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Ginsburg also suggests that parents of new drivers adopt a version of the graduated licensing program that many states have in place. Rules include requiring a certain amount of experience before allowing teens to drive in bad weather or after dark during their first licensed year and prohibiting them from driving with other teens until they can demonstrate their ability to concentrate on the road and not get distracted by passengers. "Driving is such a potentially dangerous thing that we have to make it so that the car is not the place where teens test their independence," Ginsburg says...
...There's no small amount of irony in the fact that Wikipedia's efforts to reduce errors and misinformation have been clouded by misinformation. Or you might say that's par for the course: On the Web, we get to the truth in fits and starts - but eventually, as on Wikipedia, the real facts seep...
...Tuesday, the cash-depleted FDIC hatched a plan to require banks to prepay three years of quarterly fees. The FDIC expects to quickly generate $45 billion in cash, an amount it normally would've had to wait years to get its hands on. But in a quirk of accounting rules, the banks won't have to expense the upfront payments this year, even though they will be handing over the cash in the next few months - in amounts that could run into the billions of dollars for some banks. The FDIC says the move will solve its liquidity problems...
...income statements. Instead, each bank will add an asset, a big one, to its balance sheet, right below where the cash they just handed over to the FDIC used to be. It will be called something like prepaid FDIC premiums. The asset will shrink each quarter by the amount each bank normally would have paid the FDIC. As the bank shrinks the asset, it will book the normal cost it would have paid the FDIC in fees that quarter, except as we all know, the fees will have already been paid...
...asset to their balance sheet for the money they are prepaying, the FDIC has to book a liability for the money that it has received from the banks but is not actually entitled to yet. That liability will lower the balance of the FDIC's fund by the same amount that it is boosted by the prepayment. That means, at least on the books, the net effect of the prepayment for the FDIC fund will be nada. So even with the $45 billion coming to it, the FDIC will look broke, and probably stay that way until sometime in late...