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Barry Ritholtz lists the causes of the financial crisis, He says New York Mayor Bloomberg's exoneration of the financial industry is simply false- what he calls "the Big Lie"- even though Congress, regulators and the Greenspan Fed acted irresponsibly and created favorable conditions for the actions of the financial industry.

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Earnings of the typical American man working full-time year round declined in 2010, and is now in inflation adjusted terms below the level in 1978, according to the U.S. Census Department. The income of a typical Ameircan family has declined for three consecutive years and is now at $49,445 for 2010. This is the level reached in inflation adjusted terms in 1996. 15.1% of the American people lived below the poverty line in 2010, and 22% of children lived below the poverty line. The poverty line is set at $22,314 for a family of four in 2010. Statisics from the U.S. Census Department.

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Honda plans to move more of its manufacturing to the U.S. as the value of the yen drops below 80 to the dollar in 2011. Honda faces problems from parts shortages after floods in Thailand, and U.S. market share down 1.5 percentage points to 9% in 2011. Honda's profit declined by more than 50% for the third quarter of 2011. The yen trading at 77 to the dollar in Dec 2011 is making it impossible for Honda to make a profit from vehicles made in Japan and sold in the U.S. Honda plans to double the capacity of the Civic plant in Greensburg, Indiana, increase capacity at its other assembly plants. It will build a new plant in Celaya, Mexico, in 2014, to manufacture the Fit subcompact. This will raise North American production from 1.29 million vehicles to close to 2 million. About 200,000 to 300,000 of these vehicles will be exported to other international markets. Profits on small subcompacts are small, making manufacture of the Fit more economical in North America than in Japan. In 2011 Honda manufactured between 30-40% of vehicles in Japan, the new plans are to reduce this to 10-20% in the next 10 years, a major shift....

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A young socialist leader in the Sanders campaign effort asks what it is about aging socialist leaders Jeremy Corbyn, 68 years, in the UK, and Bernie Sanders, 75 years, that makes them popular with young people. She says both leaders stood up consistently for decades on issues important to ordinary working class people, when Labor under Blair and Democrats under Clinton abandoned their base to a point when one political expert could say Democrats  were the "second most enthusiastic capitalist party" in the U.S. She says under Blair Clause IV was rewritten. That clause committed the Labor party in Britain to "common ownership of the means of production, distribution and exchange." Under Corbyn, with support from young people, Labor received 40% of the vote. The party was reenergized on issues important to students such as making higher education accessible to all. A similar situation happened with Sanders in the U.S., who received more of the young people's vote in 2016 primaries than Trump and Clinton combined. ...

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The Editorial Board of the Washington Post draws attention to the speculative bubble in housing in China, the policies for sale of land by local governments that fuel the bubble, the corrupt local officials, and GDP growth that reflects overinvestment in housing creating serious imbalances in the economy. The structure of the economic and political system which promote this overinvestment in real estate has also reduced the role of the Chinese consumer in GDP growth, and is preventing a rebalancing of the world economy.

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The main thrust of the article is contained in 3 content links: first one is how the Resistance as the Hezbollah cals itself has made itself part of the social fabric, the second the peculiar set of events thaat led to this, the third about the peculiardemocratic representation system that was designed after the Lebanese civil war. Content Links 1. Hezbollah as part of the social fabric. Hezbollah legislators pushed through a $35 million drinking water faility, a waste disposal project of about $35 million and a $68 million road project in the Shiite dominant Bekaa Valley. See the reference to the organic farm and other economic and charitable projects in Solomon/Leggett WSJ 7-21-06, financed by Iran. 2. The Peculiar Set of Events that Led to Hezbollah integrating into the Lebanese social and political fabric. The Lebanese civil war began in 1975 and formally ended in 1989 with accord that reserved ccertain number of parliamentary seats and key positions for each sect or religious group. The Shiites had 27 and Sunnis 27, the Christians 64 and the Muslims 64 in the 128 member Parliament after the 2005 elections. The President has to be a Maronite Chrisitian, the Prime Minister a Sunni Muslim, and the Speaker of Parliament a Shiite Muslim, according to the accord. The Shhites led by Hezbollah took the maximum number of seats available to Shiite Muslims during the election, 35 according to this article though 27 is shown under the earlier Solomon Democracy article. After the election which followed Syrian withdrawal from Lebanon, the Shiite parties joined the coalition government an took 2 ministries , energy and labor, and negotiated veto powers over any cabinet decisions. 3. The Lebanese Democratic System that emerged from the 1989 accord. This gave Maronite Christians, Sunni Muslims (for long time priviliged and better educated groups in Lebanon compared to the less well educated Shiites having higher rates of unemployment and illiteracy as well as less access to governace, ) a proportionally bigger say in the government. About 40% of Lebanon's population is Shiite, but their representation in the Parliament of 128 seats is a maximum of 35 seats, with the rest going to other Muslims and Christians. Ali Nasr refers to this in his key article for this group. In a Lebanon with a Shiite Revival this still leaves more progress in democratic representation for the Shiiites in the future. ...

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Toyota plans to spend $175 million to advertise the 2012 redesigned and reinvented Toyota Camry. Toyota will use as campaign theme, "Its ready. Are you?" It focusses on the idea that Toyota is back after recent difficulties.

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The median age of Toyota buyers is 56 years, higher than Honda at 55 years, and VW at 51 years. However Toyota has not lost its reputation for reliability among older buyers. Automotive Lease Guide in its last 3 semiannual surveys shows Toyota's reputation for quality is improving to the point where it may take the top ranking from Honda in 2012. In residual value Toyota is behind only Honda's Acura brand. After reaching a peak market share of 16% in the U.S. market in 2007, Toyota has slipped to 13%. This is changing as Toyota sales are estimated to increase by 7% in November 2011 over the prior year by some analysts, which gives it 15% market share.

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Mexico's GDP increases at 3.9% compared to 2.7% for Brazil in 2011. Foreign investment is increasing in Mexico especially in the automobile industry and in industries where Mexico is favored over China as a production location. The G-20 meets in Los Cabos, Mexico in June 2012.

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In this exceptional report of the housing market in Roanoke, Virgina, Neil Irwin talks to builders, home buyers, renters and young people. San Francisco and Washington D.C. are the exception in housing markets- hundreds of America's midsize cities like Roanoke are seeing smaller rates of household formation leading to a decline in demand for single family homes and fewer homes being built. This accounts for a large part of the smaller growth in U.S. GDP. There are he points out about 2.3 million missing households as a result of a significant change in home buying patterns that is reducing demand for new construction of single family homes. During the period 2001-2006, before the 2008 global financial crisis, the rate of new U.S. household formation was about 1.35 million annually. This dropped to 569,000 in 2007-2013, as the effects of the crisis were felt in a deep recession. One result is more young people are postponing buying a house and living with their parents. Faced with large student debt- the total U.S. student debt passed $1 trillion for the first time recently- purchases of homes are becoming more dfficult. Of 18-34 year olds 27% lived with their parents before 2006, according to Labor Department data. This went up to 31% following the recession. Lack of good jobs is another factor. In 2014 March only 63% of 18-24 year olds had jobs. Even young people older than 24 with jobs felt it necessary to save money by living with their parents. More retirees too are moving into apartments....

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China shifts its policy to allow 3 children per family after it sees the percentage of people in the population over 60 rising. This WSJ report show that the policy shift is being followed by changes in policies related to education with more equitable educational resources and reduced expenditures for education for families. Policies that were seen as making families hesitant to have more children.  Changes of the Mao era policy of one child, one family, are very recent. Not till 2013 has this policy changed, since its implementation after the Communist Party took over mainland China in 1949. In 2013 the government allowed families to have 2 children if one of the parents was an only child, and two years later in 2015 the policy was changed to allow 2 children per family. Only half of Chinese couples are willing to have 2 children, according to a study by the state backed All China Women's Federation. A once in a decade census shows 12 million babies born in China in 2020. In 2016 there were 17.9 million births. China's leaders noticed a change in the census for people over 60 as a percentage of the population, which was growing much faster than imagined from 13.3% in 2010 to 18.7% in 2020.  The perception of experts and Chinese couples in their thirties shows that the policy is seen as not enough to convince young couples to have another child. Typical is the situation of one parent cited in this report, a Beijing father of two. He says the policy has changed but it does not mean that he would have another child. He says it takes a lot of money and energy to take care of another child. It also affects the standard of living and education of the two children as he has already moved to a new 2 bedroom apartment to be near top schools in the Chinese capital. Another facet of this development is women in China postponing children to pursue their careers. Government policy is now to raise the retirement age with fewer people of working age to support the senior population. The percentage of the population of working age 15 to 59 years dropped from 70% in 2010 to 63% in 2020. Fewer people for working at Chinese factories and manufacturing. China's retirement age is now 60 for men and 50 for women, giving the government room to do this by bringing it up to western levels that are much higher in the US and Europe.   ...

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The stark differences in the policy positions of the two major parties in the U.S. seen emerging in the television debates. Trump vocal on immigration calling for large deportations. Sanders and Clinton vocal on the struggles of the middle class and white working class.

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Volvo's XC90 SUV new model in 2014 is the first under Geely ownership.

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Turkey increases security at its borders limiting the flow of refugees and to control terrorism.