Stunning Views of Glaciers Seen From Space




To a geologist, glaciers are among the most exciting features on Earth. Though they seem to creep along at impossibly slow speeds, in geologic time glaciers are relatively fast, powerful landscape artists that can carve out valleys and fjords in just a few thousand years.


Glaciers also provide an environmental record by trapping air bubbles in ice that reveal atmospheric conditions in the past. And because they are very sensitive to climate, growing and advancing when it’s cold and shrinking and retreating when its warm, they can be used as proxies for regional temperatures.



Over geologic time, they have ebbed and flowed with natural climate cycles. Today, the world’s glaciers are in retreat, sped up by relatively rapid warming of the globe. In our own Glacier National Park in Montana, only 26 named glaciers remain out of the 150 known in 1850. They are predicted to be completely gone by 2030 if current warming continues at the same rate.


Here we have collected 13 stunning images of some of the world’s most impressive and beautiful glaciers, captured from space by astronauts and satellites.


Above: Bear Glacier, Alaska


This image taken in 2005 of Bear Glacier highlights the beautiful color of many glacial lakes. The hue is caused by the silt that is finely ground away from the valley walls by the glacier and deposited in the lake. The particles in this “glacial flour” can be very reflective, turning the water into a distinctive greenish blue. The lake, eight miles up from the terminus of the glacier, was held in place by the glacier, but in 2008 it broke through and drained into Resurrection Bay in Kenai Fjords National Park.


The grey stripe down the middle of the glacier is called a medial moraine. It is formed when two glaciers flow into each other and join on their way downhill. When glaciers come together, their lateral moraines, long ridges formed along their edges as the freeze-thaw cycle of the glacier breaks off chunks of rock from the surrounding walls, meet to form a rocky ridge along the center of the joined glaciers.


Image: GeoEye/NASA, 2005.


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Weight Watchers anniversary cookbook out in May






NEW YORK (AP) — Weight Watchers is marking its 50th year by shedding its old publisher and hoping to expand its audience for an anniversary cookbook.


“Weight Watchers 50th Anniversary Cookbook: 270 Delicious Recipes for Every Meal,” will come out in May. The release starts a partnership between the diet company and St. Martin’s Press. Weight Watchers had previously released its cookbooks through Wiley.






According to a joint announcement Friday from Weight Watchers and St. Martin’s, the new cookbook will offer new and old recipes and “fun facts” on Weight Watchers history,


Weight Watchers and St. Martin’s plan another cookbook later in 2013 and more publications in 2014.


Entertainment News Headlines – Yahoo! News


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The Neediest Cases: Disabled Young Man and His Protective Mother Deal With Life’s Challenges





Though he would prefer to put his socks on without his mother’s help, Zaquan West, 25, does not have a choice.







Michelle V. Agins/The New York Times

Joann West is a constant caretaker for her son, Zaquan. Though Ms. West works as a receptionist, the family fell behind on rent.




The Neediest CasesFor the past 100 years, The New York Times Neediest Cases Fund has provided direct assistance to children, families and the elderly in New York. To celebrate the 101st campaign, an article will appear daily through Jan. 25. Each profile will illustrate the difference that even a modest amount of money can make in easing the struggles of the poor.


Last year donors contributed $7,003,854, which was distributed to those in need through seven New York charities.








2012-13 Campaign


Previously recorded:

$3,104,694



Recorded Thursday:

$137,451



*Total:

$3,242,145



Last year to date:

$2,862,836




*Includes $596,609 contributed to the Hurricane Sandy relief efforts.


The Youngest Donors


If your child or family is using creative techniques to raise money for this year’s campaign, we want to hear from you. Drop us a line on Facebook or talk to us on Twitter.





A genetic disorder has encumbered Mr. West all his life, but he has needed assistance with this particular task since only last year. In November 2011, he had surgery to remove a cancerous tumor on his left thigh that was as big as a football, but he was left less flexible.


“He doesn’t do well with disability, with the label,” his mother, Joann West, 55, said. “He doesn’t tell people that he has a disability. If they can’t see it, they just can’t see it.”


When her son was 13 months old, Ms. West learned he had neurofibromatosis, a disorder that causes tumors to grow on the nerves and, in some cases, to infringe on vital organs, or as was the case last year, to become malignant. It also creates large bumps on the skin known as nodules.


At ages 5 and 8, Zaquan had operations to remove neurofibromatosis clusters that were eating away at his left hip bone. The disease has left his left leg a few inches shorter than his right. After each operation, he had to relearn how to walk.


Because of his physical disability, he was placed in a special-education class at school and given the same homework every night, his mother said.


“I advocated for him,” Ms. West said. “I kept fighting, because he was no dummy. He was physically impaired, not mentally. I went out of my way to try to give him a better life. The system would have failed him more than it did if I hadn’t stepped in.” Her efforts led to his being moved from a special-education classroom to a regular one in second grade.


Ms. West, a single mother, acknowledges that her protective instincts made her a very controlling parent, and she did not allow Zaquan out of the house much, which limited his friendships.


“I was afraid for him,” she said. “The streets, they don’t care about your disability.”


When Mr. West entered high school, it was the first time he had truly been away from his mother’s watchful eyes. He began skipping class, often going to the park or wandering their Bedford-Stuyvesant, Brooklyn, neighborhood with truant friends. He eventually dropped out of school.


“It was just me being out on my own and making my own choices,” Mr. West recalled.


Though she did not agree with her son’s decisions, Ms. West said that his need to explore was in some ways a result of her actions. “At a point, I stepped back,” she said, “to allow him to do certain things on his own and do what he wanted to do.”


In 2007, a couple of years after he dropped out, Mr. West joined the Door, an organization focused on empowering young people to reach their potential. There, he obtained his high school equivalency diploma.


Today, Mr. West is job hunting so that he can help pay his and his mother’s expenses.


But paying the monthly bills has become a struggle, Ms. West said, in part because of a recent change in her budget. In August, after an increase in income, they stopped receiving $324 a month in food stamps. The additional income did not cover all their expenses, however, and Ms. West eventually fell behind in the rent on their apartment.


Ms. West, who has been employed in various administrative jobs, currently works as a receptionist for Howie the Harp Advocacy Center, an agency that provides employment help to people with psychiatric disabilities. Her annual salary is about $25,000 before taxes. Her son receives $646 in Social Security disability benefits. After the family’s food stamps were cut off, Mr. West applied individually, and he now receives $200 in food stamps each month.


With the addition of Mr. West’s disability benefits and food stamps, their net monthly income is $2,213. Their contribution for the Section 8-subsidized apartment Ms. West has lived in for the past 30 years is $969.


Knowing she was in need of help, Ms. West’s boss told her about the Community Service Society, one of the organizations supported by The New York Times Neediest Cases Fund. And the society drew $1,598 from the fund to cover her debt.


Ms. West remains a constant caretaker for her independent-minded son, who, she says, has come to accept her help grudgingly. She says that even if they are not on speaking terms after a disagreement, she is there to lend him a hand.


Both are continuing to deal with the inevitable challenges: Mr. West is awaiting word from doctors on whether a new growth in his lungs is cancerous. But one of his greatest assets, given all that he has overcome, is that he is comfortable in his own skin.


“I’m just always going to be me,” he said, “so why deal with somebody else?”


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Microsoft Battles Google by Hiring Political Brawler Mark Penn


SEATTLE — Mark Penn made a name for himself in Washington by bulldozing enemies of the Clintons. Now he spends his days trying to do the same to Google, on behalf of its archrival Microsoft.


Since Mr. Penn was put in charge of “strategic and special projects” at Microsoft in August, much of his job has involved efforts to trip up Google, which Microsoft has failed to dislodge from its perch atop the lucrative Internet search market.


Drawing on his background in polling, data crunching and campaigning, Mr. Penn created a holiday commercial that has been running during Monday Night Football and other shows, in which Microsoft criticizes Google for polluting the quality of its shopping search results with advertisements. “Don’t get scroogled,” it warns. His other projects include a blind taste test, Coke-versus-Pepsi style, of search results from Google and Microsoft’s Bing.


The campaigns by Mr. Penn, 58, a longtime political operative known for his brusque personality and scorched-earth tactics, are part of a broader effort at Microsoft to give its marketing the nimbleness of a political campaign, where a candidate can turn an opponent’s gaffe into a damaging commercial within hours. They are also a sign of the company’s mounting frustration with Google after losing billions of dollars a year on its search efforts, while losing ground to Google in the browser and smartphones markets and other areas.


Microsoft has long attacked Google from the shadows, whispering to regulators, journalists and anyone else who would listen that Google was a privacy-violating, anticompetitive bully. The fruits of its recent work in this area could come next week, when the Federal Trade Commission is expected to announce the results of its antitrust investigation of Google, a case that echoes Microsoft’s own antitrust suit in the 1990s. A similar investigation by the European Union is also wrapping up. A bad outcome for Google in either one would be a victory for Microsoft.


But Microsoft, based in Redmond, Wash., has realized that it cannot rely only on regulators to scrutinize Google — which is where Mr. Penn comes in. He is increasing the urgency of Microsoft’s efforts and focusing on their more public side.


In an interview, Mr. Penn said companies underestimated the importance of policy issues like privacy to consumers, as opposed to politicians and regulators. “It’s not about whether they can get them through Washington,” he said. “It’s whether they can get them through Main Street.”


Jill Hazelbaker, a Google spokeswoman, declined to comment on Microsoft’s actions specifically, but said that while Google also employed lobbyists and marketers, “our focus is on Google and the positive impact our industry has on society, not the competition.”


In Washington, Mr. Penn is a lightning rod. He developed a relationship with the Clintons as a pollster during President Bill Clinton’s 1996 re-election campaign, when he helped identify the value of “soccer moms” and other niche voter groups.


As chief strategist for Hillary Clinton’s unsuccessful 2008 campaign for president, he conceived the “3 a.m.” commercial that raised doubts about whether Barack Obama, then a senator, was ready for the Oval Office. Mr. Penn argued in an essay he wrote for Time magazine in May that “negative ads are, by and large, good for our democracy.”


But his approach has ended up souring many of his professional relationships. He left Mrs. Clinton’s campaign after an uproar about his consulting work for the government of Colombia, which was seeking the passage of a trade treaty with the United States that Mrs. Clinton, then a senator, opposed.


“Google should be prepared for everything but the kitchen sink thrown at them,” said a former colleague who worked closely with Mr. Penn in politics and spoke on condition of anonymity. “Actually, they should be prepared for the kitchen sink to be thrown at them, too.”


Hiring Mr. Penn demonstrates how seriously Microsoft is taking this fight, said Michael A. Cusumano, a business professor at M.I.T. who co-wrote a book about Microsoft’s browser war.


“They’re pulling out all the stops to do whatever they can to halt Google’s advance, just as their competition did to them,” Professor Cusumano said. “I suppose that if Microsoft can actually put a doubt in people’s mind that Google isn’t unbiased and has become some kind of evil empire, they might very well get results.”


Nick Wingfield reported from Seattle and Claire Cain Miller from San Francisco.



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The last call for a skid row era at King Eddy Saloon









Wire-thin and slumped like a question mark, James Maley nurses a watered-down whiskey at the battered bar inside the King Eddy Saloon. Around him a boisterous crowd presses in. Maley taps a cracked fingernail nervously on his glass and stares warily at the newcomers.


They've come to see novelist John Fante's son, Dan Fante, read at the bar that inspired his father's 1939 classic "Ask the Dust." They're also here to experience skid row's last dive bar before it shuts down for renovations on Sunday.


"If this happened every day, I would never show up," says Maley, who lives in transitional housing a few blocks away.





Other time-worn regulars, many with leathery skin, bad teeth and watchful eyes, nod in agreement. The bar provides home and family for those who have neither. They come for community and to spend what little money they have on plastic pitchers of beer and $2.50 gin and tonics.


PHOTOS: Last Call at King Eddy Saloon


When the Fante reading ends, the interlopers quickly disperse.


"There go the slummers," says John Tottenham, a poet who has been coming to the King Eddy since the 1980s.


Chances are the crowds will be back when the bar reopens under new management. The owners plan to use old photos to restore the bar's Midcentury look. They hope to renovate the abandoned speak-easy in the basement and open the bar's windows that are covered by stucco, letting natural light into the place for the first time in decades.


They haven't finalized their plans, but one thing is for sure. Drinks won't come cheap at the new King Eddy.


The bar is located on the corner of 5th and Los Angeles streets in the King Edward Hotel, which was built in 1906 and was a tony destination for visitors to what was once a thriving commercial district. The hotel now provides low-income housing for many of King Eddy's regulars.


The pre-Prohibition era King Eddy is painted black. With neon beer signs providing most of its light, the room is dim and gloomy. Its black-and-white checkered floor is grimy. Plastic beer flags hang from the ceiling and the place smells of stale smoke and disinfectant.


The bar itself, shaped in a square, commands the center of the room, with cracked vinyl banquettes lining the perimeter. A glassed-in smoking space is set off to the side. Behind the bar is a tiny fluorescent-lighted kitchen where prepackaged burgers, pizza and sandwiches are heated in a microwave. A beer and burrito would set a person back only $4.


Next week, Maley and the other dislodged drinkers will have to find another bar, but they face a new downtown landscape of high-end mixology bars, restaurants and Brazilian waxing salons.


"I haven't the faintest idea where they'll go," says bar manager Bill Roller, 75, who has worked at the King Eddy for more than 30 years.


King Eddy opened in 1933 and has one of the oldest liquor licenses in the city. It was favored not only by Fante, but also by writers such as Charles Bukowski and James M. Cain for its lack of pretension and colorful clientele.


PHOTOS: Last Call at King Eddy Saloon


"The King Eddy Saloon is the last stand in a world that's completely lost to us — and that's skid row in the 1950s sense, a place where itinerant and semi-skilled laborers could find work seasonally," says downtown historian Richard Schave, who founded the Los Angeles Visionaries Assn., which staged the Fante event.


The bar has been owned by the same family for three generations. Dustin Croick took over in 2008 after his father, Rob, was badly injured in a car accident on his way home from the bar one night. Rob Croick, who has since died, managed the King Eddy for his father, Babe, who bought the bar in the 1960s with money he earned running downtown parking lots.


"This place has been a dive bar since I've been coming here as a kid with my dad, ordering milk and sitting on that stool," says Dustin Croick, 27.


In recent years, Croick has been trying to attract a more mainstream clientele. He started a website that played up the bar's hard-luck roots and featured a catchphrase he coined: "Where nobody gives a … about your name." He tried to lure the producers of the television show "Bar Rescue" to shoot a segment there, but the building's previous owners would not allow the filming.





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Why We Fight to <em>Keep</em> Registered Sex Offenders Online



Believing that human trafficking is worsened by the internet’s anonymity, the sponsors of California’s Proposition 35 thought they had a simple solution to combatting the problem: require convicted traffickers to register as sex offenders. Then require all individuals on California’s sex offender registry to disclose their online identities and service providers.


The measure passed in the November election with 81 percent voter approval. This isn’t surprising, since Prop. 35 also increases criminal penalties for trafficking, uses criminal fines to fund victim services organizations, and mandates more law-enforcement training on human trafficking. But the Electronic Frontier Foundation and the ACLU of Northern California sued, challenging the constitutionality of the reporting requirements – and this Monday, a federal court will hear arguments about whether it should continue to block the measure’s implementation.


Because in its zeal to restrict free speech online for some, Prop. 35 actually restricts free speech for all.


In a way, making the legal arguments is going to be the easy part. The harder battle is convincing the hearts and minds of those who aren’t on the California sex offender registry to understand the implications of passing such laws. Especially if people believe that the EFF and ACLU, in fighting this measure, are defending pedophiles.




Challenging Prop. 35 isn’t about defending “pedophiles” – not everyone on the registry is a pedophile, let alone a sex trafficker. More importantly, challenging Prop. 35 is really about defending free speech online.


The government needs to keep its hands off internet speech, allowing the web to remain a place where ideas and expression can flow freely. Anonymous speech is an important First Amendment right, and has always been a way to promote a robust exchange of ideas – allowing people to speak their minds freely without worry about retaliation or societal isolation.


This includes even unpopular speech by unpopular speakers.


The right to free speech is not determined by balancing the societal costs and benefits of the speech or speaker, as the Supreme Court emphasized recently. That balancing was already done long ago when our country decided the benefit of restricting the government’s ability to silence people or ideas outweighed the costs. That judgment can’t now be changed just because people don’t like some speech or speakers.


Excluding wholesale a group of people from speaking anonymously questions the judgment of having this robust freedom in the first place. No one will ever agree with every speaker or every message, so everyone must have the ability to participate in online speech.


But it’s not just organizations like EFF and ACLU who should worry about this: You should worry, too. When the government starts gathering online profiles for a large class of people, everyone needs to be concerned. As history shows, what starts as small data collection inevitably grows.


Just consider the evolution of the DNA Act: It now authorizes law enforcement to take DNA samples from anyone in the criminal justice system. When Congress first passed the law over a decade ago, it allowed DNA collection only from people convicted of violent federal crimes like murder. But over time, Congress expanded the law, allowing collection of DNA from individuals convicted of any crime – violent or not. And then Congress expanded it again to require DNA collection from any arrested individual not yet convicted of a crime. In other words: DNA collection now includes people who are still presumed innocent. States soon followed the federal government’s lead, helping to create the massive DNA repository that exists today … almost 10 million samples and growing.


It’s not just organizations like EFF and ACLU who should worry: You should, too.


It’s therefore critical to nip these speech restrictions in the bud before they expand.


Eliminating one group’s ability to speak online sets a very dangerous precedent for everyone. It’s also a serious attack on one of the most fundamental rights of our Constitution, which becomes clear when examining the legal issues of Prop. 35 more closely:


It violates the First Amendment. By eviscerating the right to speak anonymously anywhere on the web, the measure allows law enforcement to capture usernames on sites not remotely connected to criminal activity – like Yelp or Amazon.com. It also eliminates the ability to speak anonymously on newspaper comment sections or political websites. And because it applies to all registrants, and California has a lifetime registration requirement that applies retroactively, Prop. 35 even restricts the speech of individuals whose convictions were years ago. It restricts the speech of those who did not even use the internet to commit their crimes.


It is overbroad and unconstitutional. Laws that prohibit speech are required to be narrowly tailored for their policy goals. But Prop. 35 fails this test miserably because the reporting requirement captures too much speech from too many people. According to the California Attorney General’s estimate, it would affect over 74,000 people who would have to turn over all of their online identifiers, aliases, and usernames to law enforcement.


It has vague definitions. The measure doesn’t clearly specify what “internet service providers” and “internet identifiers” are. Is a registrant required to report only the ISPs they currently use, or every one used throughout his or her lifetime? Does a registrant have to turn over the access code they get at Peet’s Coffee to access free Wi-Fi? Is a registrant who operates an at-home Wi-Fi network for family members an “internet service provider?” It’s impossible to know what the reporting requirements are, yet the punishment for failing to report the information is up to three years in prison.


The government needs to keep its hands off internet speech.


Yes, anonymous speech can lead to uncomfortable and offensive comments – this is probably even more true on the web and with online speech. But that’s the cost of maintaining strong speech rights for everyone. Technology doesn’t change those rights.


Online technology might not even be where the problem lies: Studies have demonstrated that technology-facilitated crimes accounted for only 1 percent of all arrests for sex crimes against children. That same study found that only 4 percent of the people arrested for technology-facilitated crimes against minors were registered sex offenders.


Thinking of Prop. 35 in rational, logical and legal terms – not just emotional ones – leads to one inescapable conclusion: Free speech will be the only casualty in this attempt to stop human trafficking.



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HealthBridge Managemant Ordered to Reinstate Striking Workers





A federal judge in Hartford has ordered a Connecticut nursing home chain to reinstate nearly 600 workers who have been on strike since July 3, and to rescind the pension and health care cuts it had imposed.




Judge Robert N. Chatigny of the United States District Court in Connecticut ruled on Tuesday night that the nursing homes’ owner, HealthBridge Management, had broken the law by refusing to bargain in good faith and by imposing the cuts before a true negotiating impasse had been reached.


Judge Chatigny issued an injunction that ordered HealthBridge to reinstate the workers by next Monday, even if it means ousting hundreds of the replacement workers hired to run the nursing homes after the strike began.


“Everybody is quite happy about the decision,” said Vern Scatliffe, a nurse’s aide, as he picketed outside Danbury Health Care Center, one of the five nursing homes — the others are in Milford, Newington, Stamford and Westport — where the workers walked out to protest the cuts HealthBridge had imposed. “The judge’s order is a big relief to me. I can now go back to work and earn my living again.”


Saying the company was disappointed by the judge’s decision, Lisa Crutchfield, a HealthBridge spokeswoman, said it had filed an appeal with the Court of Appeals for the Second Circuit, asking it to overturn the injunction.


“We are acting in the best interests of our residents — their well-being is paramount to us,” she said. Ms. Crutchfield said the order to reinstate the strikers would “expose residents to the very people who sought to do them harm” during the walkout. HealthBridge has accused the strikers of several acts of sabotage, including changing the names on several patients’ doors and wheelchairs and switching the names of some residents in Alzheimer’s units.


Deborah Chernoff, a spokeswoman for the strikers’ union, the New England Health Care Employees Union, said it had opposed any sabotage. She suggested that the allegations themselves were suspicious, noting that they were first made two weeks after the strike began.


The strike began after HealthBridge declared the negotiations deadlocked and then imposed changes that included freezing the workers’ pensions, requiring many to pay at least $6,000 more a year for family health coverage and eliminating six paid sick days and a week’s vacation for many workers.


Two weeks after the strike began, the striking employees, who belong to a branch of the Service Employees International Union, offered to return to work, but the company refused to take them back. Judge Chatigny said it was “just and proper” to reinstate them “because there is a pressing need to restore the status quo” from before the company made the changes, which he found to be illegal.


The judge acted only after the National Labor Relations Board’s office in Hartford sought an injunction.


David Pickus, president of the strikers’ union, said, “This ruling is a decisive victory for workers and a sign that HealthBridge cannot get away with its unfair and illegal treatment of its employees.”


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DealBook: Yahoo Shakes Up Its Board

Yahoo announced a number of changes to its board on Thursday, including the addition of Max Levchin, a co-founder of PayPal.

The company also said two directors were stepping down: Brad Smith, the chief executive of Intuit, and David W. Kenny, chief executive of the Weather Channel.

Yahoo’s latest board changes signal its continued push to become a top technology company once more, a strategy it began in July, when it hired Marissa Mayer away from Google to become its new chief executive.

Since taking over, Ms. Mayer has emphasized ways to modernize Yahoo staples like its e-mail and the Flickr photo service, to help the company square off against ever-newer competitors.

Bringing in Mr. Levchin is intended to help with that push and show a commitment to developing enticing new offerings. He served as PayPal’s chief technology officer before forming Slide, a company that eventually helped produce Web applications for Facebook. Google bought Slide for about $180 million two years ago, and Mr. Levchin left the Internet giant when it closed Slide last year.

“Max is someone I’ve admired throughout my career for his phenomenal sense for great products and keen focus on user experiences,” Ms. Mayer said in a statement. “I’m confident that his strong product and technology expertise will be a tremendous asset to Yahoo as we work to transform the world’s daily habits.”

He will serve as the fourth director nominated by Daniel S. Loeb, the activist hedge fund manager who joined Yahoo’s board in May after mounting a prominent challenge to the company’s directors. Mr. Loeb’s other directors, besides himself, are Michael J. Wolf, a media consultant, and Harry J. Wilson, a turnaround expert who served on the Obama administration’s automotive task force.

Since joining Yahoo’s board, Mr. Loeb has helped orchestrate a number of changes, including hiring Ms. Mayer.

Mr. Loeb was introduced to Mr. Levchin by Mr. Wolf, who had served on Slide’s board of advisers. They met in Silicon Valley ahead of the proxy fight, when Mr. Loeb was recruiting candidates for Yahoo board seats.

One of the departing directors, Mr. Smith, was a main supervisor of Yahoo’s turnaround efforts, including its talks with private equity firms about a capital infusion into the Web company and its eventual deal to sell some of its stake in Alibaba back to its Chinese Internet partner.

The other, Mr. Kenny, became the Weather Channel’s chief executive in January and was formerly the president of Akamai Technologies. Mr. Kenny had briefly considered campaigning for Yahoo’s top spot last year.

Both men were stepping down to focus on their respective companies, according to Yahoo.

“Both David and Brad played critical roles in bringing me to Yahoo, so I’m especially grateful for the opportunity and trust they’ve placed in me,” Ms. Mayer said. “We will miss their leadership and partnership, and I know I speak for everyone at Yahoo in wishing them the best.”

A version of this article appeared in print on 12/14/2012, on page B6 of the NewYork edition with the headline: Yahoo Shakes Up Its Board And Adds PayPal Co-Founder.
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Fed to tie interest rate to job gains









WASHINGTON — The Federal Reserve said it will continue aggressive measures to stimulate the economy and made a major policy shift to focus more directly on boosting the job market.


Fed policymakers said they would keep interest rates at historically low levels until unemployment drops below 6.5%.


It's likely to keep the Fed's short-term interest rates at historically low levels well into 2015.





The move marked the first time that Fed policymakers have tied themselves to an explicit unemployment goal. It appeared to end the long-running debate within the central bank over how aggressively to target the nation's lagging job market.


The jobless figure was 7.7% in November, and the Fed's new forecast doesn't see that dropping below 6.5% for about three years.


The decision was made easier by the slow pace of inflation, which remains below 2% on an annual basis. Critics of the Fed's policies have argued that efforts to stimulate the economy would lead to inflation, but so far, that has not happened, and Fed Chairman Ben S. Bernanke has argued that the risk is much smaller than the dangers posed by high unemployment.


"The conditions now prevailing in the job market represent an enormous waste of human and economic potential," Bernanke said Wednesday during a news conference after the central bank's last policy meeting of the year.


Under its new policy, the Fed would let its inflation outlook rise to 2.5% before taking action to curtail it — giving the nation's employers more time to create jobs.


The move to link interest rate policies directly to the jobless rate is meant to give the public and businesses greater confidence about how long interest rates will remain exceptionally low, and that by itself could act as a kind of stimulus to the economy.


The new push got a warm welcome from both economists and Wall Street.


Economist Bernard Baumohl at the Economic Outlook Group said the previous time frame for action was "self-defeating because it provided no incentive for employers to start spending any time soon to avoid higher interest rates. It just didn't create any sense of urgency to accelerate investments or increase the rate of hiring."


The Fed has kept its federal funds rate, which influences rates for credit cards, mortgages and business and other loans, near zero since December 2008. Unemployment has been near 8% or above since early 2009.


Bernanke and his colleagues also decided Wednesday to continue the controversial large-scale bond-buying programs in the new year. Specifically, the Fed will buy $40 billion of mortgage-backed securities and $45 billion of long-term Treasury bonds a month.


The purchases are intended to drive down long-term interest rates to spur spending, investment and lending, boosting economic activity as well as hiring.


The central bank launched the purchase of mortgage-backed securities in September to give a lift especially to the housing market, which Fed policymakers said Wednesday "has shown further signs of improvement." They said they would continue to buy bonds until the job market "improved substantially."


The Fed, which has a dual mandate to maximize employment and keep inflation in check, also forecast a somewhat stronger growth for next year.


Its policy statement Wednesday noted a slowing in U.S. business investment and "significant downside risks" in the global economy, but made no mention of the so-called fiscal cliff, the automatic federal budget cuts and tax hikes scheduled to take effect beginning Jan. 1.


In a 75-minute news conference, however, Bernanke said it was clearly evident that concerns about the fiscal impasse already had hurt the economy, weakening business investments and consumer confidence.


He said that whatever the Fed did, it was not enough to offset the full effects of a U.S. economy failing to resolve fiscal issues. But he was cautiously optimistic: "I actually believe that Congress will come up with a solution, and I certainly hope they will."


For years, the Fed didn't give any indication of its future interest-rate path and only in recent years signaled what it might do by using somewhat vague language. In June 2011, the Fed said that it would keep rates exceptionally low for an "extended period." In August 2011, policymakers said no change was likely until at least mid-2013. And that date has since been extended twice, to late 2014 and then mid-2015.





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Bright Eyes: Smart Snow Goggles Measure Your Radness











Photos by Ariel Zambelich/Wired






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