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November 26, 2008 - Image 2

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The Michigan Daily, 2008-11-26

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2A - Wednesday, November 26, 2008

The Michigan Daily - michigandaily.com

2A - Wednesday, November 26, 2008 The Michigan Daily - michigandailycom

When campus was snowed in

Last winter was indisputably
the snowiest winter in Ann Arbor
history. The city recorded more
than 85 inches of snow, enough to
surpass the previous record of 83.9
inches set during the 2004-2005
season.
The title of the single worst bliz-
zard in the city's history, however, is
a more contentious debate.
Weather historians typically
narrow the honor down to two top
contenders: "the Great White Hur-
ricane of 1913" from Nov. 7 to Nov.
12 and the "Great Blizzard of 1978"
from Jan. 25 to Jan.27.
The 1978 storm, the last time the
University called a snow day, blan-
keted the Ann Arbor area in 19 inch-
es of snow and allbut shut down the
Midwest from the Ohio Valley to
Ontario, Canada.
Both Michigan Gov. William Mil-
liken and Ann Arbor Mayor Albert
CRIME NOTES

Wheeler declared a state of emer-
gency as roads became impassable.
The University was forced to first
postpone and then suspend classes
for two days.
The snow also prevented food
deliveries to the dining halls and
piled so high on the Diag that the
Engineering Arch was almost
sealed off.
The Michigan Daily, which was
the only daily paper in Michigan to
continue publishing duringthe bliz-
zard, reported that most students
"looked forward to a Norman Rock-
well sort of day" curled up indoors
- but this wasn't the case for every-
one.
Students rushed to find sleds and
cafeteria trays for sledding. Biv-
ouac on State Street reported that it
quickly ran out of rental skis.
About 15 West Quad hallmates,
living up to their nickname "the

Zoo," stripped down to shorts and
T-shirts and ran barefoot sprints
across State Street in front of the
Union.
"We're just trying to prove thatr
it's all in the head," said one of the
runners.
Meanwhile, a handful adventur~
ous students threw a beach party
complete with "snowbathers" and a
Beach Boys soundtrack.
The hosts explained the party
saying, "If (University President)
Robben Fleming can call off school,
that's good enough reason to have a
beach party."
On Jan. 30, C.R. Snider of the
National Weather Service in Ann
Arbor said that 20 deaths had been
attributed directly to the snowfall
and more than 100,000 cars were DAILY FILE PHOTO
abandoned on state highways dur- West Quad residents celebrate in shorts and T-shirts on a snow
ing the three-day blizzard. day in January 1978. The January storm was one of the worst in
KELLYFRASER Ann Arbor history.

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The Michigan Daiy (ISSN0745-967)is published Monday through Friday during the fall and wirter
termsbystudentsatthe Universityof Michigan.Onecopyisavaiablefree ofchargetoallrearers.
AdditionaicopiesmaybepickedupatieDaly'sofficefor2Subscriptionsforfalteenstartigin
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The Asociated Preand The Asciated ColatPrss.F,,

CAMPUS EVENTS & NOTES

Tractor-trailer Computer,
sideswipes bus monitor stolen

WHERE: Glen and Ann
avenues
WHEN: Monday at about 7:40
a.m. .
WHAT: A University bus was
sideswiped by a tractor-trailer
while transporting students
on campus, University Police
reported. No one was injured
in the incident, and both vehi-
cles involved sustained minor
damage.

WHERE: School of Social
Work Building
WHEN: Monday at about11:25
a.m.
WHAT: A computer and high-
resolution monitor were stolen
from a room in the building
sometime last weekend, Uni-
versity Police reported. Police
have no suspects.
Chemical spills

Product
development
competition
WHAT: Nine student groups
will design a structure that
will allow people to wash
their hands, bathe themselves
and an infant and use the
bathroom in a disaster area.
Students are now eligible to
vote for the project they think
is best done at www.tauber.
umich.edu. Votingcloses on
Dec. 2.
WHO: Tauber Institute for
Global Operations
WHEN: Today until voting
closes on Dec. 2.
WHERE: Michigan Union,
Ballroom
Jeff Daniels
performance
WHAT: A concert hosted by
the actor featuring Michigan

musicians.
WHO: Big Pickle Productions University Housing will
WHEN: Saturday at 8 p.m. U
WHERE: Michigan Theatre host a Thanksgiving Day
meal at the Hill Dining
Center from.11:30 a.m. to 2 p.m.
Evening prayer Meals are $10.95 for students
with Blue Bucks or dining Dol-
service lars or $12.95 in cash.

Tresspasser into storm drain
escorted out of WHERE: East Ann Arbor
Medical Center
Weill Hall WHEN: Monday at about 2:50

WHAT: A service including
scripture readings and prayers
followed by free dinner
WHO: Episcopal Student
Foundation
WHEN: Today at 5:30 p.m.
WHERE: Canterbury House,
721 East Huron Street
CORRECTIONS
. A story in yesterday's edi-
tion of the Daily (Wolverines
defeat Buckeyes -finally)
said Michigan last defeated
Ohio State in Blood Battle, a
blood donation competition,
in 2001. Prior to this year,
the last time Michigan won
was in 2002.
" Please report any error
in the Daily to correc-
tions@michigandaily.com.

Ypsilanti's Corner
Brewery, owned by the
company behind the
Arbor Brewing Company, has
a Bring Your Own Food policy.
Seriously. -
FOR MORE, SEE THE STATEMENT
Louisville residents
have scrapped plans to
have an Christmas event
based on the fictional village
of "Whoville" after receiv-
ing cease-and-desist letters
from Dr. Seuss's lawyers, The
Associated Press reported. "It
appears these lawyers' hearts
are two sizes too small," Lou-
isville Mayor Jerry Abramson
said.

WHERE: Weill Hall
WHEN: Monday at about 8:30
a.m.
WHAT: A man found trespass-
ing in the building was escorted
out, University Police reported.

p.m.
WHAT: 10 gallons of coolant
from a generator leaked into a
storm drain, University Police
reported. The department of
Occupation Safety and Envi-
ronmental Health responded
to the incident.

Economy's tumble was worse
than expected for latest quarter

DECIDE WHAT
GOES WHERE.
............................................................................................... ........... ...........................................
Michigan Daily Advertising is hiring
a Production Layout Designer.
Begin winter semester and work two hours every weekday.
Applicants should have a knack for spacial relationships
and a distinct attention to detail. Experience with Adobe
InDesign is a plus.
Email bce@umich.edu

GDP shrank at a,.5 Insurance Corp. said the list of
banks it considers to be in trouble
percent annual rate shotupnearly50percentto171dur-
ing the third quarter - the highest
between July and level since late 1995. The FDIC also
said that commercial banks and
September savings institutions suffered a 94
percent drop in third-quarter prof-
WASHINGTON (AP) - The its to $1.7 billion. Except for the
economy took a tumble in the fourth quarter of 2007, it was the
summer that was worse than first lowest profit since the fourth quar-
thought as American consum- ter of 1990.
ers throttled back their spending The FDIC does not reveal the
by the most in 28 years, further institutions on its "troubled" list,
proof the country is almost cer- but on average, about 13 percent of
tainly in the throes of a painful them end up failing.
recession. Nine banks failed in the third
The updated reading on the quarter, decreasing the FDIC's
economy's performance, released deposit insurance fund to $34.6
yesterday by the Commerce billion from $45.2 billion in the
Department, _ showed the gross second quarter, both below the
domestic product shrank at a 0.5 target minimum level set by Con-
percent annual rate in the July- gress. There have been 22 bank
September quarter. failures so far this year compared
That was weaker than the 0.3 with three for all of 2007. It's
percent rate of decline first esti- expected that many more banks
mated a month ago, and marked won't survive the next year of eco-
the worst showing since the econo- nomic tumult.
my contracted at a1.4 percent pace Elsewhere, the New York-based
in the third quarter of 2001, when Conference Board said its Consum-
the nation was suffering through er Confidence Index for November
its last recession. rose to 44.9, from a revised 38.8
GDP measures the value of in October. Last month's reading
all goods and services produced was the lowest since the research
within the U.S. and is considered group started tracking the index in
the bestbarometer of the country's 1967 and Americans' views on the
economic fitness. economy remain the gloomiest in
"Consumers and businesses decades as they grapple with mas-
were like deer in the headlights ... sive layoffs, slumping home prices
frozen," said economist Ken May- and dwindling retirement funds.
land, president of ClearView Eco- To revive the economy, Pres-
nomics. ident-elect Barack Obama, who
The new reading on GDP under- takes over on Jan. 20, says a top
scores just how quickly the econo- priority will be working with Con-
my deteriorated as housing, credit gress to enact a massive stimulus
and financialcrisesintensified. The package that he says will generate
economy logged growth of 2.8 per- millions of new jobs.
cent in the second quarter. The new, lower third-quarter
White House press secretary GDP reading matched economists'
Dana Perino called the lower GDP forecasts. The downgrade from the
figure "troubling" and said new initial estimate mostly reflected an
government efforts announced even sharper cut back in spending
Tuesday to boost the availability by consumers and less brisk sales
of auto and student loans, credit growth of U.S. exports.
cards, home loans and other con- American consumers - the life-
sumerlending- at cheaper rates - blood of the economy - slashed
should eventually help spur more spending in the third quarter at a
consumer spending. 3.7 percent pace. That was deeper
On Wall Street, those new than the 3.1 percent cut initially
government efforts provided an reported and marked the biggest
early lift to stocks, but the Dow reduction since the second quarter
Jones industrials were down of 1980, when the country was in
about 90 points in afternoon the grip of recession.
trading. Consumers are hunkering down
Meanwhile, the Federal Deposit amid job losses, tanking invest-

ment portfolios and sinking home
values, which are making them
nervous about spending.
Underscoring the strain faced
by consumers, the report showed
that Americans' disposable
income fell at an annual rate of
9.2 percent in the third quar-
ter, the largest quarterly drop on
records dating back to 1947. The
government's initial estimate
had showed a record 8.7 percent
decline in disposable income for
the quarter.
Sales of U.S. exports grew at
a 3.4 percent pace in the third
quarter. That was lower than a 5.9
percent growth rate initially esti-
mated and marked a sharp slow-
down from the second quarter's
blistering 12.3 percent growth
rate. The deceleration reflects
less demand from overseas buyers
coping with their own economic
problems.
Home builders slashed spend-
ing at a 17.6 percent pace, marking
the 11th straight quarterly cut and
fresh evidence of the depth of the
housingslump.
Meanwhile, a report on home
prices released Tuesday and
downbeat earnings results from
homebuilder D.R. Horton, showed
further deterioration in the hous-
ing market. The Standard &
Poor's/Case-Shiller U.S. National
Home Price Index said that home
prices tumbled a record 16.6 per-
cent during the third quarter from
the same period a year ago. Prices
are at levels not seen since the first
quarter of 2004.
Fort Worth, Tex.-based D.R.
Horton Inc. reported anearly $800
millionlossinits fiscalfourthquar-
ter on slower home sales and more
than $1 billion in charges amid a
battered housing market.
To help revive the economy,
the Federal Reserve is expected to
lower interest rates when its meets
on Dec. 16, its last session of the
year. Last month, the Fed dropped
its key rate to 1 percent, a level seen
only once before in the last half-
century.
So far, though, the Fed's rate
reductions, a $700 billion finan-
cial bailout package and a flurry
of other radical actions have been
unable to break though a danger-
ous credit clog, restore stability
to financial markets and help the
sinking economy.

i

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