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The economy + Valentine's Day = True Love?
Love was in the air this week -- and we're not just talking about Valentine's Day. Businesses and investors also had their hearts aflutter.
American Airlines and US Airways announced wedding plans. The boards of both carriers approved a merger. And Warren Buffett's Berkshire Hathaway said it is starting up a relationship with Heinz. Buffet's company will help buy Heinz for$23 billion in cash.
"There's almost a perfect combination of factors leading to a kind of dealmaking right now," says FT Alphaville's Cardiff Garcia. "Interest rates are low, expected to remain low. It's cheap to borrow money. The companies doing the buying have a lot of cash on their balance sheets."
Congress, meanwhile, is still having marital difficulties. With the massive spending cuts known as "the sequester" just two weeks away, Republicans and Democrats are no closer to seeing eye to eye.
"I've lived in this town long enough to know that the government moves very slow," says Nela Richardson of Bloomberg Government. "Until it doesn't. And then it moves very quickly."
In Richardson's estimation the effects of sequestion -- a reduction in GDP, 750,000 jobs cut -- "That's enough to get people's attention and actually make them get back to work and do this deal."
In his State of the Union address on Tuesday, President Obama offered his own ideas on how to improve another long-term relationship -- the economy. He talked about deficit reduction and balancing the budget, while offering a long list of government programs he hopes to grow over the next four years.
There has to be some give and take for the relationship to work though, warns Richardson. Americans can't want everything wihtout wanting to pay for anything.
"Having your cake and eating it too is a perfectly fine state of being," she says,"until you run out of cake."
And we asked them to give us some suggestions for some weekend reading:
Garcia recommended:
- An in-depth look at the effects of the oil boom in North Dakota -- both good and bad.
- The FT's Lucy Kellaway on the gambling addictions of London traders.
- A visit to Burning Man ... with dad.
And Richardson chose:
- For those still on the fence about owning versus buying, some help from Bloomberg Businessweek.
- The next big thing Washington, D.C. will be buzzing about.
- A fascinating, and deeply philosophical, treatment of race and ethnicity. (You may need to have coffee first for this one.)
One City's Love Affair With Processed Cheese
If you're not from St. Louis, you've probably never heard of Provel. It's a processed blend of cheeses extolled in the area for its buttery texture and smoky, tangy flavor. Now Provel has made its way into the unlikeliest of places: the hipster foodie mecca of Brooklyn.
90 years of acting on the radio
Keeping The Faith In The Catholic Church
Earlier this week, Pope Benedict XVI announced that he would be retiring from his position, but he's not the only prominent Catholic stepping down. Host Michel Martin speaks with top Catholic lobbyist and policy adviser, John Carr, about his own retirement and what's next for him and the Church.
Venezuelan Government Releases Chávez Photos, Says He's On Breathing Tube
The pictures were the first of Chávez during his 68-day absence. The Venezuelan commander is in Cuba for cancer treatment.
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Why I don't need a senior discount
Reputable economists are predicting that Baby Boomers will bankrupt Social Security and Medicare. And millennials are none too pleased by this prospect. Some have even taken to calling us parasites and leeches.
At the risk of offending my fellow Boomers, I propose that we give up our senior discounts. It seems like the least we can do. After all, every time I get an old age price break, a Gen Y-er somewhere is subsidizing me.
As a 57 year old, I qualify to purchase a host of goods and services at prices 10-20 percent lower than my under-50 friends. I've racked my lawyer brain, but can't come up with any justification for this "youngster tax." While this seems like a form of reverse-age discrimination, it's not illegal. That's because those laws only apply to employers.
These discounts have been around since the 1950s and were instigated by AARP. They now pervade almost every industry-from restaurants to hotels to clothing stores to the national parks.
Perhaps there was some justification for giving oldsters a break 60 years ago, when Social Security benefits were stingy, people retired at 65, and expired soon thereafter. But, things have changed. Today people over 65 are less likely than younger people to live below the poverty line. Not only that, they have the highest net wealth of any age group.
These discounts are now absurd. If I live to 100 I'll be entitled to a senior discount for half of my life. I, like a lot of Boomers, don't need the price break. A recent college graduate who can't get a job is more deserving.
I'm appealing to my generation -- why not be a little magnanimous and give up your senior discounts? If nothing else, it might buy you some good will with your kids.
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Facebook privacy issues: Not the only reason I'm 'unfriending' you
On Monday of this week, I had 666 friends on Facebook. Today, I have none.
When I first joined Facebook, I enjoyed stumbling across the high-school math teacher who inspired me or the girl who stole my college boyfriend. I liked keeping up with the Pakistani journalist who once visited my office on a fellowship.
But over the years, Facebook lost my trust as it continuously blocked me from keeping the names of my friends private. As a journalist, I need to protect my sources. And as a human, I prefer not to have a hidden audience keeping tabs on me when I reach out to friends.
At first, I tried practicing privacy through obscurity. I accepted all friend requests (even creepy ones) in the hopes that my real relationships could hide in plain sight among the fake ones.
But I found myself sanitizing all my posts as I tried to address a wildly diverse audience that included my boss, my sources, my kids' friends' parents and strangers I had friended from Brazil. I realized that my approach had erased my ability to have a real relationship with anyone on Facebook.
Still, I wasn't ready to leave Facebook entirely. I still wanted to be able to find people and to be found by others. So this week I decided to unfriend everyone and just keep a bare-bones profile. It was hard. I felt awful when I tried unfriend a former calculus student or the page for my upcoming high-school reunion.
I ended up having to pay a real, live friend to come over to hit the "unfriend" button for me. Over and over again. It took seven hours, but I feel like a huge burden has been lifted.
To those I unfriended, I apologize. But as bizarre as it sounds, I am actually trying to protect our ability to have a real relationship, without a hidden audience watching.
Why I'm 'unfriending' you
On Monday of this week, I had 666 friends on Facebook. Today, I have none.
When I first joined Facebook, I enjoyed stumbling across the high-school math teacher who inspired me or the girl who stole my college boyfriend. I liked keeping up with the Pakistani journalist who once visited my office on a fellowship.
But over the years, Facebook lost my trust as it continuously blocked me from keeping the names of my friends private. As a journalist, I need to protect my sources. And as a human, I prefer not to have a hidden audience keeping tabs on me when I reach out to friends.
At first, I tried practicing privacy through obscurity. I accepted all friend requests (even creepy ones) in the hopes that my real relationships could hide in plain sight among the fake ones.
But I found myself sanitizing all my posts as I tried to address a wildly diverse audience that included my boss, my sources, my kids' friends' parents and strangers I had friended from Brazil. I realized that my approach had erased my ability to have a real relationship with anyone on Facebook.
Still, I wasn't ready to leave Facebook entirely. I still wanted to be able to find people and to be found by others. So this week I decided to unfriend everyone and just keep a bare-bones profile. It was hard. I felt awful when I tried unfriend a former calculus student or the page for my upcoming high-school reunion.
I ended up having to pay a real, live friend to come over to hit the "unfriend" button for me. Over and over again. It took seven hours, but I feel like a huge burden has been lifted.
To those I unfriended, I apologize. But as bizarre as it sounds, I am actually trying to protect our ability to have a real relationship, without a hidden audience watching.




