On Wednesday, investors paid Germany to hold on to their money for a couple years.
That's right: Germany got to borrow more than 4 billion euros (about $5 billion), and instead of Germany paying interest to its lenders, the lenders are paying Germany. This a lot like Citibank paying you a smidgen to carry a balance on your credit card or to take out a loan (without also charging you interest).
We all know an out-of-control financial sector can cause acute and long-lasting problems, thanks to the recent financial crisis. But is there also a more chronic drag on the economy when the finance crowd gets too thick?
One recent paper (PDF) suggests so, and tries to quantify just how much a bloated financial sector can hurt economic growth.
The Alabama Supreme Court has reopened a lawsuit over whether Alabama's prepaid college tuition program can pay less than full tuition for students.
The Supreme Court on Wednesday told a lower court to look at whether state officials can retroactively apply a new law passed by the Legislature to allow reduced tuition payments. A plan to provide reduced payments was struck down by the Supreme Court in March and then the Legislature passed a law in April to try to save it.
Alabama Public radio news director Pat Duggins reports on today's vote by the University of Alabama board of trustees to name Dr. Guy Bailey, of Texas Tech, as UA's new president. The appointment is a homecoming for Dr. Bailey, who earned a bachelors degree in Tuscaloosa, and then a masters in 1974.
Texas Tech University president Guy Bailey is the new president of the University of Alabama. Trustees unanimously approved Bailey's hiring during a meeting in Tuscaloosa on Wednesday. The Montgomery native says he's honored to be returning to his alma mater. Search committee chairwoman Karen Brooks says it's a ``bonus'' that Bailey is an Alabama graduate. Bailey has been president at Texas Tech since 2008. At Alabama he replaces Robert Witt, who is now chancellor of the three-campus University of Alabama System.
All week long on Alabama Public Radio, the news department is revisiting the people we heard from in the hours and days following the April 27th tornadoes that struck the state a year ago. Last night, the Tuscaloosa city council approved rezoning in the areas hit hard by the storm. Pending a final vote, this will set the city's rebuilding plan into full motion. APR's Pat Duggins takes us to the small town in Kansas which helped pioneer the "green" rebuilding ideas that may take root here.
This week marks one year since the tornadoes that tore through Alabama, killing over two hundred people and disrupting the lives of thousands of families. All week long on Alabama Public Radio, we'll revisit many of the people and places you heard from in the hours and days following the storm. APR news director Pat Duggins has this preview...
Over the last week or so, we've been watching the scandal over manipulation of LIBOR, perhaps the single most important global interest rate: See Robert Smith's piece on Morning Edition, and Tuesday's podcast.
Losing your job is rarely good. Not being able to find one for months can be disastrous for individuals, and bad for society as well. Yet during the recent recession and the current anemic recovery, more people in the U.S. have been unemployed for longer than at any time since 1948.
Of all Americans who were unemployed in June, almost half had been without a job for 27 weeks or longer. In other words, 5.4 million people have been jobless for more than half a year.