Thursday, January 9, 2014

Christie Faces Scandal on Traffic Jam Aides Ordered - New York Times

Christie Faces Scandal on Traffic Jam Aides Ordered

http://www.nytimes.com/2014/01/09/nyregion/christie-aide-tied-to-bridge-lane-closings.html?nl=us&emc=edit_cn_20140108&_r=1

By KATE ZERNIKEJAN. 8, 2014

    There were long lines at the local approaches to the George Washington Bridge from Fort Lee, N.J., on Sept. 12, 2013, because all but one, right, had been closed. Amy Newman/Northjersey.com

    The mystery of who closed two lanes onto the George Washington Bridge — turning the borough of Fort Lee, N.J., into a parking lot for four days in September — exploded into a full-bore political scandal for Gov. Chris Christie on Wednesday. Emails and texts revealed that a top aide had ordered the closings to punish the town’s mayor after he did not endorse the governor for re-election.
    “Time for some traffic problems in Fort Lee,” Bridget Anne Kelly, a deputy chief of staff to Mr. Christie, emailed David Wildstein, a high school friend of the governor who worked at the Port Authority of New York and New Jersey, which runs the bridge.
    Later text messages mocked concerns that school buses filled with students were stuck in gridlock: “They are the children of Buono voters,” Mr. Wildstein wrote, referring to Mr. Christie’s opponent Barbara Buono.

    RELATED COVERAGE

    The emails are striking in their political maneuvering, showing Christie aides gleeful about some of the chaos that resulted. Emergency vehicles were delayed in responding to three people with heart problems and a missing toddler, and commuters were left fuming. One of the governor’s associates refers to the mayor of Fort Lee as “this little Serbian,” and Ms. Kelly exchanges messages about the plan while she is in line to pay her respects at a wake.

    Document: Emails Between Top Christie Aides and Port Authority Officials

    Mr. Christie denied knowledge of the emails and said his staff was to blame. The growing scandal threatens to tarnish him at the moment he assumes an even larger position on the national stage, as chairman of the Republican Governors Association and an all-but-certain candidate for his party’s presidential nomination in 2016.
    While the emails do not establish that the governor himself called for the lane closings, they show his staff was intimately involved, contrary to Mr. Christie’s repeated avowals that no one in his office or campaign knew about them. In fact, the emails show, several staff members and appointees worked to cover up the scheme under the ruse that it was a traffic study.
    The disclosing of the emails will probably intensify an investigation into the lane closing by the Port Authority Inspector General’s office, which opened a formal inquiry in December. At that time, the deputy inspector general, Michael Nestor, confirmed the investigation, and another official said the office was seeking to determine whether there was any abuse of authority or gross mismanagement.
    The emails could represent evidence that government resources were used for political purposes, a potential crime. Mr. Nestor did not respond to a telephone message on Wednesday seeking comment.
    On Wednesday, the normally voluble Mr. Christie was largely quiet. He and his staff had apparently been caught off-guard by the day’s revelations. He canceled his one scheduled public event, where he was expected to talk about progress in recovering from Hurricane Sandy. Late in the afternoon, he issued a statement saying that he had seen the exchanges “for the first time” and casting blame on his staff for “unacceptable” behavior.
    “I am outraged and deeply saddened to learn that not only was I misled by a member of my staff, but this completely inappropriate and unsanctioned conduct was made without my knowledge,” Mr. Christie’s statement said. “One thing is clear: This type of behavior is unacceptable, and I will not tolerate it because the people of New Jersey deserve better. This behavior is not representative of me or my administration in any way, and people will be held responsible for their actions.”
    His office did not respond to follow-up inquiries about whether this meant Ms. Kelly, or anyone else, had been fired. Mr. Wildstein, along with Bill Baroni, Mr. Christie’s top appointed staff member at the Port Authority, resigned in December after port officials testified in a legislative hearing that the men had violated protocols and had sought to hide their plans for the lane closings from Fort Lee officials, the police and even other Port Authority officials.
    The documents were obtained by The New York Times and other news outlets Wednesday. They are heavily redacted by Mr. Wildstein, who turned them over under a subpoena from Democratic legislators investigating the lane closing, making it hard to determine in some cases who is speaking.

    RELATED IN OPINION

    But they indicate that Mr. Christie’s staff, appointees at the Port Authority, and his campaign office were all intimately involved in discussing the growing scandal and how to react to it even as it was unfolding.
    After New York appointees at the Port Authority, who had not been warned in advance about the closings, reopened the lanes four days after they were closed, Mr. Wildstein and Ms. Kelly expressed panic, but Mr. Wildstein assured her that David Samson, Mr. Christie’s handpicked chairman of the Port Authority, was “helping us to retaliate.”
    When reporters began calling to ask about the lane closings, Mr. Wildstein and Ms. Kelly worked with Michael Drewniak, the governor’s chief spokesman, to fashion a statement saying that the port was “reviewing traffic safety patterns” at the bridge and had been “in contact with Fort Lee police throughout this transition.”
    In fact, bridge officials testified in December that Mr. Baroni and Mr. Wildstein instructed them not to tell the Fort Lee police, or anyone else, about the lane closings before they happened. They also testified that they did not believe there had been any traffic study; none were produced after the lane closings, and any study of traffic patterns could have been done using computer models of data routinely collected at the bridge.

    Timeline of Events

     

    Aug. 13, 2013

    Bridget Anne Kelly, a deputy chief of staff to Gov. Chris Christie, emails David Wildstein, Mr. Christie’s close friend and appointee at the Port Authority, which controls the bridge. “Time for some traffic problems in Fort Lee,” she wrote.
    In early October, Mr. Wildstein wrote to Bill Stepien, Mr. Christie’s campaign manager, about an article in The Wall Street Journal about the suspicious lane closings.
    “It’s fine,” replied Mr. Stepien, recently named by Mr. Christie to be head of the state Republican party and a top adviser to the Republican Governors Association. “The mayor is an idiot, though.” He added, with an apparent typo, “When some, lose some.”
    “It will be a tough November for this little Serbian,” Mr. Wildstein replied. (The mayor of Fort Lee, Mark Sokolich, at whom that barb was aimed, is actually of Croatian descent.)
    After another story a few weeks later, Mr. Stepien assured Mr. Wildstein, “For what it’s worth, I like you more on October 2, 2013 than I did on October 2, 2009.”
    Mr. Baroni and Mr. Wildstein resigned their positions in December as the scandal began to cast a shadow over Mr. Christie’s political fortunes.
    Assemblyman John S. Wisniewski, a Democrat who has been leading legislative hearings on the closings, said Mr. Christie’s statement on Wednesday suffered from a “credibility gap.” He was skeptical, he said, that Ms. Kelly could sit “three chairs or four chairs away from the governor’s office” and be directing such an operation without his knowledge.
    “His front office is not a place where freelancers and independent actors are welcome,” he said. “It’s a tight ship.”
    “No matter who’s fired or resigns, we still have questions without answers,” he added.
    Mr. Christie was cruising to re-election over Ms. Buono in the fall, but he and his campaign were leaning on local Democratic officials to endorse him so that he could pitch himself to national Republicans as the presidential nominee who could attract broad bipartisan support.
    More than 50 local Democrats endorsed Mr. Christie, and some whispered that they feared the governor would withhold state money or favor if they did not go along.
    Mr. Sokolich, a Democrat, was among those who did not endorse him.

    RECENT COMMENTS

    • SEE ALL COMMENTS
    This week, Steve Fulop, the mayor of Jersey City and a rising Democratic star, said the governor’s office had canceled meetings with him in October the day that he said he would vote for Ms. Buono.
    95
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    The governor’s office dismissed it as routine schedule changes. But the emails that came to light on Wednesday show that Mr. Fulop’s reluctance to endorse the governor did not sit well with the governor’s office. In one exchange, Mr. Christie’s aides and the Port Authority staff talked about how they were ignoring messages from the mayor of Fort Lee, who had called Mr. Baroni to report the lane closings as “urgent matter of public safety.”
    “Did he call him back?” Ms. Kelly asked.
    “Radio silence,” Mr. Wildstein replied. “His name comes right after Mayor Fulop.”
    “TY,” she wrote, using shorthand for thank you.
    Mr. Sokolich texted Mr. Baroni, Mr. Christie’s chief appointee at the Port Authority, later in September seeking to understand why the lanes were closed, and said people were saying it was “punishment.”
    “Try as I may to dispel these rumors I am having a tough time,” he wrote.
    Mr. Sokolich, in an interview on Wednesday, said he found the emails — particularly the one referring to him as “this little Serbian” — “condescending, offensive, insulting and slanderous.”
    “How dare you?” he added.
    For weeks, Port Authority officials and Mr. Christie’s office declined to address the lane closings. Mr. Baroni told other port officials that they were not to discuss the closings publicly.
    After the initial legislative hearings late last year, Mr. Christie mocked the idea that he might have been involved, joking, “I actually was the guy working the cones,” and then adding, “You are not really serious.”
    When he announced Mr. Baroni’s resignation in December, he said that he had “made it very clear to everyone on my senior staff that if anyone had any knowledge of this that they need to come forward.”
    “They’ve all assured me that they don’t,” he said. “I’ve spoken to Mr. Stepien and he has assured me the same thing.”
    Mr. Wildstein is scheduled to testify before the legislative committee on Thursday, but he has filed a motion to quash the subpoena compelling his testimony. A judge is expected to rule on his motion in the morning.
    Correction: January 8, 2014 
    Because of an editing error, an earlier version of this article incorrectly stated that Bridget Anne Kelly was texting with David Wildstein about children being late to school as a result of the lane closures. The documents are redacted and who was texting with Mr. Wildstein is not identified. The article also rendered the attribution for the quotes incorrectly. The unidentified person said, “Is it wrong that I am smiling?” And Mr. Wildstein responded, “No,” and then added, “They are the children of Buono voters.”
    Correction: January 8, 2014 
    An earlier version of this article misspelled the surname of Mr. Christie’s campaign manager. He is Bill Stepien, not Stepian.
    William K. Rashbaum and Nate Schweber contributed reporting.

    What the Super-Rich Are Spending Their Fortunes On Now - TIME

    What the Super-Rich Are Spending Their Fortunes On Now

    Read more: What the Super-Rich Are Spending Their Fortunes On Now | TIME.com http://business.time.com/2014/01/07/what-the-super-rich-are-spending-their-fortunes-on-now/#ixzz2pu888CY0



    Billionaires are giving in big numbers again, reflecting a strong stock market and rising confidence among the super rich
    An employee inspects U.S. dollar bills before changing it to Philippine Pesos inside a money changer in Manila
    Romeo Ranoco / Reuters
    The super rich are feeling more generous, according to new research on charitable giving. That’s good news for nonprofits. But it’s yet another sign that the divide between the wealthy and everyone else grows larger by the day.
    The 10 largest publicly announced charitable donations of 2013 totaled $3.4 billion, reports the Chronicle of Philanthropy. That’s down from $5 billion in 2012, a year skewed by a special $3 billion gift from Warren Buffett to his children’s foundations. The biggest gift of 2013 was from Facebook founder Mark Zuckerberg and his wife Priscilla Chan: $992 million of Facebook stock to the Silicon Valley Community Foundation. It was the first time the largest single charitable donation came from someone under the age of 30.
    In general, big gifts were up: 15 gifts were $100 million or more, up from 11 in 2012, according to the report. At the more, uh, pedestrian level of gifts equaling $1 million or more, total donations came to $9.6 billion in 2013, up from $6.1 billion the year before. These numbers fall just short of peak giving in 2007, the year before the Great Recession. Then, the biggest gifts totaled $4.1 billion and, like 2013, all were at least $100 million.
    The surge in giving by the super wealthy is at odds with trends among Americans further down the income spectrum. “Donations from the affluent and those who have middle incomes remains sluggish,” says Stacy Palmer, editor of the Chronicle. Individual giving grew only 3.9% in 2012, the most recent data available from Giving USA. Palmer believes individual giving will be flat in 2013 and won’t recover to pre-recession levels for several more years.
    Giving is closely linked to the economy. These trends suggest that many middle income Americans continue to struggle while the economy of the super rich has recovered nicely, perhaps most evident in record stock prices. Rounding out the largest charitable donations:
    • Phil (Nike chairman) and Penelope Knight, a $500 million pledge to Oregon Health & Science University Foundation, for cancer research.
    • Michael Bloomberg (former New York mayor), a $350 million pledge to the Johns Hopkins University for an effort to promote cross-disciplinary work and for student financial aid.
    • Charles Johnson (financier) a $250 million pledge to Yale University, for residential college buildings.
    • Stephen Ross (real estate developer), a $200 million pledge to University of Michigan for athletics and the business school.
    • Muriel Block (real estate heiress), a $160 million bequest to Albert Einstein College of Medicine of Yeshiva University
    • John Arrillaga (real estate developer), a $151 million pledge to Stanford University.
    • Irwin Jacobs (Qualcomm cofounder) and wife Joan, a $133 million pledge to the Jacobs Technion-Cornell Innovation Institute at Cornell NYC Tech.
    • Charles Munger (vice-chairman of Berkshire Hathaway), a $100 million pledge to University of Michigan, for student housing.
    • David Koch (Koch Industries), a $100 million pledge to New York-Presbyterian Hospital, for a new ambulatory care center.
    • Frank McCourt (real estate developer), a $100 million pledge to Georgetown University, to create the McCourt School of Public Policy.
    • Ronald Perelman (investor), a $100 million pledge to Columbia University Business School, for a new building.
    • · T. Denny Sanford (chairman of United National), a $100 million pledge to University of California at San Diego, for a new stem cell center.
    • Stephen Schwarzman (financier), a $100 million pledge to Tsinghua University, for scholarships for graduate students around the world.
    • Deborah Joy Simon (real estate heiress), a $100 million pledge to Mercersburg Academy, for financial and academic programs.


    Read more: What the Super-Rich Are Spending Their Fortunes On Now | TIME.com http://business.time.com/2014/01/07/what-the-super-rich-are-spending-their-fortunes-on-now/#ixzz2pu8QrWFB

    Wednesday, January 8, 2014

    To Stop Procrastinating, Look to Science of Mood Repair - Wall Street Journal

    To Stop Procrastinating, Look to Science of Mood Repair

    http://online.wsj.com/news/articles/SB10001424052702303933104579306664120892036?mod=e2fb

    Jan. 7, 2014 8:03 p.m. ET
    Several new studies help explain what's happening in the brain when people procrastinate. WSJ's Sue Shellenbarger unpacks the latest research and software engineer Sean Gilbertson shares his story. Photo: Getty Images.
    Procrastinators, take note: If you've tried building self-discipline and you're still putting things off, maybe you need to try something different. One new approach: Check your mood.
    Often, procrastinators attempt to avoid the anxiety or worry aroused by a tough task with activities aimed at repairing their mood, such as checking Facebook or taking a nap. But the pattern, which researchers call "giving in to feel good," makes procrastinators feel worse later, when they face the consequences of missing a deadline or making a hasty, last-minute effort, says Timothy Pychyl (rhymes with Mitchell), an associate professor of psychology at Carleton University in Ottawa, Canada, and a researcher on the topic.
    Increasingly, psychologists and time-management consultants are focusing on a new strategy: helping procrastinators see how attempts at mood repair are sabotaging their efforts and learn to regulate their emotions in more productive ways.
    Time Travel: If you are rebelling against the feeling of having to work, try projecting yourself into the future. Imagine the good feelings you will have if you stop procrastinating and finish a project (or the bad feelings you will have if you don't finish). Kyle T. Webster
    'Just Get Started': If you are feeling frightened of possible failure, just get started. Tell yourself you don't have to do the whole project. Just do the first one or two steps on it. Kyle T. Webster
    Forgive Yourself: If you are feeling guilty about procrastinating, stop beating yourself up. Replace the negative thoughts with something more positive. Kyle T. Webster
    Easy Things First: If you are feeling a lot of dread about one task in particular on your to-do list, start with something else, preferably the task you feel most like doing. The momentum you gain will help you start the toughest task later. Kyle T. Webster

    Vote and Comment

    The new approach is based on several studies in the past two years showing that negative emotions can derail attempts at self-control. It fills a gap among established time-management methods, which stress behavioral changes such as adopting a new organizing system or doing exercises to build willpower.
    Gisela Chodos had a habit of procrastinating on cleaning the interior of her car until it became so littered with toys, snack wrappers, fast-food bags, pencils and other stuff that she was embarrassed to park it in a public lot or offer anyone a ride, says Ms. Chodos, a Salt Lake City mother of two school-age children and part-time computer-science student.
    She came across podcasts by Dr. Pychyl in 2012 and realized she was just trying to make herself feel better when she told herself she would feel more like tackling a task later. She says, "I am trying to run away from the feelings and avoid the discomfort"—the anxiety she often feels that her work won't be good enough or that someone will disapprove.
    "Emotion is at the core," Ms. Chodos says. "Just knowing that gives me a little bit of fight, to say, 'Fine, I'm feeling discomfort, but I'm going to feel more discomfort later' " if the job is left undone. The insight has helped her get around to cleaning her car more often, she says; "it's been a long time since my car was so bad that I freaked out at the thought someone might look inside."
    Researchers have come up with a playbook of strategies to help procrastinators turn mood repair to their advantage. Some are tried-and-true classics: Dr. Pychyl advises procrastinators to "just get started, and make the threshold for getting started quite low." Procrastinators are more likely to put the technique to use when they understand how mood repair works, says Dr. Pychyl, author of a 2013 book, "Solving the Procrastination Puzzle." He adds, "A real mood boost comes from doing what we intend to do—the things that are important to us."
    He also advises procrastinators to practice "time travel"—projecting themselves into the future to imagine the good feelings they will have after finishing a task, or the bad ones they will have if they don't. This remedies procrastinators' tendency to get so bogged down in present anxieties and worries that they fail to think about the future, says Fuschia Sirois, a psychology professor at Bishop's University in Sherbrooke, Quebec, and author of a forthcoming 4,000-person study on the topic.
    Kyle T. Webster
    Sean Gilbertson read an earlier book by Dr. Pychyl in 2012 after trying other time-management techniques such as keeping a daily log of his attitudes. The Minneapolis software engineer says the techniques didn't go deep enough to help him see how his emotions were blocking action and shift them in a more positive direction. Using the time-travel technique, he asks himself, "What negative things will happen if I procrastinate? Will it come up in my review? How will it affect my reputation? Will it affect my raise and bonuses?"
    He used the technique recently when programming a prototype of a medical device to help doctors prevent pressure sores in wheelchair-bound patients. He imagined the good feelings he would have after completing the project well and pleasing his client and his employer. He envisioned patients "living happily and feeling better." The resulting positive feelings gave him the energy to de-bug the device faster and finish the three-month project on time. The client was so pleased that "just talking to them is a pleasure," he says.
    About 20% of adults claim to be chronic procrastinators, based on research by Joseph Ferrari, a psychology professor at DePaul University, Chicago, and others. Other studies suggest the rate among college students may be as high as 70%. The habit predicts lower salaries and a higher likelihood of unemployment, according to a recent study of 22,053 people co-authored by Dr. Ferrari.
    Procrastination also predicts such long-term problems as failing to save for retirement and neglecting preventive health care. Studies show men are worse procrastinators than women, and researchers suspect the habit plays a role in men's tendency to complete fewer years of education.
    Most procrastinators beat themselves up even as they put things off, repeating negative thoughts such as, "Why can't I do what I should be doing?" or, "I should be more responsible," says Gordon Flett, a psychology professor at York University in Toronto. "That negative internal dialogue reflects concerns and doubts about themselves," Dr. Flett says.
    One mood-repair strategy, self-forgiveness, is aimed at dispelling the guilt and self-blame. University freshmen who forgave themselves for procrastinating on studying for the first exam in a course procrastinated less on the next exam, according to a 2010 study led by Michael Wohl, an associate professor of psychology at Carleton.

    Thomas Flint learned about the technique by reading research on self-regulation, including studies by Dr. Sirois and Dr. Pychyl. He put it to use after his family moved recently to a new house in Sewell, N.J. Instead of beating himself up for failing to unpack all the boxes stacked in his garage right away, Mr. Flint decided to forgive himself and start with a single step. "I'd say, 'OK, I'm going to take an hour, with a goal of getting the TV set up, and that's it,' " he says; then he watched a TV show as a reward. Allowing himself to do the task in stages, he says, is "a victory."

    Umbilical Cord Draws Focus From More Scientists Seeking Cures - Wall Street Journal

    Researchers see new potential for using blood found in the umbilical cord of newborns to treat a range of diseases.


    http://online.wsj.com/news/articles/SB10001424052702303933104579304423948184180?mod=e2fb


    By 
    PETER LOFTUS 
    CONNECT
    Jan. 6, 2014 7:21 p.m. ET
    Researchers see new potential for using blood found in the umbilical cord of newborns to treat a range of diseases. Transplants using the stem-cell-rich blood have already become lifesaving treatments for certain cancers and disorders of the blood, but these studies focus on a wider range of conditions.
    Scientists are studying whether cord blood or cord tissues can treat certain autoimmune disorders such as Type 1 diabetes and rheumatoid arthritis, as well as congenital heart disease and cerebral palsy. Experts caution that more studies are needed to prove whether cord blood is safe and effective for these uses, but some see initial signs of hope.
    "The early data look very promising that this could be a useful new source of cells that could benefit a larger number of people," said John Wagner, a professor of pediatrics and director of the blood and marrow transplant program at the University of Minnesota.
    Cord blood is found in the placenta and umbilical cord of newborns, and contains stem cells, general-purpose cells that can proliferate and generate more specialized cells.
    Jennifer Jones Austin benefitted from a cord-blood transplant. Rob White Photography
    Hematopoietic stem cells, which are similar to stem cells found in bone marrow, are one of the researchers' areas of focus. Cord-blood transplants replenish the hematopoietic stem cells that are destroyed by chemotherapy and radiation given to people with certain leukemias, lymphomas and other diseases. More than 30,000 cord-blood transplants have been performed since the first reported procedure in 1988.
    Cord blood can be collected with no risk to the mother or child and can be frozen and stored for many years. Bone marrow must be extracted from a donor in an invasive procedure. It has been the standard option for stem-cell transplants, but cord blood is increasingly viewed as a viable alternative in certain cases. "It's a disposable item that Mother Nature provides us with," said William Shearer, a professor of pediatrics and immunology at Baylor College of Medicine. "It's a renewable source. It's free and why not use it?"
    Cord blood doesn't need to be as exact a match as bone marrow, making it easier for unrelated donors and recipients.
    Dr. Wagner also sees broader applications for cord blood in autoimmune diseases, in which the body's immune system mistakenly attacks healthy tissue. These could include Type 1 diabetes, multiple sclerosis and inflammatory bowel diseases.
    Studies of this approach in humans have been limited. Some found that giving children with Type 1 diabetes their own cord blood was safe but failed to significantly slow disease progression. Another study showed the technique reversed diabetes in mice, but it is often hard to replicate results from animal studies in humans. Other studies in human Type 1 diabetes are ongoing.
    Timothy Nelson, a physician at the Mayo Clinic in Rochester, Minn., is testing whether injecting cord-blood stem cells can help rebuild heart muscle in children born with a congenital heart defect called hypoplastic left heart syndrome. The condition leaves babies without a pumping chamber on the left side of the heart.
    Dr. Nelson is studying whether injection of cord-blood stem cells can strengthen the right-side heart chamber. The stem cells are taken from the child's own cord blood, banked at birth. The hypothesis is that the stem cells could stimulate tissue repair in the heart.
    Another potential application for cord blood is cerebral palsy. The movement and muscle disorder is caused by an abnormality in brain development, often from an injury before or around a child's birth. Joanne Kurtzberg, who heads the pediatric blood and marrow transplant program at Duke University Medical Center, is running a trial testing whether intravenous infusion of cord blood lessens symptoms of cerebral palsy in pediatric patients, using their own cord blood banked at birth. A prior study showed the method was safe, but the continuing study is designed to compare the efficacy of cord blood with a placebo.
    Public cord-blood banks have been created around the country to accept donated cord blood, which is used for transplants in unrelated patients. Donated cord-blood units comprise the vast majority of transplants conducted so far. More than 200 hospitals actively collect cord blood from babies whose mothers consent, and in some cases cord blood from babies born at nonparticipating hospitals can be collected in a kit and sent to public storage banks.
    Some parents choose to pay fees of about $2,000 upfront and more than $100 a year thereafter to store their baby's cord blood with private, for-profit banks, for use by the baby or family members later in life, if a disease treatable by cord blood arises. But the use of privately banked cord blood in transplants has been relatively low so far, and experts say the likelihood that a newborn would need his or her own cord blood to treat a disease is low.
    The American Academy of Pediatrics recommends that public cord-blood donations should be encouraged and private banking discouraged in most cases.
    Dr. Shearer, a co-author of the policy, says donated cord blood is of more help to others in need for a proven use, whereas blood stored privately is unlikely to be used. This could change over time if some new experimental uses prove workable.
    Cord Blood Registry, a for-profit operator of a private cord-blood bank, has released cord-blood units for established and experimental medical treatments, Chief Executive Geoff Crouse said.
    Mr. Crouse said some families choose private banking for later use by their baby or another family member to be assured that they would have a close or exact match in the event of needing a cord-blood transplant.
    One limitation of cord blood is that each donated unit typically contains relatively few usable cells. As a result, they have been primarily used in transplants for pediatric patients or small adults, though there is evidence that giving an adult two units of cord blood—from two different babies—can be effective.
    Jennifer Jones Austin, 45, received a cord-blood transplant from two babies in 2010 after undergoing chemotherapy and radiation to treat acute myeloid leukemia. The leader of a New York nonprofit had tried unsuccessfully to find a suitable match for a bone-marrow transplant, so her doctors turned to cord blood.
    She experienced a difficult recovery in the first few months after the transplant, but is now living cancer-free.
    She has returned to her full-time job and took a volunteer position as co-chair of the transition team for New York's new mayor, Bill de Blasio. She also joined the board of trustees of the New York Blood Center, which operates a public cord-blood bank. "I think those are good signs that I'm kind of back in business," she said.

    Tuesday, January 7, 2014

    Bad luck, not policy, is the scourge of the young - Financial Times

    Bad luck, not policy, is the scourge of the young


    http://www.ft.com/intl/cms/s/0/2d38f48e-749a-11e3-9125-00144feabdc0.html?siteedition=intl#axzz2pin28U6t


    January 6, 2014 5:23 pm

    Bad luck, not policy, is the scourge of the young

    By Janan Ganesh
    Baby boomers enjoyed almost miraculously benign circumstances that will not be repeated
    Anyone who believes Britain is a uniquely class-bound society should try France, India or, if it comes to that, the east coast of America. Nor is race quite so incendiary a subject here as in many other parts of the world; after all, it is the arrival of other white Europeans that has upset the natives over the past decade. As for religion, there is a limit as to how rancorously it can divide a people whose faith is tepid or non-existent.
    The real faultline in Britain is, increasingly, generational. The old are seen to have done well from the economy and the state during their lives; the young are perceived victims. And this inequity is aggravated by the fiscal consolidation of recent years, with its exemptions for the elderly. On Sunday, Prime Minister David Cameron said the state pension would continue to rise by at least 2.5 per cent a year until 2020 and boasted that perks such as winter-fuel payments remain untouched. The next day George Osborne, his chancellor, identified housing benefit for people under 25 as a good place to begin the next round of spending cuts. The contrast was not lost on the young.
    If they resent the baby boomers, it is with some reason. A typical person born in 1950 will have little memory of postwar austerity. They grew up under a newly minted welfare state. If they were of an academic bent, a free university education beckoned. If not, gainful employment in industry was there for the taking. Either way, their working life was a story of gradually improving living standards. Perhaps they bought their first home in their 20s; if it was in the southeast of England, the subsequent capital gain may have been enough to live off in retirement, even before their “triple locked” pensions kicked in. Their sheer number and propensity to vote encourage politicians to crawl to them. The silver-tongued chase the grey-haired.
    The problem is that we have come to regard the baby-boomer experience as somehow the natural way of things, a kind of British birthright that must be passed on to the next generation as a matter of “fairness”. All we want – say the young, or at least their champions – is the lifestyle our parents had.
    But that lifestyle was actually a historical aberration, the product of almost miraculously benign circumstances that are not going to repeat themselves. During the cold war, Britain was in economic competition with North America, western Europe, bits of east Asia and not much else. China, India, Russia, eastern Europe and much of Latin America were locked out by their own communism or national protectionism. It is no trick to deliver steadily rising wages to the average British worker when the world’s most populous nations are not part of the global labour supply.
    The favourable circumstances did not stop there. Automation was yet to diminish the human element in the manufacturing process. And the baby boomers did not have a teeming cohort of elders to pamper with lavish pensions.
    They are a generation of unique good fortune, preceded by parents who never knew Keynesian full employment and followed by heirs who have not been cocooned from global wage competition. To think of their experience as something replicable with the right mix of government policies and good intentions is a superbly efficient way of bankrupting a country.
    Surveys of social attitudes suggest that the young know this better than those who simper and protest on their behalf. People born after 1979 are more hostile to higher taxes to pay for welfare benefits than the baby-boomers or the generation before them. They are also more supportive of fiscal deficit-reduction, less enamoured of the National Health Service and generally questioning of the state – as you would be if you were about to spend your working life paying down a public debt accrued by other people.
    The government can soften the predicament of youth, of course. A looser planning policy would, in time, turn home-ownership into an attainable prospect for people who are presently resigned to a life as tenants. A different distributional profile for austerity could make a marginal difference too: less money for pensioners and more for education and investment.
    But no serious person can believe the mid-20th century good life will come back if only young people vote in sufficient numbers and “get organised”. The structural conditions that gave rise to postwar prosperity across the west are not in any government’s gift to recreate.
    There is no law of the universe that says each generation must be more prosperous than the last. History is about shocks, reversals and declines as much as about metronomic progress. The present generation’s hardship is not exceptional; the previous generation’s comfort was. Politicians’ duty to the young is to be candid about this, help them where possible and chip away at old debts that will hang over them for as long as they live.

    Time Travel: Physicists Search Facebook and Twitter for Time Travelers - TIME

    Physicists Are Spending Way Too Much Time Hunting Time Travelers on Facebook

    Read more: Time Travel: Physicists Search Facebook and Twitter for Time Travelers | TIME.com http://newsfeed.time.com/2014/01/06/physicists-are-spending-way-too-much-time-hunting-time-travelers-on-facebook/#ixzz2phpryBQI


    If you traveled back in time, you'd take a selfie, too.
    Back to the Future
    Universal / Everett Collection
    This explains why the DeLorean fad never caught on.
    If you were a modern physicist on the hunt for time travelers, a phenomenon that has intrigued cultures dating back to the Indian Mahabharata in 9th century BC, how would you do it? According to two experts from Michigan Technological University: Check Facebook, obvi.
    In a study titled “Searching the Internet for evidence of time travelers,” Drs. Robert Nemiroff (see incredible photo here) and Teresa Wilson chronicle their exhaustive search through Twitter, Facebook, Google Plus, and Bing in search of signs that people from the future came, selfied, and conquered.
    The physicists scoured the social networks for “digital signatures” in the form of posts including prescient information that only someone from the future would know. The two terms they searched for: mentions of Comet ISON and Pope Francis before they became public knowledge. This involved extensive hashtag searches.
    Unfortunately, this methodology has some problems:
    1. While the implication that people in the distant future still use Twitter and Facebook must be very comfortable for stock holders, it seems a little short sighted to just assume we use not only the same social media but the same form of Internet as well. (Sidenote: If hashtags are still a thing in 3127, I’m moving to Jupiter.)
    2. Time travelers don’t have time for social media when they have to prevent THE APOCALYPSE.
    3. Okay, even if there’s no pending apocalypse — why Facebook? Even though Nemiroff and Wilson acknowledge that there are three types of time travelers (those who advertise their presence, hide their presence, and are indifferent), wouldn’t the ones who don’t care if people find out about them make their presence known in a bigger way?
    4. If they did decide to go on social media, wouldn’t it be to poke an ex girlfriend instead of talk about the Pope? 
    By the end of the study, the researchers found that even if there were time travelers, which “could be transformative not only to physics but humanity” although also “possibly catastrophic,” they couldn’t find them online. Those sneaks.


    Read more: Time Travel: Physicists Search Facebook and Twitter for Time Travelers | TIME.comhttp://newsfeed.time.com/2014/01/06/physicists-are-spending-way-too-much-time-hunting-time-travelers-on-facebook/#ixzz2phqIv7oQ

    Monday, January 6, 2014

    Era of renminbi dawns as China’s influence grows - Financial Times

    Era of renminbi dawns as China’s influence grows


    http://www.ft.com/intl/cms/s/0/f5ba27d2-67f9-11e3-8ada-00144feabdc0.html?ftcamp=published_links%2Frss%2Fhome_us%2Ffeed%2F%2Fproduct&siteedition=intl#axzz2pbhEB0JZ

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    By Patrick Zweifel
    Chinese currency set to gain international status in three years
    “The Chinese currency, the renminbi, is not terribly well known at the moment, but over my lifetime it’s going to become almost as familiar as the US dollar.” So said George Osborne during a recent visit to Shanghai.
    At first glance, this might seem unrealistic. The renminbi is hardly a global investment currency and barely registers on central bank balance sheets. So any change would require a profound shift in the financial landscape.
    Yet the renminbi is evolving at a remarkable pace. As a medium of exchange and unit of account, it is on course to acquire international status in three years; in 10, it may unseat the dollar as the world’s reserve currency.
    The renminbi’s growing stature is visible on many fronts. The first is trade. History shows the currencies of countries that play an important role in the global economy have developed into major players on the world stage. And with China now the globe’s biggest trading nation, the renminbi has momentum in its favour. It is already the world’s ninth most-traded currency and recently replaced the euro as the second most heavily-used currency in international trade finance.
    The conditions are therefore ripe for the renminbi to become a major trading currency over the next three years. By then it should account for around 5 per cent of global trade, a fivefold increase on the 2012 figure.
    Its transformation into a global investment currency is also progressing rapidly. Here, the catalysts are financial reform and capital market expansion. Under plans recently unveiled by President Xi Jinping, China aims to extend the yield curve for government bonds and create a capital market that serves the needs of a broad range of borrowers and investors, domestic and foreign. This development, alongside a prospective widening of the renminbi’s trading band, should boost the currency’s credentials as an international investment vehicle.
    China’s renminbi-denominated debt market is already the largest in emerging markets. The volume of international bonds outstanding has expanded by some 800 per cent over the past three years and the market has played host to foreign issuers such as McDonald’s and Caterpillar.
    While the market is largely off limits to international investors, Mr Xi’s reforms suggest this situation will soon reverse. So, over five years, the renminbi should become a top three issuing currency in the international bond market alongside the euro and dollar.

    Ground to make up

    It is as an international reserve currency that the renminbi has most ground to make up. Currently only 0.01 per cent of world central bank foreign exchange reserves are held in renminbi. That compares to 60 per cent in dollars and 25 per cent in euros. But this tiny percentage masks an underlying reorientation towards the renminbi – a process that began in 2005 when China abandoned fixed exchange rates.
    Before then, the dollar was the only reference point for developing world central banks. By some distance the largest constituent of policy makers’ foreign exchange assets, it exerted a major influence on the behaviour of emerging market currencies.
    Since 2005, however, a new pattern has emerged. The dollar’s pull on emerging market currencies – or the co-movement between the dollar and other units – has waned. Previously, when the dollar moved 1 per cent, emerging market currencies would head in the same direction by an average of 0.8 per cent. Today, the co-movement is closer to 0.5 per cent.

    Scene is set

    The dollar’s loss has been the renminbi’s gain. Where it once had no influence at all, a 1 per cent move in the renminbi now causes a 0.1 to 0.2 per cent shift in other emerging currencies. As China’s economic influence grows, this tendency can only strengthen. Should present trends persist, the currency could account for 30 per cent of central bank foreign exchange reserves by 2025, when it begins to threaten the dollar’s reserve currency status.
    An obstacle on the path to renminbi dominance is China itself. It has shown reluctance to open up its capital account, while its export-dependent economy and huge holdings of US Treasuries means policies that lead to currency appreciation are not necessarily favoured by policy makers.
    But the benefits of an international currency – low borrowing costs and reduced exchange rate risk – should eventually prove too alluring for the Chinese authorities to ignore. The scene is set, then, for the Chinese unit to come of age and for renminbi-denominated securities to evolve into core holdings for global investors, probably at the expense of US dollar assets. The era of the renminbi is upon us.
    Patrick Zweifel is chief economist at Pictet Asset Management