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Seib points to the part of the president's inaugural speech that said action must be taken even if victories are partial, that the debates over the role of government could go on for all time, but action however imperfect needs to be taken in this time. There is a sure willingness to engage in more partisan fights with Republicans and a broader list of issues from climate change to immigration, gender equality and curbing guns. The diffusion of the pent up purposes- pentup by the first term economic and healthcare issues- and the short time during the second term of 2 years to accomplish this, adds to the urgency for the president Obama.

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There was some question about the accelerated depreciation tax break for new investment that is part of the business side to the stimulus package. It lets business take 50% of the depreciation upfront and the 10% thats allowed for a straight 10 year depreciation. A study at the University of Michigan and other expert opinion showed that this tax break had minimal effect when it was introduced in 2002. But other experts say that it was because there was not much taxable income after the meltdown and the bursting of the tech bubble at that time. This time there is a good deal of taxable income and it might have some effect.

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BP Russia is the only large joint venture in which a foreign company has a 50% ownership and it is highly profitable with net profit of $5.7 billion on annual revenue of $24.9 billion. The Russian government is consolidating the oil industry to make it largely a state owned industry and renegotiating old contracts for a majority position in all oil joint ventures. In the light of that policy and its implementation for several years it would appear that the BP joint venture also would be seen as part of the same scheme of things. The minority partners and BP would negotiate their way for the best possible situation in this scheme of things.

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The U.S. takes in 70,000 refugees a year, but only 1500 Syrian refugees have been taken in by the U.S. by Sept. 2015, as a huge migrant refugee crisis unfolds in Europe. Germany has to make the same background checks and is moving quickly, the U.S. takes 18-24 months. The withdrawal of the U.S. from the Middle East under the Obama administration led to the collapse of the fragile situation in Libya, Iraq and Syria, and the unraveling of these countries, a direct cause of the massive refugee crisis in the region with about half the Syrian population and large parts of Iraqi, Kurdish, and Libyan population dislocated. The result is a massive humanitarian crisis, turning the hopes of the Arab Spring into something no one could have imagined across North Africa. In a small Lutheran church in Frankfurt, Paulskirche, is the German story of a popular movement that spread throughout Europe in 1848, for a transition from autocratic governments to parliamentary democracy. Aspirations similiar to that expressed in the Middle East and North Africa in 2013-2014 in the Arab Spring were expressed in Germany and many parts of Europe in 1848. In the centre of Berlin on the Kurfstendamm lie the bombed but preserved ruins of the Kaiser Wilhelm Memorial Church, telling the story of the intervening years 1848-1949. It took many years before the same aspirations for liberty found shape in Germany's Public Law of 1949, finally finding a safe resting place after years of failing to unify a people around the ideas of liberty and justice for all, and not nationalism. Germans who had the hardest time waging that fight, by embracing the refugees in a spirit of openness carry on that fight into this century. Paul asks the question- who will lead? A Lutheran pastor's daughter takes up the fight without the slightest hesitation, and full measure of confidence with the words- "Europe will have failed on the question of refugees, if the close connection between it and universal civil rights is destroyed." ...

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Applebaum talks to two researchers at the University of Chicago and Princeton, Prof. Sufi and Prof. Mian, on the record of U.S. president Obama and Fed chairman Bernanke in helping homeowners facing foreclosure and underwater borrowers, comparing that record with their record in helping the banks. The issue is relevant as the policy and handling of homeowners had to be part of an overall effective plan for recovery in the U.S. economy, because ultimately without the U.S. consumer any recovery would be weak in the long run- a situation the U.S. faces in early 2014. The response to the issue of irresponsible homeowners borrowing beyond the limit without an equally robust response to irresponsible bank management that allowed wildly excessive leveraging of assets, and successful aggressive lobbying by banks in a shortsighted policy of going through with a wave of foreclosures; besides creating questions of fairness and equitable handling of the problem, also had major ramifications for the future of the U.S. and global economic growth. Here Christina Romer and other administration advisors say Bernanke was right in tackling the problem from the perspective of the banks needing to be recapitalized. Thoughtful advisors looking at the entire problem, Martin Feldstein and Sheila Bair strongly pushed for providing the same help to homeowners without getting caught up in the issue of who was responsible home buyers or the banks, and looking at the interests of the U.S. economy and the U.S. people. Proposals by Feldstein and Bair were equally robust in helping banks as they were in helping homeowners, only the banks understood their interests narrowly and had more access to policymakers in the Bush, as well as the Obama administration, Paulson as well as Geithner. This leaves us with the ultimate irony of the Obama administration pushing for the minimum wage, even to the point of electoral posture, when lasting damage had been inflicted on homeowners from the weaker portions of America's middle class by a policy that went against what two respected financial and economic experts from the Reagan period, Sheila and Bair had strongly advocated. See links and groups on Feldstein and Bair. Applebaum has followed most aspects of this problem closely and continues to provide exceptional reporting including the piece on the thinking of new Fed chairman, Janet Yellen. Private enterprise rules that require management at banks just as for other companies to take responsibility for failures, and be replaced with new management, was largely avoided leading to a fundamental failure in how a free market economy such as the U.S. and western European economies are supposed to function. Rules aggressively pushed by Geithner's mentor Treasury Secretary Rubin for a vigorous cleanup at banks in South Korea during a similiar situation in 1997, were not followed in any way here, also setting wrong precedents for the long run. ...

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Britain's Serious Fraud Office takes up the investigation into improper rate fixing for LIBOR, which could lead to criminal charges.

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The ongoing investigation into the manipulation of LIBOR interest rates could affect the likelihood of Paul Tucker becoming the next head of the Bank of England, and raise questions about the responsibility of other bank chiefs involved in the manipulation. Guerrera says regulators should shoulder some of the responsibility.

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The Biden vaccination target of 70% of American adults at least partially vaccinated with one dose by July 4, 2021 remains elusive as vaccination rates have dropped. From a high of 2 million a day vaccinations have dropped to 400,000 a day during the first week of June 2021. Vaccination skepticism particularly in the south and western part of the US is making it harder to vaccinate the rest of the US population. This poses increasing risks as the new variants of the virus such as the Delta variant found in India, and now the most widely prevalent strain of virus in the UK, remain a serious problem. The unvaccinated population in the US is too large for any degree of safety in numbers vaccinated. Consider that at the press briefing given by the White House on June 3, 2021, only 28 states out of 51 states have fully vaccinated 50% or more of their population. There is a large variation between different states with states in the south such as Mississippi as low as 34% at least one dose and a similar situation in Alabama. In Arkansas, Georgia, Carolinas, and Louisiana  it is higher at about 50% with at least one dose. Even these figures are deceiving as in some parishes in Louisiana only 20% have even one dose. Studies show that only after the second dose are enough antibodies released to protect well against coronavirus. This is why vaccine experts at Baylor College of Medicine cited in NYT foresee a second wave in the southern US because of the South so underachieving in the case of vaccination.  ...

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Patrick Barta's exceptional reporing on Manek Chowk, a busy industrial and commercial centre of Ahmedabad. Manek Chowk, the public market in Ahmedabad, India, where street vendors find jobs in the informal economy. The informal economy provides most of the jobs in countries like India and Brazil. They could be street vendors, rickshaw drivers, workers doing textile stitching work and being paid by the piece, and so on. Ahmedabad has 55,000 richshaw drivers, 70,000 street vendors, 70,000 construction workers, and 45,000 rovish trash collectors and recyclers. Most of the city's once prominent textile mills have vanished or are rotting. If Ahmedabad makes it through this difficult period with job losses in India, its because of a thriving local informal economy. It may not provide what a regular job provides, but it helps people feed their families and they are happy to make it through the tough times. And even in the better times the jobs just do not exist in the proportion necessary in countries like India and Brazil. Consider this. Between 2000 and 2005, the number of formal jobs in India stayed flat at about 35 million, while informal jobs grew 17% to 423 million, according to the Indian government. These are the most recent years for which information is available. Economists say the creation of formal jobs may have picked up after 2005, but not by much. The situation is like this all over much of Africa, Asia and Latin America. And as companies layoff formal workers in favor of cheaper employees part-time and without benefits, the importance of the informal economy grows. In Ahmedabad the rights of these people are protected in the case of women by the Self Employed Women's Association of India, which numbers 1 million people across India....

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Ruth Bader Ginsburg offers some advice to young people- In a marraige she says it helps sometimes to be a bit tone deaf. To ignore that remark someone made or comment which if reacted to would only make one feel worse. Who knows it was not meant that way, and maybe did not reflect the whole way that person felt, or even was transitory, This advice she got from her mother in law. Another piece of advice was from her father in law, to stop worrying and find a way to manage, find a way to do it, for something you want to do but are not sure you can. Something she learned from her colleagues in the court including Justice Scalia, was to get over it, not to spend time thinking about comments that are made or some things that happen in the course of one's daily life that one thinks shouldn't have happened.

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Interview with German Greens party politician, Jurgen Trittin, who could be finance minister in a Greens supported government. Trittin says his views are similiar to that of the IMF which is calling for debt relief for Greece. If elected in a Greens-SDP coalition, Trittin says, he would end the policy of purely cutting state expenditures.

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China's president Hu Jintao responds to questions by the WSJ on relations with the U.S., the 2008 financial crisis, the 11th Five Year Plan period, China's currency Renminbi, the Korean peninsula, and China's new assertiveness in foreign affairs.

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Volodymyr Zelensky is given the Charlemagne Prize in Aachen, Germany. After World War II the border town of Aachen in Germany where the grave of Charlemagne is situated, decided to set up a prize for leaders who supported European unity. Charlemagne is the king from eighth century Europe who united France, Italy, Germany and Eastern Europe into a European state, and supported the Carolingian Renaissance and revival of Christianity. Winners of the prize include Monet, Schumann and Konrad Adenauer. Giving the prize to Zelensky and the people of Ukraine is a way to symbolically bring the people of Ukraine into the European community of nations and do this in a solemn commitment with an "obligation of the highest ethical value." Present at the ceremony were Chancellor Scholz, the city officials of Aachen, Ursula Leyen of the European Commission and the prime minister of Poland. Scholz committed Germany to supporting Ukraine as part of the European family in an historic setting that goes back over a thousand years. Mr. Zelensky spoke in Ukrainian and said this must be the first time Ukrainian was spoken inside these walls in Aachen. Dr. Kurt Pfeiffer, its founder in 1950, set the goal of the Charlemagne Prize award- "the prize reaches into the future and at the same time embodies an obligation- an obligation of the highest ethical value. It is directed at a voluntary union of the European people's without constraint, so that in their new found strength they may defend the highest earthly goods- freedom, humanity and peace- and safeguard the future of their children and their children's children." ...

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German banks have commited 60% of their capital in loans to the shipping indusry, according to Moody's Investors Service. The 10 largest German banks have loaned 98 billion euros to the shipping industry and provided a surge of credit to the industry that has led to structural overcapacity. This includes Commerzbank and banks in Hanover and Hamburg. Under German law investors make tax free profits in this popular tax shelter. Experts in Hamburg say the container industry ordered too many ships and banks provided easy credit, resulting in an oversupply, declining cargo shipping prices, and losses at shipping companies. HSH Nordbank in Hamburg, owned by local governmnts and savings banks, says it need 1.3 billion euros in guaranees from Hamburg and the state of Schleswig -Holstein. Moody's affirmed the negative outlook for German banks partly because of the bad loans in shipping.

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The southern U.S. which was early to reopen the economy after the lockdown with some states having only partial lockdowns, is emerging from the coronavirus in much better shape than the rest of the U.S. The unemployment rate fell to 6.9% in August, the lowest of any region. The number of people employed was only 6% lower in August than in February, when most of the U.S. went into lockdown, compared with declines of 10.6% in the Northeast, 8.2% in the West, and 7% in the Midwest. Some of this was a result of aggressive reopening in Texas and other southern states. Overall deaths in the south were 60 per 100,000 people compared to 132 in the Northeast including New York and New Jersey, Midwest at 52, and West at 40. The Northeast numbers are high because of the elderly in nursing homes hit hard in New York and New Jersey.  In the southern states by comparison the deaths came later and among young people taking risks. The virus hit the northeast early and parts of the midwest, southern states had the advantage of some of the work already being initiated in March to fight the virus nationwide. Many of these states are also Republican and residents feared the virus much less. Republican Governors followed their instincts and aggressively reopened putting the economy first. The numbers tell the story. In South Carolina 44% of Republicans say they aren't afraid of the virus outbreak in the local area, compared to just 2% of Democrats, according to Civiqs poll. Georgia and Florida have similar numbers, all with Republican Governors. One factor favoring southerners is that cities in the south are much less dense and less populated than in the North and West. Smaller cities than Los Angeles and New York. ...

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A look at the views of candidates running in the U.S. presidential election of 2016 on mass incarceration. Benie Sanders, Democratic Senator from Vermont, says the situation worsened for incarceration during the Clinton years when a policy of building prisons and increasing law enforcement was adopted. The 2.2 million persons in prison today are double that for the years before the early 1990's, said Sanders. Under president Clinton the 1994 Violent Crime Control and Law Enforcement Act was passed creating tougher penalties for drug offenders, and putting $30.2 billion for more police officers and new prisons. Hillary Clinton called for putting "an end to the era of mass incarceration." Adding in other remarks that missing African-American men means "missing husbands, missing fathers, and missing brothers."

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The relations between the former president Obama and the current president Trump have soured in the first 100 days. Obama lauded activists opposing the travel ban, and Trump sees leaks being conducted for his administration by Obama supporters. Obama was clear from the beginning that he would voice his opinion when it came to systematic discrimination, right to dissent, and deportation of children. Trump's claims that Obama ordered his offices to be wiretapped during the election have caused a rift. Trump took to Twitter to says that Affordable Care Act was "a total disaster," and made it personal by saying "How low has President Obama gone to tap my phones during the very sacred election process. This is Nixon/Watergate. Bad (or sick) guy!" Attorney General Sessions said he will recuse himself from the investigations into Russian efforts to influence the election.