Daily Digest 2/12 - Too Big To Succeed, Student Loans Going Way Of Housing
As a result of our very foolish short-term thinking, we have now run up a national debt of 16.4 trillion dollars. It is the largest debt in the history of the world, and it has gotten more than 23 times larger since Jimmy Carter first entered the White House.
When I first got there, the TV only showed the floating face and torso of Judge Rosemary Pooler, joining the proceedings from the Northern District of New York, in a courtroom that looked eerily like the backdrop to a hostage video with sparse, utilitarian walls, a light switch and a flag. I felt bad watching her sit like an interviewee in a green room with a hundred lawyers and journos watching her every move. It felt like Legal Big Brother.
Martenson cites battery technology as an example in which government research and investment could reap large benefits. “Electrical storage is a big limiting factor on renewables. If we had a better way to store energy, we could reduce reliance on fossil fuels and nuclear. What we need is a Manhattan-Project approach to advancing battery technology. China is pushing ahead to solve that equation, as well they should. The whole world should be doing that right now.”
Too Big to Succeed (westcoastjan)
As the crisis continued to unfold it became clear that few, including myself, had understood what could go wrong. What had seemed a relatively straightforward asset was too complex to be managed in such an ad hoc manner.
Student Loans Going the Way of Housing (Thomas C.)
“This situation is simply unsustainable, and we’re already suffering the consequences,” stated FICO analyst Andrew Jennings. “When wage growth is slow and jobs are not as plentiful as they once were, it is impossible for individuals to continue taking out ever larger student loans without greatly increasing the risk of default.”
MPs rejected a motion calling for the government to ensure that the police and fraud specialists investigate criminal networks involved in horsemeat adulteration and speed up the FSA tests to restore consumer confidence.
Many nations initially detected the test as seismic activity centered near the same location where the North conducted tests in 2006 and 2009. The United States Geological Survey said it was only a kilometer underground, an indication consistent with a nuclear blast. And in Vienna, the organization that monitors the Comprehensive Nuclear Test Ban Treaty said that tremor had “clear explosionlike characteristics.”
“We have a woman with cancer who can’t get to her treatments. There’s a woman who requires blood transfusions, and her husband has a heart condition,” Flo Marra, who lives in the first house cleared, said, pointing to the two-story wood cottages in her multiethnic middle-class neighborhood in north Bridgeport. On Saturday and Sunday, she and her brother had cleared both sidewalks on their block with his snow blower and her snow shovel.
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