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U.S.
Democrats Wary of Benghazi Inquiry Stretching Into ’16 Election Season
An investigation of the 2012 attack on a U.S. diplomatic compound in Benghazi, Libya, will extend into next year, raising concerns among Democrats that Republicans are trying to hurt Hillary Rodham Clinton’s presidential prospects.U.S.
As Blackwater Trial Closes, Focus Turns to Moments Before Chaos
Twelve American jurors, expected to begin deliberating next week, will have to decide whether the 2007 episode in Iraq was a massacre, a firefight or a horrible accident of war.U.S.
Evictions Soar in Hot Market; Renters Suffer
Fueled by a growing interest in urban living and a shortage of rental housing, rents have risen sharply in cities like Milwaukee and San Francisco and in states like Maine, Georgia and Kentucky.N.Y. / Region
No Pension Until Miguel Martinez, an Ex-New York Councilman, Pays Back Stolen Funds
Mr. Martinez, who was convicted in a federal corruption case, made the agreement under a new policy of the United States attorney’s office in Manhattan.Opinion
The Fall of France
Has President François Hollande doomed the European project as the disastrous consequences of austerity policies grow more obvious with each passing month?Austerity and the Hapless Left
"In today’s column
I am not nice to Francois Hollande, who has shown about as much
strength in standing up to austerians as a wet Kleenex. But one does
have to admit that he’s not alone in his haplessness; where, indeed, are
the major political figures on the European left taking a stand against
disastrous policies? Britain’s Labour Party has been almost surreally
unwilling to challenge Cameron/Osborne’s core premises; is anyone doing
better?
You can complain — and
I have, often — about President Obama’s willingness to go along with
belt-tightening rhetoric, the years he wasted in pursuit of a Grand
Bargain, and so on; still, the Obama administration, while it won’t use
the word “stimulus”, favors the thing itself, and in general American
liberals have taken a much more forthright stand against hard-money,
balanced-budget orthodoxy than their counterparts in Europe. Economists,
in particular, have taken a much stronger stand. In Britain there are,
to be sure, some prominent anti-austerity voices — Martin Wolf, Jonathan
Portes, Simon Wren-Lewis, and I’m sure there are others I’m missing.
But they don’t seem to have anything like the weight in the debate that
Larry Summers, Alan Blinder, and many others have here.
Why the difference? I
don’t really know. I have a couple of hypotheses. One is that the US
intellectual ecology seems much more flexible: here, serious economists
with celebrated research can also be public intellectuals with large
followings, and even serve as public officials; and they can provide at
least some counterweight to the Very Serious People. Think Larry
Summers, but also Janet Yellen (and before her Ben Bernanke), and in a
somewhat different way yours truly. Such people aren’t totally absent in
Europe — Mervyn King was an academic central banker, and so in a way is
Mario Draghi. But there’s much more of that in the US.
Another hypothesis is
that American liberals have been toughened up by the craziness of our
right, and in particular by the experience of the Bush years. After
seeing the Very Serious People lionize W, a fundamentally ludicrous
figure, and cheer on a war that was obviously cooked up on false
pretenses, US liberals are more ready than European Social Democrats to
believe that the men in good suits have no idea what they’re talking
about. Oh, and America does have a network of progressive think tanks
that is vastly bigger and more effective than anything in Europe.
But I’m just making suggestions here. The haplessness of the European left is still something I don’t fully understand."
Germany’s Sin
"Simon Wren-Lewis has two very good posts about the European situation, first laying out the problem, then taking on
those who don’t get it. I just want to add a bit to one of his key
points: the impossibility of a resolution unless Germany accepts higher
inflation.
In Germany, there’s a
strong tendency to moralize, with appeals to the country’s own recent
economic history. We pulled ourselves out of our late 90s doldrums, the
Germans say, so why can’t Southern Europe do the same?
But a key part of the
answer is that Southern Europe now faces a much less favorable
environment than Germany did then — and Germany is the reason why.
Look at core inflation
(excluding energy, food, alcohol, and tobacco). During the years when
Germany was gaining competitiveness, euro area inflation was running at
around 2 percent, and inflation in Southern Europe was running
considerably higher. So Germany could gain competitiveness simply by
having lowish inflation — no need to actually deflate. But these days
German inflation is only one percent, euro area inflation is lower, and
the only way for Southern Europe to gain ground is to have zero or
negative inflation:
This makes the
adjustment problem incredibly difficult, both because wages are
downwardly sticky and because deflation worsens the debt burden. Add
onto this the fact that the eurozone as a whole remains depressed thanks
to fiscal austerity and inadequate monetary expansion, and Germany is
in effect demanding that Spain and others accomplish a task vastly
harder than the Germans themselves had to achieve.
And the worst of it is
that there’s no sign that Berlin understands, or is willing to
understand, this reality. And if the euro fails, that refusal to think
clearly will be the fundamental cause."
World
U.S. Identifies Citizens Joining Rebels in Syria, Including ISIS
Nearly a dozen Americans are known to have traveled to Syria to fight for ISIS, the militant group that the Obama administration says poses the greatest threat to the United States since Al Qaeda before the Sept. 11, 2001, attacks.Mind control (also known as brainwashing, coercive persuasion, thought control, or thought reform) is a theoretical indoctrination process which results in "an impairment of autonomy, an inability to think independently, and a disruption of beliefs and affiliations. In this context, brainwashing refers to the involuntary reeducation of basic beliefs and values"[1] The term has been applied to any tactic, psychological or otherwise, which can be seen as subverting an individual's sense of control over their own thinking, behavior, emotions or decision making.
Opinion
End the Tyranny of 24/7 Email
Limiting work-related messaging during off-hours is both humane and efficient.Sports
State Fair’s Big Attraction: The Newest Timberwolves
Three days after Minnesota dealt Kevin Love to Cleveland, the team introduced the players acquired in the three-team trade at the Minnesota State Fair.Business Day
In China, Detecting Fraud Riskier Than Doing It
Researching a Canadian company that mines in China resulted in a Chinese-born Canadian citizen being arrested, terrorized and prohibited from leaving China.N.Y. / Region
With His Parents’ Home at Risk, Atlantic City Piano Man Prepares for a Fight
For 30 years, Charlie Birnbaum’s parents called the house at 311 Oriental Avenue home — and he refuses to surrender it to a redevelopment project at any price.U.S.
Pennsylvania to Purchase Private Care for Its Poor
Pennsylvania will become the 27th state to expand Medicaid under the Affordable Care Act, using federal funds to buy private health insurance for some 500,000 low-income residents starting next year.Opinion
Why a New Nail Polish Cannot Gloss Over Rape Culture
A nail polish designed to help fight date rape changes color when dipped in drugged drinks. Critics say products like it perpetuate victim blaming and distract from the root causes of sexual assault.U.S.
$506 Billion Is Forecast for U.S. Deficit, a Slight Rise
The figure modestly increases the Congressional Budget Office’s April projection that spending would exceed revenue by $492 billion. The change was attributed to lower-than-expected corporate income tax receipts.
http://www.bankrate.com/rates/interest-rates/treasury.aspx?ec_id=m1021207&s_kwcid=AL!1325!3!41196775328!e!!g!!treasury%20bonds&ef_id=U9LmvQAAAR5g1RKu:20140829214442:s
"Treasury securities
Investors and those following the movement of
interest rates look at the movement of Treasury yields as an indicator
of things to come. Their rates are considered an important benchmark:
Because Treasury securities are backed by the full faith and credit of
the U.S. Treasury, they represent the rate at which investment is
considered risk-free.
Click on the links below to find a fuller explanation of the term.
Updated 8/27/2014
Treasury securities
This week | Month ago | Year ago | |
One-Year Treasury Constant Maturity | 0.11 | 0.11 | 0.14 |
91-day T-bill auction avg disc rate | 0.030 | 0.030 | 0.040 |
182-day T-bill auction avg disc rate | 0.050 | 0.055 | 0.065 |
Two-Year Treasury Constant Maturity | 0.48 | 0.51 | 0.38 |
Five-Year Treasury Constant Maturity | 1.63 | 1.69 | 1.64 |
Ten-Year Treasury Constant Maturity | 2.41 | 2.49 | 2.86 |
One-Year CMT (Monthly) | 0.11 | 0.10 | 0.12 |
One-Year MTA | 0.118 | 0.118 | 0.153 |
How Treasury securities work
Since investors in riskier investments command a higher return as compensation, the yields on many bonds and money market instruments are priced at a spread over the corresponding risk-free Treasury rate. Yields on money markets and certificates of deposit are often priced relative to yields on Treasuries of a similar length. Adjustable rate mortgages can be indexed to the one-year Treasury. Fixed mortgage rates are closely linked to movements in long-term Treasury yields, as mortgages are often packaged together and sold as mortgage-backed bonds. Yields on short-term Treasuries can behave differently from yields on longer-term Treasuries.Read more: http://www.bankrate.com/rates/interest-rates/treasury.aspx#ixzz3BouIaDK2
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