for show -- it's for hunting.
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Science
ScienceTake: Tiny Bat, Long Tongue
How does Pallas's long-tongued bat collect nectar midflight? By using a long, barb-lined tongue, of course.
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Science
ScienceTake: How a Dragonfly Hunts
Marveling at the efficiency of the dragonfly, a stone-cold killer in the skies.
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Opinion
That Chicken in Your Soup
Lawmakers are right to question the recent Agriculture Department’s decision to allow chicken processed in China to be sold in America.
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Dining & Wine
Panzanella With Chicken and Capers
Toss roasted chicken into this Tuscan tomato salad, and spend an extra few minutes crisping up the skin first.
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Business Day
Wintour’s Reign Extends Beyond Vogue
Anna Wintour has always been a big deal, but her influence within Condé Nast is now on the march in ways that are not just reshaping the magazines but the organization.Fashion is a political "game"
Condé Nast needs to recognize they can and do serve different constituencies.
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Science
ScienceTake: How Dolphins Know Who’s Who
We all know that dolphins are smart animals, but scientists have found that these creatures create their own names and respond when they are called.
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Science
Decoy Protein Boosts Bone Growth
Mice with dwarfism characteristics, caused by a gene mutation, resumed normal bone growth after injection of a decoy protein.
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Opinion
It’s Quinoa’s World. We Just Live in It.
After establishing that quinoa is comfortable, instruct onions, carrots and squash that they are not to disturb quinoa before cooking begins.
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U.S.
Budget Office Warns That Deficits Will Rise Again Because Cuts Are Misdirected
The nonpartisan office says that lawmakers are focused on the wrong kind of spending and that annual deficits will begin rising in 2016 as baby boomers age.The Depressed Economy Is All About Austerity
Right now the official unemployment rate
is 7.3 percent. That’s bad, and many people — myself included — think it
understates the true badness of the situation. On the other hand, there
are some reasonable people (like Bob Gordon) arguing that at this
point, possibly thanks to long-run damage from the Great Recession,
“full employment” is now a number north of 6 percent. So there’s
considerable uncertainty about just how depressed we are relative to
potential.
But we’re clearly still well below potential. And we’ve also had exactly the wrong fiscal policy given that reality plus the zero lower bound on interest rates, with unprecedented austerity. So, how much of our depressed economy can be explained by the bad fiscal policy?
To a first approximation, all of it. By that I mean that to have something that would arguably look like full employment, at this point we wouldn’t need a continuation of actual stimulus; all we’d need is for government spending to have grown normally, instead of shrinking.
Here’s a comparison of two series. One is actual government purchases of goods and services since the Great Recession began (this is at all levels; most of the fall has been state and local, but the Federal government could have prevented that with revenue sharing). The other is what would have happened if those purchases had grown as fast as they did starting in the first quarter of 2001, i.e., in the Bush years.
As you can see, the gap is large and has been growing rapidly; it’s
currently at about 400 billion 2009 dollars, or more than 2 1/2 percent
of GDP. Given reasonable multipliers, this suggests that real GDP is
somewhere between 3 and 3.75 percent lower than it would have been
without the austerity. And given the usual Okun’s Law rule of half a
point of unemployment per point of GDP, this in turn says that without
the austerity we’d have an unemployment rate well under 6 percent, maybe
even under 5.5 percent.
I don’t want to pretend to spurious precision here. Instead, I just want to make the point that given what we know and have learned about macro these past five years — and given the modest recovery that has taken place — we’re now at a point where, to repeat, to a first approximation the depressed state of the economy is entirely due to destructive fiscal policy.
The austerians have a lot to answer for."
But we’re clearly still well below potential. And we’ve also had exactly the wrong fiscal policy given that reality plus the zero lower bound on interest rates, with unprecedented austerity. So, how much of our depressed economy can be explained by the bad fiscal policy?
To a first approximation, all of it. By that I mean that to have something that would arguably look like full employment, at this point we wouldn’t need a continuation of actual stimulus; all we’d need is for government spending to have grown normally, instead of shrinking.
Here’s a comparison of two series. One is actual government purchases of goods and services since the Great Recession began (this is at all levels; most of the fall has been state and local, but the Federal government could have prevented that with revenue sharing). The other is what would have happened if those purchases had grown as fast as they did starting in the first quarter of 2001, i.e., in the Bush years.
I don’t want to pretend to spurious precision here. Instead, I just want to make the point that given what we know and have learned about macro these past five years — and given the modest recovery that has taken place — we’re now at a point where, to repeat, to a first approximation the depressed state of the economy is entirely due to destructive fiscal policy.
The austerians have a lot to answer for."
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Science
Research May Point to Treatment for Cold Sores
Insight about a mutated gene in people who got cold sores suggests a possible research route for both cold sores and other infections caused by herpes simplex virus type 1.
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Opinion
That Chicken in Your Soup
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Business Day
A Tool Kit for Future Euro Crises
Member countries, and the European Central Bank, need to be able to use policy to prevent future bubbles and to build up surpluses during good times and allow deficits during bad times.
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N.Y. / Region
3 Queens E.M.T.’s Are Held in Theft
Three board members of the Corona Community Volunteer Ambulance Corps were accused of stealing more than $325,000 from the Queens squad.
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