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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 09, 2010
Page
3
In a USC commencement address, Federal Reserve Chair Ben Bernanke cautioned graduates that a higher income offers only initial excitement. the long term happiness comes from choices beyond salary. The Fed released prepared remarks ahead of the speech.
Defense Secretary Robert M. Gates calls for major reductions in the Pentagon budget to curb overhead and health care costs. He aims to save 10 to 15 billion dollars from the 547 billion base budget to fund modernization while reducing bureaucracy.
Oil spill efforts off Louisiana halted by ice as a 100 ton containment box could not stop the leak. Tar balls wash ashore Dauphin Island Alabama while investigators study blowout preventers linked to the Deepwater Horizon disaster.
A Staten Island ferry named Andrew J. Barberi struck the St George terminal pier causing a jolt and injuries to up to 37 of the 270 aboard. Passengers described a sudden rush toward shore as engines failed to reverse, with officials citing a probable mechanical malfunction.
British Conservatives and Liberal Democrats move toward a coalition after a fractured vote. Labour weighs options with the Lib Dems as markets worry about the deficit and economic stability. Bill Jones of Liverpool Hope University notes the scene remains highly uncertain.
U S officials say the Times Square bombing signals militant leaders in Pakistan may be shifting from a regional focus to attacks in the United States and other Western countries. Investigators assess if Faisal Shahzad trained in Pakistan with Taliban linked groups before his arrest.
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