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STORIES:
Young U.S. Adults Flock to Parents’ Homes Amid Economy - (www.bloomberg.com) The Class of 2008, born
during the historic bull market that closed the past
century, reached a dubious distinction last year: More than a million of the
college graduates have gone back home. The number of 26-year-olds living with
parents has jumped almost 46 percent since 2007, according to Census Bureau
data compiled by the University of Minnesota Population Center. Last year, the
number of 18- to 30-year-olds living with their parents grew to 20.7 million, a
3.9 percent gain from 2010. The figures underscore the difficulty that millions
of young people have had in finding jobs and starting careers in the U.S.
following the longest recession since the Great Depression. About a quarter of
American adults between the ages of 18 and 30 now live with parents, while
intergenerational households have reached the highest level in more than 50
years.
Postal
problems grow - (www.money.cnn.com) At the end of this month, the
U.S. Postal Service takes another step toward insolvency. On Sunday, the
service is required by law to pay the federal government $5.6 billion to fund
health care benefits for retirees. But it won't do it, because it doesn't have
the money. It will be the second time that the service has defaulted on a
payment, the first occurring on Aug. 1. For the time being, the default means
little. "This default will have no effect on the processing or delivery of
mail, and employees and suppliers will continue to be paid," said David
Partenheimer, a spokesman for the Postal Service. But if Congress does nothing,
come next spring, the Postal Service will truly start running out of cash. That
means the agency may not have enough to pay mail carriers and subcontractors,
which could mean drastic cuts to the mail delivery system -- postal service
Armageddon.
Police seal off Spain Parliament ahead of protest - (finance.yahoo.com) Spain's Parliament took on the appearance of a
heavily guarded fortress Tuesday, hours ahead of a protest against the
conservative government's handling of the economic crisis. The demonstration,
organized behind the slogan 'Occupy Congress,' is expected to draw thousands of
people from around Spain and was due to start around 1730 GMT. Madrid's
regional Interior Ministry delegation said some 1,300 police would be deployed
though protesters say they have no intention of storming the chamber, only of
marching around it. They are calling for fresh elections, claiming the
government's austerity measures show the ruling Popular Party misled voters to
get elected last November. The protest comes as Spain struggles in its second
recession in three years and with unemployment near 25 percent.
Spain Presses ECB to Say How Much It Will Spend on Bond Buying
- (www.bloomberg.com) Spain said it needs to know
how much the European Central Bank intends to spend
buying its debt to decide if it should seek outside help as its borrowing costs
rose at a bill auction in Madrid. The auction was held amid mounting
tension in Madrid where police have locked down the area around the parliament
before protests scheduled for today and as Catalans agitate for independence.
Prime Minister Mariano Rajoy has held off seeking aid
since ECB PresidentMario Draghi last month said he’ll buy
Spanish debt if Rajoy accepts conditions. “There are many fronts we have to
tackle,” Deputy Prime Minister Soraya Saenz de Santamaria told radio station
Cadena Ser today. “We need to know to what extent the ECB will intervene in the
secondary market. To take decisions you need to have all the elements on the
table.”
Student
Debit Card Issuer Generates Fees, Controversy - (www.cnbc.com) The explosion in student debt—more than a
trillion dollars now outstanding—has been a huge boon to a Connecticut company
that helps colleges and universities distribute loan proceeds to their
students. But since CNBC first reported in 2010 about
questionable practices at Higher One, the company has found itself
answering more questions—from students, regulators and members of Congress. Founded
in 2000 by Miles Lasater and Mark Volchek while they were still students at
Yale, Higher One claims to serve more than half the higher education market,
including more than ten million students on 1,250 campuses nationwide.
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