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Until now. Gone will be the subsidies, and gone will be the FFEL program. As of July 1, all new student loans will go through the Direct Loan program. The savings - an estimated $61 billion over 10 years - will be used to shore up and increase the need-based Pell Grant program by $36 billion and invest in community colleges. While the Administration has reason enough to crow about the proposed measures, it has had to scale back some of its bigger plans. An earlier version of the bill would have invested an additional $20 billion and offered even more...
With his first major piece of education legislation out of the way, Obama will likely move on to K-12 matters later this year as he attempts to rework the unpopular No Child Left Behind law. But before then, members of Congress (and America's students) are going on spring break...
...Cold War's height, and Brin has a keen awareness of anything that smacks of political censorship. Google, of course, knew about the compromises one must make to do business in China when it entered the market in 2006. But it seems that Brin decided this year that the company could no longer abide the level of censorship, and hacking, and e-mail pilfering that takes place behind Beijing's Great Firewall. The showdown comes at a time when the most important economic relationship on the planet is getting frayed, as Washington and Beijing swap accusations about trade protection...
...reason for their angst is clear: A property meltdown in China would imperil the whole world's fledgling economic recovery. Throughout the most severe global downturn in decades, China's economic growth has remained remarkably buoyant. This year, for example, China's GDP will likely rise 9% or more, in contrast to a merely subpar rebound in the U.S. and Europe...
...nothing has driven China's growth more than real estate investment. Last year, fixed-asset investment accounted for more than 90% of China's overall growth, and residential and commercial real estate investment made up nearly a quarter of that. (See pictures of the global financial crisis...