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Solar Plane Takes Flight
Solar Impulse/AP
A solar-powered plane that can fly through the night has started its slow transcontinental journey.
The first electric plane that can fly both day and night with only the power from the sun’s rays began its first transcontinental flight Friday. The Sunseeker Duo from Solar Flight is flying from San Francisco to its final destination in Washington, D.C.—it’s expected to touch-down there mid-June—stopping at Phoenix, Dallas, and St. Louis along the way.The plane can theoretically fly continuously, but its pilots will only fly it at 12 hour spans.
Nook Adds Google Apps
E-reader seeks customers.
What do you call an e-reader that isn’t for reading? In an attempt to expand the options available on its Nook, Barnes & Noble is adding Google Play to its color tablets. The move, which comes after disappointing holiday sales, will allow users access to roughly 700,000 apps including Facebook, Twitter, and Netflix.
Reuters Exposes Texas Explosion
History of theft and tampering.
Paging Walter White. Reuters is reporting that the Texas fertilizer plant that exploded two weeks ago was the subject of multiple thefts and tampering with tanks over the past 12 years. Back in 2002, thieves were taking up to four or five gallons of anhydrous ammonia—a liquid that is used to cook methamphetamine—every few days. However, there is no evidence yet that the leaks caused by the thefts were behind the April 17 explosion.
The Slow, Grinding Repair of the American Labor Market
The jobs report isn't bad. But it's not great, either.
This morning's job report was in some ways a relief, and in some ways a disappointment. The retail sector is weak right now, and retail can be a leading indicator of economic weakness (and also, a source of employment). So I now have this sort of reflexive flinch when the jobs report comes out, as I half-expect a big blow to fall. That didn't happen this month, thankfully. The jobs report was fine. Payroll employment increased by 165,000--more than enough to soak up population growth.
Hiring Is Up!
Justin Sullivan/Getty
Unemployment is down to a four-year low, as the U.S. economy steams ahead in turbulent times. Daniel Gross on why the dip will look even better in hindsight.
The U.S. economy continues to steam ahead amid turbulent seas. Or at least that’s my takeaway from Friday morning’s job report.The economy added 165,000 payroll jobs in April—good, but not great, though better than many analysts expected. Strength was seen in business and professional services (73,000 new jobs), food and drinking establishments (38,000), and retail (29,000). You don’t need to have a Ph.D. in economics to understand how more people working at more jobs for slightly more pay leads to increased demand, which in turn leads to hiring.
Egypt's Ticking Population Bomb
1952. Gamal Nasser seizes power in Egypt. Egypt's population: ~20 million.1981. Anwar Sadat assassinated; Hosni Mubarak succeeds him. Egypt's population: ~40 million.2011. Mubarak overthrown. Egypt's population, over 80 million.New York Times today:After two decades of steady declines and modest increases, the birthrate in 2012 reached about 32 for every 1,000 people — surpassing a level last seen in 1991, shortly before the government of the longtime president, Hosni Mubarak, expanded family planning programs and publicity campaigns to curtail population growth that he blamed for crippling Egypt’s development.
What’s Too Young for a Gun?
George Frey/Getty
In Kentucky this week, a 2-year-old was killed with a .22-caliber rifle that’s sold for children. Yet few states have meaningful rules when it comes to the youngest shooters.
Savage Arms, a Massachusetts-based gun manufacturer, sells the Rascal, a .22-caliber single-shot rifle touted for its ease of use. Thompson/Center, in New Hampshire, makes the Hot Shot, which comes in pink and, according to the marketing materials, “has all the features young shooters need and the cool looks of dad’s hunting gun.” Mossberg sells a mini .410 shotgun that enthusiasts like to call the Mighty Mouse.The news that a 5-year-old had shot and killed his 2-year-old sister sparked a storm of outrage Wednesday, and much of the ire was directed at the fact that he used a .
Too Much of a Good Thing?
J. Scott Applewhite/AP
Good news, the government turned a big profit in April! Sadly, says Daniel Gross, that came at the expense of jobs, salaries, and retail sales.
You can never be too thin, or too rich. Or have too much deficit reduction. Right?Maybe not. The latest cause for anxiety over the current expansion, which just entered its 47th month, is that the deficit is falling too rapidly.The government won’t release the official April monthly data until it relates the Treasury Monthly Statement next week. But the Treasury Daily Statements provide a real-time look at the government’s revenue collection efforts.
Electric Cars Catch On
PRNewsFoto/Los Angeles Auto Show
The numbers are tiny, and it remains very much a niche market, but April’s sales figures suggest electric cars are beginning to catch on.
Electric cars have long been criticized for not being sufficiently mainstream to find a large audience in the U.S. And it’s true that the typical suburbanite family may not be ready for a short-range car powered by electrons instead of gasoline. But the April car sales data, reported Wednesday, suggest that electric cars are beginning to carve out a niche. The all-electric Nissan Leaf notched its second-best monthly sales total and surpassed the volume of its plug-in hybrid competitor, the Chevy Volt.
Ads Gone Bad
Chevy, Mountain Dew, Hyundai—they’ve all yanked advertisements in the past week in response to public outcries of bad taste. Watch the commercials and decide for yourself.
After a week like this, one gets nostalgic for the days of a cheesy jingle, a dancing cartoon, and a slogan with a smile.A jarring amount of advertisements in recent days have either been pulled by the companies that commissioned them or incited controversy for offensive content—including glaringly racist lyrics, mockery of suicide, and attempts to make violence against women funny. Here’s a quick tour through the hall of shame.General MotorsGM on Wednesday decided to pull a TV ad for the new Chevy Trax compact SUV after receiving complaints over lyrics in a song used in the commercial that were blatantly offensive to anyone of Chinese ancestry…if not any person with a conscience.
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Colbert Rips 'Spreadsheet Error' in Austerity Supporting Harvard Study
After a University of Massachusetts student found significant errors in a study beloved by budget cutters world over by Harvard economists Kenneth Rogoff and Carmen Reinhart, Stephen Colbert does what he does best -- leaves them in the dust.
Writers We Like
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James D. Hamilton and Menzie Chinn
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Mark Thoma – Economist’s View
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Barry Ritholtz – The Big Picture
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Tyler Cowen/Alex Tabarrok – Marginal Revolution
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Greg Mankiw
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Peter Boone, Simon Johnson, and James Kwak
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Brad De Long
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Nouriel Roubini
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Calculated Risk
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Dealbreaker
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Eddy Elfenbein — Crossing Wall Street
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Zero Hedge
Business
Daniel Gross
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You’re Doing It Wrong!
The Federal Reserve chairman has been working like a dog to keep the economy moving, he... More
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Big Fat Green Government
Tree huggers and deficit hawks rejoice: The federal government is buying up to 10,000... More
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Our Swiftly Melting Deficit
Just when everyone wrote us off as the next Greece, we started shrinking our deficit,... More
Asymmetrical Information
Megan McArdle
Amazon to Build a Market for Fan Fiction
eBooks are finally changing how we write, as well as how we read



