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...laid out his views to a packed room of securities analysts and hedge-fund managers in Manhattan. He noted the power of big federal spending and expressed concern that Washington's largesse, if unchecked, would fundamentally alter America's competitiveness. But he also made clear his view that the latest rounds of federal spending have averted crisis and set the stage for a shallow economic recovery with modest inflation. Longer term, he believes the U.S. will be growing at only 1.5% to 2% a year, well below the historical growth rate of 3%, a shortfall resulting from ongoing consumer deleveraging...
...become something of a club, and not a particularly exclusive one at that: promising political figures with presidential aspirations knocked dramatically off course by marital infidelity. The latest member is Mark Sanford, the governor of South Carolina. In a bracing news conference June 24, the 49-year-old confessed to an affair with an Argentine woman following a bizarre six-day disappearance that grabbed national headlines when his staff and family claimed ignorance about his whereabouts. Aides later said Sanford was hiking along the Appalachian Trail, and seemed as surprised as everyone else when Sanford reappeared following a visit...
...embarrassing missives were just the latest twist in a bizarre scandal that had gripped the state and political observers across the country even before the governor returned from his unexplained absence and revealed his affair. Not even his staff seemed to know exactly where the governor was, and until he was greeted at Atlanta's airport on the morning of June 24 by a reporter from The State, the official line was that Sanford had been hiking on the Appalachian Trail to clear his head after a tough legislative session. Though even his toughest critics seemed to feel some measure...
...latest showcase involved President Obama's $787 billion stimulus package. Sanford led a group of GOP governors, including Alaska's Sarah Palin and Louisiana's Bobby Jindal, assailing it as fiscal suicide. Sanford even likened it to the hyper-inflationary policies of Zimbabwean dictator Robert Mugabe, and he spent the past spring fighting to reject a quarter of South Carolina's $2.8 billion share of the funds unless he could use it to reduce the state's debt...
...latest brouhaha began two months ago, when Berlusconi's wife of 20 years, Veronica Lario, announced the end of their marriage and accused him of "frequenting underage females." The Prime Minister then spent weeks fending off questions about his relationship with an 18-year-old Neapolitan blonde named Noemi Letizia, after he arrived at her birthday party with a gift of a diamond necklace...