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About 43% of newly admitted students in 2014 at nine undergraduate campuses of the University of California (UC) system are the first to attend college in their families. The UC system has striven lately to attract more students from underperforming high schools with many Latinos or Hispanics. About 28.8% of students admitted in the UC system are Hispanics in 2014, 27.6% White, 36% Asian American and 4% Black. 13% of students admitted are out of state paying tution of $35,000 per year compared to $13,000 in state tution, out of state students tution subsidizing the in state students. It was 5% in 2010.

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JP Morgan's dealings with New Century in its mortgage business and problems in its mortgage division.

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Trevor Manuel, as head of the national planning commission, may have even more authority -as he oversees all economic policy on behalf of the President- than in his previous position as finance minister of South Africa. President Zuma knows that he is not a person fond of policy details and long reports, and he may be wisely creating this position in the President's office so that he could delegate this important work to Trevor Manuel. The head of the tax department, Mr Gordhan, becomes finance minister. Asked what his priorities would be, Zuma in his characterstic manner joked , " My rooibos tea, honey and lemon."

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Peter Eavis says the too big to fail problem remains unsolved, and with the recent consolidation the "big four" accounting for 70% of all assets held by domestically cahrtered banks. There is no effort by the Obama administration to prevent banks from getting too big. And the Fed has accumulated greater powers as a regulator. It is still the same Fed, Eavis reminds one that failed as abank regulator by letting Citigroup's common equity ratios drop to perilous lows. And its overstimulative monetary policies having built up more risk than the system could handle. There will be more regulatory capital at these big banks as a result of actions by Treasury, but risk remains.

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By a vote of 223 to 202 largely along party lines the House passed a bill that brings sweeping changes to the American financial regulatory system. The 1279 page bill creates anew federal agency for consumer protection, establishes a council of regulators to police the financial system for systemic risks, initiates oversight of the derivatives market, and gives the government power to wind down large firms that are in danger of collapse and pose systemic risk. The bill also gives sharehlders advisory say on executive compensation, increases transparency of credit rating agencies, and sets aside billions in governmet money to help unemployed homeowners.

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A 15% increase in student fees for the University of California system since January and another planned 15% increase for the 220,000 students in that system is resulting in violent protests. This included blocking campus buildings and an attack on the chancellors residence. Students are protesting cutbacks and fee raises. The California State University system with 450,000 students and the community college system also raised fees.

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Ford plans $500 million investment in India to make a small car and makeIndia its hub for small car manufacture. It will also build a diesel engine plant. Ford plans to increase production from 42,000 cars in 2007 to 200,000 cars in 2010.

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Some economists expect growth in China's GDP to slow down to 5.8% for the 4th quarter. China's export driven growth model based on factories with plentiful hardworking young labor including young women, and plentiful foreign investment, Chinese investment from HongKong and Taiwan, and plentiful capital generated from China's high savings rate, and supply of land from local government officials eager to participate in the boom, is finally slowing down, after 3 decades since Deng launched China on this path. However this slowdown is happening drastically, and the whole model is coming apart. The first signs came earlier this year as the government initated a shift in policies after seeing the costs of runaway growth on the environment and in pollution of air and water, and in the wages of labor. Laws protecting labor rights and wages, and stricter pollution laws and enforcement for the first time in years that suggested the government was serious, pulled the bottom off of marginal export industries and companies. Only the larger better run companies were able to operate in this environment. About 67,000 factories closed in coastal regions in the first half of this year. See the link to this. Now that process is hit by the global credit crisis and the demand decline in 2008, and possible demand collapse in 2009 in US export markets if some things like the auto industry take a bad turn and unemployment jumps, all are hitting hard at China's export sector. This is in turn hitting investment as in Germany as companies pull back, and nervous consumers with losses in the stock market and seeing a decline in housing prices pull back on purchases resulting in inventories building up for different industries including the important auto industry. ...