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...planning in your head. Economists are developing new consumption-smoothing software that does the targeting for you. (Full disclosure: I've co-developed one such program, called ESPlanner.) The goal of the new software is to help you make the financial and life-cycle decisions that will generate your highest sustainable living standard. Targeting for a smooth spending path makes a lot more sense than scrimping now for a few years of luxury or living it up and then throwing yourself on the mercy of your kids and Social Security...
...Interest rate on federal loans for current undergraduate and graduate-student borrowers as of last week, up from 4.7% and the highest rate in six years...
Summers announced he would step down in February after a bitter year-long spat with the Faculty of Arts and Science that ended when Summers lost the support of key members of the University’s highest governing board, the Harvard Corporation. His affair with the Faculty was touched off by the president’s infamous January 2005 remarks on women in science, which thrust Harvard squarely into the international spotlight and brought the embattled leader’s every move under intense scrutiny...
...also a leader in America's emergence as a world power. As a young political leader he supported the Navy League which advocated a big ship Navy capable of projecting American power across the world. As the Assistant Secretary of the Navy - at that time the second highest job in the Navy - he advocated war with Spain over Cuba and did all he could prepare Commodore Dewey's fleet so it could take the Philippines. When war came he resigned from his Washington desk job and formed a volunteer group of polo players and Western cowboys, including Native Americans...
...Clean government is my highest principle." CHEN SHUI-BIAN, President of Taiwan, in a live television address, rebutting allegations of insider trading and influence peddling involving his aides and family. Opposition legislators have called for Chen to step down over the scandals...