The Lookout
  • Financial crisis panel: This was “avoidable”

    Angelides ThomasThe financial crisis was "avoidable"--the product offailures of government regulation, and reckless risk-taking and mismanagement on Wall Street--the congressional panel probing the episode has concluded.

    "The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done," the final report from the Financial Crisis Inquiry Commission concludes. "If we accept this notion, it will happen again."

    The full report -- the result of an exhaustive investigation -- is set to be released tomorrow morning, but several news outlets got an advance look at its conclusions.

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  • AP07051509574Last night, President Obama said American has to "out-innovate" the rest of the world, saying, "The first step in winning the future is encouraging American innovation."

    But the economists Tyler Cowen and Benjamin Jones have both painted a troubling picture of the state of innovation in the country.

    Cowen, in his new book "The Great Stagnation," points to work that shows that 80 percent of America's economic growth from 1950 to 1993 came from the application of ideas that had been invented or discovered before that time, and heavy investment in research and education. "In other words, we've been riding off the past," he writes.

    (The tech entrepreneur and PayPal founder Peter Thiel also theorizes that the pace of technological innovation has been overstated.)

    Mike Gibson at A Thousand Nations blog breaks down some fascinating research by Benjamin Jones at Northwestern University that may explain some of this lag: Innovators are getting old. The average age of Nobel laureates and tech

    Read More »from Innovators are getting older, working fewer years
  • Obama makes no reference to BP oil disaster in SOTU speech

    AP100528012089

    In an address to the nation from the Oval Office seven months ago, President Obama labeled the BP oil disaster the "worst environmental disaster America has ever faced" and promised that the Gulf Coast region's troubles would continue to be a top priority for his administration.

    "The oil spill represents just the latest blow to a place that has already suffered multiple economic disasters and decades of environmental degradation that has led to disappearing wetlands and habitats," Obama said at the time. "And the region still hasn't recovered from Hurricanes Katrina and Rita. That's why we must make a commitment to the Gulf Coast that goes beyond responding to the crisis of the moment. I make that commitment tonight."

    Read More »from Obama makes no reference to BP oil disaster in SOTU speech

Pagination

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  • Home Depot Joins the Shale Rush

    Home Depot Inc. has all but given up on opening new stores in the U.S., but the home-improvement retailer made an exception in January to open a store in an area it said it couldn't pass up: Minot, N.D., in the heart of the American shale oil and gas boom. "If you had said to me seven years ago, you'll be opening a store in Minot, North Dakota, I would have asked, Why?" Chief Executive Frank Blake said in an interview. The 100,000 square-foot store is more than a four-hour drive from Home Depot's nearest location and is the only U.S. store Home Depot opened in the fiscal year ended Feb. 2. Home Depot is among a number of retailers including Wal-Mart Stores Inc. and GameStop Corp. targeting oil and gas towns in North Dakota, Texas and Louisiana, in an otherwise dour environment for retail real estate.

  • Kim Novak speaks out against Oscar night 'bullies'
    Kim Novak speaks out against Oscar night 'bullies'

    LOS ANGELES (AP) — Kim Novak says that cruel jabs about how she looked during the Oscar ceremony amounted to bullying that left her crushed at first, but then determined to speak out in protest.

  • AC/DC rock on without lead guitarist
    AC/DC rock on without lead guitarist

    Australia's pre-eminent hard rock band AC/DC announced Thursday they will carry on making music without ailing guitarist Malcolm Young. "After 40 years of life dedicated to AC/DC, guitarist and founding member Malcolm Young is taking a break from the band due to ill health," the group said on their website, without disclosing the nature of his illness. Formed in Australia in 1973 by Malcolm and brother Angus Young, AC/DC is famed for rock anthems "Let There Be Rock", "Whole Lotta Rosie" and "Highway to Hell".

  • UK Doctor: 'I'd Rather Have HIV Than Diabetes'
    UK Doctor: 'I'd Rather Have HIV Than Diabetes'

    Doctor Pens Controversial Op-Ed Comparing HIV to Diabetes

  • Democrats hark back to the politics of race
    Democrats hark back to the politics of race

    So now it's out there. After five years of studied reticence, Democratic leaders in Washington finally went public last week with what they really think is motivating Republican opposition to Barack Obama. As Steve Israel, one of the top Democrats in Congress said the Republican base, "to a significant extent," is "animated by racism."

  • For the Thrill of the Affair: Why Married Women Cheat
    For the Thrill of the Affair: Why Married Women Cheat

    A Look at the Different Reasons Men and Women Stray From Their Spouses

  • Man allows 72-year-old who unwittingly bought his stolen car keep it
    Man allows 72-year-old who unwittingly bought his stolen car keep it

    Derk West of Boonville, Indiana had his car stolen and then did something very generous when he could have just taken it back.

  • Café has no plans to remove phallic sign
    Café has no plans to remove phallic sign

    A report says it’s a real sign on a real establishment in Arlington’s Ballston (real name) neighborhood.

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