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...rapidly becoming a severe financial crisis, with the collapse yesterday of yet another Stable Wind Farm Trust. The failed institution, Magna-SWIFT, is the largest thus far, with over $90 billion in assets. Rumors also continued to swirl about the condition of the Houston Power House, one of the nation??€™s largest clearinghouses specializing in weather and power derivatives. Experts warned that a major clearinghouse failure could have devastating implications...
...prepared statement, Treasury Secretary N. Gregory Mankiw urged investors to remain calm. Secretary Mankiw also noted the strong balance-sheet positions of the nation??€™s leading commercial banks, including Citigroup, J.P. Morgan, Goldman Sachs, and Bank of America. None of these banks have participated materially in the wind-farm boom of the past several years, and all maintain equity capital levels well in excess of the minimum regulatory requirement of 15 percent...
...inauguration of President Barack H. Obama, the nature and structure of American education have elicited unprecedented amounts of discussion, debate, and dialogue. With the president’s policies beginning to take root, fundamental changes—most of which we support—have begun to shape our nation??€™s public schools and universities. Outside of the White House, however, a series of worrisome events and trends suggests that American education, even at the college and university level, is still subject to a climate of continued anti-intellectualism and a widespread distrust of the student enterprise...
...Tuesday, 99 new members were formally inducted into the Harvard chapter of Phi Beta Kappa, the nation??€™s oldest academic honor society...
...Obama Administration has decided to use military commissions to try some of the Guantánamo detainees and has even suggested that it might reverse Attorney General Eric H. Holder, Jr.’s decision to try the 9/11 suspects in federal criminal courts. Our nation??€™s criminal justice system is more than capable of trying terrorist suspects (unlike the unproven military commissions). We should not be trying some of the most important terrorism trials in our nation??€™s history in a make-it-up-as-you-go-along commissions system...