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September 07, 2012 - Image 2

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2A - Friday, September 7, 2012

The Michigan Daily michigandaily.cam

2A - Friday, September 7, 2012 The Michigan Daily - michigandailycom

In Other Ivory Towers This Week inHistory Campus Clubs Professor Profiles

LEFT Members of the Michi-
gan Marching Band practice
Tuesday on Elbel Field. The
band will perform during Sat-
urday's football game. (PAUL
TOP RIGHT President Barackn
Obama speaks to a crowd of f
supporters on Monday at Scott
High School in Toledo, Ohio.
Junior offensive lineman Taylor
Lewan fights against an Ala-
bama player during Michigan's
41-14 loss last Saturday. (ERIN
See more Photos of the
Week on our website,
It's getting hot Credit crunch

420 Maynard St.
Ann Arbor, MI 48109-1327
Editor in Chief Business Manager
73441a-415 ext.1252 734-418-4115 ext. 1241
lichterman@michigandaily.com rmgrein@tnichigandaily.com

734-418-411 opt.3
Arts Section
Sports Section
Display Sales
Online Sales

News Tips
Letters to the Editor '
Editorial Page
Photography Section
Classified Sales




in here...
WHERE: Brehm Tower
WHEN: Wednesday at
about 10:50 a.m.
WHAT: A mercury ther-
mometer shattered after
being dropped by accident,
University Police reported.
The Occupational Safety
and Health Administration
performed the clean up.
WHERE: West Quad Resi-
dence Hall
WHEN: Wednesday at
about 110p.m.
WHAT: Police arrested a
student for possesion of sus-
pected marijuana and drug
paraphernalia, University
Polic reported.

WHERE: Medical Science
Research, BuildingtIII
WHEN: Wednesday at
about 4 p.m.
WHAT: A wallet contain-
ing cash and credit cards
was allegedly stolen from
an unsupervised purse,
University Police reported.
The stolen credit cards have
reportedly alreadybeen
used off-campus.
Gone forever?
WHERE: The Diag
WHEN: Wednesday at
about 11:35 a.m.
WHAT: A bicycle was
reported stolen outside the
Chemistry Building, Uni-
versity Police reported. The
bicycle is not expected to
be found and there are no

Fresh food cart
WHAT: The Ann Arbor
Student Food Stand will
kick off its weekly health
initiative with a fresh,
affordable and healthy pro-
duce stand on North Uni-
versity Avenue.
WHO: Ann Arbor Student
Food Co-Op
WHEN: Today from110a.m.
to 4 p.m.
. Please report any
error in the Daily to
* An article in the Sept. 6
edition of The Michigan
Daily ("Incoming class
size expected to be 6,000
despite more applica-
tions") incorrectly stated
that 6,251 students were
accepted to the Univer-
sity for this semester.
The number of students

accepted was 16,073 and
6,251 students enrolled.
The article also incor-
rectly stated that there
is a surplus of freshmen
this year. There are actu-
ally around 250 fewer
students in this year's
freshman class than in
last year's freshman class.
It also incorrectly stated'
that the University broke
records for the number
ofincoming freshmen
enrolled. The University
did noetbreak records in
the number of students
enrolled, but rather in the
number of applications
received, which increased
by 7.5 percent compared
to last year.It also incor-
rectly stated that the
number of undergradu-
ate applicants for the fall
2012 semester was 43,535.
The number is 42,535.

In 2005, a Bank of Amer-
ica employee mooned
his bosses at the end of a
meeting, NBC News report-
ed. The employee was fired
and reportedly lost a multi-
million dollar bonus that he
was due to receive.
Michigan football had
gotten away from s
long tradition of nabbing
recruits from Ohio, but
Hoke has restored the team's
ties to the Buckeye State.
An Arizona woman
was charged $83,000
for the treatment of a
scorpion sting in June,
USA Today reported. The
hospital released a state-
ment Wednesday promis-
ing to review the cost of the
antivenom. The woman's
bill will be adjusted accord-

Andrew Weiner ManagingEditor anweiner@michigandaily.com
BetennyirOn Managing News Editor biron@rdchigandaily.com
SENIOaNcEWSEDITORS:HaleyGlatthorn, Haley Goldberg, RayzaGoldsmith,
ASSISTANT NEWS EDITORS: Giacomo Bologna, AnnanRozenbergAndrew Schulman,
Peter Shahin,uK.c. Wassman
Ashley Griesshammer and opinioneditorsmechigandaiy.com
Adrienne Roberts Editorial Page Editors
Stephen Nesbitt ManagingSports Editor nesbitt@michigandaily.com
SENIOR SPORTS EDITORS: Everett Cook, Ben Estes, Zach Helfand, Luke Pasch,
Neal Rothschild, Matt Slovin
SISTANTSPOR SEDTORSn S tevenBraid, MichaelLaurila,MattSpelich,
CoeTomas, Liz Vukelich, DanielWnasrmn
Leah Burgin Managing Arts Editor burgin@michigandaily.com
SENIOR ARTS EDITORS: Elliot Alpern, David Tao, KaylaUpadhyaya
ASSISTANT ARTS EDITORS: Jacob Axelrad, Laren Caserta, Matt Easton, Kelly Etz,
Anna Sadoskaya, ChloeStachowiak
Erin Kirkand and photo@michigandaily.com
Alden Reiss Managig Photoatditors
SENIOR PHOTO EDITORS: Terra Molengraff, Todd Needle
ASSISTANT PHOTOEDITORS: AdamGlanzman,Austenufford, AllisonKruske
Marlene Lacasse, AdamnSchnitzer
Alicia Kovalcheck and design@michigandaily.com
Amy Mackens Managing Design Editors
DylanCinti and statement@michigandaily.com
Jennifer XuMagazineEditors
DEPUTYMAGAZINE EDITOR:ZachBergson,KaitlinWilliams
Hannah Poindexter copychief copydesk@michigandaily.com
SENIOR COPYEDITORS:JosephineAdams,BethCoplowitz
AshleyKaradsheh Associate Business Manager
Sean Jackson Sales Manager
Sophie Greenbaum Production Manager
Sean Jackson Special Projects Manager
Connor Byrd Finance Manager
Meryl Hulteng National Account Manager
The Michigan Daily (IssN 074-967) is published Monday through Friday during the fall and
winter terms by students at the University of Michigan. One copy is avalablefree of charge
to allreaders. Additionaelcopies may be picked up at theDaily's office for$2.Subscriptionsfor
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European Bank
unveils plan to
save the Euro

Central Bank
plans to buy
ulimited number
of bonds
- The European Central
Bank unveiled its most ambi-
tious plan yetto ease Europe's
financial crisis with a plan
to buy unlimited amounts of
government bonds to help
lower borrowing costs for
countries struggling to man-
age their debts. I
Large-scale purchases
of short-term government
bonds would drive up their
price and push down their
interest rate, or yield, taking
some pressure off of finan-
cially stressed governments
such as Spain and Italy.
"We will have a fully effec-
tive backstop to avoid destruc-
tive scenarios," ECB President
Mario Draghi said at a press
conference, in which he also
defended the euro currency
union as "irreversible."
After the ECB plan was
announced, the yields on gov-
ernment bonds across Europe
fell and stock markets rallied.
"This is a potential game-
changer," says Jacob Kirkeg-
aard, research fellow at the
Peterson Institute for Inter-
national Economics. "This
is the first time the ECB has
committed its balance sheet
in this way. And the way it is
done is politically sustainable
in Europe."
The ECB's 23-member
governing council' approved
the plan with only one dis-
sent. The head of Germany's
Bundesbank, Jens Weidma-
nn, opposes the plan, arguing
that the ECB is moving too far
in the direction of financing
government deficits, which is
prohibited by the European
Union treaty.
The ECB's pledge of sup-

port came with an important
caveat: Countries that want
the central bank to help with
their borrowing costs must
first ask the 17 countries that
use the euro to buy their
bonds with existing bailout
funds and they must submit
their economic policies to the
scrutiny of the International
Monetary Fund.
That puts immense pres-
sure on financially stressed
countries such as Spain and
Italy - which have been reluc-
tant to seek help from their
euro partners - to take the
next step. Both countries face
borrowing rates that are in the
upper range of what's sustain-
able over the long-term.
Spanish Prime Minis-
ter Mariano Rajoy refused
Thursday to make any com
mitment to trigger the ECB
bond-buying. "When I have
something new, I'll tell you,"
he told reporters at a press
conference that was held
after he met with German
Chancellor Angela Merkel.
Italian Prime Minister
Mario Monti praised the plan
as an "important -step for-
ward" but said any decisions
on Italy's potential request for
aid were "premature."
If Spain and Italy were
to accept aid from the euro-
zone's bailout funds, it would
put them in the same com-
pany as Greece, Ireland and
Portugal - something the two
countries have been wary of.
An earlier ECB effort to
drive down rates by buying
bonds was limited in size -
the ECB spent 210 billion
($264 billion) - and did not
have lasting impact. The ECB
ended that program Thursday.
The ECB first said its new
bond-buying plan was in the
works on Aug. 2, and markets
have climbed steadily since
then. Investors across the
globe greeted the release of a
more detailed plan with fur-
ther enthusiasm.


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