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Vanguard Index funds attracted $233 billion in new investment in 2014, according to Morningstar. Of this $40 billion went into the Vanguard Total Stock Market Index Fund, $27.5 billion into the Vanguard Total Bond Market Index Fund, and $9 billion into the Vanguard Total International Bond Market Index Fund. The poorer returns from actively managed funds with high fees and the PIMCO Total Return Fund led to this shift into index funds. For every $100 in investment with Vanguard index funds the cost in fees is about 18 cents compared to $1.24 in the average actively managed mutual fund, according to Morningstar.

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The US Federal Trade Commission is changing its focus after two decades of letting monopolies grow in many industries. It is now headed by Lina Khan, a 32 year of student of anti-trust and its role in US history to preserve the negotiating power of individuals and groups with large corporations. For decades since the breakup of large companies including oil and energy by Theodore Roosevelt at the start of the 20th century, anti-trust has followed a clear road that said large companies could not monopolize business in industries. This only changed with Reagan in the 1970's leading to the situation today where large corporations are seen as insensitive to what the public wants and what is good for the country. Apple can do most of its manufacturing overseas when communities in America have lost factory jobs for 20 years. IT companies can pay little in taxes by offshoring manufacturing and headquarters to places outside the US. The models simply don't work because they are outdated from a different time. Not just pricing but negotiating power has to be considered. Taxes to fund infrastructure are part of the overall goal that society needs to pursue. In this situation anti-trust is to be redefined in a much broader context. Does it regulate the structures of business in a way that does not affect the national interest to be competitive in technology, independent in supply channels, to keep manufacturing jobs, build infrastructure, improve public services. Antitrust, taxation, administration, all have to work together to achieve an overall goal of improving the living conditions of the people. ...

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Yellen tells graduates at NYU that curiosity, grit and perseverance to work hard on long range goals matters a lot. She describes the importance of persevering through setbacks on the path. She tells the story of Eric Kandel of NYU and the path to a Nobel Prize through research on the chemistry of memory.

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Tim Kaine tells the audience at the Democratic National Convention that Hillary Clinton was in Spanish "lista" which means ready, the biggest compliment he said in Latin American life from his days in Honduras. He used Spanish frequently during his speech at the convention.  Kaine wins good marks for his knowledge of Spanish. Other politicians have used Spanish in an awkward way, failing to sound authentic, including president George W. Bush and Mayor De Blasio of New York.

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After a 90 minute meeting with Putin in Hangzhou, China, president Obama wonders aloud whether Putin " is willing to live with constant, low-grade conflict." Richard Haas of the Council of Foreign Relations, says its affirmative, that low grade conflict is Putin's thing. Other experts say Putin's intention is largely to build up his image at home at a time when the Russian economy is facing problems, and to create confusion through cyberattacks. In the case of cyber intrusions into voter rolls of Arizona and Illinois, FBI Director Comey says it  may be intended to just sow seeds of doubt on the whole election process."

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Fitch Ratings Agency says that 65-75% of homeowners getting home loan modifications under the Obama administration's Home Affordable Loan Modification Program (HAMP) will default in 12 months. This is because the median ratio of total debt payments to pretax income is about 64% according to a Treasury Department estimate. Many of these homeowners have large credit card and other debt, and little is left for food, clothing and other expenses. By April 2010, 295,000 homeowners had taken loan modifications under HAMP, which provides interest rates of as low as 2%. And another 637,000 homeowners are in trial modifications, which require that homeowners show they can make the lower payments consistently and provide documets to show eligibility. The Obama administration has provided $50 billion for the HAMP program, with financial incentives to loan servicers and mortgage investors to modify loans. Critics say the program would have worked better if the government and HAMP dealt directly with homeowners- as homeowners complain about the long time, upto a year, it takes for loan servicers and mortgage companies to get the loan modified on a long-term basis....

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Christine Lagarde tells an audience at Goethe University in Frankfurt- "the answer to the reality of this interconnected world is not fragmentation, it is cooperation." She said about inequality in socieites- "Overcoming the voices of despair and exclusion requires an alternative path, one that leads to prospects for more employment, higher incomes and more secure lives."

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Rachel Swarns describes life for Latinos working parttime or working close to the minimum wage in New York City.

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Robert Reich of the Clinton administration responds to a question by Charlie Rose, about Obama's failure to have a narrative of governing that connects the dots. Reich says Obama got caught up in tactical judgements and failed to grasp the larger strategic narrative. He sees Obama as having supported Wall Street and business as much or more than any previous administration, but is not perceived as pro-business.

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In one of its first major votes the newly elected U.S. House of Representatives approved the Keystone XL pipeline by a vote of 252 to 161.

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The AFL-CIO union's view of Governor Walker's action in Wisconsin to limit collective bargaining rights and reduce benefits of public sector workers.

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Rep. Paul Ryan tells Bill Keller that his ideas on Medicare and Social Security are not "the last word" but a way to start an "adult conversation." Keller describes what a Romney administration might look like with Ryan, Dan Senor, and Glenn Hubbard.