1
N.Y. / Region
Newtown Shows It’s Moving Forward, in Step
The Connecticut town where 20 children and 6 adults were massacred did its best to be respectful of the tragedy while grasping for normalcy at its Labor Day parade.
2
Business Day
A Bet on the Environment
The company Mosaic functions as an online renewable energy bank, soliciting investments for solar projects and making loans for them.
3
U.S.
Big Dreams, but Little Consensus, for a New Detroit
Detroit’s bankruptcy gives an American city a rare chance to reinvent itself from top to bottom, but questions about how it should proceed loom as large as the answers.
4
World
Silver Lining in China’s Smog as It Puts Focus on Emissions
A plan would swiftly limit the carbon dioxide China produces from fossil fuels, which constitute over a quarter of the world’s total such emissions.
5
World
In Thailand, Rubber Price Plunge Has Political Cost
After falling rubber prices drove many rubber farmers in south Thailand into debt, hundreds of them protested in a clash that has helped embolden political opposition.
6
N.Y. / Region
The Mayoral Candidates on Transportation
The New York Times asked the leading candidates in contested mayoral primaries three questions about transportation. The description of their positions is drawn from their responses and previous statements.
7
Movies
In Mountain Air, Foresight (Maybe)
At the Telluride Film Festival in Colorado, previews of films to come.
9
Business Day
As Summers’s Odds Rise, Stimulus Easing Is Seen
Anticipation that Lawrence H. Summers will be President Obama’s choice to lead the Federal Reserve Board has some investors speculating about a faster withdrawal of stimulus.Summers the Shiftless
A few months ago Christy Romer gave an excellent talk on the prospects for monetary policy in a liquidity trap, titled It Takes A Regime Shift
(pdf). As many of us have noted, the central bank has very little
direct traction when safe short-term rates are at the zero lower bound;
maybe it can achieve something by buying lots of unconventional assets
(“quantitative easing”), but its main hope of achieving anything is
through “expectations management” — convincing both financial markets
and players in the real economy that it will hold off much longer on
tightening once the economy improves than they currently expect, which
will lead to higher expected inflation and demand, and hence higher
spending now.
However, engineering such a change in expectations — what I long ago dubbed a credible promise to be irresponsible — is hard. How do you convince people that the central bank won’t just revert to type, always eager to snatch away the punchbowl, at the first signs of economic improvement?
Romer’s answer is that it takes a “regime shift” — a set of actions that reflect a clear break with the past. FDR achieved such a regime shift in the 1930s by going off the gold standard, and in general by bringing in a, well, New Deal. Shinzo Abe may (the returns aren’t in yet) be achieving something similar simply by talking and acting in such a seemingly un-Japanese way; I suspect that Abenomics is working better than one might have expected precisely because Abe seemed to be such an ordinary Japanese machine politician, until he started moving on economic policy.
This, I think, is the way to read today’s report by Binyamin Applebaum on how the rising odds of a Summers appointment to the Fed is already having a chilling effect on the economy. A Yellen appointment would clearly have represented something new at the Fed — not just because she is, as Garrison Keillor used to say, a person of gender, but also because she has been a strong and consistent monetary dove, and took that position before it was fashionable.
Summers, on the other hand, while he often expresses unconventional views when not in office, has a strong tendency to revert to conventionality when in office. And leaving Summers the person on one side, just think of the historical connections: can you imagine a stronger signal that the same old regime is staying in place than choosing a Robert Rubin protege at this late date?
So the apparent decision to appoint Summers is a strong anti-regime-shift signal on Obama’s part.
Now, we can hope that if Summers actually does get the job, he’ll realize the problem — and realize that he needs to pull his own version of what Abe has pulled off in Japan, saying and doing things that shock people into realizing that he isn’t going to be the conventional-wisdom guy they expected. And this is, in fact, my advice to Summers if he is the guy: don’t spend your first few months being mild-mannered and winning friends. What this economy needs is a monetary shock — and if you don’t do it right away, you probably won’t get a second chance."
However, engineering such a change in expectations — what I long ago dubbed a credible promise to be irresponsible — is hard. How do you convince people that the central bank won’t just revert to type, always eager to snatch away the punchbowl, at the first signs of economic improvement?
Romer’s answer is that it takes a “regime shift” — a set of actions that reflect a clear break with the past. FDR achieved such a regime shift in the 1930s by going off the gold standard, and in general by bringing in a, well, New Deal. Shinzo Abe may (the returns aren’t in yet) be achieving something similar simply by talking and acting in such a seemingly un-Japanese way; I suspect that Abenomics is working better than one might have expected precisely because Abe seemed to be such an ordinary Japanese machine politician, until he started moving on economic policy.
This, I think, is the way to read today’s report by Binyamin Applebaum on how the rising odds of a Summers appointment to the Fed is already having a chilling effect on the economy. A Yellen appointment would clearly have represented something new at the Fed — not just because she is, as Garrison Keillor used to say, a person of gender, but also because she has been a strong and consistent monetary dove, and took that position before it was fashionable.
Summers, on the other hand, while he often expresses unconventional views when not in office, has a strong tendency to revert to conventionality when in office. And leaving Summers the person on one side, just think of the historical connections: can you imagine a stronger signal that the same old regime is staying in place than choosing a Robert Rubin protege at this late date?
So the apparent decision to appoint Summers is a strong anti-regime-shift signal on Obama’s part.
Now, we can hope that if Summers actually does get the job, he’ll realize the problem — and realize that he needs to pull his own version of what Abe has pulled off in Japan, saying and doing things that shock people into realizing that he isn’t going to be the conventional-wisdom guy they expected. And this is, in fact, my advice to Summers if he is the guy: don’t spend your first few months being mild-mannered and winning friends. What this economy needs is a monetary shock — and if you don’t do it right away, you probably won’t get a second chance."
10
N.Y. / Region
The Mayoral Candidates on the Police
The New York Times asked the leading candidates in contested mayoral primaries three questions about crime. The description of their positions is drawn from their responses and previous statements.
11
Sports
Before Attempting to Top Opponents, U.S. Open Players Must Beat Traffic
Most of the 543 players at the Open stay in Midtown Manhattan, and come to realize that the 10-mile commute to Queens from their hotel is anything but simple or quick.
12
Science
A Quest for Even Safer Drinking Water
Researchers are mapping the microscopic fauna in our underground water systems, to better understand how some organisms eke out a living in dark, cool pipes loaded with chlorine.
13
Business Day
At This Club’s Velvet Rope, the T.S.A.
A number of independent airport lounges have sprouted up at international concourses to offer services to travelers who aren’t frequent fliers.
14
N.Y. / Region
Quinn to File Court Papers Supporting a Police Monitor
The announcement by Christine C. Quinn, in response to a judge’s ruling on the department’s stop-and-frisk policy, drew criticism from one of her mayoral rivals.
15
World
President Gains McCain’s Backing on Syria Attack
The White House pushed forward for Congressional approval of an attack on Syria as President Obama got qualified support from a hawkish Republican critic, Senator John McCain.
16
Sports
Sharks Absent, Swimmer, 64, Strokes From Cuba to Florida
The endurance swimmer Diana Nyad, 64, on Monday became the first person to swim the 110 miles from Cuba to Key West, Fla., without a shark cage.
17
World
On Obama’s Plan, a Message Emerges in Israel: Stay Quiet
After President Obama said he would delay a military strike against Syria, Prime Minister Benjamin Netanyahu’s government has characterized the situation as delicate.
18
Technology
Disruptions: More Connected, Yet More Alone
A YouTube video about pervasive smartphone use may have landed at a moment when people start questioning if something has gone too far and start doing something about it.Local needs must get done.
Pictures can take over the mind.
19
World
Russia Issues Travel Warning to Its Citizens About United States and Extradition
The Foreign Ministry warned citizens wanted by the United States not to visit nations that have an extradition treaty with it, citing recent arrests.
20
Opinion
Explaining Twerking to Your Parents
A positive twerking dialogue with your parents will prepare them for future conversations concerning other topics they’ve heard about but don’t understand.
2
#7 train to Flushing Meadows Park.
It sounds better than the valley of ashes.
3
Technology
For BlackBerry, Bad News in the Microsoft-Nokia Marriage
Now that Microsoft has thrown its financial muscle behind Nokia, BlackBerry is left to find another suitor.
5
6
Style
Fertility Diary: Finding a Doctor Who 'Gets' Me
I know having a baby is all that should matter, but when you are opening yourself up — literally and emotionally — to an ob/gyn weekly, shouldn’t you be able to have a connection?
7
8
9
10
World
Drone Strike Is Said to Kill 4 Militants in Pakistan
The strike, believed to have been carried out by the United States, took aim at a hub of militancy along the Afghan-Pakistani border.
11
Health
Dress Up Your Salad With Grains
When a grain is not the main ingredient in a salad you appreciate it for its texture and for the nutty flavor it contributes to the dish.
12
Sports
Manziel Must Sit Out First Half of Opener for ‘Inadvertent Violation’
Texas A&M quarterback Johnny Manziel was suspended for the first half of Saturday’s game against Rice, but the N.C.A.A. said there was no evidence he had received money in exchange for autographs.
13
N.Y. / Region
Legislator Who Informed on Others Admits Lying to Authorities
Nelson L. Castro pleaded guilty on Tuesday to one count of making false statements after denying that he had given an interview on YouTube about his informer activities.
14
Health
Building a Better Mass-Market Tomato
Plant geneticists say a project to develop tastier mass-produced tomatoes is just one step in pushing Americans toward more healthy eating.
15
U.S.
Obama Honors Soldier for Bravery Under Fire, and Afterward
Back in the United States after losing too many comrades in Afghanistan, Staff Sgt. Ty Michael Carter has become a symbol of the courage not only to face the enemy, but to face what comes next.
16
Business Day
Budget Breakdown Keeps Federal Agencies Guessing
The combination of cuts and a breakdown in the budgeting process leaves offices reluctant to hire or to commit to big projects.
17
World
The Vatican: Pope Sends New Year’s Greetings to Jews
Pope Francis on Monday wished Jews worldwide a “sweet and peaceful” Rosh Hashana, which is the Jewish New Year, citing “important decisions lying ahead.”
20
1
3
U.S.
Judge Is Asked by Creditors of Archdiocese to Leave Case
Plaintiffs in a Milwaukee Archdiocese bankruptcy case see a conflict of interest where the defense sees an effort at judge shopping.
4
World
Errors Cast Doubt on Japan’s Cleanup of Nuclear Accident Site
Analysts are questioning whether Japan’s government and the operator of the stricken Fukushima Daiichi nuclear plant have the expertise and ability to manage the crisis.
5
Business Day
News Corp. Sells a Group of Small Local Publications
The deal sends 33 local newspapers and magazines to the Fortress Investment Group, a private equity firm.
6
U.S.
65 Years Later, a Memorial Gives Names to Crash Victims
Twenty-eight Mexican victims of a plane crash in 1948 were memorialized in Fresno, Calif., with a new gravestone that lists their names.
8
Business Day
S.&P. Calls Federal Fraud Suit Payback for Credit Downgrade
Standard & Poor’s said that the lawsuit was intended to punish it for exercising its First Amendment rights and that the suit sought “excessive fines.”
9
Science
Young Students Against Bad Science
Meet some high school and college students who have taken stands on issues connected to science education.
10
Arts
In a Puzzle, a Clearer Look at 9/11
“The Flag,” a CNN film about Sept. 11, does more than simply retell a familiar story or push the obvious buttons.
11
Business Day
Bezos Makes First Visit to Washington Post as Owner
In an interview, Jeffrey P. Bezos, the founder of Amazon.com, said he expected the newspaper to have a new “golden era” under his ownership.
12
Business Day
Consumer Spending and Income Rose a Faint 0.1% in July
As consumer spending drives two-thirds of the economy, the report tempered the optimism kindled by Thursday’s 2.5 percent revision to second-quarter growth.
13
U.S.
In Des Moines, a Bonanza That Not Everyone Wants
A class-action suit resulted in $40 million in refunds on fees that courts deemed an illegal tax. But some residents want City Hall to keep the money.
14
15
Booming
God, She Said, Went ‘Gotcha,’ but Their Marriage Got Stronger
When one of their twins was born with disabilities, Cynthia and Priestley Coker held on tight. “There was no separating us,” he says.
17
World
President Gains McCain’s Backing on Syria Attack
The White House pushed forward for Congressional approval of an attack on Syria as President Obama got qualified support from a hawkish Republican critic, Senator John McCain.
18
U.S.
House Leaders Express Their Support for Syria Strike
President Obama won the support of Republican and Democratic leaders in the House for an attack on Syria, as a Senate panel agreed on the wording for a measure to permit military action.
19
U.S.
Surprising Friend of Gay Rights in a High Place
When President Ronald Reagan nominated Anthony M. Kennedy to the Supreme Court, few could have imagined the esteem Justice Kennedy would one day earn among advocates of gay rights.
20
No comments:
Post a Comment