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...Minding the gap isn't merely an academic exercise. Excess capacity directly affects the biggest question facing policymakers today: when to exit from stimulus programs that were introduced to combat the recession. Everyone agrees the cure for excess capacity is increasing demand, whether it is generated through a fundamentally strengthening economy or through artificial means like "Cash for Clunkers" measures. Turn off the tap too quickly before normal demand recovers, and the downturn could persist. "The best way of reducing excess capacity is by not prematurely unwinding stimulus spending," Lin of the World Bank told TIME...
...what if this recession isn't an ordinary recession? There is a widespread belief among economists that a secular shift in global spending patterns is under way. U.S. consumers, the usual drivers of economic growth, are reducing their outlays and may do so for years to come as they pay down debt. Under this "new normal" scenario, some of today's spare capacity may never come back into action because total demand will remain depressed indefinitely. Factories in some crowded sectors will have to be permanently closed or retooled to make different products...
...That's not the only potential conflict at play. While the Justice Department has already decided that Birkenfeld isn't a true whistle-blower, the IRS has yet to make its own determination. An adverse ruling "may make more sense legally than it does from a policy standpoint," says former IRS commissioner Margaret Richardson. But if the IRS comes to a different conclusion from the DOJ - and under a new law, Birkenfeld can challenge the IRS decision in court - the UBS whistle-blower could end up collecting the first of millions of dollars from the government even as he sits...
...Angels jersey with black patches carrying Adenhart's number, 34, and Pearson's and Stewart's initials when he threw out the ceremonial first pitch at the August Angels-Athletics game. When the Angels clinched the American League West Championship on Monday, Adenhart was on the players' minds. "There isn't a guy in this locker room who isn't playing for his memory," relief pitcher Jason Bulger told the Los Angeles Times. A large photo of Adenhart is on the center-field wall at Angel Stadium in Anaheim. Wilhite, a lifelong Los Angeles Dodgers fan, says, "I am pulling...
...Star. No one in government supported me, and those in power condemned me. Now I can be supportive of youth who are willing to rise up and do something positive." And, she says boldly, a provincial council seat is a stepping-stone to parliament. Even the position of President isn't out of the question. "Everyone needs a goal," she says. "If you don't try, you won't achieve...