Maradona to call up Pachuca star Gimenez
Argentina manager Diego Maradona told an Argentine radio show on Monday that he will call up Pachuca standout Christian "Chaco" Gimenez for the next pair of World Cup qualifiers.
"It's true that I will call up Christian Gimenez for qualifying," Maradona told Buenos Aires radio station Del Plata. "I'm not calling him up because the games are at altitude but because of his performance in Mexico."
Gimenez has been a star for los Tuzos yet again this season. He was the highest-scoring player on the highest-scoring team in Mexico, as Gimenez's nine goals led Pachuca. Los Tuzos scored an astounding 42 goals this season.
With Pachuca, Gimenez has won league titles, international titles and has been a major part of the club's success.
"There are players who will earn call-ups based on what they show me during league," Maradona said.
Argentina will host Colombia on June 6 and will play Ecuador in Quito four days later.
martes, 12 de mayo de 2009
The Obama Economy
As the Dow keeps dropping, the President is running out of people to blame.
As 2009 opened, three weeks before Barack Obama took office, the Dow Jones Industrial Average closed at 9034 on January 2, its highest level since the autumn panic. Yesterday the Dow fell another 4.24% to 6763, for an overall decline of 25% in two months and to its lowest level since 1997. The dismaying message here is that President Obama's policies have become part of the economy's problem.
Americans have welcomed the Obama era in the same spirit of hope the President campaigned on. But after five weeks in office, it's become clear that Mr. Obama's policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence -- and thus a longer period of recession or subpar growth.
![[Review & Outlook]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uKqb9WaqlcJl4xXGy9CsYo5vKxgVq5RUO_ilLmoT2kORiH6JYWg4hTea9YFBePVr89xUJWeZFciPnHesQGrYqoVtBZyQZtDi4-IbU5RREFHoSuRDtZ0104OX0fUZPSHSd6t0FThY3J2iaK3CdZkiD42A=s0-d)
The Democrats who now run Washington don't want to hear this, because they benefit from blaming all bad economic news on President Bush. And Mr. Obama has inherited an unusual recession deepened by credit problems, both of which will take time to climb out of. But it's also true that the economy has fallen far enough, and long enough, that much of the excess that led to recession is being worked off. Already 15 months old, the current recession will soon match the average length -- and average job loss -- of the last three postwar downturns. What goes down will come up -- unless destructive policies interfere with the sources of potential recovery.
And those sources have been forming for some time. The prices of oil and other commodities have fallen by two-thirds since their 2008 summer peak, which has the effect of a major tax cut. The world is awash in liquidity, thanks to monetary ease by the Federal Reserve and other central banks. Monetary policy operates with a lag, but last year's easing will eventually stir economic activity.
Housing prices have fallen 27% from their Case-Shiller peak, or some two-thirds of the way back to their historical trend. While still high, credit spreads are far from their peaks during the panic, and corporate borrowers are again able to tap the credit markets. As equities were signaling with their late 2008 rally and January top, growth should under normal circumstances begin to appear in the second half of this year.
So what has happened in the last two months? The economy has received no great new outside shock. Exchange rates and other prices have been stable, and there are no security crises of note. The reality of a sharp recession has been known and built into stock prices since last year's fourth quarter.
What is new is the unveiling of Mr. Obama's agenda and his approach to governance. Every new President has a finite stock of capital -- financial and political -- to deploy, and amid recession Mr. Obama has more than most. But one negative revelation has been the way he has chosen to spend his scarce resources on income transfers rather than growth promotion. Most of his "stimulus" spending was devoted to social programs, rather than public works, and nearly all of the tax cuts were devoted to income maintenance rather than to improving incentives to work or invest.
His Treasury has been making a similar mistake with its financial bailout plans. The banking system needs to work through its losses, and one necessary use of public capital is to assist in burning down those bad assets as fast as possible. Yet most of Team Obama's ministrations so far have gone toward triage and life support, rather than repair and recovery.
AIG yesterday received its fourth "rescue," including $70 billion in Troubled Asset Relief Program cash, without any clear business direction. (See here.) Citigroup's restructuring last week added not a dollar of new capital, and also no clear direction. Perhaps the imminent Treasury "stress tests" will clear the decks, but until they do the banks are all living in fear of becoming the next AIG. All of this squanders public money that could better go toward burning down bank debt.
The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy. Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they're no longer wanted. Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier.
Meanwhile, Congress demands more bank lending even as it assails lenders and threatens to let judges rewrite mortgage contracts. The powers in Congress -- unrebuked by Mr. Obama -- are ridiculing and punishing the very capitalists who are essential to a sustainable recovery. The result has been a capital strike, and the return of the fear from last year that we could face a far deeper downturn. This is no way to nurture a wounded economy back to health.
Listening to Mr. Obama and his chief of staff, Rahm Emanuel, on the weekend, we couldn't help but wonder if they appreciate any of this. They seem preoccupied with going to the barricades against Republicans who wield little power, or picking a fight with Rush Limbaugh, as if this is the kind of economic leadership Americans want.
Perhaps they're reading the polls and figure they have two or three years before voters stop blaming Republicans and Mr. Bush for the economy. Even if that's right in the long run, in the meantime their assault on business and investors is delaying a recovery and ensuring that the expansion will be weaker than it should be when it finally does arrive.
International News
Soldier charged in rampage had gun taken away last week
BAGHDAD, Iraq (CNN) -- The U.S. soldier charged with killing five of his fellow troops in Iraq had his weapon taken away last week, a U.S. military official said.
U.S. troops based at Camp Liberty near Baghdad, Iraq, wait while a robot disarms a roadside bomb in 2005.
The Army is investigating how how the shooter obtained the firearm used in Monday's attack.
The suspect was identified as Army Sgt. John M. Russell, Maj. Gen. David Perkins said Tuesday in Baghdad.
Russell has been charged with five counts of murder and one count of aggravated assault, Perkins said.
Russell killed five people when he fired on other troops at a stress clinic at Camp Liberty, the U.S. military encampment near Baghdad International Airport, officials said.
Believed to be at the end of his third tour in Ir and soon on his way out, Russell is from the 54th Engineering Battalion, based in Bamberg, Germany. The unit is attached to Multi-National Division South but based at Camp Victory in .
Russell is in military police custody at Camp Victory.
The military has launched a criminal investigation into the attack and another probe that explores the military's mental health services operations and how such violence can be avoided in the future, Perkins said.
Among the five killed, two were officers on the staff of the clinic, one from the Army and the other from the Navy. Both were with the 55th Medical Company. The other three were enlisted soldiers who were at the clinic.
Perkins said Russell had been receiving counseling within his battalion. Last week, Russell was referred to the Camp Liberty center.
"He had been seen by his chain of command, chaplain, things like that for about the week prior to [the shootings], but that could have been the first time he physically had gone to the clinic," Perkins said. His commander took his weapon away, Perkins said.
"All soldiers carry weapons with them in Iraq. The commander of this suspected individual that is in custody had taken his weapon away. He was referred to counseling the week before, and his commander determined that it was best for him not to have a weapon," Perkins said.
The motive for the attack is not clear, Perkins said.
One official, who spoke on condition of anonymity, told the Army Times that the soldier was escorted to the clinic and "got into a verbal altercation with the staff" when he got there and was asked to leave.
The soldier and his escort got back into their vehicle and drove off, the report said.
"At some point during the drive, the soldier got control of his escort's weapon and ordered the escort out of the vehicle," the official said, according to the Army Times. "The soldier then drove back to the clinic, walked in and began shooting."
Perkins said there have been "many different accounts" of what happened, but he could not confirm any sequence of events. He said that the firearm used in the shootings was some sort of personal weapon and it was probably either a pistol or an M-4 rifle.
"This is a continuing investigation. It will include an examination of how the incident occurred," he said.
"Speculation does not serve us well, or rumor. We need to know the facts because we will spend a lot of time trying to prevent these types of things in the future."
Russell was referred to counseling because officials were concerned about his actions and words, but Perkins didn't elaborate.
The clinic is temporarily closed for the investigation. Alternate locations are available to soldiers, Perkins said.
Russell's age and family information were not disclosed nor were any details about his mental state. No one else was wounded in the incident, Perkins said, but he did not elaborate on why there was a charge of aggravated assault.
Russell was apprehended outside the clinic after the shots were heard, Perkins said.
"The 55th Medical Company provided immediate counseling for those who witnessed the shooting and were at the center during the time of the incident," Perkins said.
Maj. Gen. Daniel Bolger, commander of Multi-National Division-Baghdad, said the shootings show the challenges troops face.
"When something like this happens, we've got to be careful not to judge too harshly and extend a sympathy that is due to all these soldiers and families," Bolger said.
martes, 5 de mayo de 2009
martes, 10 de marzo de 2009
Sports 2
Beckham Wants to Be the Boss Someday
According of some reporters David Beckam, ex-player of the Milan, and player of the galaxy team, said that he wants to stop playing in the mayor leagues, and be playing on a team, to start coaching a team.
The midfielder player of the A.C Milan, get tired of playing soccer, so now he wants to buy a own team on the united states, he want to pass of player to owner of her own team, but offcourse he can do all this after her contract get expired.
“I have the right to own an M.L.S. franchise, which I will action immediately after I have stopped playing,” Beckham told the BBC. He said t
his was part of his “commitment to develop soccer in the United States, which is something I am passionate about.”
If he is as passionate about that as he was passionate about staying in Milan, Beckham may be willing to put his money where his right foot is. According to The Times of London, the former England captain is ponying up $3 million of his own money to see the “time share” deal go through.
A.C. Milan’s vice president, Adriano Galliani, pointed to this move as a sign of Beckham’s commitment to the Italian club, saying: “Many players show their affection only through words. David Beckham is one of the few who has done so with his actions.”
He added, “He’s made an incredible economic effort, paying a huge amount out of his own pocket.”
Presumably, an M.L.S. club would run a bit more. Owners of the Seattle Sounders paid $30 million to join the league. (The team begins play this season.) The cost would be even more to meet the league’s requirement to play in, or plan to build, a soccer-specific stadium.
his was part of his “commitment to develop soccer in the United States, which is something I am passionate about.”If he is as passionate about that as he was passionate about staying in Milan, Beckham may be willing to put his money where his right foot is. According to The Times of London, the former England captain is ponying up $3 million of his own money to see the “time share” deal go through.
A.C. Milan’s vice president, Adriano Galliani, pointed to this move as a sign of Beckham’s commitment to the Italian club, saying: “Many players show their affection only through words. David Beckham is one of the few who has done so with his actions.”
He added, “He’s made an incredible economic effort, paying a huge amount out of his own pocket.”
Presumably, an M.L.S. club would run a bit more. Owners of the Seattle Sounders paid $30 million to join the league. (The team begins play this season.) The cost would be even more to meet the league’s requirement to play in, or plan to build, a soccer-specific stadium.
http://goal.blogs.nytimes.com/2009/03/09/beckham-wants-to-be-the-boss-some-day/
Economy 2
A financial crisis unmatched since the Great Depression, say analysts
http://www.guardian.co.uk/business/2008/mar/18/creditcrunch.marketturmoil1
http://www.guardian.co.uk/business/2008/mar/18/creditcrunch.marketturmoil1
International News 2
Suicide Bomber Kills 14 in Sri Lanka
The notice of an suicide attack of Sir. Lanka.
The suicide bombers explode on the south of Sir. Lanka, killing 14 peolple ang getting injured 46 other civilian and politicians, included a goverment minister according what the official reporters said.
The other party have seen with the separatist action of the bombers, the separatist have demostrated that they are capable of doing whatever they want, and they dont care how many loses are nessesary for controling all the territory.
The Defense Ministry’s Web site said the bombing struck a ceremony at a mosque 160 kilometers, or 100 miles, south of the capital, Colombo, and attributed it to the separatists, known as the Liberation Tigers of Tamil Eelam.
More than 70,000 people have been killed since 1983 in the war for a separate homeland for the mostly Hindu Tamil minority, which has been marginalized by governments dominated by the Buddhist Sinhalese majority.
After many attempts in the past, the current military offensive has driven the separatists from their last strongholds in northern Sri Lanka. It has now pushed the remnants of the Tigers’ regular forces into a narrow coastal strip of land, where they have mingled with hundreds of thousands of refugees, leading to reports of huge civilian casualties.
For several weeks the government has been saying it is on the verge of ending a quarter-century of war. But many analysts say the Tigers are likely to continue the guerrilla war, with assassinations and suicide bombings like the one carried out Tuesday.
There is a significant Muslim minority in Sri Lanka, and the bomber apparently targeted six government ministers who were attending the celebration of a Muslim holy day in the town of Akuressa.
“We were talking in procession and just passing the entrance to the mosque when there was a blast,” the culture minister, Mahinda Yapa Abeywardena, was quoted by news services as saying. “My clothes were covered in blood and I started running. Later I realized that I was not hurt, but I had blood from someone who was hit in the blast.”
Officials said the postal services minister, Mahinda Wijesekera, was badly wounded. "There were a lot of schoolchildren and I fear a lot of them were wounded," Mr. Abeyawardena said.
In the latest of its reports on military progress, the government said Tuesday that it had killed at least 200 Tamil insurgents since last Thursday and recovered large amounts of weapons.
The area is closed to reporters and to most relief agencies, but international aid groups say thousands of civilians have been killed as the government attacks areas where the rebels are using them as human shields.
The International Crisis Group, a Brussels-based conflict-monitoring agency, call
ed on the United Nations and the United States and other countries to bring pressure on the Sri Lankan government not to launch a final offensive until civilians have been cleared from the area.
“The Sri Lankan military has already achieved its military objectives and essentially won the war,” the group said. “It must not pursue a strategy of annihilation.”
It blamed the rebels for using civilians as human shields, amid reports that the fighters have forcibly turned back or shot people who have attempted to leave the area. It estimated that 150,000 civilians are trapped in the fighting, many with little access to fresh water, food or medicine. The government has put the number at about 70,000.
The group said that United Nations agencies had documented more than 2,300 civilian deaths and at least 6,500 injuries since late January. More than 500 children have been killed and 1,400 injured, the group said.
Reached by telephone on Sunday, the chief doctor in the area said that more than 100 sick and wounded people were arriving at the hospital every day but that there were few medications and supplies with which to treat them. “They need surgery, but without anesthetics how can we operate?” the doctor, T. Satyamurthy, said. “We have no antibiotics. Many are dying.”
More than 70,000 people have been killed since 1983 in the war for a separate homeland for the mostly Hindu Tamil minority, which has been marginalized by governments dominated by the Buddhist Sinhalese majority.
After many attempts in the past, the current military offensive has driven the separatists from their last strongholds in northern Sri Lanka. It has now pushed the remnants of the Tigers’ regular forces into a narrow coastal strip of land, where they have mingled with hundreds of thousands of refugees, leading to reports of huge civilian casualties.
For several weeks the government has been saying it is on the verge of ending a quarter-century of war. But many analysts say the Tigers are likely to continue the guerrilla war, with assassinations and suicide bombings like the one carried out Tuesday.
There is a significant Muslim minority in Sri Lanka, and the bomber apparently targeted six government ministers who were attending the celebration of a Muslim holy day in the town of Akuressa.
“We were talking in procession and just passing the entrance to the mosque when there was a blast,” the culture minister, Mahinda Yapa Abeywardena, was quoted by news services as saying. “My clothes were covered in blood and I started running. Later I realized that I was not hurt, but I had blood from someone who was hit in the blast.”
Officials said the postal services minister, Mahinda Wijesekera, was badly wounded. "There were a lot of schoolchildren and I fear a lot of them were wounded," Mr. Abeyawardena said.
In the latest of its reports on military progress, the government said Tuesday that it had killed at least 200 Tamil insurgents since last Thursday and recovered large amounts of weapons.
The area is closed to reporters and to most relief agencies, but international aid groups say thousands of civilians have been killed as the government attacks areas where the rebels are using them as human shields.
The International Crisis Group, a Brussels-based conflict-monitoring agency, call
ed on the United Nations and the United States and other countries to bring pressure on the Sri Lankan government not to launch a final offensive until civilians have been cleared from the area.“The Sri Lankan military has already achieved its military objectives and essentially won the war,” the group said. “It must not pursue a strategy of annihilation.”
It blamed the rebels for using civilians as human shields, amid reports that the fighters have forcibly turned back or shot people who have attempted to leave the area. It estimated that 150,000 civilians are trapped in the fighting, many with little access to fresh water, food or medicine. The government has put the number at about 70,000.
The group said that United Nations agencies had documented more than 2,300 civilian deaths and at least 6,500 injuries since late January. More than 500 children have been killed and 1,400 injured, the group said.
Reached by telephone on Sunday, the chief doctor in the area said that more than 100 sick and wounded people were arriving at the hospital every day but that there were few medications and supplies with which to treat them. “They need surgery, but without anesthetics how can we operate?” the doctor, T. Satyamurthy, said. “We have no antibiotics. Many are dying.”
http://www.nytimes.com/2009/03/11/world/asia/11lanka.html?ref=world
martes, 3 de febrero de 2009
Local news
Local News
Bogotá has experienced a positive transformation during the last 10 years. The city today is proud of the international recognition of its multiple initiatives that have led to the improvement of the urban infrastructure, contributed to making the city safer, and improved the quality of life for its inhabitants.
Bogota has earned many awards and received wide recognition for these achievements; among these are the following:
World Book Capital (Capital Mundial del Libro) 2007: UNESCO named Bogotá a World Book capital in recognition of the multiple programs encouraging the book reading culture. Among these we find: Bibliored, Libro al viento, Paraderos Paralibros, etc.
Gold Lion for Best City 2006: During the tenth edition of the Venice Biennal, Bogotá received this award for its innovative solutions for mobility, social inclusion, and the use of the public space that has been developed in the city.
City with Heart 2005: This UN award was given in recognition of the volunteer work that contributes to urban development at a community level in Bogotá.
Active Cities-Healthy Cities 2005: Recognition to the program that creates bicycle routes and recreation pathways, promoted by the Institute for Sports and Recreation of Bogotá, contributing to the development of an alternative and inclusive physical activity for all its citizens.
Digital City 2004: By improving and increasing the use of electronic means for municipal government administration Bogotá, competing among 26 cities in Latin America, was awarded this distinction that is given by the Institute for Connectivity in the Americas (ICA) and the Hispanic Association for Research Centres and Telecommunication Companies (AHCIET).
Cities for Peace 2002: Prize awarded by UNESCO for initiatives that build social cohesion and foment the spirit of good neighbourliness in Bogotá.
Access to Learning - 2002: Recognition from the Bill and Melinda Gates Foundation for the efforts Bogotá has made to provide citizens with needed information in an effective and easily accessed manner.
Stockholm Challenge 2000: The “Day without Cars” initiative is recognized as an innovative proposal for urban mobility.
In addition some of the most important international media has taken note of the amazing renovation of Bogotá and published informative articles for their readers:
Bogota, the fourth largest city in South America, with seven million inhabitants, has many varied restaurants, world-class museums and a magical colonial quarter, It is the capital of Colombia and its intellectual centre, an city filled with bright lights that is friendly to pedestrians who have 75 miles of streets for their exclusive use, be they cycling or walking, every Sunday. Plus the climate is mild, maximum temperatures of 60°F year-round. Seth Kugel, The New York Times
Bogotá, that once was a chaotic capital is now a model city. The visionary leadership of the last three Mayor’s is reflected in the city’s positive transformation. Public finances have improved while insecurity and traffic jams have diminished, and numerous works in infrastructure and more orderly traffic have made Bogotá liveable again! Experts in urban planning from all over the world are looking closely at its example.Chris Kraul, Los Angeles Times
Bogotá, the capital of the country is a mirror image of all Colombia: a city with futurist architecture, culturally dynamic and intellectually alive and diverse, splendid colonial churches and brilliant museums.
International news
Afghan Prison Poses Problem in Overhaul of Detainee Policy
WASHINGTON — For months, a national debate has raged over the fate of the 245 detainees at the United States military prison at Guantánamo Bay, Cuba. But what may be an equally difficult problem now confronts the Obama administration in the 600 prisoners packed into a cavernous, makeshift prison on the American air base at Bagram in Afghanistan. Military personnel who know Bagram and Guantánamo describe the Afghan site as tougher and more spartan. The prisoners have fewer privileges and virtually no access to lawyers. The Bush administration never allowed journalists or human rights advocates inside. Problems have also developed with efforts to rehabilitate former jihadists, some of whom had been imprisoned at Guantánamo. Nine graduates of a Saudi program have been arrested for rejoining terrorist groups, Saudi officials said Monday. President Obama must now decide whether and how to continue holding the men at Bagram, most of them suspected of being Taliban fighters. Under the laws of war, they are being held indefinitely and without charge. He must also determine whether to go forward with the construction of a $60 million prison complex at Bagram that, while offering better conditions for the detainees, would also signal a longer-term commitment to the American detention mission. Mr. Obama tried last week to buy some time in addressing the challenges Bagram poses even as he ordered Guantánamo closed. By a separate executive order, Mr. Obama directed a task force led by the attorney general and the defense secretary to study the government’s overall policy on detainees and to report to him in six months. But human rights advocates and former government officials say that several factors — including expanding combat operations against the Taliban, the scheduled opening of the new prison at Bagram in the fall and a recent federal court order — will probably force the administration to deal with the vexing choices much sooner. “How the Obama administration plans to deal with detention in Afghanistan is an open question,” said Tina M. Foster, executive director of the International Justice Network, a human rights organization in New York. “How will this administration differ from the Bush administration in its conduct of detention in Afghanistan?” The population at Bagram has increased nearly sixfold over the past four years, driven not just by the deepening conflict in Afghanistan but also by the fact that the Bush administration in September 2004 largely halted the movement of prisoners to Guantánamo, leaving Bagram as the preferred alternative to detain terrorism suspects. Bush administration lawyers argued this month that the Bagram detainees were different from those at Guantánamo. Virtually all of the Bagram prisoners were captured on the battlefield and were being held in a war zone, the lawyers contended, and they could pose a security threat if released. On Thursday, Judge John D. Bates of the United States District Court for
the District of Columbia gave the Obama administration until Feb. 20 to “refine” the government’s legal position with respect to four men who are seeking to challenge their detention at Bagram under habeas corpus, a right that the Supreme Court has granted for detainees at Guantánamo. The four plaintiffs were taken to Bagram from outside Afghanistan and have been imprisoned there without access to any legal process, many of them for over six years, said Ms. Foster, who is representing the detainees. Judge Bates issued his order after Mr. Obama signed his directives on Thursday, and the judge cited the presidential orders as “indicating significant changes to the government’s approach to the detention, and review of detention, of individuals currently held at Guantánamo Bay.” He noted that “a different approach could impact the court’s analysis of certain issues central to the resolution” of the Bagram cases as well. At a White House briefing about the executive orders last Thursday, a senior administration official was asked whether terrorism suspects captured by American authorities would continue to be sent to Bagram. The official said not to expect any changes to existing policies in Afghanistan for at least six months, pending the completion of the task force’s review. A Justice Department spokesman, Dean Boyd, declined to comment on Judge Bates’s order, saying that government lawyers were studying it. The challenges confronting the Obama administration at Bagram do not extend to the much larger American detention operations in Iraq, where the United States now holds about 15,000 prisoners. Under a security agreement with the Iraqi government, the United States will begin next month to release up to 1,500 detainees a month. Fighters captured and imprisoned in Iraq are afforded legal protections under the Geneva Conventions. Human rights advocates are already pressing the administration to revamp the review process for releasing or transferring the Bagram detainees, all but about 30 of whom are Afghans. This process, which the military calls “unlawful enemy combatant review boards,” involves reviews of the status of each prisoner every six months. Human rights lawyers criticize the process as a sham and have called for a return to the longstanding battlefield reviews called for by the Geneva Conventions. More broadly, Mr. Obama’s move away from the Bush administration’s aggressive detention policies will have to be reconciled with his plans to increase combat operations in Afghanistan, a step that will almost inevitably generate new waves of detainees
http://topics.nytimes.com/topics/news/national/usstatesterritoriesandpossessions/guantanamobaynavalbasecuba/index.html
WASHINGTON — For months, a national debate has raged over the fate of the 245 detainees at the United States military prison at Guantánamo Bay, Cuba. But what may be an equally difficult problem now confronts the Obama administration in the 600 prisoners packed into a cavernous, makeshift prison on the American air base at Bagram in Afghanistan. Military personnel who know Bagram and Guantánamo describe the Afghan site as tougher and more spartan. The prisoners have fewer privileges and virtually no access to lawyers. The Bush administration never allowed journalists or human rights advocates inside. Problems have also developed with efforts to rehabilitate former jihadists, some of whom had been imprisoned at Guantánamo. Nine graduates of a Saudi program have been arrested for rejoining terrorist groups, Saudi officials said Monday. President Obama must now decide whether and how to continue holding the men at Bagram, most of them suspected of being Taliban fighters. Under the laws of war, they are being held indefinitely and without charge. He must also determine whether to go forward with the construction of a $60 million prison complex at Bagram that, while offering better conditions for the detainees, would also signal a longer-term commitment to the American detention mission. Mr. Obama tried last week to buy some time in addressing the challenges Bagram poses even as he ordered Guantánamo closed. By a separate executive order, Mr. Obama directed a task force led by the attorney general and the defense secretary to study the government’s overall policy on detainees and to report to him in six months. But human rights advocates and former government officials say that several factors — including expanding combat operations against the Taliban, the scheduled opening of the new prison at Bagram in the fall and a recent federal court order — will probably force the administration to deal with the vexing choices much sooner. “How the Obama administration plans to deal with detention in Afghanistan is an open question,” said Tina M. Foster, executive director of the International Justice Network, a human rights organization in New York. “How will this administration differ from the Bush administration in its conduct of detention in Afghanistan?” The population at Bagram has increased nearly sixfold over the past four years, driven not just by the deepening conflict in Afghanistan but also by the fact that the Bush administration in September 2004 largely halted the movement of prisoners to Guantánamo, leaving Bagram as the preferred alternative to detain terrorism suspects. Bush administration lawyers argued this month that the Bagram detainees were different from those at Guantánamo. Virtually all of the Bagram prisoners were captured on the battlefield and were being held in a war zone, the lawyers contended, and they could pose a security threat if released. On Thursday, Judge John D. Bates of the United States District Court for
the District of Columbia gave the Obama administration until Feb. 20 to “refine” the government’s legal position with respect to four men who are seeking to challenge their detention at Bagram under habeas corpus, a right that the Supreme Court has granted for detainees at Guantánamo. The four plaintiffs were taken to Bagram from outside Afghanistan and have been imprisoned there without access to any legal process, many of them for over six years, said Ms. Foster, who is representing the detainees. Judge Bates issued his order after Mr. Obama signed his directives on Thursday, and the judge cited the presidential orders as “indicating significant changes to the government’s approach to the detention, and review of detention, of individuals currently held at Guantánamo Bay.” He noted that “a different approach could impact the court’s analysis of certain issues central to the resolution” of the Bagram cases as well. At a White House briefing about the executive orders last Thursday, a senior administration official was asked whether terrorism suspects captured by American authorities would continue to be sent to Bagram. The official said not to expect any changes to existing policies in Afghanistan for at least six months, pending the completion of the task force’s review. A Justice Department spokesman, Dean Boyd, declined to comment on Judge Bates’s order, saying that government lawyers were studying it. The challenges confronting the Obama administration at Bagram do not extend to the much larger American detention operations in Iraq, where the United States now holds about 15,000 prisoners. Under a security agreement with the Iraqi government, the United States will begin next month to release up to 1,500 detainees a month. Fighters captured and imprisoned in Iraq are afforded legal protections under the Geneva Conventions. Human rights advocates are already pressing the administration to revamp the review process for releasing or transferring the Bagram detainees, all but about 30 of whom are Afghans. This process, which the military calls “unlawful enemy combatant review boards,” involves reviews of the status of each prisoner every six months. Human rights lawyers criticize the process as a sham and have called for a return to the longstanding battlefield reviews called for by the Geneva Conventions. More broadly, Mr. Obama’s move away from the Bush administration’s aggressive detention policies will have to be reconciled with his plans to increase combat operations in Afghanistan, a step that will almost inevitably generate new waves of detaineeshttp://topics.nytimes.com/topics/news/national/usstatesterritoriesandpossessions/guantanamobaynavalbasecuba/index.html
http://en.wikipedia.org/wiki/Guant%C3%A1namo_Bay
http://www.venceremos.co.cu/pags/gtmo_bay/index.htm
Entertainment
ENTERTAINMENT
Zellweger marries country singer
Renee Zellweger inspired one of Kenny Chesney's biggest hitsActress Renee Zellweger married country music star Kenny Chesney in the Caribbean on Monday. The Bridget Jones and Chicago actress, 36, tied the knot with US chart-topper Chesney, 37, in front of close friends and family on the US Virgin Islands. Zellweger's publicist said it was a small ceremony on the island of St John, where Chesney lives. The pair are reported to have met at a tsunami concert in January, soon after she split from rock star Jack White. Zellweger, who won an Oscar for Cold Mountain last year, had also recently been linked with Irish singer-songwriter Damien Rice.
Chesney starts a three-and-a-half month US tour on ThursdayAt the ceremony, she wore a dress designed by Carolina Herrera and it was the first marriage for both, publicist Nanci Ryder said. The reception was held at Chesney's house on the north side of the island, which has a population of 5,000 and is more than two-thirds national park. But the couple will have to wait for their honeymoon. Chesney starts a 46-date, three-and-a-half month US tour on Thursday.He currently has two CDs in the Billboard Top 10 country albums chart and was named Country Music Association entertainer of the year in November. His 1999 hit You Had Me From Hello was inspired by a line his new wife said to Tom Cruise in 1996 film Jerry Maguire. Zellweger also had Oscar nominations for Bridget Jones - in which her character grumbled about smug married couples - and Chicago.
She once dated Jim Carrey, her co-star in Me, Myself and Irene.
http://news.bbc.co.uk/1/hi/entertainment/film/4531863.stm
http://www.cnn.com/2005/SHOWBIZ/Movies/05/09/zellweger.married/
martes, 27 de enero de 2009
Politics
Obama Signals New Tone in Relations With Islamic World
In discussing the Israeli-Palestinian conflict, Mr. Obama told Al Arabiya that “the most important thing is for the United States to get engaged right away.” He said that he told Mr. Mitchell to “start by listening, because all too often the United States starts by dictating.”
“Ultimately, we cannot tell either the Israelis or the Palestinians what’s best for them. They’re going to have to make some decisions,” Mr. Obama said. “But I do believe that the moment is ripe for both sides to realize that the path that they are on is not going to result in prosperity and security for their people. And that, instead, it’s time to return to the negotiating table.”
Several hours after he spoke on Monday night, an explosion on the Israel-Gaza border killed an Israeli soldier and threatened new violence. The war in Gaza, which lasted three weeks, had stopped 10 days ago when both sides declared unilateral cease fires.
Mr. Obama said Israel “will not stop being a strong ally of the United States and I will continue to believe that Israel’s security is paramount. But I also believe that there are Israelis who recognize that it is important to achieve peace. They will be willing to make sacrifices if the time is appropriate and if there is serious partnership on the other side.”
He also said that although he would not put a time frame on it, he believed it was “possible for us to see a Palestinian state.” He described the state as one “that allows freedom of movement for its people, that allows for trade with other countries, that allows the creation of businesses and commerce so that people have a better life.”
But he also said the Israel-Palestine conflict should not be seen in isolation. “I do think it is impossible for us to think only in terms of the Palestinian-Israeli conflict and not think in terms of what’s happening with Syria or Iran or Lebanon or Afghanistan and Pakistan,” Mr. Obama said.
He spoke at length about America’s future relationship with the Muslim world, saying his “job is to communicate to the American people that the Muslim world is filled with extraordinary people who simply want to live their lives and see their children live better lives.”
He drew a distinction between “extremist organizations” committed to violence and “people who may disagree with my administration and certain actions, or may have a particular viewpoint in terms of how their countries should develop.”
“We can have legitimate disagreements but still be respectful. I cannot respect terrorist organizations that would kill innocent civilians and we will hunt them down,” he said. “But to the broader Muslim world what we are going to be offering is a hand of friendship.”
He also said it was “important for us to be willing to talk to Iran, to express very clearly where our differences are, but where there are potential avenues for progress.”
“As I said during my inauguration speech, if countries like Iran are willing to unclench their fist, they will find an extended hand from us,” he said.
He was not asked whether he would continue the policy of former President George Bush in refusing to exclude military action in the dispute over Iran’s nuclear ambitions.
http://topics.nytimes.com/topics/reference/timestopics/people/o/barack_obama/index.html
PARIS — In an interview with one of the Middle East’s major broadcasters, President Barack Obama struck a conciliatory tone toward the Islamic world, saying he wanted to persuade Muslims that “the Americans are not your enemy.” He also said “the moment is ripe” for negotiations between Israelis and Palestinians.
The interview with Al Arabiya, an Arabic-language news channel based in Dubai, signaled a shift — in style and manner at least — from the Bush administration, offering what he depicted as a new readiness to listen rather than dictate.
It was Mr. Obama’s first televised interview from the White House and the first with any foreign news outlet.
In a transcript published on Al Arabiya’s English language Web site, Mr. Obama said it is his job “to communicate to the Muslim world that the Americans are not your enemy.”
He added that “we sometimes make mistakes,” but said that America was not born as a colonial power and that he hoped for a restoration of “the same respect and partnership that America had with the Muslim world as recently as 20 or 30 years ago.”
Mr. Obama spoke as his special Middle East envoy, George J. Mitchell, arrived in Egypt to begin an eight-day tour that will include stops in Israel, Jordan, Saudi Arabia, France and Britain. In Egypt, Mr. Mitchell planned to meet President Hosni Mubarak.
The interview with Al Arabiya, an Arabic-language news channel based in Dubai, signaled a shift — in style and manner at least — from the Bush administration, offering what he depicted as a new readiness to listen rather than dictate.
It was Mr. Obama’s first televised interview from the White House and the first with any foreign news outlet.
In a transcript published on Al Arabiya’s English language Web site, Mr. Obama said it is his job “to communicate to the Muslim world that the Americans are not your enemy.”
He added that “we sometimes make mistakes,” but said that America was not born as a colonial power and that he hoped for a restoration of “the same respect and partnership that America had with the Muslim world as recently as 20 or 30 years ago.”
Mr. Obama spoke as his special Middle East envoy, George J. Mitchell, arrived in Egypt to begin an eight-day tour that will include stops in Israel, Jordan, Saudi Arabia, France and Britain. In Egypt, Mr. Mitchell planned to meet President Hosni Mubarak.
In discussing the Israeli-Palestinian conflict, Mr. Obama told Al Arabiya that “the most important thing is for the United States to get engaged right away.” He said that he told Mr. Mitchell to “start by listening, because all too often the United States starts by dictating.”
“Ultimately, we cannot tell either the Israelis or the Palestinians what’s best for them. They’re going to have to make some decisions,” Mr. Obama said. “But I do believe that the moment is ripe for both sides to realize that the path that they are on is not going to result in prosperity and security for their people. And that, instead, it’s time to return to the negotiating table.”
Several hours after he spoke on Monday night, an explosion on the Israel-Gaza border killed an Israeli soldier and threatened new violence. The war in Gaza, which lasted three weeks, had stopped 10 days ago when both sides declared unilateral cease fires.
Mr. Obama said Israel “will not stop being a strong ally of the United States and I will continue to believe that Israel’s security is paramount. But I also believe that there are Israelis who recognize that it is important to achieve peace. They will be willing to make sacrifices if the time is appropriate and if there is serious partnership on the other side.”
He also said that although he would not put a time frame on it, he believed it was “possible for us to see a Palestinian state.” He described the state as one “that allows freedom of movement for its people, that allows for trade with other countries, that allows the creation of businesses and commerce so that people have a better life.”
But he also said the Israel-Palestine conflict should not be seen in isolation. “I do think it is impossible for us to think only in terms of the Palestinian-Israeli conflict and not think in terms of what’s happening with Syria or Iran or Lebanon or Afghanistan and Pakistan,” Mr. Obama said.
He spoke at length about America’s future relationship with the Muslim world, saying his “job is to communicate to the American people that the Muslim world is filled with extraordinary people who simply want to live their lives and see their children live better lives.”
He drew a distinction between “extremist organizations” committed to violence and “people who may disagree with my administration and certain actions, or may have a particular viewpoint in terms of how their countries should develop.”
“We can have legitimate disagreements but still be respectful. I cannot respect terrorist organizations that would kill innocent civilians and we will hunt them down,” he said. “But to the broader Muslim world what we are going to be offering is a hand of friendship.”
He also said it was “important for us to be willing to talk to Iran, to express very clearly where our differences are, but where there are potential avenues for progress.”
“As I said during my inauguration speech, if countries like Iran are willing to unclench their fist, they will find an extended hand from us,” he said.
He was not asked whether he would continue the policy of former President George Bush in refusing to exclude military action in the dispute over Iran’s nuclear ambitions.
http://topics.nytimes.com/topics/reference/timestopics/people/o/barack_obama/index.html
http://topics.nytimes.com/topics/reference/timestopics/people/o/barack_obama/index.html
http://es.wikipedia.org/wiki/Barack_Obama
Sports
Dan Rooney, top, after the Steelers won the A.F.C. championship. At 76, he walks to work. Rooney, above left in 1966 with his father, Art, who founded the team.
Son of Art Rooney Sr., who secured a football franchise here in 1933 and founded the team that came to be called the Steelers, Dan grew up on the city’s blighted North Side, on a street that had already seen better days when his parents moved there in 1939. Now 76 and the Steelers’ chairman, he bought the house from his brothers after their father’s death and with his wife, Patricia, moved back into the neighborhood. Judging from the parking lot directly opposite and the Wendy’s on the corner, it seems safe to say that Rooney is the only millionaire living on what used to be known as Millionaire’s Row. His house — red brick, two stories, with a small front porch — is a third the size of your average suburban McMansion.
The oldest of five brothers, Dan was a talented quarterback for North Catholic High School. When the city’s all-Catholic team was announced at the end of the 1949 season, he was disappointed to find his name on the second team. The first-team slot had gone to Johnny Unitas.
Son of Art Rooney Sr., who secured a football franchise here in 1933 and founded the team that came to be called the Steelers, Dan grew up on the city’s blighted North Side, on a street that had already seen better days when his parents moved there in 1939. Now 76 and the Steelers’ chairman, he bought the house from his brothers after their father’s death and with his wife, Patricia, moved back into the neighborhood. Judging from the parking lot directly opposite and the Wendy’s on the corner, it seems safe to say that Rooney is the only millionaire living on what used to be known as Millionaire’s Row. His house — red brick, two stories, with a small front porch — is a third the size of your average suburban McMansion.
The oldest of five brothers, Dan was a talented quarterback for North Catholic High School. When the city’s all-Catholic team was announced at the end of the 1949 season, he was disappointed to find his name on the second team. The first-team slot had gone to Johnny Unitas.
Rooney walks to the Steelers’ home games, on a broken sidewalk, past an abandoned gas station and underneath the overpass for Route 65.
For away games, he travels with the players. “I wasn’t used to the owner flying on the plane,” said the backup quarterback Charlie Batch, recalling his surprise when he arrived to play for the Steelers after leaving the Detroit Lions. “And not only was he on the plane, he was sitting in the seat that doesn’t recline, in front of the bathroom.”
Rooney goes to Mass every morning, then commutes to the Steelers’ training facility on the South Side. He drives a Buick. In the office by 8:15, he checks in with the coaches, the players and his son Art II, the oldest of his nine children and the team’s president. He watches practice. He eats lunch in the cafeteria with the players and the staff.
“Some owners treat you like a rental property,” said defensive end Nick Eason, who has played in Denver and in Cleveland. “They have some maintenance guy to take care of it, they just come by to check on it, they look and they leave. Mr. Rooney comes around, he always sticks his hand out to you. ‘Hey, Nick’— and I’m like, he knows my name?”
Nose tackle Casey Hampton said: “A lot of owners, this is a hobby, but for him, this is his business, what he does. He’s here, shakes your hand, talks to you every day. Every day.”
With defensive end Aaron Smith, Rooney talks about flying. With Batch, a Pittsburgh native, the subject is high school football. “With me, it’s usually my hair,” the platinum-blond kicker Jeff Reed said. Rooney asks about their wives, their girlfriends, their children. He asks about punter Mitch Berger’s dad, who grew up a Steelers fan and came to opening day. Strong safety Troy Polamalu said he treats all the players as his equal, “from Hines Ward to a free-agent rookie.” Some players have his cellphone number. One day a couple of years ago, cornerback Ike Taylor was exhausted and, at Rooney’s invitation, took a two-hour nap on the couch in his office while Rooney worked elsewhere.
Ward, a receiver, said it was Rooney’s example that taught him the importance of a handshake. “I never used to shake hands. It was always just, ‘Hi, how ya doing?’ But something about him made me realize it’s all in the handshake, and every time I meet somebody now, I shake their hand.”
Embracing the Past
The night before home games, Dan and his wife turn out for the team dinners at a local hotel.
“Every team says it’s a family, but it’s bull a lot of the time,” Berger said. In a 13-year career in which he has worn 10 uniforms, he said there had been times when he played mostly for himself. His five months with the Steelers have been different. “I’m glad I got a chance to experience the way it should be before everything’s said and done.”
http://www.nytimes.com/2009/01/27/sports/football/27rooney.html?_r=1&scp=1&sq=rooney&st=cse
The one who saw it coming(Economy)
Robert Shiller forecast the credit crisis for the right reasons, and has a novel idea for how to fix it.
Zachary KarabellNEWSWEEK
From the magazine issue dated Jan 19, 2009
Robert Shiller is one of a handful of economists who have been feted for foreseeing the credit crisis, but he is the only one who predicted it for the right reasons. New York University's Nouriel Roubini, now known as "Dr. Doom," warned as early as 2006 of an imminent housing crash that would stop America's consumer-spending spree and lead to severe recession. Another über-bear, Morgan Stanley's Stephen Roach, had warned for years that the weakening dollar and the U.S. trade deficit with China were signs of a dangerously imbalanced global economy, doomed to fall. While both deserve credit for highlighting weaknesses that others ignored, neither had much to say about the real reasons for the current state of affairs, namely the vast amount of speculation that took place in the financial world linked to home mortgages.
Shiller did. Long before the extent of the subprime-mortgage crisis was evident, Shiller predicted that home prices would fall more rapidly than any models had predicted and that financial markets globally would be upended as a result. A specialist in the management of risk, he recognized that the real-estate bubble in the United States and parts of Europe represented, above all, a failure to manage risk. Now Shiller, a Yale professor who first made his name by accurately forecasting the stock-market collapse of 2001, is alone again, this time in his prescription for what needs to be done to stabilize credit markets in the future.
Most experts will tell you that Barack Obama needs to move quickly to contain the multitrillion-dollar market that turned low-quality mortgages into high-priced derivatives, the Wall Street innovation now widely blamed for the credit crisis. Shiller says the opposite. He argues that unless the central issue of risk is addressed, all the money that governments are pouring into financial rescues won't prevent another, potentially worse financial crisis down the line. In Shiller's view, derivatives "are a risk management tool much the same way insurance is. You pay a premium and if an event happens, you get a payment." His radical answer to our problems is that trying to leash financial innovation is hopeless, and that we should instead push forward into a brave new world where derivatives become as common as cash.
Zachary KarabellNEWSWEEK
From the magazine issue dated Jan 19, 2009
Robert Shiller is one of a handful of economists who have been feted for foreseeing the credit crisis, but he is the only one who predicted it for the right reasons. New York University's Nouriel Roubini, now known as "Dr. Doom," warned as early as 2006 of an imminent housing crash that would stop America's consumer-spending spree and lead to severe recession. Another über-bear, Morgan Stanley's Stephen Roach, had warned for years that the weakening dollar and the U.S. trade deficit with China were signs of a dangerously imbalanced global economy, doomed to fall. While both deserve credit for highlighting weaknesses that others ignored, neither had much to say about the real reasons for the current state of affairs, namely the vast amount of speculation that took place in the financial world linked to home mortgages.
Shiller did. Long before the extent of the subprime-mortgage crisis was evident, Shiller predicted that home prices would fall more rapidly than any models had predicted and that financial markets globally would be upended as a result. A specialist in the management of risk, he recognized that the real-estate bubble in the United States and parts of Europe represented, above all, a failure to manage risk. Now Shiller, a Yale professor who first made his name by accurately forecasting the stock-market collapse of 2001, is alone again, this time in his prescription for what needs to be done to stabilize credit markets in the future.
Most experts will tell you that Barack Obama needs to move quickly to contain the multitrillion-dollar market that turned low-quality mortgages into high-priced derivatives, the Wall Street innovation now widely blamed for the credit crisis. Shiller says the opposite. He argues that unless the central issue of risk is addressed, all the money that governments are pouring into financial rescues won't prevent another, potentially worse financial crisis down the line. In Shiller's view, derivatives "are a risk management tool much the same way insurance is. You pay a premium and if an event happens, you get a payment." His radical answer to our problems is that trying to leash financial innovation is hopeless, and that we should instead push forward into a brave new world where derivatives become as common as cash.
What separates Shiller from the majority of economists is his lack of faith in the "efficient-market hypothesis." That belief, which also guides the hand of most money managers, holds that the market will price assets according to their fundamental value and that those prices reflect all pertinent information. Shiller instead follows those, like John Kenneth Galbraith, who hold that market prices reflect "animal spirits" and popular passions, not perfect information.
That is why bubbles form, and that, for Shiller, is why financial innovation and government regulation are imperative. Pressure has been building in Washington to crack down on the complex derivatives that were structured on toxic mortgages, especially given the scale of global capital flows and trillions of transactions facilitated by computer models and electronic communications. Barney Frank, the powerful chairman of the House Financial Services Committee, has talked of finding ways to force financial companies to become more risk-averse. Similar measures are being considered in Europe and Asia.
The reaction is understandable. Each financial crisis results in a backlash against what caused it. The Securities and Exchange Commission was established in 1934 after the perceived excesses of markets in the 1920s, and the Sarbanes-Oxley Act was passed in 2002 after the spectacular frauds of Enron and WorldCom. While he is in general support of more regulation, Shiller is convinced that the move to restrict derivatives and risk is misguided. In "The Subprime Solution," which he wrote just as the system was beginning to implode, he says that what is needed now is the next stage of financial innovation, not constriction. "Risk management is not the prevention of risky behavior," he told me. "It is carrying it through to its logical end in order to actually make it happen."
He also sees government intervention as vital to channel animal spirits and innovation. And where innovation is most needed now is in real estate and for the individual homeowner.
For all the trillions in derivative trading, there were very few traders. Almost all the subprime mortgages that were bundled and turned into derivatives were sold by a handful of Wall Street institutions, working with a small number of large institutional buyers, ranging from the Bank of China to HSBC to sovereign wealth funds. And as we now know, these derivatives were black boxes whose contents were known by neither the sellers nor the buyers. It was a huge but illiquid and opaque market.
That is why bubbles form, and that, for Shiller, is why financial innovation and government regulation are imperative. Pressure has been building in Washington to crack down on the complex derivatives that were structured on toxic mortgages, especially given the scale of global capital flows and trillions of transactions facilitated by computer models and electronic communications. Barney Frank, the powerful chairman of the House Financial Services Committee, has talked of finding ways to force financial companies to become more risk-averse. Similar measures are being considered in Europe and Asia.
The reaction is understandable. Each financial crisis results in a backlash against what caused it. The Securities and Exchange Commission was established in 1934 after the perceived excesses of markets in the 1920s, and the Sarbanes-Oxley Act was passed in 2002 after the spectacular frauds of Enron and WorldCom. While he is in general support of more regulation, Shiller is convinced that the move to restrict derivatives and risk is misguided. In "The Subprime Solution," which he wrote just as the system was beginning to implode, he says that what is needed now is the next stage of financial innovation, not constriction. "Risk management is not the prevention of risky behavior," he told me. "It is carrying it through to its logical end in order to actually make it happen."
He also sees government intervention as vital to channel animal spirits and innovation. And where innovation is most needed now is in real estate and for the individual homeowner.
For all the trillions in derivative trading, there were very few traders. Almost all the subprime mortgages that were bundled and turned into derivatives were sold by a handful of Wall Street institutions, working with a small number of large institutional buyers, ranging from the Bank of China to HSBC to sovereign wealth funds. And as we now know, these derivatives were black boxes whose contents were known by neither the sellers nor the buyers. It was a huge but illiquid and opaque market.
The solution, says Shiller, is to use derivatives to allow home-owners—and, by extension, lenders—to insure themselves against falling prices. In the United States alone, housing is a $20 trillion market, in there are few ways to unlock profit when the market falls. But for stocks, because of the use of derivatives and options, money can be made when markets fall, which significantly increases the potential number of buyers and sellers at any given point. And more buyers and sellers—according not just to Shiller but to most finance scholars and traders—means that markets stay liquid and functional even under pressure.
Shiller has been exploring ways to create homeowner insurance against falling prices for nearly 20 years, and most of the papers he has written on the subject are written for other academics. Even his recent "Derivates Markets for Home Prices," a working paper published last March at Yale, is more jargon-filled than most laypeople could handle. While he has been both adept at sounding his warnings about bubbles and fortunate in his timing (he published a book, "Irrational Exuberance," on a bursting stock-market bubble just as the burst arrived in March 2000, and another on the subprime meltdown just as the meltdown went global), his call for derivatives as homeowner insurance have not received nearly as much attention.
It's not as if he hasn't tried to put his money where his mouth is. With business partners he created a home-price index, the Case-Shiller Index, which in turn can be traded on the Chicago Mercantile Exchange. But that is limited mostly to gamblers and speculators who want to take bets on whether the index and underlying average home prices are going to go up or down. That is a far cry from someone buying a home in a suburb of Las Vegas or Phoenix being able to use some sort of financial instrument to hedge himself against home-price declines. As Shiller freely admits, it's a long way from where we are to where he thinks we ought to be.
Though he's acutely aware of how rarely academics get the real world right, Shiller's critics accuse him of much the same thing. Several traders I know dismissed Shiller's basic premise that more derivatives would make the housing market more liquid and more stable. They point out that futures contracts haven't made equity markets or commodity markets any less immune from massive moves up and down, and may have made such moves steeper, sharper and more rapid. They also scoff that Shiller, his experience with the Chicago Mercantile Exchange notwithstanding, has never had to manage a portfolio or a trader's book, and that a ballooning world of home-based derivatives wouldn't lead to homeowners' insurance: it would lead to a new playground for speculators. To the contrary, says Shiller, by enabling people to hedge against price declines, "derivatives could make it more difficult for bubbles to form."
Given that these ideas are untested in the real world, it's impossible to know who's right. But Shiller's radical ideas have a parallel in the thinking of the influential Peruvian-born economist Hernando de Soto. De Soto's pathbreaking observation was that the Western world began to outstrip the rest of the world when its legal and banking systems allowed people to turn land into cash. The contemporary system of using property as collateral for loans is the result, and it has given the Western world a huge advantage.
In many ways, Shiller is saying that too much potential wealth is still locked up in land and real estate. Because the owner of a property can sell that property easily only when conditions are good, the asset is risky and illiquid, and there is no way to offset those problems. Expanding the world of derivatives and giving homeowners the ability to "short" their own property could potentially make real estate as easy to buy, sell and hedge as stocks, bonds and some commodities are now. The effects, predicts Shiller, would be to unleash much more potential wealth while simultaneously decreasing the systemic risks.
http://en.wikipedia.org/wiki/Financial_crisis
http://www.moolanomy.com/866/what-caused-the-financial-crisis-of-2008/
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