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...TIME.com Q&A, TIME senior economics reporter Bernie Baumohl goes over the numbers and takes a look down the road - including how this latest batch of news will play at the Fed's next meeting at the end of June...
BREAST VS. BOTTLE If knowing that it wards off infection and allergies still hasn't persuaded mothers to breast-feed their newborns, maybe this will. A study of 15,000 children ages 9 through 14 shows that those who were breast-fed are 20% less likely to be overweight than those who were formula-fed. That's welcome news indeed, since overweight youngsters tend to grow up into overweight adults...
...Tanaka is not especially handsome: he's short of stature, doughy-faced and displays a conspicuously well-fed belly. While a college student, he won a prestigious literary prize for a novel about Japan's alienated youth, and then turned himself into a peculiarly Japanese breed of writer-pundit-celebrity famous for simply saying outrageous things. This career puts him in a newly popular club of politicians with a single platform: to rock Japan's long-coddled boat. Koizumi and his feisty Foreign Minister, Makiko Tanaka (no relation to the Nagano Governor), are the most visible examples from within...
...over tea. Five years, I guess. "We think two to three years, but we need to accelerate." The reason for the haste is simple: the reforms are likely to cause unemployment. That puts the reform package into a race with electoral confidence. If voters get fed up before the reforms have time to finish, they may throw Koizumi and Takenaka...
...Right. To prevent a second quarter of contraction - and thus, technically, a recession - consumers will have to spend more over July, August and September than they did in the second quarter. I expect they will, mostly because unemployment still isn't that high and the Fed is still on the job and cutting rates. There are plenty of reasons to be optimistic about the future, and that should be enough for them to keep spending and borrowing enough to start to bring businesses back into the game some time this winter and next spring...