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Friday, December 6, 2013

YOUR DAILY WEEKLY READER: The Times on Mandela; jobless hopes; jobless fears; Numberwang!; BP's deeper horizons. A SMALL SPILL!

Posted on Fri, Dec 6, 2013 at 10:54 AM

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THE PAPER OF RECORD BRILLIANTLY RECOUNTS THE MAN OF OUR TIME. RESPECT: “The question most often asked about Mr. Mandela was how, after whites had systematically humiliated his people, tortured and murdered many of his friends, and cast him into prison for 27 years, he could be so evidently free of spite. The government he formed when he finally won the chance was an improbable fusion of races and beliefs, including many of his former oppressors. When he became president, he invited one of his white wardens to the inauguration. Mr. Mandela overcame a personal mistrust bordering on loathing to share both power and a Nobel Peace Prize with the white president who preceded him, F. W. de Klerk.” (via New York Times)


CAUTIOUS OPTIMISM AS THE U.S. UNEMPLOYMENT RATE DROPS THREE-TENTHS OF A PERCENTAGE TO A FIVE-YEAR LOW OF SEVEN PERCENT! THAT’S NUMBERWANG!: "The U.S. labor market is still far from healed, but it certainly is moving in the right direction," said Eric Stein, co-director of the Global Income Group at Eaton Vance Investment Managers in Boston. U.S. stocks bounced higher at the open, the dollar rose against the euro and the yen, and U.S. benchmark Treasury yields hit a three-month high as traders increased bets the Fed could reduce its bond purchases as early as its next meeting on December 17-18. The central bank has been buying $85 billion in Treasury and mortgage-backed bonds each month to hold long-term borrowing costs down in a bid to spur a stronger economic recovery. (via Reuters)


THEN AGAIN, 260,000 FLORIDIANS COULD LOSE THEIR UNEMPLOYMENT BENEFITS NEXT MONTH IF CONGRESS DOESN’T DO SOMETHING. THAT’S NUMBERWANG!: The White House is warning that more than 260,000 Floridians will lose long-term unemployment benefits in 2014 unless Congress extends them before year’s end. Some Republican leaders oppose another extension, saying the benefits program was meant as a temporary fix, has done little to boost the economy, and has added billions to the deficit. In Florida, the program provides an average of $232 in weekly benefits per capita, according to the U.S. Department of Labor. That’s the fourth-lowest amount in the country and well below the national weekly average of $310. But federal unemployment benefits are especially important in Florida, which provides only 19 weeks of help. Only Georgia is less generous in providing jobless benefits. (via Ft. Meyers News-Press)





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DEEPER WATER HORIZONS FOR BP! WHAT WE’RE GONNA DO RIGHT HERE IS GO DEEP. WAY DEEP: One BP field in the Gulf of Mexico, called Tiber, makes the Macondo field that the Deepwater Horizon rig was probing look like simple puddle of oil. It is thought to hold 20 times the amount of oil as Macondo. At 35,000 feet below the sea floor -- 6.6 miles into the earth's crust -- it is about twice as deep. (via Associated Press)




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