1
U.S.
Farm Subsidies Leading to More Water Use
From Wyoming to the Texas Panhandle and the Midwest, water tables have fallen.
2
Business Day
Bill Would Sweeten Loans for Energy-Efficient Homes
Under a Senate proposal, a home’s projected energy savings could qualify buyers for larger mortgages and lower interest rates than they might otherwise receive.
3
World
Detention of Critic of Child Abuse Draws Ire in China
Ye Haiyan, a campaigner for women, children and sex workers, recently protested sex attacks on children, and then was herself reportedly attacked at home. Her subsequent sentence to 13 days detention has drawn widespread attention in China.
4
Business Day
Down So Long, It Looks Like Up to the Euro Zone
After nearly six years of crisis, the bar for good economic news has sunk so low that any sign of deceleration in the tailspin has become cause for celebration.Greek Regrets
The IMF has released a fairly remarkable piece of self-criticism
(pdf) over policy in Greece. On a first read, the report seems to
suggest two main failings on the IMF’s part: it failed to acknowledge
early on that Greece simply could not repay its debt in full, and it
vastly underestimated the economic damage austerity would inflict.
Both errors were, if I may say so, obvious at the time. The troika plan was clearly not realistic — and just about all of us on the Keynesian side were warning, loudly, that multipliers estimated from normal periods with offsetting monetary policy were grossly misleading for fiscal policy under current conditions. All one can say is that the IMF was better than the rest of the troika, with the ECB in particular actually buying in to the fantasy of expansionary austerity.
What could/should have been done differently? The report more or less acknowledges that the pain would have been less with some major debt forgiveness upfront, but dismisses the notion of a more gradual adjustment on the grounds that the financing wouldn’t have been available. But look: if we’re willing to imagine a world in which the troika was willing to admit in 2010 that major debt forgiveness was necessary, why not also imagine that in this world the ECB was willing from the start to backstop sovereign debt the way it finally began to do years later? I think it’s possible to envisage a Greek program that began with a big debt writedown, traded off nasty but not crippling austerity for substantial bridge loans from the ECB, and in which Greece returned to the private market in 2012 or so.
OK, it wasn’t going to happen politically, and maybe even if it did the price would have been socially disastrous. But in that case you have to wonder whether it was worth trying to keep Greece in the euro at all. “Grexit” would have been ugly, and will still be ugly if it eventually happens.
But compared with what has actually taken place?"
Both errors were, if I may say so, obvious at the time. The troika plan was clearly not realistic — and just about all of us on the Keynesian side were warning, loudly, that multipliers estimated from normal periods with offsetting monetary policy were grossly misleading for fiscal policy under current conditions. All one can say is that the IMF was better than the rest of the troika, with the ECB in particular actually buying in to the fantasy of expansionary austerity.
What could/should have been done differently? The report more or less acknowledges that the pain would have been less with some major debt forgiveness upfront, but dismisses the notion of a more gradual adjustment on the grounds that the financing wouldn’t have been available. But look: if we’re willing to imagine a world in which the troika was willing to admit in 2010 that major debt forgiveness was necessary, why not also imagine that in this world the ECB was willing from the start to backstop sovereign debt the way it finally began to do years later? I think it’s possible to envisage a Greek program that began with a big debt writedown, traded off nasty but not crippling austerity for substantial bridge loans from the ECB, and in which Greece returned to the private market in 2012 or so.
OK, it wasn’t going to happen politically, and maybe even if it did the price would have been socially disastrous. But in that case you have to wonder whether it was worth trying to keep Greece in the euro at all. “Grexit” would have been ugly, and will still be ugly if it eventually happens.
But compared with what has actually taken place?"
5
Business Day
Hepatitis Warning Leads to Recall of Frozen Berries
Townsend Farms of Oregon said a frozen berry blend sold in Costco and Harris Teeter stores had been linked to a seven-state outbreak.
6
Business Day
Art Imitates I.R.S., or Vice Versa
Another Internal Revenue Service training video has surfaced, this one a thinly veiled parody of the hit television show “Mad Men.”
7
U.S.
I.R.S. Targeting of Conservatives Wrong, Most Say in Poll
Americans were divided over whether blame for the scrutiny of conservative groups should extend to the Obama administration, according to the latest New York Times/CBS News poll.
8
U.S.
Same-Sex Marriage Is Seen in Poll as an Issue for the States
The latest New York Times/CBS News poll comes as the Supreme Court prepares to issue decisions on two high-profile gay marriage cases.
9
N.Y. / Region
Hotel Blames an Explosion, Not Flooding, for Its Losses
A lawsuit against Consolidated Edison by the Trump SoHo Hotel claims it lost business during Hurricane Sandy because of the utility company’s negligence.
10
Technology
Europe Continues Wrestling With Online Privacy Rules
European justice ministers agreed Thursday to a business-friendly proposal, an early signal that lobbying efforts from the technology industry are gaining some traction.
11
Health
Splish, Splash and Pedal Harder
Aqua cycling, a spinning workout done in a pool, is popular in Europe and has now come to New York.
12
Health
Panel Says Better Data Is Needed on Gun Issues
Public health researchers have long said that their work on gun violence has been complicated by a lack of data.
13
Business Day
U.S. to Lease Federal Waters for Commercial Offshore Wind Energy
The sale will offer 164,750 acres of federal waters off Rhode Island and Massachusetts, an area that could produce enough energy to power more than one million homes.
14
Opinion
Jackie Chan Presses Case for Rhino Conservation
Jackie Chan teams up with a rhinoceros to blunt Asian demand for the rare mammal’s horn.
15
World
In Flooded Europe, Familiar Feelings and New Questions
In the eyes of many along the Elbe and the Danube, it is not too early to raise questions about why the region was hit again so soon after record flooding in 2002.
16
Business Day
More Dissent Is Expected Over a Wal-Mart Scandal
With Friday’s shareholders meeting looming, several groups are opposing certain directors or asking for disclosure of any disciplinary action over the Mexican bribery case.
17
U.S.
With New Legal Challenge, Gay Marriage Debate in New Mexico Heats Up
The state attorney general urged county clerks to use caution in issuing licenses on a day that a new lawsuit was filed by a Santa Fe couple.
18
Business Day
New York Post Faces Suit Over Boston Bomb Article
Two men say photographs and an article that made them look as if they were suspected in the Boston Marathon bombings inflicted emotional distress.
19
Arts
In DNA Ruling, a Cruel Blow to Scriptwriters
What’s a police-procedural writer to do when DNA testing is no longer a dicey issue?
20
N.Y. / Region
On the Subway, Dioramas of Manhattan Life
Metropolitan Diary: Different scenes witnessed by a rider moving forward from car to car as the subway headed toward South Ferry.
1
Opinion
The End Comes for a Troubled California Nuclear Plant
Is the closure of a troubled nuclear power plant in California an anomaly or a sign of more to come?
3
N.Y. / Region
Hotel Blames an Explosion, Not Flooding, for Its Losses
5
6
8
Business Day
Art Imitates I.R.S., or Vice Versa
9
Business Day
The Sequester Starts to Show
In the last three months, the federal work force has shrunk by about 45,000 positions, including 14,000 in May alone.
11
Style
10 Things Day Camps Wish Parents Knew
You may think you and your child are ready for summer day camp, but there are a few things camps hope you’ll remember as you send her out the door.
12
Business Day
New York Post Faces Suit Over Boston Bomb Article
14
N.Y. / Region
On the Subway, Dioramas of Manhattan Life
16
Health
Think Like a Doctor: A Cough That Won't Quit
Can you figure out what is wrong with a previously healthy 75-year-old woman who suddenly develops a cough that persists and worsens over the course of several months?
18
Real Estate
Close to Its Home, Walgreen Tests Energy-Saving Ideas
The store in Evanston, Ill., will test several technologies, and is meant to produce more energy than it consumes.
19
Business Day
Want Investors? Skip the Glossy Sales Pitches
Adi Tatarko is chief executive of Houzz, an architecture and interior design Web site.
20
U.S.
As Wars End, a Rush to Grab Dollars Spent on the Border
With the ending of two wars, major military contractors are competing for billions of dollars in contracts to secure the border with Mexico if an immigration bill passes.
2
4
Business Day
The Sequester Starts to Show
7
Business Day
New York Post Faces Suit Over Boston Bomb Article
9
N.Y. / Region
On the Subway, Dioramas of Manhattan Life
11
N.Y. / Region
Connecticut Legislature Approves Budget
12
14
16
U.S.
Bob Fletcher Dies at 101; Helped Japanese-Americans
Mr. Fletcher was thought of as an unsung hero for his efforts during World War II in California to manage the farms of Japanese families forced to live in internment camps.
17
Sports
No Easy Cure for Indian Cricket
The miasma of corruption claims hanging over the Board of Control for Cricket in India, by far the most powerful body in the game, is not going away any time soon.
18
Science
Growing Left, Growing Right
Our bodies start out symmetrical, but then things start moving. How this happens (and how it can go wrong) is a rich field of study.
19
Business Day
Publishers Tell of Disputes With Apple on E-Book Prices
The Justice Department has claimed that the publishers used Apple as a conduit to communicate with each other; Apple lawyers have sought to portray the conversations as normal business proceedings.
20
No comments:
Post a Comment