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When Congress wrote the Build America Bond program into February's $787 billion economic-stimulus bill, many predicted a flop. Nine months later, the municipal-bond program, which provides a federal subsidy to help states and other local governments raise funds, looks to be one of the economic recovery effort's biggest successes. Earlier this month, the volume of BABs, as they have come to be called, crossed the $50 billion mark...
Observers say Build America Bonds have lowered borrowing costs for states and other local governments. The bonds have renewed and expanded investor interest in the muni-bond sector. And by getting money into the hands of cash-strapped local governments, the bond program has saved or even boosted jobs, stimulating the economy. Many investors are already lobbying to extend the program, which is not expected to close until...
Even if Karzai did a more effective job of governing, it's far from clear how many Afghans would be willing to fight their fellow Afghans in the Taliban. While poverty and corruption at the local level certainly fuel the resentment on which the Taliban capitalizes, it is not a protest movement against bad governance as much an insurgency rooted in Islamic and nationalist identities that challenges a political order installed and defended by foreign armies...
Okada has repeatedly suggested the base's functions be moved to nearby Kadena Air Base, not Nago, a counterproposal that has already been rejected by Washington and is opposed by the local mayor...
While newspapers in the U.S. are still filled with reports of foreclosures and ongoing declines in home prices, the headlines in China tell a different story. One local daily reports that in Shanghai on Oct. 30, more than 200 potential buyers crammed into the sales office of a new housing development, snapping up 120 of the 150 available apartments in just one night. Several weeks earlier in the central Chinese city of Wuhan, 300 people lined up to buy new apartments, some of them arriving two days before the sale. A picture in the local press showed eager customers...