Mitt Romney's new running mate has authored some provocative policy proposals to cut budget deficits and overhaul Social Security, Medicare and Medicaid. But Rep. Paul Ryan has also been an advocate for a different course for the central banking system of the United States, the Federal Reserve.
For the past 35 years, the Fed has had a dual mandate from Congress: to set interest rates at levels that will both foster maximum employment and keep prices stable. Put another way, the Fed's goals are to get unemployment as low as possible while keeping inflation in check.
As part of the NPR Cities Project, we're exploring some "gee-whiz" questions about how cities work. Melissa Block talks to Gideon Berger, Fellowship Director for the Urban Land Institute, on the street in Washington, D.C.'s Chinatown. They talk about the trickiness of timing traffic lights
Originally published on Tue August 14, 2012 5:27 pm
Britain's fifth-largest bank has agreed to pay $340 million to settle charges by New York regulators that it laundered money for Iranian clients.
NPR's Chris Arnold filed this report for our Newscast unit:
"In court documents, the regulator alleged that for 10 years Standard Chartered Bank quote 'schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions... involving $250 billion dollars and reaping hundreds of millions of dollars in fees for the bank.'
The drought this summer has impacted entries at state fairs across the country. Cattle, hogs, vegetables and more all are coming in much smaller and lighter because of the dry conditions. Melissa Block talks with Don Young, who submitted a much smaller pumpkin than normal to be judged at the Iowa State Fair.
Originally published on Tue August 14, 2012 4:32 pm
Republican presidential candidate Mitt Romney was in far eastern Ohio on Tuesday — seemingly in the middle of nowhere.
But Beallsville is in the middle of coal country, and this site was carefully chosen. There's a battle over messaging on coal in Ohio, a state with huge coal reserves and an important but troubled coal industry.
As a kid, Nancy Hogshead-Makar wanted to be the best swimmer in the world. At 14, she got her wish when she was ranked number one in the world for 200-meter butterfly at age 14. Four years later, she was part of U.S. team that boycotted the Moscow Olympics, and at 22, she swam in five Olympic finals at the 1984 Los Angeles games, winning three gold medals and one silver medal.
"I knew that the 1984 Olympics were really going to be my swan song," she tells NPR's Lynn Neary. She retired after those games and went to finish out a year and a half at Duke University.
Originally published on Tue August 14, 2012 6:10 pm
Last Friday, when Tammy Smith was promoted to Army brigadier general, her wife, Tracey Hepner, was the one who pinned her star on her uniform.
With that, Smith became the first openly gay general in the country. When Smith joined the military 26 years ago, the moment would have been unthinkable. But she explains the historic moment by focusing on its simplicity.
Originally published on Mon October 22, 2012 11:28 am
You've all heard a lot about this year's devastating drought in the Midwest, right? The U.S. Department of Agriculture announced last Friday that the average U.S. cornfield this year will yield less per acre than it has since 1995. Soybean yields are down, too.
Originally published on Tue August 14, 2012 11:08 pm
Delmonico's, the New York City steakhouse, has been around forever.
The New York Public Library's archival menu collection doesn't go back quite that far. But it does have a Delmonico's menu from 1918. The archive also, sort of randomly, has a Delmonico's menu from 1988. Delmonico's current menu is online.
Originally published on Tue August 14, 2012 5:29 pm
After months of sitting on their wallets, Americans went shopping in July. The uptick reported Tuesday is boosting economists' hopes for a reasonably strong back-to-school season. And retailers are looking for clues about how the holiday shopping season will turn out later in the year.
"This is a good report," Chris Christopher, an economist with IHS Global Insight, a forecasting firm, wrote in an assessment of the latest report. "It indicates that consumers came back after hunkering down" during the year's first half when sales were "dismal."