2A - Friday, September 7, 2012 The Michigan Daily michigandaily.cam 2A - Friday, September 7, 2012 The Michigan Daily - michigandailycom MONDAY: TUESDAY: WEDNESDAY: THURSDAY: 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 SHERMAN/Daily) TOP RIGHT President Barackn Obama speaks to a crowd of f supporters on Monday at Scott High School in Toledo, Ohio. (AUSTEN HUFFORD/Daily) BOTTOM RIGHT Redshirt Junior offensive lineman Taylor Lewan fights against an Ala- bama player during Michigan's 41-14 loss last Saturday. (ERIN KIRKLAND/Daily) NEED MORE PHOTOS? - See more Photos of the Week on our website, michigandaily.com. CRIME NOTES It's getting hot Credit crunch 420 Maynard St. Ann Arbor, MI 48109-1327 www.michigandaily.com JOSEPH LICHTERMAN RACHEL GREINETZ Editor in Chief Business Manager 73441a-415 ext.1252 734-418-4115 ext. 1241 lichterman@michigandaily.com rmgrein@tnichigandaily.com Newsroom 734-418-411 opt.3 Corrections corrections@michigandailycom Arts Section arts@michigandaily.com Sports Section sports@michigandaily.com Display Sales display@michigandaily.com Online Sales onlineads@michigandaily.com News Tips news@michigandaily.com Letters to the Editor ' rothedaily@michigandaily.com Editorial Page opinion@michigandaily.com Photography Section photo@michigandaily.com Classified Sales classified@michigandaily.com Finance finance@michiganddily.com I0 I6 CAMPUS EVENTS & NOTES 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. Pineapple Express 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 suspects. 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. CORRECTIONS . Please report any error in the Daily to corrections@michi- gandaily.com. * 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. FOR MORE, SEE FOOTBALL SAT- URDAY 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- inglv. 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One copy is avalablefree of charge to allreaders. Additionaelcopies may be picked up at theDaily's office for$2.Subscriptionsfor fall term, starting in SeptemberviaUS 0.malare $110. Winter term (onuary through April)is $110, yearlang (September through April) is $19.University affiliates are subject to areduced subscriptionrate. On-campus subscriptions for fall termare $3. Subscriptionsmust be prepaid. The Michigan Daily is a member of The Associated Press and The Associated Collegiate Press. MORE ONLINE Love Crime Notes? Share them with your followers on Twitter@CrimeNotes or find them on their new blog. European Bank unveils plan to save the Euro Central Bank plans to buy ulimited number of bonds FRANKFURT, Germany - 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. V