Word: snows
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...stretch (bringing precipitation for the season to a record 22.51 in.), while a mudslide in nearby La Conchita killed 10 residents and swallowed 15 houses. To the north, around Lake Tahoe, roads and cars all but disappeared beneath as much as 19 ft. of newly fallen snow...
...good. For the first time in recent memory, snowpack in much of the West is running well ahead of average, and that signals relief for the drought-plagued region. Even so, says NOAA drought specialist Douglas LeComte, it's too early to proclaim the long dry spell completely over. Snow is still scant in the northern Rockies and the Pacific Northwest, he notes, adding, "It will take more than one wet winter to refill the reservoirs along the Colorado River." --By J. Madeleine Nash
Though only one person has been found dead from an avalanche a week ago near Park City, Utah, 16 people have been killed in avalanches in the U.S. this season, almost double the toll at the same time last year. Ski resorts routinely blast problem snow from steep slopes. But as more skiers and snowmobilers head for the backcountry, where there is no organized avalanche control, attention is shifting to new self-rescue techniques...
...other side this time. It has already started newspaper ads warning that private accounts are simply too risky. "It's a little ironic that the AARP would be saying that, since one of the major things the AARP does is run [an investment program] for retirees," countered Treasury Secretary Snow in an interview with TIME. "The President made it clear that these plans are not going to be high risk. You're not going to be allowed to bet on any stocks or go out to the roulette wheel...
...same time, the bond market may not be an obstacle. Snow heard caution but little naysaying when he made a pilgrimage to Wall Street last week. In a meeting on Tuesday with bond traders, he explained that the government might have to borrow $100 billion to $150 billion a year for 10 years to finance the new private accounts. Participants say the traders told Snow that the markets could easily absorb that much. As a bond executive said, "Mr. Secretary, that's a rounding error in our business...