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President Obama tries to be optimistic, but concedes that the Great Recession won't go away fast. Others compare it to the Great Depression as a signal of momentous economic change. We hear some challenging opinions today about how American lives might be changing, too. Also, scientists decry ruling halting embryonic stem cell research, and finance reform was supposed to provide new consumer protections.  So why are interest rates on credit cards going up when rates on other borrowing are going down?

Banner image: President Barack Obama is shown the battery making process at ZBB Manufacturing by company President/CEO Eric Apfelback (L) and employee Lonnie Mages, August 16, 2010. The facility in Menomonee Falls, Wisconsin manufactures advanced zinc bromide flow batteries and intelligent control platforms. Official White House photo: Chuck Kennedy

The Great Reset

Richard Florida

Making News Scientists Decry Ruling Halting Embryonic Stem Cell Research 7 MIN, 30 SEC

The Obama White House says today that even George W. Bush’s limited guidelines for stem cell research might be overturned by yesterday’s judicial ruling in Washington. Judge Royce Lamberth ordered that all federal spending on research involving destruction of human embryos come to an immediate end. Karen Kaplan reports for the Los Angeles Times.

Karen Kaplan, Technology reporter for the Los Angeles Times

Main Topic What Comes after the Great Recession? 36 MIN, 32 SEC

The Great Recession is not economics as usual but the beginning of a historic transformation, according to some long-term thinkers. They say arguing over the stimulus and the deficit is the wrong conversation, based on the past instead of the future. But what will the future require? As the manufacturing economy is replaced by the knowledge economy, where will the next Middle Class come from?  Will “green” industry generate jobs? Will home ownership still be relevant? Can government liberate creative entrepreneurs and encourage economic equality at the same time?

Richard Florida, University of Toronto (@Richard_Florida)
David Leonhardt, New York Times (@DLeonhardt)
Robert Pollin, Professor of Economics, University of Massachusetts Amherst
Mark Zandi, Moody's Analytics (@dismalscientist)

Reporter's Notebook As Interest Rates Tumble, Credit Card Rates Climb 6 MIN, 36 SEC

Interest rates for the US Treasury, business firms and home-buyers are going down but, despite new regulations, the rates for credit card borrowing are going up. New laws limit banks’ ability to increase rates on people who get behind on their credit cards. Credit card companies have responded by increasing rates on everybody. Yesterday’s Wall Street Journal reports that rates are at their highest level in nine years. Kelli Grant is senior consumer reporter for SmartMoney.com.

Kelli Grant, Senior Consumer Reporter, SmartMoney.com

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