Tag: News

Monday Business Edition

Monday Business Edition is an Open Thread

I don’t believe it.  I think this is pre-election posturing.  Still, as some have suggested, it’s possible this administration may be forced to make some policy promises that are not so easy to walk away from.

Geithner Urges Action on Economy

By DEBORAH SOLOMON, The Wall Street Journal

September 12, 2010

“If the government does nothing going forward, then the impact of policy in Washington will shift from supporting economic growth to hurting economic growth,” Mr. Geithner said during an interview with The Wall Street Journal in his U.S. Treasury office, citing the example of countries who “shift too quickly to premature restraint” after a crisis, including the U.S. in the 1930s.

…

On Sunday, a top Republican lawmaker signaled there might be room to compromise on extending the Bush tax cuts for high-income earners but, in a sign of how fraught the issue is, his words drew immediate skepticism from Obama administration officials. “I want to do something for all Americans who pay taxes,” House Minority Leader John Boehner of Ohio said on CBS’ “Face the Nation.” “If the only option I have is to vote for some of those tax reductions, I’ll vote for it. But I’ve been making the point now for months that we need to extend all the current rates for all Americans if we want to get our economy going again, and we want to get jobs in America.”

[The] typical error most countries make coming out of a financial crisis is they shift too quickly to premature restraint. You saw that in the United States in the 30s, you saw that in Japan in the 90s. It is very important for us to avoid that mistake. If the government does nothing going forward, then the impact of policy in Washington will shift from supporting economic growth to hurting economic growth.

Mr. Geithner, in the interview, rejected the view of many economists that allowing taxes to rise is unwise at this point in the recovery. The White House estimates the one-year cost of extension at $35 billion and the 10-year cost at $700 billion.

“We don’t have unlimited resources,” Mr. Geithner said. “We just don’t think it would be responsible for this country, given the size of our future deficits, and given the substantial burden the middle class has been bearing over the past decade in particular, to go out and borrow $700 billion from our children so we can sustain those Bush tax cuts that only go to the wealthiest 2% of Americans.”

He said the U.S. can no longer rely on consumer spending, which has long powered the economy, to be the growth engine that leads the recovery this time around and said Washington needed to plant the seeds for business investment and exports.

In the mean time here at The Stars Hollow Gazette we’re going to keep teaching Samuelson and not Snake Oil Salesmen.

• Economics 101
• Striking Right at the Capillaries
• The Economic Damage of Republican Obstructionism
• Economics 101: Tonight’s Reading Assignment
• Aggregate Demand
• Goolsbee: Chair Council of Economic Advisors
• Magical Thinking

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

September 13 is the 256th day of the year (257th in leap years) in the Gregorian calendar. There are 109 days remaining until the end of the year.

On this day in 1814, Francis Scot Key pens Star-Spangled Banner

“The Star-Spangled Banner“ is the national anthem of the United States of America. The lyrics come from “Defence of Fort McHenry”, a poem written in 1814 by the 35-year-old lawyer and amateur poet, Francis Scott Key, after witnessing the bombardment of Fort McHenry by the British Royal Navy ships in Chesapeake Bay during the Battle of Fort McHenry in the War of 1812.

The poem was set to the tune of a popular British drinking song, written by John Stafford Smith for the Anacreontic Society, a men’s social club in London. “The Anacreontic Song” (or “To Anacreon in Heaven”), with various lyrics, was already popular in the United States. Set to Key’s poem and renamed “The Star-Spangled Banner“, it would soon become a well-known American patriotic song. With a range of one and a half octaves, it is known for being difficult to sing. Although the song has four stanzas, only the first is commonly sung today, with the fourth (“O thus be it ever when free men shall stand…”) added on more formal occasions. In the fourth stanza, Key urged the adoption of “In God is our Trust” as the national motto (“And this be our motto: In God is our Trust”). The United States adopted the motto “In God We Trust” by law in 1956.

“The Star-Spangled Banner” was recognized for official use by the Navy in 1889 and the President in 1916, and was made the national anthem by a congressional resolution on March 3, 1931 (46 Stat. 1508, codified at 36 U.S.C. § 301), which was signed by President Herbert Hoover.

Before 1931, other songs served as the hymns of American officialdom. “Hail, Columbia” served this purpose at official functions for most of the 19th century. “My Country, ‘Tis of Thee“, whose melody was derived from the British national anthem, also served as a de facto anthem before the adoption of “The Star-Spangled Banner.” Following the War of 1812 and subsequent American wars, other songs would emerge to compete for popularity at public events, among them “The Star-Spangled Banner.”

Evening Edition is an Open Thread

Now with 35 Top Stories.

1 Moving NY mosque would boost Islamic extremism, imam warns

by Maxim Kniazkov, AFP

2 hrs 9 mins ago

223 Stories served.  31 per day.

This is actually the hardest diary to execute, and yet perhaps the most valuable because it lets you track story trends over time.  It should be a Sunday morning feature.

• Sunday 9/5
• Monday 9/6
• Tuesday 9/7
• Wednesday 9/8
• Thursday 9/9
• Friday 9/10
• Saturday 9/11

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

September 12 is the 255th day of the year (256th in leap years) in the Gregorian calendar. There are 110 days remaining until the end of the year.

On this day in 1940, Lascaux cave paintings discovered

Lascaux is the setting of a complex of caves in southwestern France famous for its Paleolithic cave paintings. The original caves are located near the village of Montignac, in the Dordogne département. They contain some of the best-known Upper Paleolithic  art. These paintings are estimated to be 17,000 years old. They primarily consist of primitive images of large animals, most of which are known from fossil evidence to have lived in the area at the time. In 1979, Lascaux was added to the UNESCO World Heritage Sites list along with other prehistoric sites in the Vezere valley.

The cave was discovered on September 12, 1940 by four teenagers, Marcel Ravidat, Jacques Marsal, Georges Agnel, and Simon Coencas, as well as Marcel’s dog, Robot. The cave complex was opened to the public in 1948. By 1955, the carbon dioxide  produced by 1,200 visitors per day had visibly damaged the paintings. The cave was closed to the public in 1963 in order to preserve the art. After the cave was closed, the paintings were restored to their original state, and were monitored on a daily basis. Rooms in the cave include The Great Hall of the Bulls, the Lateral Passage, the Shaft of the Dead Man, the Chamber of Engravings, the Painted Gallery, and the Chamber of Felines.

Lascaux II, a replica of two of the cave halls – the Great Hall of the Bulls and the Painted Gallery – was opened in 1983, 200 meters from the original. Reproductions of other Lascaux artwork can be seen at the Centre of Prehistoric Art at Le Thot, France.

It is now eight months since the devastating earthquake struck Haiti virtually leveling its capital Port au Prince. It’s not any better. One of the biggest obstacles to progress is the ruble and there is no one in charge.

PORT-AU-PRINCE, Haiti – From the dusty rock mounds lining the streets to a National Palace that looks like it’s vomiting concrete from its core, rubble is one of the most visible reminders of Haiti’s devastating earthquake.

Rubble is everywhere in this capital city: cracked slabs, busted-up cinder blocks, half-destroyed buildings that still spill bricks and pulverized concrete onto the sidewalks. Some places look as though they have been flipped upside down, or are sinking to the ground, or listing precariously to one side.

By some estimates, the quake left about 33 million cubic yards of debris in Port-au-Prince – more than seven times the amount of concrete used to build the Hoover Dam. So far, only about 2 percent has been cleared, which means the city looks pretty much as it did a month after the Jan. 12 quake.

Government officials and outside aid groups say rubble removal is the priority before Haiti can rebuild. But the reasons why so little has been cleared are complex. And frustrating.

Heavy equipment has to be shipped in by sea. Dump trucks have difficulty navigating narrow and mountainous dirt roads. An abysmal records system makes it hard for the government to determine who owns a dilapidated property. And there are few sites on which to dump the rubble, which often contains human remains.

Evening Edition is an Open Thread

1 Greek PM vows to stay on course as 20,000 protest cuts

by Isabel Malsang, AFP

42 mins ago

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

September 11 is the 254th day of the year (255th in leap years) in the Gregorian calendar. There are 111 days remaining until the end of the year. It is usually the first day of the Coptic calendar and Ethiopian calendar (in the period AD 1900 to AD 2099).

Evening Edition is an Open Thread

1 Medvedev warns of parliamentary democracy ‘catastrophe’

by Stuart Williams, AFP

Fri Sep 10, 11:56 am ET

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

September 10 is the 253rd day of the year (254th in leap years) in the Gregorian calendar. There are 112 days remaining until the end of the year

On this day in 1776, Nathan Hale volunteers to spy behind British lines

On this day in 1776, General George Washington asks for a volunteer for an extremely dangerous mission: to gather intelligence behind enemy lines before the coming Battle of Harlem Heights. Captain Nathan Hale of the 19th Regiment of the Continental Army stepped forward and subsequently become one of the first known American spies of the Revolutionary War.

the Battle of Long Island, which led to British victory and the capture of New York City, via a flanking move from Staten Island across Long Island, Hale volunteered on September 8, 1776, to go behind enemy lines and report on British troop movements. He was ferried across on September 12. It was an act of spying that was immediately punishable by death, and posed a great risk to Hale.

An account of Nathan Hale’s capture was written by Consider Tiffany, a Connecticut shopkeeper and Loyalist, and obtained by the Library of Congress. In Tiffany’s account, Major Robert Rogers of the Queen’s Rangers saw Hale in a tavern and recognized him despite his disguise. After luring Hale into betraying himself by pretending to be a patriot himself, Rogers and his Rangers apprehended Hale near Flushing Bay, in Queens, New York. Another story was that his Loyalist cousin, Samuel Hale, was the one who revealed his true identity.

British General William Howe had established his headquarters in the Beekman House in a rural part of Manhattan, on a rise between 50th and 51st Streets between First and Second Avenues Hale reportedly was questioned by Howe, and physical evidence was found on him. Rogers provided information about the case. According to tradition, Hale spent the night in a greenhouse at the mansion. He requested a Bible; his request was denied. Sometime later, he requested a clergyman. Again, the request was denied.

According to the standards of the time, spies were hanged as illegal combatants. On the morning of September 22, 1776, Hale was marched along Post Road to the Park of Artillery, which was next to a public house called the Dove Tavern (at modern day 66th Street and Third Avenue), and hanged. He was 21 years old. Bill Richmond, a 13-year-old former slave and Loyalist who later became famous as an African American boxer in Europe, was reportedly one of the hangmen, “his responsibility being that of fastening the rope to a strong tree branch and securing the knot and noose.”

By all accounts, Hale comported himself eloquently before the hanging. Over the years, there has been some speculation as to whether he specifically uttered the famous line:

I only regret that I have but one life to give for my country.

But may be a revision of:

I am so satisfied with the cause in which I have engaged that my only regret is that I have not more lives than one to offer in its service.

The story of Hale’s famous speech began with John Montresor, a British soldier who witnessed the hanging. Soon after the execution, Montresor spoke with the American officer William Hull about Hale’s death. Later, it was Hull who widely publicized Hale’s use of the phrase. Because Hull was not an eyewitness to Hale’s speech, some historians have questioned the reliability of the account