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Paul Krugman: 3.5 myths about the bank bailouts

Published Sat, 08 Feb 2025 14:05:14 GMT

Last weekend, U.S. policymakers went all-in on bailing out two medium-size banks: Silicon Valley Bank and Signature Bank.And yes, they were bailouts. I wish the Biden administration weren’t trying to claim otherwise. Yes, stockholders were cleaned out. But legally, deposits are insured only up to $250,000; by choosing to make all depositors whole, the feds have done holders of big accounts a major favor.It’s true that losses, if any — it’s not clear whether either bank was insolvent as opposed to simply lacking the ready cash to handle a bank run — won’t be made up with higher conventional taxes; the money is coming from the Federal Deposit Insurance Corp., which will recover funds, if necessary, by imposing higher fees on banks. But these fees will be passed on to the public, so taxpayers are de facto on the hook.But was it a bad decision? I’ve heard four basic kinds of criticism. One is ridiculous. Two are dubious. But the last one has me a bit worried, although I think it’s proba...

Sheldon Jacobson: Precheck for free would optimize TSA security

Published Sat, 08 Feb 2025 14:05:14 GMT

Late last month, the Transportation Security Administration found a live explosive device in a checked bag month at Lehigh Valley International Airport in Pennsylvania. TSA officers took the appropriate actions and confirmed the find. Airport surveillance camera footage helped authorities identify a suspect, and the FBI made an arrest.There are lessons to be learned from this incident.As much as the TSA touts stopping firearms from getting onto airplanes, explosives are a more dangerous threat to the air system. That is why travelers are limited to 3-ounce liquids, aerosols, gels, creams and pastes in their carry-on bags.With improvised explosive devices, numerous factors can mask what the item is and make it easy to miss. In the Pennsylvania case, the explosive appeared somewhat simple, making it possible to detect. TSA screeners were on target with their attention.Of critical importance, the person now in custody was known to local law enforcement. Such individuals should be given...

Over on the backfields, Byron Buxton sees first spring game action for Twins

Published Sat, 08 Feb 2025 14:05:14 GMT

FORT MYERS, Fla. — Twins president of baseball operations Derek Falvey has remain steadfast in saying the Twins are targeting Opening Day for center fielder Byron Buxton.But the center fielder still hadn’t played in a game this spring, with just a couple of weeks left until Opening Day.Until Thursday.It was on a backfield against minor leaguers, but Buxton played his first game since Aug. 22 on Thursday, serving as the team’s designated hitter.“I heard he came out good,” manager Rocco Baldelli said. “(Bench coach) Jayce (Tingler) went over and we had a few staff members that went over to that side to watch him. I think he wanted to swing the bat better than he swung it, but I think he came out of it feeling good, which is really the only thing that I’m concerned about at all.”So, what’s the next step for him?“More of that, I would say,” Baldelli said.While playing in a game marks a milestone for Buxton as he makes his return from last year’s season-ending knee surgery, the all...

Despite lack of scoring, Timberwolves’ offense took a step forward in loss to Boston

Published Sat, 08 Feb 2025 14:05:14 GMT

The numbers suggest Minnesota struggled offensively Wednesday against Boston. The Timberwolves scored just 102 points while shooting 44 percent from the field and 33 percent from 3-point range.Certainly, shot-making is what cost the Timberwolves a chance to pull off a key home victory over a great, motivated Celtics team.But the stats didn’t match the eye test of the offensive performance Minnesota put forth. The telling number comes in the assist category. The Wolves finished with 27 assists of their 37 made buckets.Minnesota generated good looks, as well. Twenty-one of Minnesota’s 36 shots from beyond the arc were “wide open,” as characterized by NBA.com, while 10 more were “open.” Forty-seven of Minnesota’s 84 attempts from the field were either “wide open” or “open.”The shots were good and came in the rhythm of the offense. They just didn’t fall.“We just couldn’t make some timely shots,” coach Chris Finch lamented. “We had chances to control the game with good looks we cou...

Both NYS Senate and Assembly pass one house budgets

Published Sat, 08 Feb 2025 14:05:14 GMT

ALBANY, N.Y. (NEWS10)--The Senate and Assembly one house resolutions passed on Thursday. They are billions of dollars more than Governor Hochul’s $227 billion budget proposal.The Assembly ideally would like to see an increase of over $5 billion and the Senate $9 billion. Senate Republicans have an issue with proposed spending."This is unsustainable. It’s reckless. It’s irresponsible," said Senator Bill Weber.Both houses rejected a SUNY tuition increase, something the governor put forth. "The governor has proposed tuition increases across the board then particularly increases for our four universities centers which are in SUNY Albany, Buffalo, Binghamton and Stony Brook," explained Assemblymember Pat Fahy. "Those are our research institutions and they have really been trying to stay competitive. Grateful to the speaker, as well as to the Senate, because instead of raising tuition, he has put the money in that we would have gotten through tuition."The Senate and Assembly also rejected...

Nearcare closing its doors in Glens Falls

Published Sat, 08 Feb 2025 14:05:14 GMT

GLENS FALLS, N.Y. (NEWS10) - On Thursday, local medical care organization Nearcare announced that it will be closing its doors. For the last 40 years, the organization - formerly known as Caritas - provided free support to those living with severe or terminal illness in Warren, Washington and northern Saratoga counties, as well as their families. Get the latest, news, weather, sports and community events delivered right to your inbox! "We are deeply grateful to our incredible volunteers, donors, supporters, staff members, andmembers of the Board of Directors whose generosity has enabled Nearcare to carry out itsmission. As a partner agency for many years, we thank all who support the Tri-County UnitedWay," said Nearcare Board of Directors President Rick Bergeron in a release on Thursday.Nearcare has operated as a small, completely nonprofit organization, and said that the demands of upkeep have become impossible to meet over recent years. Nearcare services will be suspended effec...

Local businesses hope for boost from NCAA Tournament

Published Sat, 08 Feb 2025 14:05:14 GMT

ALBANY, N.Y. (NEWS10) - Basketball fans from across the country are in Albany through this weekend for the NCAA Tournament at MVP Arena. For local businesses, especially those situated near the festivities, there's hope that the influx of people will provide a big boost. PHOTOS: NCAA Tournament at MVP Arena At Maurice's Deli, located directly across the street from the arena, they're hoping to serve up their sandwiches to fans all weekend long."We’d like to hope so. They’ll be here, whether or not we get them in and they support us, that’s to be determined," said Keith Mahler Jr., the owner and operator of the deli.Maurice's is typically open Monday through Friday, but with the tournament in town, they'll be open this weekend. The business has seen firsthand the impact events at the arena can have for them and others. Things to do in the Capital Region this weekend: March 17-19 "It’s big. It does a lot of things for all the local businesses down here, for Downtown Albany and it’...

Number of kids ingesting edibles rises, lawmakers react

Published Sat, 08 Feb 2025 14:05:14 GMT

ABLANY, N.Y. (WTEN) -- Lawmakers are proposing legislation to hold those who are selling cannabis illegally accountable. This happening after some people, including children ingested cannabis edibles without even realizing it. A study by the American Academy of Pediatrics shows in 2017 there were 207 reported cases of cannabis edible ingestions in children younger than age 6. In 2021 that number rose to 3054 cases.  Officials crack down on illegal cannabis sales "We must do everything we can to save lives, and prevent this crisis from getting any more out of hand," said Assemblywoman Jodi Giglio who is proposing legislation to enact stricter penalties for people who don’t follow the rules. Recreational cannabis for those 21 and older is legal in New York and 5 retail dispensaries are open for business. These products are legal in those stores, but the Office of Cannabis Management does have guidelines in place when it comes to marketing. "My bill would require that the packaging, ...

Ben & Jerry's free cone day returns to Watkins Glen after four years

Published Sat, 08 Feb 2025 14:05:14 GMT

WATKINS GLEN, N.Y. (WETM) - Ice cream lovers rejoice! Ben & Jerry's announced the return of Free Cone Day for the first time in four years. The company announced that at its scoop shops across the country and the world, it will be giving away free ice cream on April 3, 2023 from noon to 8:00 p.m. This is the first time the popular ice cream brand has hosted the giveaway day since before the COVID-19 pandemic. Get the latest, news, weather, sports and community events delivered right to your inbox! According to the company, the annual tradition started in 1979 as a way to thank its customers for their support. Throughout the 1980s and 1990s, the tradition spread to other locations. In 1998, Ben & Jerry's said someone got so excited about free ice cream that they left their keys behind; the company says it's still holding onto them in case anyone reclaims them. In 2015, the brand handed out over 1,000,000 scoops on April 3.

Schenectady CSD employees to participate in "Stop the Bleed" training program

Published Sat, 08 Feb 2025 14:05:14 GMT

SCHENECTADY, N.Y. (NEWS10) -- On March 17, school safety officers in the Schenectady City School District will participate in the "Stop the Bleed" training program. Sanctioned by the American College of Surgeons, the program prepares individuals to help in bleeding emergencies before first responders arrive. Get the latest, news, weather, sports and community events delivered right to your inbox! The Schenectady Fire Department will be holding the first training session at the Schenectady CSD's Professional Development Day. While the first training is for safety officers, the goal is to train all 1800 school district members.