Posts Tagged Monday

Fukushima nuclear plant cleanup may take more than 40 years: IAEA – The Japan Times


Fukushima nuclear plant cleanup may take more than 40 years: IAEA

A U.N. nuclear watchdog team said Japan may need longer than the projected 40 years to decommission the Fukushima power plant and urged Tepco to improve stability at the facility.

The head of the International Atomic Energy Agency team, Juan Carlos Lentijo, said Monday that damage at the nuclear plant is so complex that it is impossible to predict how long the cleanup may last.

“As for the duration of the decommissioning project, this is something that you can define in your plans. But in my view, it will be nearly impossible to ensure the time for decommissioning such a complex facility in less than 30 to 40 years as it is currently established in the road map,” Lentijo said.

The government and Tokyo Electric Power Co. have predicted the cleanup would take up to 40 years. They still have to develop technology and equipment that can operate under fatally high radiation levels to locate and remove melted fuel. The reactors must be kept cool and the plant must stay safe and stable, and those efforts to ensure safety could slow the process down.

The plant still runs on makeshift equipment and frequently suffers glitches.

Just over the past few weeks, the plant suffered nearly a dozen problems ranging from extensive power outages to leaks of highly radioactive water from underground water pools. On Monday, Tepco had to stop the cooling system for one of the fuel storage pools for safety checks after finding two dead rats inside a transformer box.

Earlier this month, a rat short-circuited a switchboard, causing an extensive outage and cooling loss for up to 30 hours.

Lentijo said water management is “probably the most challenging” task for the plant for now.

The problems have raised concerns about whether the plant, crippled by the March 2011 earthquake and tsunami, can stay intact throughout a decommissioning process. The problems have prompted officials to compile risk-reduction measures and review decommissioning plans.

Lentijo, an expert on nuclear fuel cycles and waste technology, warned of more problems to come.

“It is expectable in such a complex site, additional incidents will occur as it happened in the nuclear plants under normal operations,” Lentijo said. “It is important to have a very good capability to identify as promptly as possible failures and to establish compensatory measures.”

He said Tepco’s disclosures have been problematic and urged the utility to take extra steps to regain public trust.

 

 

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Ruth Marcus: Early voting’s pros and cons – The Washington Post


Ruth Marcus

Ruth Marcus

Opinion Writer

Early voting’s pros and cons

By Ruth Marcus, Published: November 1

The neighbors gathered in Hurricane Sandy’s drizzly aftermath, surveying the damage: tree limbs crushing the roof of a car, telephone poles snapped in half, power lines strewn across the street. It was, for all the unpleasant circumstances, a nice communal moment.

It made me think, oddly enough, about what it is that bothers me about early voting.

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More precisely, it reminded me about what I like about Election Day — the neighborly lines at the local elementary school, the sense of common purpose, the we’re-all-in-this-together ritual of the first Tuesday after the first Monday in November. I like wearing my corny “I voted” sticker on Election Day. I like seeing yours.

Early voting is the civic manifestation of the modern age: fragmented, individualistic and solitary. Once we all saw the same television show at the same time; now, we watch “Modern Family” whenever it is most convenient. We withdraw our cash from a machine when we need it, rather than racing to the bank before it closes. We scan our groceries as we shop and check out on our own.

Like early voting, these are conveniences of modern life. And we are, on balance, better off for the advent of early voting as much as for the ATM and DVR. Not everyone can make it to the polls on Election Day. Not everyone can afford to be late to work in the event of long lines.

In what early voting expert Paul Gronke of Reed College has termed a “quiet revolution” in American politics, the country no longer has Election Day — we have Election Month.

According to the National Conference of State Legislatures, 32 states and the District of Columbia now allow in-person early voting, beginning, on average, 22 days before the election.

In addition, and almost entirely overlapping, 27 states plus the District have no-excuse absentee voting. Two states — Washington and Oregon — conduct elections entirely by mail.

The result has been a surge in early voting — to 30 percent of voters in 2008. Michael McDonald of George Mason University predicts that this share could rise to 35 percent this year; several states, including Maryland, Louisiana, Iowa and Montana, have already exceeded their 2008 numbers. In battleground states where both parties have been pushing early voting, well over half the vote could come in early.

Initial studies raised questions about whether early voting increased turnout or simply shifted the time that voters cast their ballots. But given candidates’ emphasis on early voters in recent elections — the Obama campaign targeted them in 2008 and the Romney campaign is trying to catch up to Democrats this year — it seems likely that early voting is boosting turnout.

I would support early voting even if it didn’t, for the same reason that I support laws requiring restaurants to post calorie counts even without conclusive evidence that such information helps reduce obesity levels. Consumers should have access to nutrition information to consider as they wish. Voters should be able to turn up early if that is convenient for them.

Some states do begin their early voting disconcertingly early — up to 45 days before the election.

Does too-early voting matter, potentially depriving voters of information that could have affected their decision?

Probably not much this year, when so many voters were so settled on their choices. In addition, most early voters, even in truly early-bird states, wait until close to Election Day. The earliest among them are probably the most energized partisans, unlikely to be swayed by new information.

If it were up to me, I would condense the early voting time to perhaps two weeks out, and also rejigger the presidential debate calendar so that the debates take place before most early voting starts.

This year, by the time the final debate took place on Oct. 22, early voting had commenced in all but five of the states that permit it, although in some cases just barely. That’s unfortunate. Voting on the basis of more information is better than voting on the basis of less.

Early voting has begun in my state, Maryland, and I considered taking advantage of it — now, that is, that we have our power back. But I’ve decided to hold off until Election Day, lines and all. I can swap Sandy stories with my neighbors while I wait, and feel part of the quadrennial ritual, however anachronistic.

 Ruth Marcus: Early voting’s pros and cons – The Washington Post.

 

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Hire Of Local Moron Gives Nation Hope For Employment | The Onion – America’s Finest News Source


Hire Of Local Moron Gives Nation Hope For Employment

OCTOBER 8, 2012  

PHOENIX—Citizens across the United States are expressing renewed hopes for a nationwide economic recovery following news that local resident and complete moron Ron Freizczky has found work, sources confirmed Monday. “They hired that guy…as a consultant?” Arizona man Bob Gunderbladt said of the 27-year-old dullard, remarking that if a dumb shit like that can get a decent job, anyone can. “The man can’t find his ass with both hands, but—wow, I guess things are really looking up. This country is finally starting to feel like America again.” Reached for comment, leading economists agreed that if more goddamn idiots like Freizczky get jobs that come with financial responsibility, conditions will indeed return to where they were just before the Great Recession.

 Hire Of Local Moron Gives Nation Hope For Employment | The Onion – America’s Finest News Source.

 

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GOP Convention To Feature Strong Lineup Of Conservative Women Listeners | The Onion – America’s Finest News Source


 

GOP Convention To Feature Strong Lineup Of Conservative Women Listeners

AUGUST 27, 2012  

TAMPA, FL—On the eve of the Republican National Convention, GOP officials have announced that the three-day event will feature a solid, all-star lineup of the party’s most prominent female listeners. “A veritable who’s who of conservative women are scheduled to stand on the convention floor and listen attentively to what each male speaker has to say about the major issues facing our country,” RNC communications director Sean Spicer said Monday, confirming that an impressive variety of blond, smiling women with perfectly maintained hair and jewelry will be on prominent display and seated near television cameras. “I would say this is one of the most impressive rosters of dead-silent female Republicans wearing nice dresses that we’ve ever had at the convention.” Spicer also reassured convention-goers that the solid roster of women listeners had all been informed not to get in the way too much and, if possible, to show slightly more cleavage.

 GOP Convention To Feature Strong Lineup Of Conservative Women Listeners | The Onion – America’s Finest News Source.

 

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Romney May Be Nominated Early – NYTimes.com


 

The Caucus - The Politics and Government blog of The New York Times

 

August 23, 2012

Romney May Be Nominated Early

By JEFF ZELENY

 

1:02 a.m. | Updated TAMPA, Fla. – Mitt Romney’s quest to formally win the Republican Party’s presidential nomination is coming two days earlier than expected.

Mr. Romney will be elevated as the party’s standard bearer on Monday – not Wednesday as previously expected – to keep the official business of the roll call delegate vote from competing with broader themes of introducing Mr. Romney. Officials also are keeping an eye on a potential threat from Tropical Storm Isaac and considering concerns about a possible disruption from Ron Paul supporters at the Republican National Convention next week.

It is a change in the script from previous conventions, where the formal nomination usually takes place on the second to last night of the convention. It is a formality, and Mr. Romney will still deliver his acceptance speech on Thursday evening, but the change is significant and an effort to keep the convention focused tightly on Mr. Romney.

“The roll call will take place on Monday,” said Jim Dyke, a convention spokesman, who dismissed suggestions that the schedule had abruptly changed. “We will go through the roll call in alphabetical order all the way through.”

Russ Schriefer, a top strategist for the Romney campaign who is overseeing convention planning, said the roll call vote will be timed for Mr. Romney to formally clinch the nomination when the network news programs begin their broadcasts on Monday evening.

“They can immediately go to Mitt Romney who went over the top in the vote,” Mr. Schriefer said. “We want to get it out of the way and not deal with it on Tuesday or Wednesday.”

The delegates to the convention are staying across the sprawling Tampa Bay area. Convention organizers were concerned that delegates would not be at the convention during the roll call vote, so officials said they decided to compress the vote into a short time period on Monday.

As soon as Mr. Romney officially becomes the party’s presidential nominee, he can have access to the general election money he has spent months raising, which puts him on the cusp of tapping into a significant financial advantage for the final two months of the race. Mr. Schriefer said that Mr. Romney would not begin accepting general election money until Thursday.

But next week’s schedule, according to discussions among party officials here, has as much to do with a desire to keep an orderly convention as it does with Isaac, the storm expected to develop into a hurricane as it moves toward Florida. The campaign had hoped that the television networks would cover the convention on Monday because Ann Romney is delivering her marquee speech that night, but so far the networks have declined. She is also expected to speak later in the week.

Some supporters of Mr. Paul also have been pushing to make their voices heard during the roll call vote. Mr. Paul, the libertarian Texas congressman whose presidential bid fell short, won a majority of delegates from Iowa, Minnesota and Nevada, but not enough state delegations to require that his name be placed into nomination.

While Mr. Paul’s advisers have worked behind the scenes with the Romney campaign for months, several supporters have signaled their interest in making their admiration known for Mr. Paul on the convention floor. The Romney campaign has worked through most of the concerns, but still preferred officially calling the roll of delegates on Monday, when television networks were not planning to broadcast the convention to diminish the potential for any fireworks.

Several Republican officials said scheduling the roll call on Monday allowed Mr. Romney to avoid drawing attention to two potential problems: from Mr. Paul’s supporters and the winds and rain of Isaac. By the time Mr. Romney arrives here in Tampa, aides hope both challenges will have blown over.

 Romney May Be Nominated Early – NYTimes.com.

 

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Hurricane Could Strike RNC | The Onion – America’s Finest News Source | American Voices


 

Hurricane Could Strike RNC

AUGUST 22, 2012

Tropical Storm Isaac, which is currently gaining strength in the Atlantic Ocean, is expected to become a hurricane in the next several days and could strike Florida on Monday, when the Republican National Convention opens in Tampa. What do you think?

They’ll be fine so long as the mayor sends the city’s sinners and sodomites up north to lure the storm’s wrath.

Allen Siguardsson
Jockey

I wouldn’t be surprised if this hurricane was just a plot concocted by the liberal mainstream meteorologists.

Jane Campion
Leather Parts Matcher

It’s going to be a big moment when Mitt stares up at the sky in the driving rain, screaming, ‘Nothing can stop me! Not even you, goddammit!’

Lynda Platkowski
Systems Analyst

 Hurricane Could Strike RNC | The Onion – America’s Finest News Source | American Voices.

 

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Medicare Rises as Prime Election Issue – NYTimes.com


 

 

Medicare Rises as Prime Election Issue

By ADAM NAGOURNEY
Published: August 13, 2012

 

<nyt_text><nyt_correction_top>TAMPA, Fla. — With Mitt Romney’s selection of Representative Paul D. Ryan as his running mate, Florida quickly emerged on Monday as a critical test of the nationwide Republican gamble that concerns over the mounting federal debt can blunt potent Democratic attacks on conservative proposals to revamp Medicare.

 

As Mr. Romney campaigned through Florida on Monday, Democrats greeted him with a barrage of assaults, including a Web advertisement featuring worried elderly voters in this battleground state. The campaign took on a more heated air as President Obama suggested in Iowa that the Republican ticket would “end Medicare as we know it,” a warning echoed in North Carolina by Vice President Joseph R. Biden Jr.

Assailing proposed changes to the retiree health plan is a time-tested line of attack, nowhere more so than here in Florida, where voters 65 and older made up 22 percent of the electorate in the 2008 presidential election. Polls show that a majority of elderly voters nationally oppose changes in Medicare or Social Security, which Mr. Ryan in the past has also proposed altering.

The implications extend beyond Florida. Elderly voters are significant forces in Iowa, New Hampshire, Ohio, and Virginia and Pennsylvania, all states that could help determine the outcome of the election.

Aides to Mr. Obama said they would focus on older voters in those states by spotlighting Mr. Ryan’s proposal, broadly endorsed by Mr. Romney, to make Medicare a choice between private insurance and traditional coverage in the belief that more competition would drive down costs and improve care. Democrats say the plan, under which retirees would get a set amount of money from the government each year to purchase insurance coverage, would lead to higher costs and lower quality care for many retirees.

“I think it should be left alone,” said Lee Berkowitz, 87, a Democrat in North Hollywood, Fla., who voted for Mr. Obama in 2008 but said he has not decided whom to support in November.

Mr. Romney and Mr. Ryan signaled that they intended to go on the offensive, challenging the assumption that Republicans were better off playing down the issue. They are gambling that anxiety about deficits, the influence of the Tea Party movement and changing demographics will give them a chance to convince voters that the time has come to confront the rapidly mounting costs of sustaining entitlement programs. Mr. Ryan is scheduled to visit Florida this month.

“Every even-numbered year in Florida, seniors are accustomed to Mediscare tactics; that’s what Democrats do,” said Ed Gillespie, a senior adviser to Mr. Romney. “The fact is, we’re going to go on offense here. Because the president has raided the Medicare trust fund to the tune of $716 billion to pay for a massive expansion of government known as Obamacare.”

“There won’t be a single senior citizen in Florida who won’t know that by November,” he said.

Republican candidates have gained experience in campaigns where Democrats have focused on Mr. Ryan’s Medicare proposal — in Congressional races in Nevada and New York — and have developed what they think is an effective way to counter it. That strategy includes assailing Mr. Obama’s health care plan, and noting that it was paid for in part by taking over $700 billion from Medicare.

“The president’s idea, for instance, for Medicare was to cut it by $700 billion,” Mr. Romney said at a rally in St. Augustine. “That’s not the right answer. We want to make sure we preserve and protect Medicare.”

Key to a push-back, Republican officials said, is using elderly surrogates — like a candidate’s parents — to counter the idea that the party’s approach is heartless or would leave retirees worse off.

Mr. Ryan has already begun noting that his mother, a Medicare recipient, lives in southern Florida.

Mr. Romney’s advisers argued that Mr. Ryan’s proposal was nuanced enough, since it would not apply to anyone currently on, or soon to go on, Medicare, to partly blunt Mr. Obama’s attacks.

For all that, even Republicans said the choice of Mr. Ryan had not made Mr. Romney’s task in Florida any easier, particularly because he passed over Senator Marco Rubio, a Republican, for the slot. “Ryan Could Hurt Romney in Florida,” read the banner headline on Sunday in The Miami Herald.

“It puts the state in play,” said Joseph Gaylord, a Republican consultant who lives here. “Rubio would have been the best candidate.”

And in Des Moines, on his first solo outing as a member of the ticket, Mr. Ryan was heckled on the issue as he tried to speak at the Iowa State Fair, an indication of the intensity of the battle ahead for him.

Still, Mr. Gaylord said: “It’s a legitimate argument if it’s an argument that goes unanswered. But you go on the offensive on it — the truth is, it’s not going to affect any current seniors — and get that into every discussion about health care you have.”

Democrats said the opening they saw on the issue was reflected in the aggressive way they had moved to hang Mr. Ryan’s budget over Mr. Romney’s candidacy.

“It’s pretty powerful,” said Representative Debbie Wasserman Schultz of Florida, who is also head of the Democratic National Committee. “We have the largest population of seniors in the country. If we go with the Romney-Ryan plan to end Medicare as we know it, you are going to jeopardize the lives of seniors, and you are going to jeopardize the Florida economy.”

The key question, analysts said, is whether Mr. Ryan’s argument about runaway federal spending and deficits would appeal to younger voters who might be worried that at the current trajectory, Medicare will soon become financially unsustainable or a giant burden on future generations.

“The truth is we simply cannot simply continue to pretend like a Medicare on track to go bankrupt at some point is acceptable,” Mr. Romney said at a news conference in Miami. “We must take action to make sure that we can save Medicare for coming generations.”

Brad Coker, the managing director of the Mason-Dixon poll, said Republicans might be helped by the unpopularity of Mr. Obama’s health care law.

“This will be an interesting test,” Mr. Coker said. “Medicare on its own has always been a powerful issue with the Democrats. This is the first time you test Medicare as an issue against the health care reform.”

The elderly population in Florida is more diverse than it was in the days of Democratic snowbirds flocking here from Brooklyn and the Bronx: There are more people who have moved from states like Iowa and Georgia, and are more likely to be Republicans and, more significantly, affluent.

“The senior vote in Florida is a lot more complicated than it used to be,” said Matthew T. Corrigan, a political scientist at the University of North Florida. “What Ryan does is he helps in places where you have really conservative seniors — the Tea Party seniors if you will.”

Andrew Kohut, the director of the Pew Research Center, said national polls he had conducted had shown this was an issue of great concern for elderly voters. “If ever there was an issue that threatens the G.O.P.’s headlock on the senior vote, this is it,” he said.

In interviews, some voters recoiled at the idea of changing the Medicare program immediately, though many said they were open to changes for future recipients.

“I’d be strongly opposed to the idea if it were to affect me,” Phil English, 66, a retired high school teacher, said in Sun City, Ariz. “It’s not being selfish, but we’ve worked for that, and we’ve planned for it.”

In Pennsylvania, a state that Mr. Romney is hoping to put in play, Jennie Fiorenza, 93, a retired bookbinder, spoke warmly of a program that has become a critical part of her life.

“I think Medicare is wonderful, and I couldn’t do without it,” Ms. Fiorenza said.

 Medicare Rises as Prime Election Issue – NYTimes.com.

 

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Microsoft’s $6 billion aQuantive whoopsie – Jul. 2, 2012


Microsoft’s $6 billion whoopsie

By David Goldman @CNNMoneyTech July 2, 2012: 5:54 PM ET

 

Microsoft's $6 billion aQuantive whoopsie

 

NEW YORK (CNNMoney) — Some business deals just don’t work out — and sometimes they really don’t work out.

Microsoft spent $6.3 billion in cash buying online display advertising company aQuantive in 2007. On Monday, the company wrote off almost the entire value of the acquisition, taking a $6.2 billion writedown.

Microsoft’s online advertising business has remained wildly unprofitable in the five years since it bought aQuantive. In Microsoft’s most recent quarter, the company said its online services division lost nearly half a billion dollars. Over the past 12 months, the division’s losses reached nearly $2 billion.

“While the aQuantive acquisition continues to provide tools for Microsoft’s online advertising efforts, the acquisition did not accelerate growth to the degree anticipated,” Microsoft said in its understated press release.

Microsoft (MSFTFortune 500) said Monday that its advertising business has been “improving,” but the company also said that it had has lowered its expectations about the unit’s ability to grow and turn a profit.

The software giant has never made money on its online services division, and it has lost roughly $10.4 billion since Microsoft began breaking out the unit’s finances five years ago.

That means Microsoft is nowhere near being the “industry leading, Internet-wide advertising platform” that then-president of Microsoft services Kevin Johnson predicted it would become when it bought aQuantive. Microsoft paid an 85% premium for the company’s stock after most of aQuantive’s rivals had already been gobbled up by competitors.

Johnson is now the CEO of Juniper Networks (JNPR).

Though aQuantive didn’t turn out to be a good fit for Microsoft, a large part of the company’s advertising business struggle stems from Microsoft’s inability to catch up with Google (GOOGFortune 500) in the online search race.

Bing, Microsoft’s search engine, currently maintains a 15.4% share of the search market, up from 8.4% when Bing launched, according to online data tracker comScore (SCOR). That’s a nice jump, but Google still commands 66.7% of the market — up 1.7 percentage points from the 65% it held when Bing debuted.

Most of the share that Bing has gained has actually come from third-place Yahoo (YHOOFortune 500). The rest has come from search cellar-dwellers Ask.com and AOL (AOL).

There’s usually no such thing as “bad” market share growth, but Yahoo’s search is now powered by Bing. That means more than half of Microsoft’s share growth has come from cannibalizing its search partner.

To capture the attention of a critical mass of advertisers — enough to turn a profit — search market analysts say that Bing will need at least 25% to 30% of the market. That’s double Microsoft’s current share.

 Microsoft’s $6 billion aQuantive whoopsie – Jul. 2, 2012.

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White Family Moves To Town | The Onion – America’s Finest News Source


White Family Moves To Town

GLENCOE, IL—Shock, outrage and fear were just some of the emotions that failed to sweep through this affluent Chicago suburb Monday, when word got out among residents that a white family had moved to town over the weekend.

The Hansons, who recently moved to the white suburb of Glencoe, IL.

 

Challenging none of the close-knit community’s long-held beliefs and traditions, maxillofacial surgeon Bill Hanson, his wife Marge, and children Kevin and Sue are the first Caucasians to relocate to Glencoe in more than two days.

“I’ll admit, I was concerned at first,” said longtime Glencoe resident and neighborhood-watch president Linda Brubaker, 50. “I thought, how will having a white family move here affect property values? Then I realized it wouldn’t at all.”

“After all,” Brubaker added, “once I looked beneath the surface, I realized that this new family of white people isn’t really so different from my own white family. Come to think of it, they’re pretty much the same on the surface, as well.”

Brubaker wasn’t the only local to have concerns. Many openly questioned the Hansons’ ability to fit in. But their trepidation vanished upon seeing that the Hansons were much like, if not exactly like, themselves, regardless of—indeed, because of—the color of their skin.

“You know what they say about white people,” insurance agent Jack Lundegard said. “They drive sensible cars, they bake things, they’re always noodling about doing yardwork—all those stereotypes. But then I took a look at the man in the mirror, and I realized, ‘Hey, I’m not so unlike that myself.’”

Area investment banker Harold Boyce agreed: “I’ve got nothing against whites. Some of my best friends are white,” Boyce said. “Actually, I guess they all are.”

Although Bill and Marge Hanson privately harbored doubts about the move, they quickly discovered that the nearly identical sociocultural background they shared with the people of Glencoe proved not to be a handicap, but an asset, allowing them to offer something familiar to their unfamiliar new neighbors.

The Schukals, who say they have “no worries” about living next door to the Hansons.

 

“I did have some fears about the kids’ ability to blend in and make friends with the other kids at their new school,” Marge said. “But luckily, their classmates were very open-minded about meeting new people of the same race. In no time at all, their peers accepted them as white kids just like themselves.”

Though 10-year-old Kevin came from a different white neighborhood than his new classmates, he was soon invited to join the Glencoe junior soccer league. The experience has turned out to be enriching for all involved, giving Kevin and his fellow white children the opportunity to work together as a team, regardless of their lack of differences.

Thirteen-year-old Sue had a harder time adjusting. The day she arrived in Glencoe, she cried for hours, saying she missed her white friends back in Bloomfield Hills, MI. But within a few days, she began to adjust.

“I think it’s helped Sue to be around other white kids,” said Dana Berner, leader of Sue’s new Girl Scout troop. “Moving is never easy, but it’s lots easier when the new people are just like you.”

The children’s teachers say they are already fitting in at school and doing just as well, socially and academically, as their new white peers. “I think having strong white role models in their surroundings has helped foster a sense of belonging,” said Glencoe Middle School guidance counselor Tom Luchs. “I can identify with them, coming from a white background myself.”

Perhaps the situation was best summarized by the Hansons’ new next-door neighbor, Peggy Schukal, who has become fast friends with the Hansons despite their racial similarities.

“When I heard who would be moving next door, I thought to myself, ‘Hanson? Isn’t that a Swedish name?’ It sounded sort of Scandinavian to me,” Schukal said. “But now I know that there’s no reason to judge people by such arbitrary categories. To me, the Hansons, and for that matter everyone living here in Glencoe, are more than just German-Americans, Anglo-Americans, Italian-Americans, or even Swedish-Americans. What’s important is to see past all that and realize that, deep down, we’re all just white Americans.”

Schukal admitted that she was initially rattled by the notion that her 11-year-old daughter Sandra could one day end up dating the Hansons’ son. But upon realizing that Kevin is a well-behaved, college-bound young man from a well-to-do family, her fears vanished.

“We here in Glencoe are very open about including all different types in our community,” said Fred Schukal, a dentist and Bill Hanson’s new golf partner. “To be honest, it really doesn’t matter to us what part of Europe you’re originally from. As the Hansons’ experience here shows, there’s room in Glencoe for every shade of Caucasian in God’s white rainbow.”

Community leaders are pleased that the Hansons’ arrival has been trouble-free.

“I’m both pleased and relieved to say that having this new white family in town, at least so far, hasn’t caused a single problem,” Glencoe police chief Wayne Girardeau said. “Glencoe can be proudly held up as a model to other suburban communities across America that would like to integrate more whites, but are afraid it wouldn’t work out.”

 White Family Moves To Town | The Onion – America’s Finest News Source.

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Family Net Worth Drops to Level of Early ’90s, Fed Says – NYTimes.com


 

Family Net Worth Drops to Level of Early ’90s, Fed Says

By BINYAMIN APPELBAUM
Published: June 11, 2012

 

WASHINGTON — The recent financial crisis left the median American family in 2010 with no more wealth than in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said on Monday.

 

The median family, richer than half of the nation’s families and poorer than the other half, had a net worth of $77,300 in 2010, down from $126,400 in 2007, the Fed said. The crash of housing prices explained three-quarters of the loss.

This vast loss of wealth was compounded by a loss of income, as the earnings of the median family fell by 7.7 percent over the same period.

The new data come from the Fed’s much-anticipated release Monday of its triennial Survey of Consumer Finance, one of the broadest and deepest sources of information about the financial health of American families. The latest survey is based on data collected in 2010. Figures are reported in 2010 dollars.

Unsurprisingly, the report is full of grim news, and although it is news from 18 months ago, fresher sources of economic data make clear that most households have since seen only modest increases, at best, in wealth and income.

Despite these setbacks, consumers have continued to spend surprising amounts of money in recent years, helping to keep the economy growing at a modest pace. The survey underscores where the money is coming from: Americans are saving less for future needs and making little progress in repaying debts.

The share of families saving anything over the previous year fell to 52 percent in 2010 from 56.4 percent in 2007. Other government statistics show that total savings have increased since 2007, suggesting that a smaller group of families are saving more money, while a growing number manage to save nothing.

The survey also found a shift in the reasons that families set aside money, illustrating the lack of confidence that is weighing on the pace of economic growth. More families said they were saving as a precautionary measure, to make sure they had sufficient liquidity to meet short-term needs. Fewer said they were saving for retirement, education or for a down payment on a home.

And the report highlighted the fact that households had made limited progress in reducing the amount that they owed to lenders. The share of households reporting any debt declined by 2.1 percentage points over the last three years, but 74.9 percent of households still owe something and the median amount of the debt did not change.

The drop in reported incomes could have increased the weight of those debts, requiring families to devote a larger share of income to debt payments. But one of the rare benefits of the crisis, lower interest rates, has helped to offset that effect. Families also have been able to reduce debt payments by refinancing into mortgages with longer terms and deferring repayment of student loans.

The survey also confirmed that Americans were shifting the kinds of debts that they carried. The share of families with credit card debt declined by 6.7 percentage points to 39.4 percent, and the median balance of that debt fell 16.1 percent to $2,600.

Families also reduced the number of credit cards that they carried, and 32 percent of families said they now had no cards, up from 27 percent in 2007.

The cumulative statistics concealed large disparities in the impact of the crisis.

The losses of income and wealth fell most heavily on the middle class. Families with incomes in the bottom and top 20 percent of the population sustained smaller losses on a percentage basis than those families in the middle 60 percent.

One reason for this disproportion is that the middle class puts its wealth in housing, and the median amount of home equity dropped to $75,000 in 2010 from $110,000 in 2007. While other investments have recovered much of the value lost in the depths of the crisis, housing prices have hardly budged.

 Family Net Worth Drops to Level of Early ’90s, Fed Says – NYTimes.com.

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