Tag: Weekend News Digest

The New York Yankees star failed a drug test for two anabolic steroids, four sources told the magazine in a story posted Saturday on its Web site.

His name appears on a list of 104 players who tested positive for performance-enhancing drugs in a 2003 baseball survey, SI said. He reportedly tested positive for Primobolan and testosterone while playing for the Rangers.

Economists call it the “paradox of thrift.” What’s good for individuals – spending less, saving more – is bad for the economy when everyone does it.

On Friday, the government reported Americans’ savings rate, rose to 2.9 percent in the last three months of 2008. That’s up sharply from 1.2 percent in the third quarter and less than 1 percent a year ago.

On Friday, NBC, a unit of General Electric Co., said it was in talks to sell the last two of the 67 spots for the game, which have gone for between $2.4 million and $3 million per 30-second slot.

“Considering the state of the economy in the United States, we couldn’t be any more thrilled,” said Dick Ebersol, chairman of NBC Universal Sports & Olympics.

They’re just working around it – and perhaps inadvertently making the process more secretive.

The projects run the gamut: a Metrolink station that needs building in Placentia, Calif.; a stretch of beach in Sandy Hook, N.J., that could really use some more sand; a water park in Miami.

“You know that’s the way I roll,” Obama replied jokingly.

Rick Bayless, the chef of that restaurant, Topolobampo, says Obama’s comfortable demeanor at the table – slumped contentedly in his chair, clearly there to enjoy himself – bodes well for the nation’s food policy. While former President George W. Bush rarely visited restaurants and didn’t often talk about what he ate, Obama dines out frequently and enjoys exploring different foods.

But what if they’re wrong?

Some conservative economists say that additional stimulus may only prolong the grief at best, triggering runaway inflation down the road and resulting in an even more bloated federal bureaucracy.

Not since Franklin D. Roosevelt has a new president been poised to pack so many ambitious, costly – and, under more normal circumstances, highly contentious – projects into one fast-moving bill. As in 1933, a frightening economic collapse makes the quick political work possible, choking off longer debates and possible opposition that many of the initiatives would have faced in better times.

Congress is working on a mammoth stimulus bill, costing $825 billion or more, to treat the sick economy. Obama is using it as a vehicle for an array of priorities, including billions of dollars for renewable energy, education and health care innovations.

Eldridge Cleaver, civil rights leader, said this: “Americans think of themselves collectively as a huge rescue squad on 24-hour call.”

Toby Keith, populist country singer, said this: “This big dog will fight when you rattle his cage – and you’ll be sorry that you messed with the U.S. of A.”

“We can regain the confidence of both Congress and the American people in that this is not just money that is being given to banks without any strings attached and nobody knows what happens, but rather that it is targeted very specifically at getting credit flowing again to businesses and families,” the president-elect said in an interview aired Sunday.

Obama’s economic team has been talking with the Bush administration about having Treasury Secretary Henry Paulson ask Congress as early as this week for access to the rest of the bailout fund. If Congress rejected such a request, a presidential veto could still free up the money, unless Congress overrode the veto.

Morgan Stanley is likely to pay Citigroup between $2 billion to $3 billion for a 51 percent stake in the brokerage Smith Barney, a person close to the negotiations said.

Morgan Stanley would then have the option to buy Smith Barney over the next three to five years, the person said. The person spoke on condition of anonymity because he was not authorized to speak about the ongoing talks.

The suicide attack, the most recent in a series that has killed more than 60 people in less that a week, was the latest to mar the transfer of many security responsibilities from the U.S. military to Iraqi forces.

Iraqi security forces have deployed thousands of troops in Baghdad and in the Shiite holy city of Karbala, just south of the capital, to safeguard against attacks during the ceremonies. Attacks by al-Qaida in Iraq, Sunni insurgents and even a Shiite cult have killed hundreds of people in recent years.

For eight years, the nation has been led by a guy who relaxes by clearing brush in scorching heat and taking breakneck bike rides through the woods. He dishes out nicknames to world leaders, and even gave the German chancellor an impromptu, perhaps unwelcome, neck rub. He’s annoyed when kept waiting and sticks relentlessly to routine. He stays optimistic in even the most dire circumstances, but readily tears up in public. He has little use for looking within himself, and only lately has done much looking back.

Bush’s style and temperament are as much his legacy as his decisions. Policy shapes lives, but personality creates indelible memories – positive and negative.

But as the anniversary approaches of the Jan. 1, 1999, arrival of the euro, economists say the new currency is finally fulfilling its promise as a way to lower borrowing costs, ease trade and tourism, boost growth and strengthen the European community.

And doing it amid a global financial crisis that, for the moment, underlines the safety in numbers that comes from joining one, big currency.