WASHINGTON — The United States government is financing its more than trillion-dollar-a-year borrowing with i.o.u.’s on terms that seem too good to be true. But that happy situation, aided by ultralow interest rates, may not last much longer. Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed. Even as Treasury officials are racing to lock in today’s low rates by exchanging short-term borrowings for long-term bonds, the government faces a payment shock similar to those that sent legions of overstretched homeowners into default on their mortgages. With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher. In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets […]
Rupert Murdoch is pointing a gun to Google’s head, and Microsoft is helping him pull back the trigger. For the past few weeks, Murdoch and his officers at News Corp. have been very vocal about their distaste for Google and their desire to lead other media companies in a boycott of sorts. Murdoch keeps threatening to stop letting Google index the WSJ.com and his other media sites, and wants other news sites to join him in this self-imposed silence. The folks at Microsoft’s Bing think this is a great idea. Not only that, but the FT reports that Microsoft is in fact in discussions with News Corp. and other publishers about the possibility of paying them to remove their sites from Google’s search index. This report comes on the heels of a meeting in Europe where Bing dangled the prospect of premium spots in search results to publishers and outright money for search R&D. Microsoft is not afraid to buy search market share, which is what it’s doing with the Yahoo search deal and even its Cashback program. But with these latest talks, it is literally trying to buy the news, or at least exclusive access to the […]
WASHINGTON — Companies and groups hiring lobbying firms on health issues nearly doubled this year as special interests rushed to shape the massive revamp of the nation’s health care system now in its final stretch before Congress. About 1,000 organizations have hired lobbyists since January, compared with 505 during the same period in 2008, according to a USA TODAY analysis of congressional records compiled by the nonpartisan CQ MoneyLine. Overall, health care lobbying has increased, exceeding $422 million during the first ninth months of the year, according to the Center for Responsive Politics, which tracks money in politics. That’s more than any other industry and a nearly 10% jump over the same period in 2008. The center’s Dave Levinthal said the frenzy of new lobbying activity makes financial sense. ‘If lobbying didn’t work, people wouldn’t do it,’ he said. The vast scope of the health care legislation, which cleared a major hurdle Saturday when the Senate voted 60-39 to begin debating it, has spurred some to lobby for the first time. Gaylord Hospital in Wallingford, Conn., a 137-bed long-term care facility, decided it needed professional help after scrambling last year – aided by state lawmakers – […]
Authorities at Pennsylvania’s Three Mile Island nuclear plant were investigating what caused a weekend radiation leak that resulted in 150 workers being sent home, officials said Sunday. An airborne radiological contamination alarm sounded about 4 p.m. Saturday in the Unit 1 containment building, according to a statement from Exelon Nuclear, which operates the Three Mile Island plant near Middletown, Pennsylvania. The unit had been shut down since October 26 for refueling, maintenance and steam generator replacement, the company said. ‘A monitor at the temporary opening cut into the containment building wall to allow the new steam generators to be moved inside showed a slight increase in a reading and then returned to normal,’ the company said. ‘Two other monitors displayed normal readings.’ Three Mile Island was the scene of the worst U.S. nuclear accident, a partial meltdown in 1979 that resulted in the plant’s second reactor being shut down permanently. Tests showed the contamination in Saturday’s incident was confined to the building itself, and none was found outside, Exelon said. There was no threat to public health and safety, but the workers were sent home because they could not continue until the area was cleaned, Bill […]
Scientists have discovered how to ‘read minds by scanning brain activity and reproducing images of what people are seeing - or even remembering. Researchers have been able to convert into crude video footage the brain activity stimulated by what a person is watching or recalling. The breakthrough raises the prospect of significant benefits, such as allowing people who are unable to move or speak to communicate via visualisation of their thoughts; recording people’s dreams; or allowing police to identify criminals by recalling the memories of a witness. However, it could also herald a new Big Brother era, similar to that envisaged in the Hollywood film Minority Report, in which an individual’s private thoughts can be readily accessed by the authorities. Earlier this year, Jack Gallant and Thomas Naselaris, two neurologists from the University of California, Berkeley, managed to ‘decode’ static images seen by the person from activity in the brain’s visual cortex. Last week Gallant and Shinji Nishimoto – another neurologist – went one step further by revealing that it is possible to decode signals generated in the brain by moving scenes. In an experiment which has yet to be peer reviewed, Gallant and Nishimoto, […]
Remote Viewing the Year 2060
