Thursday, October 17, 2013

China's Building Cities So Fast, People Don't Have Time to Move In

China's Building Cities So Fast, People Don't Have Time to Move In


With an estimated 700 million of its billion or so residents now residing in urban areas, China has reached an important tipping point in its evolution from an agrarian to industrial economy. But this mass population migration, combined with China's insistence on central planning and general disdain for Keynesian theory, has resulted in an odd form of growing pain: massive, pre-fab cities built for a populace that doesn't even exist yet.

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Source: http://gizmodo.com/chinas-building-cities-so-fast-people-dont-have-time-1446570856
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Defense: Madoff kept employees in dark about fraud

NEW YORK (AP) — Bernard Madoff was a Wall Street rock star who charmed billionaires, celebrities, government regulators and his employees, including five of his ex-workers who are on trial for fraud, defense attorneys told a jury Thursday in opening statements.


Attorney Andrew James Frisch said Madoff and his former finance chief — government cooperator Frank DiPascali — were "depraved and pathological" as they delivered millions of lies to disguise a fraud that cheated thousands of investors out of billions of dollars.


On Wednesday, a prosecutor accused the five former employees of being crucial components of a fraud that remained hidden for decades, but defense lawyers on Thursday insisted their clients were fooled in the same way that Securities and Exchange Commission inspectors and sophisticated financial experts were.


Frisch portrayed his client, Daniel Bonventre, as enamored by Madoff. Bonventre, 66, rose to a position of director of operations after joining the firm in the late 1960s. He oversaw the legitimate side of Madoff's business, not the secretive private investment wing, Frisch said.


"Dan believed Madoff, like so many others," Frisch said. "He devoted his life to Madoff. ... Dan is broken but he is not guilty."


Roland Riopelle, attorney for Madoff's longtime secretary, Annette Bongiorno, said his client too was taken in by "a kind of rock star in the securities industry."


"The government simply cannot prove that she knew there was a fraud and intended to hurt anyone," he said.


Bongiorno started working for Madoff in the 1960s when she was 19 and eventually became a supervisor, responsible for maintaining the accounts of longtime customers, Riopelle said.


He noted that she kept her money in the company's accounts until the fraud was revealed and had encouraged her family and friends to invest as well, something she would not do if she was "really some kind of monster."


Frisch described Madoff as someone as a "Wall Street icon," someone as large in stature in the securities industry as Donald Trump in business, LeBron James in basketball or Oprah Winfrey on television. He said Madoff's clients included filmmaker Steven Spielberg and actors Kevin Bacon and John Malkovich.


Frisch and Riopelle insisted their clients had no chance.


"She knew many of Madoff's customers were billionaires and they knew more about the markets than she did," Riopelle said.


Others on trial include JoAnn Crupi, an account manager; and computer programmers Jerome O'Hara and George Perez. They too have pleaded not guilty.


On Wednesday, Assistant U.S. Attorney Matthew Schwartz said no one would dispute Madoff told many lies.


"But the evidence will show that these defendants knew exactly what they were doing. ... They did it because Bernard Madoff encouraged it and they were getting rich in the process," he said.


The trial follows the 2008 collapse of Madoff's private investment business, which cost clients nearly $20 billion. A court-appointed trustee has recovered much of the money by forcing those customers who received big payouts from Madoff to return the funds.


When the fraud was revealed, Madoff admitted that the nearly $68 billion he claimed existed in accounts was actually only several hundred million dollars.


The Ponzi scheme nearly ran out of money at least twice before finally collapsing during the 2008 financial crisis. At the time, investors were seeking to divest $1.4 billion when the firm only had $300 million left, the prosecutor said.


Madoff, 75, is serving a 150-year prison sentence.


Source: http://news.yahoo.com/defense-madoff-kept-employees-dark-fraud-145300180--finance.html
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Supreme Court accepts challenge to Obama's environmental regulations

The Supreme Court is allowing a challenge to President Barack Obama's new environmental regulations to go forward, potentially posing risks for the EPA's climate change prevention plans. Earlier today, the court accepted six petitions from the US Chamber of Commerce, the state of Texas, and others. But of those petitions, only a single question will be considered: "Whether EPA permissibly determined that its regulation of greenhouse gas emissions from new motor vehicles triggered permitting requirements under the Clean Air Act for stationary sources that emit greenhouse gases." Three further petitions were rejected.


In short, the Supreme Court will be examining whether by deciding to regulate car emissions, the EPA gave itself the power to regulate institutions like power plants. As elucidated by the SCOTUS Blog, this significantly narrows the questions, and some have taken this as a good sign. "Let's be clear about what the Supreme Court did today," says the Natural Resources Defense Council in a statement. "The court rejected pleas by big polluters and a small group of states to review the EPA's authority to limit greenhouse gas emissions from vehicles and other sources when they endanger public health or welfare." The question it took up, however, could affect the EPA's attempts to put limits on how much carbon coal and natural gas plants could release.


This challenge follows a previous ruling, in which the Supreme Court found that carbon was a pollutant that could fall under the Clear Air Act's purview. Since then, Obama has put forward a plan to encourage renewable energy and rein in pollution from fossil fuels. Its projected benefits, however, aren't necessarily clear. The plan has been criticized for its potentially ineffective regulations and its reliance on minimally tested carbon capture technology, which is meant to help coal plants go clean. According to Reuters, arguments for the program's legality are likely to take place in early 2014, with a decision expected by the end of June.





Source: http://www.theverge.com/2013/10/15/4841052/supreme-court-accepts-challenge-to-obamas-environmental-regulations
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The GOP’s Alamo

U.S. House Speaker John Boehner
House Speaker John Boehner (R-Ohio) speaks to reporters after a Republican caucus meeting at the U.S. Capitol in Washington on Oct. 15, 2013.

Photo by Jonathan Ernst/Reuters








For the men and women of the U.S. Senate, Wednesday morning was a time of jubilation. Hark—a deal was born! Sens. Harry Reid and Mitch McConnell came bearing a bipartisan agreement that punted the debt and government funding deadlines with a minimal amount of riders. “Political adversaries set aside their differences and disagreement,” said Majority Leader Reid. “I think we have the framework for the kind of bipartisanship that the American people need and want,” said Sen. John McCain. The Arizona senator, who’d logged hours of TV interviews blaming the House Republicans for the shutdown, was closing the book on the whole mess.














At the same time, far away from the sound of handshakes and backslaps, the House Oversight Committee was conducting an investigation into the real culprit of the shutdown. Jonathan Jarvis, director of the National Park Service, had been subpoenaed in an investigation of why beloved open-air parks and memorials—the World War II Memorial, especially—were barricaded during the shutdown. Why, asked Rep. Darrell Issa, did an anonymous park ranger tell the Washington Times that the feds would make the shutdown “as difficult as possible”? Why did parks stay open for Occupy Wall Street but closed to the men who stormed Omaha Beach?










“You came before one of our committees and made it clear that you were going to reinterpret the First Amendment to include basically people sleeping in the parks, defecating on the lawns, creating a health hazard for the people of the District of Columbia,” said Issa.












“Do you consider it an exercise of your First Amendment right to walk to a monument that you helped build,” asked South Carolina Rep. Trey Gowdy, “or is it only just smoking pot at McPherson Square?”










Within hours, Gowdy and Issa would join their fellow House Republicans for a short meeting. House Speaker John Boehner would admit defeat. But some Republicans were declaring a victory of sorts—maybe not now, but down the road—for what the media had already judged to be a historic debacle. They had revealed President Obama to be a cynical political operator. They had proved to voters that they did everything they could to stop Obamacare. When the next spending fight comes around, they insisted that enduring this shutdown would strengthen their position.










“It depends on whether or not we’re able to articulate why we did what we did,” said South Carolina Rep. Mick Mulvaney, a conservative who voted against Boehner for speaker but sings hosannas for him now. “We believe we did it for the right reasons. We believe it was good policy. We believe good policy makes good politics. But we have to be able to explain that policy in order to accomplish it. I did an interview with a local radio station back home a week ago, and it started with them saying it was ‘just seven days until default.’ That was an indication that our message was not getting out.”










Human beings have been putting their best spin on defeats since the invention of “winning” and “losing.” Obviously, the many Republicans who don’t want to trash their colleagues on the record are going to look for the Alamo underneath the rubble of this loss. But this shutdown had meant a lot to the party. Only a few dozen current members of the GOP conference had endured the last shutdown in 1995–1996. Those who hadn’t—and some of those who had—have insisted for years that it was not truly a defeat for the party. In his 1998 memoir, Newt Gingrich blamed the media for making that shutdown a “story of Republican heartlessness.” By 2010, when he reminisced about the shutdown, Gingrich argued that its real lesson was that his GOP had held onto the House in 1996 and balanced the budget—and that if the GOP shut down the government to stop Obamacare, the country would rally to the cause.










As dealmania spread across the Capitol on Wednesday, this spin remained battered but alive. “I haven't been home now for close to a month, and so it's not an easy venture all the way across the board,” said Arizona Rep. Matt Salmon, a class of 1994 Republican who returned to Congress this year after a decade in retirement. “As we saw last time, in 1996, we had the last government shutdown, 20-some days, and just a couple of years later we did the unimaginable: We balanced the budget for the first time in 40 years. We got through some of the most meaningful welfare reform that this country never believed was possible. I think part of it is that when both sides see that you're actually willing to stand and fight on principle, it changes the dynamic. It's not evident right now, but I think it will be.”


















Source: http://www.slate.com/articles/news_and_politics/politics/2013/10/republican_party_lose_on_government_shutdown_and_debt_limit_the_gop_rewrites.html
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The GOP’s Alamo

U.S. House Speaker John Boehner
House Speaker John Boehner (R-Ohio) speaks to reporters after a Republican caucus meeting at the U.S. Capitol in Washington on Oct. 15, 2013.

Photo by Jonathan Ernst/Reuters








For the men and women of the U.S. Senate, Wednesday morning was a time of jubilation. Hark—a deal was born! Sens. Harry Reid and Mitch McConnell came bearing a bipartisan agreement that punted the debt and government funding deadlines with a minimal amount of riders. “Political adversaries set aside their differences and disagreement,” said Majority Leader Reid. “I think we have the framework for the kind of bipartisanship that the American people need and want,” said Sen. John McCain. The Arizona senator, who’d logged hours of TV interviews blaming the House Republicans for the shutdown, was closing the book on the whole mess.














At the same time, far away from the sound of handshakes and backslaps, the House Oversight Committee was conducting an investigation into the real culprit of the shutdown. Jonathan Jarvis, director of the National Park Service, had been subpoenaed in an investigation of why beloved open-air parks and memorials—the World War II Memorial, especially—were barricaded during the shutdown. Why, asked Rep. Darrell Issa, did an anonymous park ranger tell the Washington Times that the feds would make the shutdown “as difficult as possible”? Why did parks stay open for Occupy Wall Street but closed to the men who stormed Omaha Beach?










“You came before one of our committees and made it clear that you were going to reinterpret the First Amendment to include basically people sleeping in the parks, defecating on the lawns, creating a health hazard for the people of the District of Columbia,” said Issa.












“Do you consider it an exercise of your First Amendment right to walk to a monument that you helped build,” asked South Carolina Rep. Trey Gowdy, “or is it only just smoking pot at McPherson Square?”










Within hours, Gowdy and Issa would join their fellow House Republicans for a short meeting. House Speaker John Boehner would admit defeat. But some Republicans were declaring a victory of sorts—maybe not now, but down the road—for what the media had already judged to be a historic debacle. They had revealed President Obama to be a cynical political operator. They had proved to voters that they did everything they could to stop Obamacare. When the next spending fight comes around, they insisted that enduring this shutdown would strengthen their position.










“It depends on whether or not we’re able to articulate why we did what we did,” said South Carolina Rep. Mick Mulvaney, a conservative who voted against Boehner for speaker but sings hosannas for him now. “We believe we did it for the right reasons. We believe it was good policy. We believe good policy makes good politics. But we have to be able to explain that policy in order to accomplish it. I did an interview with a local radio station back home a week ago, and it started with them saying it was ‘just seven days until default.’ That was an indication that our message was not getting out.”










Human beings have been putting their best spin on defeats since the invention of “winning” and “losing.” Obviously, the many Republicans who don’t want to trash their colleagues on the record are going to look for the Alamo underneath the rubble of this loss. But this shutdown had meant a lot to the party. Only a few dozen current members of the GOP conference had endured the last shutdown in 1995–1996. Those who hadn’t—and some of those who had—have insisted for years that it was not truly a defeat for the party. In his 1998 memoir, Newt Gingrich blamed the media for making that shutdown a “story of Republican heartlessness.” By 2010, when he reminisced about the shutdown, Gingrich argued that its real lesson was that his GOP had held onto the House in 1996 and balanced the budget—and that if the GOP shut down the government to stop Obamacare, the country would rally to the cause.










As dealmania spread across the Capitol on Wednesday, this spin remained battered but alive. “I haven't been home now for close to a month, and so it's not an easy venture all the way across the board,” said Arizona Rep. Matt Salmon, a class of 1994 Republican who returned to Congress this year after a decade in retirement. “As we saw last time, in 1996, we had the last government shutdown, 20-some days, and just a couple of years later we did the unimaginable: We balanced the budget for the first time in 40 years. We got through some of the most meaningful welfare reform that this country never believed was possible. I think part of it is that when both sides see that you're actually willing to stand and fight on principle, it changes the dynamic. It's not evident right now, but I think it will be.”


















Source: http://www.slate.com/articles/news_and_politics/politics/2013/10/republican_party_lose_on_government_shutdown_and_debt_limit_the_gop_rewrites.html
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Wednesday, October 16, 2013

Israel urges maintaining Iran sanctions despite Geneva proposals


JERUSALEM (Reuters) - Israel on Wednesday urged Western powers not to give up economic sanctions on Iran until Tehran proves it is dismantling its nuclear program that the United States and its allies believe is aimed at developing atomic weapons.


The Israeli comments came after Western diplomats said Iran hinted during two days of nuclear negotiations in Geneva that it was ready to scale back sensitive atomic activities to secure relief from the crippling sanctions.


"Iran should be tested by its actions, not its proposals," a senior Israeli official said, speaking on condition of anonymity in a message sent from Prime Minister Benjamin Netanyahu's office.


The Israeli official added, "Until substantive steps are carried out that prove that Iran is dismantling its military nuclear program, the international community must continue with its sanctions against it (Iran)."


The United States called the talks the most serious and candid to date, though a senior U.S. official said there had been no apparent narrowing of differences between Tehran and the six nations in the negotiations over its nuclear program.


Follow-up talks have been scheduled for November 7-8.


Israel is widely believed to be the only nuclear power in the Middle East.


The United States, Israel and other countries accuse Iran of using its nuclear program to try to develop the capability to produce weapons. Iran says the program is for peaceful energy purposes only. Hassan Rouhani, Iran's new president, told the U.N. General Assembly last month that nuclear weapons "have no place in Iran's security and defense doctrine, and contradict our fundamental religious and ethical convictions."


Israel insists Iran must be forced to give up its enrichment of uranium, which the Jewish state sees as a risk that the nuclear program would be used for weapon development.


Netanyahu has said Israel would not accept Iran becoming a nuclear power and has hinted that his country may resort to military action - and act on its own - to prevent that from coming about.


(Reporting by Allyn Fisher-Ilan; Editing by Peter Cooney)



Source: http://news.yahoo.com/israel-dont-let-iran-sanctions-despite-geneva-proposals-211946128.html
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Geography affects what drugs seniors prescribed

WASHINGTON (AP) — Where seniors live makes a difference not only in how much health care they receive but also the medications they're prescribed — as some miss out on key treatments while others get risky ones, new research shows.


More than 1 in 4 patients on Medicare's prescription drug plan filled at least one prescription for medications long deemed high-risk for seniors, according to the study released Tuesday by the Dartmouth Atlas Project.


Seniors who live in Alexandria, La., were more than three times as likely as those in Rochester, Minn., to receive those potentially harmful drugs, which include muscle relaxants and anxiety relievers that can cause excessive sedation, falls and other problems in older adults.


On the flip side, far more seniors who survived a heart attack were filling prescriptions for cholesterol-lowering statin drugs in Ogden, Utah, than in Abilene, Texas — 91 percent compared to just 44 percent, the study found. That's even though statins are proven to reduce those patients' risk of another heart attack.


Even more surprising, the study found just 14 percent of seniors who've broken a bone because of osteoporosis were receiving proven medications to guard against another fracture — ranging from 7 percent of those patients in Newark, N.J., to 28 percent in Honolulu.


"There's no good reason" for that variation, said lead researcher Dr. Jeffrey Munson, an assistant professor at the Dartmouth Institute for Health Policy and Clinical Practice.


Researchers with the Dartmouth Atlas have long shown that the type and amount of health care that people receive varies widely around the country, and that those who live where Medicare spends more don't get better quality care.


The newest report examined 2010 prescription data from the 37 million patients who get drug coverage under Medicare Part D, and found even more of a mixed picture when it comes to seniors' medications. For example, patients in the South were more likely to fill prescriptions for those riskier medications, but less likely than those in other regions to get the long-recommended treatments for heart and bone conditions.


The average Part D patient filled 49 monthlong prescriptions — either new ones or refills — in 2010.


But the study suggests doctors in some areas prescribe more readily. The highest number of prescriptions filled was in Miami — 63 — and the lowest in Grand Junction, Colo., 39.


Overall, patients in regions where Medicare Part D spent more on medications weren't more likely to receive the most effective medications, the study found.


Yes, seniors who are sicker will use more medications, but the general health of a region's Medicare population explains less than a third of the variation, the researchers concluded.


Patients don't always fill their prescriptions, because of cost or fear of side effects or myriad other reasons — something this study couldn't measure. It also didn't examine differences in benefits between cheaper and more expensive Part D plans.


But if doctors were following guidelines on best medication practices, there would be far less variation around the country, Munson said.


Doctors "really need to ask themselves, 'Is there a good reason why my patients are getting less effective care than patients in the other regions,'" he said.


He urged patients to ask more questions, too: Why is this medicine being prescribed? What are the pros and cons? Is there something else I should consider taking?


The Dartmouth Atlas, funded by the Robert Wood Johnson Foundation, studies health trends using Medicare data; similar figures aren't readily available for the general population.


___


Online:


Dartmouth Atlas: http://www.dartmouthatlas.org


Source: http://news.yahoo.com/geography-affects-drugs-seniors-prescribed-203205703--politics.html
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