DAILY HELMSMAN Thursday 10.17.13
The
Vol. 81 No. 030
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By Steve Rothwell Associated Press
NEW YORK (AP) — Wall Street finally got the deal it’s been waiting for. A last-minute agreement to keep the U.S. from defaulting on its debt and reopen the government sent the stock market soaring Wednesday, lifting the Standard & Poor’s 500 index close to a record high. The deal was reached just hours before a deadline to raise the nation’s $16.7 trillion debt limit. Senate leaders agreed to extend government borrowing through Feb. 7 and to
wouldn’t let the U.S. default, a calamity economists said could paralyze lending and push the economy into another recession. “We knew it was going to be dramatic, but the consequences of a U.S. default are just so severe that the base case was always that a compromise was going to be reached,” said Tom Franks, a managing director at TIAA CREF, a large retirement funds manager. Congress was racing to pass the legislation before the Thursday deadline. If the deal wraps up soon, investors can turn their attention back to economic basics
Villain Arts will host Memphis’ first Tattoo Arts Convention this weekend. Attendees can get tattooed by one of the 200 participating artists and enjoy a wide variety of sideshow-styled entertainment. The convention is being held downtown at the Cook Convention Center and will include many local Memphis tattoo shops, including No Regrets and Studio 42, as well many from across the region. Dustin Schild, owner of Studio 42, said some artists are coming from as far as Philadelphia. “This is the first significant tattoo convention
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sion, the act of suspending one’s body through body piercings. Annalizabeth Craig, a University of Memphis student, said this convention is an important step in changing people’s outlooks on tattooing and other forms of body modification. “I think it’s important to open up people’s minds to the art of tattoos, as opposed to the way tattoos have been seen in the past. This can definitely help bridge a generational gap,” Craig, a senior art major, said. “I hope this breaks the traditional boundaries of how tattoos are seen and what they really are, which is art and ways to retain memories.” Along with local tattoo parlors, artists from all
see GoVERnMEnt on page 6
dolly herciuk, a fine arts senior at the university of Memphis, got her tattoo at no Regrets at 1928 Madison Ave. Alexandra Pusateri, an international studies and journalism senior, also got her tattoo at no Regrets. we’ve had in Memphis,” Dustin said. “It will really be a nice celebration of good artists and great art.” He said this is his shop’s first convention with the Villain Arts, an organization that holds conventions all across the country, and that this is a big step for Memphis’s tattooing community. “The town as a whole is really starting to rally around a lot things in Memphis, such as the Grizzlies. It’s about time Memphis steps up and starts being a big player in the national scene with tattoos, art and everything else our city has to offer,” Schild said. Along with tattooing, the convention offers a versatile array of entertainment, ranging from music, celebrity guest speakers such as Amy Nicoletto from “L.A. Ink,” burlesque and suspen-
Sports Week Highlights
The government narrowly avoided the debt ceiling crisis Wednesday that would have handcuffed the U.S. Treasury Department and sent negative ripples globally throughout the financial world. While the solution keeps the United States from defaulting on its loans, the deal only bought lawmakers more time. If Congress and President Obama hadn’t come up with an agreement to reopen the government and raise the current debt ceiling by Thursday, then the U.S. Treasury would have exhausted its ability to borrow more money to pay off its bills. At that point, the Treasury Department would only be able to use the money it has left in cash reserves, which is about $30 billion plus any incoming tax revenue, according to ABC News, to pay its bills. After that, it gets tricky. “Basically, what we do is borrow money to pay off existing debt and replace it with new debt,” Douglas Campbell, director of the Center for Economic Education at the U of M, said. However, this system of paying off debt is not as circular as it may seem initially. “The government usually receives a big spike in tax revenue between February and April each year when everyone pays their taxes, and they usually also get little spikes at the end of every fiscal quarter,” Campbell said. “But the government has bills to pay every day, and it can’t necessarily wait for a spike in revenue to pay those bills, so it borrows kind of continuously of a short-term basis.” This system of continuous borrowing is not exclusive to the government, and many other major corporations employ the same method to pay bills during spikes in revenue. “Walmart gets a big chunk of their revenue during the holiday shopping season, but they have to pay bills year round, so Walmart will borrow money during the year on short term basis and then pay it off in December,” Campbell said. “So that aspect of government borrowing is neither surprising nor controversial.” However, if the debt ceiling was not raised by Thursday deadline the Treasury Department would be forced to perform “extraordinary measures” to prevent the
Memphis hosts tattoo convention
By Samuel Prager
4
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Senate deal on debt, shutdown sends stocks soaring fund the government through Jan. 15. The agreement follows a month of political gridlock that threatened to make America a deadbeat and derail global markets, which depend on the U.S. to pay its bills. American government debt is widely considered the world’s safest investment. Markets stayed largely calm throughout the drama in Washington, with the S&P 500 actually gaining 2.4 percent since the shutdown began Oct. 1, after House Republicans demanded changes to President Barack Obama’s health care law before passing a budget. Wall Street gambled that politicians
McDonald’s Rescheduled Hearing
index
Tiger Babble International Local
2 Tiger Tales 3 Sports 4 Throwback
5 6 7
2 • Thursday, October 17, 2013
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H ELMSMAN Volume 81 Number 30
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DOMINO’S PIZZA Across 1 Breadth of fresh hair? 4 2000s HBO drama set in Utah 11 “Figured it out!” 14 Longtime Parlophone record label owner 15 Valentine sender 16 Submerge 17 A 20 2002 World Series champs 21 Pawn 22 Author Carnegie 23 CPR provider 25 Library sect. 27 AA 32 Venerable ref. 33 Moving line on the ground, maybe 34 Places to perch 35 Rosebud, notably 36 Lean and sinewy 37 Good thing to pass 40 When Bloomsday, which celebrates Joyce’s “Ulysses,” is observed 41 “Just __ figured!” 44 AAA 47 Profound 48 32-Across cousin of arch. 49 River through the Czech Republic 50 Canadian brewery 53 Doughboy’s helmet 55 AAAA 58 Prefix with tonic 59 Restraining device 60 Carnival setting 61 Messenger developer 62 Office chair mechanisms 63 Email suffix Down 1 “There was no choice for us” 2 “That’s mind-blowing!” 3 Laughed nervously, maybe 4 Scene of a lost glass slipper 5 Time to beware
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Complete the grid so that each row, column and 3-by3 box (in bold borders) contains every digit 1 to 9. 6 Clock-setting std. 7 Stewed 8 Handel opera written in Italian 9 Not hor. 10 Consequently 11 Slow movements 12 Place to lie low 13 Make like 18 Command to Fido 19 Manhattan variety 23 Abbr. for dating enthusiasts? 24 Hood et al.: Abbr. 26 Common cellphone feature, briefly 28 Manservant 29 Italian : gennaio :: Spanish : __ 30 Patterned cloth 31 Sticks with a horn
35 Visit 36 Milquetoast 37 Pie material? 38 Of no help 39 Apply liberally 40 Foresail 41 Present and accounted for 42 Moderately dry, climatewise 43 Challenging opening 45 Twisty pasta 46 It’s mostly made of zinc 51 Some NCR devices 52 Spring occurrence 53 Starbucks order 54 Followers: Suff. 55 Pep 56 Service abbr. 57 Pre-A.D.
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Thursday, October 17, 2013 • 3
International
Syria rebel video contends new split in opposition By Steve Rothwell Associated Press
BEIRUT (AP) — Several dozen rebel groups in southern Syria have broken with the main political opposition group in exile, a local commander said in a video posted Wednesday, dealing a potential new setback to Western efforts to unify moderates battling President Bashar Assad’s regime. The Turkey-based Syrian National Coalition, the political arm of the Free Syrian Army rebel group, has long struggled to win respect and recognition from the fighters. It is widely seen as cut off from events on the ground and ineffective in funneling aid and weapons to the rebels. In the video, a rebel in military
fatigues read a statement with about two dozen fighters standing behind him, some holding a banner with FSA emblems. FSA spokesman Louay Mikdad told The Associated Press that the video is authentic and identified the man speaking as a captain in one of the rebel groups, Anwar al-Sunna, which posted the video. The rebel in the video said political opposition leaders have failed to represent those trying to bring down Assad. “We announce that we withdraw our recognition from any political group that claims to represents us, first among them the Coalition and its leadership which have relinquished the principles of the homeland and the revolution,” he said. He named 66 groups that he said
support his statement. The man suggested rebel groups would reorganize, saying that “we are unifying the forces of the revolution militarily and politically,” but did not explain further. It could not be confirmed independently if all the groups named in the video support the statement. Noah Bonsey, an expert on Syrian rebels at the International Crisis Group think tank, said one of the larger groups named in the video did not post the statement on its Facebook page. Nevertheless, Louay Mikdad, an FSA spokesman, said the video should serve as a wakeup call to the Coalition. “We respect what they (the rebels) are saying,” he said. “We think our brothers in the Coalition ... should listen to the people inside and they should open a direct dialogue with them.”
He said the FSA commander, Gen. Salim Idris, would try to speak to some of the groups named in the video. Coalition spokesman Khaled Saleh did not immediately respond to an emailed request for comment. Hundreds of groups of fighters operate in Syria, often with considerable local autonomy, and shifting alliances are common in a chaotic battlefield. Last month, nearly a dozen of Syria’s more powerful rebel factions broke with the Coalition and called for Islamic law in the country, cementing the rift between rival camps. Rebel groups with a strong Islamic orientation, from moderates to hardliners, “appear to be aligning themselves politically, much more closely than they have previously,” said Charles Lister, an analyst at IHS Jane’s
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Terrorism and Insurgency Center. The groups named Wednesday appear largely local and less influential than those which broke away from the Coalition in September, Lister said. Mikdad said they include rebel groups from the southern Daraa provinces and the rural areas around the capital, Damascus. Southern Syria has been considered a stronghold of the moderate opposition, while Islamic extremists, including those linked to al-Qaida, seem to be spreading their influence in the north and east. The latest apparent setback for the Coalition comes at a time when it’s trying to decide whether to attend negotiations with the regime on a political transition. U.N. Secretary-General Ban Ki-moon said Wednesday that the U.N., the U.S. and Russia are “intensifying efforts” to start such talks in Geneva in mid-November. The main faction in the Coalition has said it has no faith in such talks and won’t attend, though a final decision isn’t expected until next week. Syrian opposition leaders are particularly upset about the international community’s decision to treat the Assad regime as a partner in dismantling Syria’s chemical weapons stockpile. The disarmament mission grew out of deadly Aug. 21 attacks with chemical weapons on rebel-held suburbs of Damascus. The West holds the regime responsible, while the Assad regime blames the rebels. The Organization for the Prohibition of Chemical Weapons said Wednesday that its inspectors have so far visited 11 of more than 20 sites linked to the chemical weapons program. The team destroyed “critical equipment” at six sites as well as unloaded chemical weapons munitions, said the OPCW. A joint OPCW-U.N. mission is to eliminate Syria’s chemical weapons, precursor chemicals and production facilities by mid-2014. Ban on Wednesday named a chief for the mission, appointing Sigrid Kaag, a Mideast expert and Arabic speaker from the Netherlands. The team began operating in Syria at the beginning of October, and by last week, had visited two sites. Wednesday’s update signaled significant progress in the team’s work. The inspectors are being asked to complete a first round of site visits by the end of October, including verifying inventory and rendering production, mixing and filling facilities unusable. The next phase, eliminating chemical agents, would begin after Nov. 1. Experts say it’s a tight timetable, particularly with inspectors operating in the midst of a civil war. The head of the OPCW has said one site is in rebelheld territory and that routes to others run near areas of fighting. Syria’s conflict erupted in March 2011, as a largely peaceful uprising against Assad that escalated into a civil war. The fighting has claimed more than 100,000 lives and displaced some 7 million people.
4 • Thursday, October 17, 2013
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Iran nuclear talks end on upbeat note, more in nov. By George Jahn Asscotiated Press
GENEVA (AP) — Nuclear talks between Iran and six world powers ended on an upbeat note Wednesday, with top Western and Iranian negotiators announcing a follow-up round early next month while speaking of significant progress in efforts to reduce fears that Tehran may be seeking atomic arms. Despite abandoning the pessimistic tone of previous meetings, however, negotiators refused to reveal details on what — if any — concessions Iran offered. That gives potential traction to skeptics who can claim the conference was aimed more at building trust and silencing critics at home than in resolving the thorny issues that have blocked progress over a decade of talks. Iran denies suspicions that it wants nuclear arms and has resisted incentives and tough penalties aimed at curbing its atomic activities. But since reformist Iranian President Hassan Rouhani took office in August, senior officials from Rouhani on down have pledged to meet international concerns in exchange for an easing of crippling economic sanctions. The post-meeting optimism expressed by senior Western and Iranian officials suggested that Tehran had put forward serious proposals at the two-day talks. Catherine Ashton, the EU’s top diplomat, spoke of “a very intensive and, I think, a very important meeting,” while Iranian Foreign Minister Mohammed Javad Zarif said he hoped for “the beginning of a new phase” between his country and some of its most vehement critics. “I believe that both sides are serious about finding a resolution, that both sides want to find common ground,” Zarif said. “And I hope that my counterparts ... will also take back home the fact that Iran is interested in resolving this issue.”
Zarif led the Iranian delegation while Ashton convened the talks. Past sessions were often punctuated by months-long pauses as the two sides tried to find common ground. Ashton said, however, that the negotiations would reconvene Nov. 7-8 in Geneva. A statement read by Ashton to reporters on behalf of both sides said the talks were “substantive and forward looking.” Russian Deputy Foreign Minister Sergei Ryabkov, Moscow’s chief negotiator, was more sparing with praise, describing the meeting as “better than many people thought, but worse than what we hoped for.” A senior U.S. official said that while the six powers “got more today than we’ve ever gotten, there’s a whole lot more that we need to get and probably more that Iran wants to get from us. ... There’s a lot of detail that needs to be unpacked.” The official demanded anonymity as a condition for attendance at a background briefing. A key six-power concern is enrichment, which can create both reactor fuel and weapons-grade material suitable for a nuclear bomb. Iran currently runs over 10,000 centrifuges which have created tons of fuel-grade material that can be further enriched to arm nuclear warheads. That’s a relatively slow process with such reactor-grade material. But Tehran also has nearly 440 pounds (200 kilograms) of higher-enriched uranium in a form that can be turned into weapons much more quickly. Experts say 550 pounds (250 kilograms) of 20 percent-enriched uranium are needed to produce a single warhead. With no details disclosed, it was unclear whether Iran had moved toward meeting any of the six-power demands left from the last round of talks in April. These include: suspension of enrichment above reactor fuel-grade levels, freezing of enrichment at an underground
bunker believed impervious to airstrikes, no new centrifuge installations, placing uranium stockpiles under strict U.N. supervision and shipping out most of the higher-enriched uranium closest to weapons-grade. In exchange, the six — the United States, Russia, China, Britain, France and Germany — had offered some sanctions relief, but not on oil exports, Iran’s main cash cow. Iranian state TV, which closely reflects government views, said Tehran offered to discuss uranium enrichment levels. The report also said Iran proposed adopting the additional protocols of the U.N.’s nuclear treaty — effectively opening its nuclear facilities to wider inspection and monitoring — if the West recognizes Iran’s right to enrich uranium. But Zarif said implementing the protocols was not an issue “at this stage.” Even if the meeting achieved limited progress, the United States and Iran remain vulnerable to powerful forces back home that may scuttle the process without proof they are delivering on widely diverging goals. Iranian hard-liners want significant sanctions relief, while many members of the U.S. Congress want concrete reduction of the perceived Iranian nuclear threat. The U.S. Senate’s Banking Committee is expected to take up a new package of restrictive measures in the coming weeks, similar to a bill passed by the House of Representatives in July. The House’s legislation blacklisted Iran’s mining and construction sectors, and committed the United States to the goal of eliminating all Iranian petroleum exports worldwide by 2015. A large majority of senators already have spoken out in favor of the new sanctions. Sen. Marco Rubio, Republican of Florida, introduced a Senate resolution Wednesday calling for additional sanctions on Iran.
“No one should be impressed by what Iran appears to have brought to the table in Geneva,” Rubio said. “Tehran has broken its word far too many times to be trusted. Due to its complete disregard for previous international agreements, we must take a firm stand in all negotiations regarding the nuclear capabilities Iran is permitted to retain.” Describing the Iranian overture as a “proposed approach,” not a proposal, U.S. State Department spokeswoman Jen Psaki said that she was not aware of any decision the Obama administration had made about whether or not to continue to ask Congress to hold off on placing
additional sanctions on Iran until after the second round of talks convenes in early November. For Iran, any proposed nuclear deal must pass through a potentially difficult review by Iran’s powerful Revolutionary Guard. For the moment, Guard leaders have been appeased somewhat by supreme leader Ayatollah Khamenei’s suggestion that there are time limits — perhaps six months — on attempts to move forward on a nuclear deal with the West. If no progress is shown, hard-liners are likely to increase their demands to end Rouhani’s bid.
Tigers Pounce
on cancer! Join RELAY FOR LIFE An inspirational overnight fundraising event to • Celebrate cancer survivors • Remember loved ones lost to cancer • Fight back against this devastating disease! Visit our information table to learn more: Tuesday, Oct. 22 11 a.m. – 2 p.m. UC Lobby Atrium Sponsored by Colleges Against Cancer/Relay For Life at the University of Memphis Relayforlife.org/univofmemphis
Local
McDonald’s relocation hearing to be rescheduled once again By Robbie Porter
news@dailyhelmsman.com The Memphis City Council delayed a hearing on Tuesday that would determine whether or not the McDonald’s at 657 South Highland St. would be relocated to the corner of Highland Street and Southern Avenue. This hearing would include a vote on the design plans of the new McDonald’s and ultimately determine if the relocation would be approved. SR Consulting, the company in control of the design of the relocation project, requested the hearing
be postponed until Dec. 17 in order to develop a new plan. This is now the second time the hearing has been rescheduled, and it is possible that it could be postponed again. After the rescheduling of the hearing was requested, Josh Whitehead, the director of Memphis’ Office of Planning and Development, recommended that the plans be sent back to be revised. Since the original plans that were set to be voted on are going to change, they have to be revised once again by the Land Use Control Board, according to Whitehead. The Land Use Control Board has the power to hold the plans if they feel they are not ready, so there is a chance that a final vote on the project
could be delayed for a third time, Whitehead said. If these plans are voted down, SR Consulting must wait another 18 months before proposing new plans. While specific problems with the plan were not brought up at the meeting, the primary issue with the plans that has been voiced so far has mainly centered around designing a drivethru that falls in line with regulations of the University District Overlay. The overlay is a document designed by The Memphis and Shelby County Office of Planning and Development and the University Neighborhoods Development Corporation aimed to govern construction projects in the University area.
GHA Event Graduate Students for a Cause Race for the Cure Saturday October 26 Carriage Crossing in Collierville 5K Run/1mile Fun Walk Meet at 7am Followed by breakfast at IHop (1025 Poplar Ave Collierville TN. 38017) Register online, click Join a Team, Search for GHA, as a college group, Team Captain: Layal Naserdin, $30 All shirts will be picked up together by the Captain. (www.komenmemphis.org/komen-race-for-the-cure/)
The University of Memphis
Tigers’ Ta es
“It’s kind of over my left shoulder. It says ‘faith, patience and hope.’”
Stephanie Segura, Biology freshman
Thursday, October 17, 2013 • 5
Do you have any tattoos? By Jonathan Capriel
“I have two. On my left ribs it says, ‘Give Me Liberty,’ and the other is an outline of a house.”
“On my left arm, I have a tattoo that says ‘blessed,’ and on my right, I have a dove with a twig in its mouth.”
“I have four. A circle, my zodiac on my leg, the one on my right arm says, ‘It’s okay,’ and a sewing machine on my right arm.”
William Haynes, English senior
Tyeshia Hawkins, Education junior
Sadie Stodden, Spanish senior
Tattoo Page 1
across the country will have booths set up at the convention, tattooing. “This will give people a taste of what tattooing is like outside of the South, because tattooing is really a global movement of keeping your stories on you forever,” Craig said. “Seeing more people out there who also care about changing the way they appear to other people for the sake of telling your story better and looking more true to how you feel is awesome — plus the artistry there will be incredible.” In addition to providing information for patrons, the convention will also hold seminars for the veteran professionals on body modification, including tattooing, piercing and implants.
Blair Davis, a sophomore recording industry major, hopes the convention will bridge the gap between people who are for and against tattoos. ”This is a big thing for the professional artists in Memphis, and the convention will be great just for the sake of seeing how many different people can express their artistry uniquely,” Davis said. The convention, which is sponsored by Pabst Blue Ribbon and Sailor Jerry Spiced Rum, is scheduled for Friday, Saturday and Sunday. Single-day passes are $20 and weekend passes are $40, and both can only be bought at the show. “It’s going to be three days of beautiful tattoos and great entertainment — you can’t ask for more. This is probably one of the best things to happen to tattooing in this town ever,” Schild said.
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“Over my left shoulder, I have a cat with angel wings on it.”
Kate Clayborn, Undecided freshman
Special Guests • Reverend Horton Heat • The Show Devils: Enigma & Serena Rose • Misguided Youth Suspension • SublimedLive • Burlesque by: Smurf & Scarlett Storm
If you go when: Oct. 18 to 20: Friday, 2 p.m. to midnight; Saturday, 11 a.m. to midnight; Sunday, 11 a.m. to 8 p. m. where: Memphis Cook Convention Center
6 • Thursday, October 17, 2013
Government Page 1
like third-quarter earnings. Overall earnings at companies in the S&P 500 index are forecast to grow 3.1 percent from a year earlier, according to data from S&P Capital IQ. That’s slower than the growth of 4.9 percent in the second quarter and 5.2 percent in the first quarter. It will be harder for Wall Street to get an up-to-date view of the economy because the partial government shutdown that began Oct. 1 has kept agencies from releasing key reports on trends like hiring. In general, though, the economy has been expanding this year. Despite broad confidence that the political parties would strike a deal, the Dow went through rough patches over the last month, at one point falling as much as 900 points below an all-time high reached on Sept. 18. The Dow has seen seven triple-digit moves in the last 10 trading days. On Wednesday, the Dow Jones climbed 205.82 points, or 1.4 percent, to 15,373.83. The S&P 500 gained 23.48, or 1.4 percent, at 1,721.54. That’s only four points below its record close of 1,725.52 set Sept. 18. The Nasdaq composite climbed 45.42, or 1.2 percent, to 3,839.43. The feeling among stock traders in recent days was that panicking and pulling money out of stocks could mean missing out on a rally after Washington came to an agreement. Investors have also become inured to Washington’s habit of reaching budget and debt deals at the last minute. “Investors have become, unfortunately, accustomed to some of the dysfunction,” said Eric Wiegand, a senior portfolio manager at U.S. Bank. “It’s become more the norm than the exception.” In the summer of 2011, the S&P 500 index plunged 17 percent between early July and early August as lawmakers argued over raising the debt limit, and Standard & Poor’s cut the U.S. credit rating from AAA, its highest ranking. The market later recovered. Stocks also slumped in the last two weeks of 2012 as investors fretted that the U.S. could go over the “fiscal cliff ” as lawmakers argued over a series of automatic government spending cuts. Stocks rebounded and began a strong rally that has propelled the S&P 500 up almost 21 percent this year. Some were glad that investors could now turn their focus back to the traditional drivers of the market rather than worrying whether the latest dispatch from Washington would shake stocks. “It’s a little bit silly in the short term for markets to go down so much on press conferences and then to go up so much on rumors,” said Brad Sorensen, director of market and sector research at the Schwab Center for Financial Research. “We’ve urged investors to pull back a little bit and look at the longer term.” The market for U.S. Treasury bills reflected relief among bond inves-
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Sports
Highlights from this week
Senior punter earns another accolade The University of Memphis football team might be 1-4 on the season, but one Tiger received national recognition Tuesday for his talents. Senior punter, Tom Hornsey, was named to the 2013 midseason college football AllAmerica Team, voted on by the staff and writers for CBSSports.com. Hornsey is one of five special team players recognized on the list. The veteran Tiger is averaging 47.0 yards per punt this season — the third highest in the country, according to the latest Football Bowl Subdivision rankings. Hornsey is also a candidate for the Ray Guy Award, which is given to the nation’s top collegiate punter. The Tigers return to the Liberty Bowl Memorial Stadium Oct. 19 at 11a.m. against the Mustangs of Southern Methodist University.
Volleyball drops third loss at home
By Meagan Nichols
sports@dailyhelmsman.com
Memphis tennis duo wins regional championship
Two seniors on the University of Memphis tennis team made school history Monday at the ITA Ohio Valley Regional Championships in Knoxville, Tenn. David O’Hare and Joe Salisbury grabbed the 8-6 victory against David Fox and Victor Cornea of Middle Tennessee, marking the first regional doubles victory in program history. With the win, the pair qualified for the USTA/ITA Indoor Intercollegiate Championships in Flushing, N.Y. on Nov. 7-10 at the Billie Jean King National Tennis Center.
The University of Memphis volleyball team lost to Tennessee State University at the Elma Roane Fieldhouse on Tuesday. The 3-2 loss marked the 10th of the season and the fourth consecutive loss for Memphis who has a current 9-10 record. Memphis took the early lead winning the first two sets 25-21 and 25-22, but Tennessee State roared back earning the 27-25 third set win, followed by the 26-24 fourth set victory. The game was forced to go to a fifth set with Memphis unable to hold off Tennessee State, falling 15-12. The volleyball squad finishes their stretch at home on Oct. 18 when they welcome Rutgers to the Fieldhouse at 7 p.m. and on Oct. 20 when the Huskies of Connecticut face the Tigers at 1 p.m. Both matchups are against conference foes.
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October 17: Andy Childs
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October 31: Dr. Zarr’s Amazing Funk Monster* & Halloween Party
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see shutdown on page 7 u of m oct. 17 '13.indd 1
9/10/13 2:30 PM
The University of Memphis
Thursday, October 17, 2013 • 7
Throwback
Boxing tourney hopes for $600 Staff
Helmsman ‘78 Sigma Alpha Epsilon hopes to make about $600 for muscular dystrophy from their third annual SAE Boxing Tournament. Geln Rosenbush, SAE coordinator, said that final expenses have not been figured yet, but the fraternity still expects more than the $425 they took in last year. SAE won first place in total points for the tournament. Sigma Phi Epsilon took second with Alpha Tau Omega third. Luke Jones of SAE won the 125 weight class. Al Ritter of Pi Kappa took the 135-weight class. Gail Roane of
Sigma Phi Epsilon won the 145 weight class. Kappa Alpha’s Alan Ellis won the 155 weight class. Winning the 165 weight class was Billy Byrd of SAE and Willis Hardaway of Alpha Phi Alpha took the 175 weight class. Sig Ep’s Bobby Whitlow won the 190 weight class. And Jett McBride of Alpha Tau Omega won by default for the unlimited championship. Although there were a few bloody noses, the most serious injury was not received in the ring, said Rosenbush. Sam Belich of Lambda Chi defaulted in the 175 weight class because he broke his nose during fraternity bowling. “It’s just as rough as boxing, I guess,” said Rosenbush.
PHOTO BY ORAN QUINTRELL | STAFF ‘78
KnoCKout…Billy Byrd of sAE (right) received a tKo in the third round of his 165 weight class bout with danny Lees of Pi Kappa theta in Friday night’s championship fights.
Shutdown Page 6
tors. The yield on the one-month T-bill dropped to 0.13 percent from 0.40 percent Wednesday morning, an extraordinarily large move. The decline means that investors consider the bill, which would have come due around the time a default may have occurred, to be less risky. The yield on the 10-year Treasury note edged down to 2.67 percent from 2.74 percent Tuesday. Yields on longer-term U.S. government debt haven’t moved as much as those on short-term debt because investors
believed that the government would work out a longer-term solution. Among stocks making big moves: — Bank of America rose 32 cents, or 2.2 percent, to $14.56 after the second-largest U.S. bank reported a surge in third-quarter earnings. — Stanley Black & Decker plunged $12.70, or 14.3 percent, to $76.75 after the company lowered its profit forecast for the year, citing slower growth in emerging markets and a hit from the U.S. government shutdown.
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country from defaulting on its debt. One option is to keep making interest payments to avoid a default, but in order to do that, the government would have to drastically cut back the amount of other bills they pay such as Social Security, Medicare, Medicaid, military spending, highways, domestic programs and the continued furloughs of government employees. “This would amount to a significant cut in government spending — that will certainly harm our economy and will likely push us very close to, if into a recession,” Campbell said. “Whenever the government cuts spending, it decreases the total amount of spending in our economy, which decreases the size of the economy.” According to a report from Macroeconomic Advisers, spending cuts and fiscal policy uncertainty has already cost the county roughly $700 billion since 2011, which adds up to around 3 percent of the gross domestic product. The other option would essentially involve the government defaulting on its debt. “In the entire history of our country, we have never missed a debt payment. As a result, financial markets around the world literally regard U.S. Treasury securities as the safest assets you can own, because the U.S. government has always paid its bills,” Campbell said. “If we don’t pay our bills it sends a message to financial markets that now, the one type of security that is risk-free, isn’t.” U.S. treasury securities are used as a baseline for interest rates on other form of debt in terms of measuring risk.
Solutions
8 • Thursday, October 17, 2013
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Tigers welcome new conference, challenges By Hunter Field
sports@dailyhelmsman.com The FedExForum hosted head basketball coaches and several players from each school in the newly formed American Athletic Conference for media day Wednesday morning. The event kicked off what promises to be a competitive and exciting year for the University of Memphis men’s basketball squad. Cincinnati, Central Florida, Louisville, Temple, Connecticut, South Florida, Rutgers, Houston and SMU round out the teams joining the U of M in The American’s debut season. Mike Aresco, the conference commissioner, addressed the media to start the event. Aresco thanked Memphis for the hospitality and highlighted the quality of basketball The American will boast this season. “We feel we are very strong from top to bottom,” Aresco said. “Three of our coaches have been head coaches in the NBA. Two of our coaches have played in the NBA, and two others are in the Naismith Basketball Hall of Fame.” The coaches in The American unanimously selected Louisville as the favorite to win the conference. Louisville won the national championship last season and wants to get back there this year. “It’s all about getting another tattoo,” said head Louisville coach Rick Pitino. Last year, Pitino promised his team he would get a tattoo at the end of the season if they won the national title. “This conference has some of the best coaches in the game, and we have another challenge this year,” he said. Memphis received one less point
than UConn as The American coaches projected the Tigers to finish third in the conference this season behind the Huskies. However, senior U of M guard Joe Jackson, who was a unanimous selection for the preseason all-conference first team, said he pays little attention to preseason rankings. “I just use them as motivation,” Jackson said. “It all comes down to what you do on the court, but I use anything I can get to give me an advantage.” Memphis dominated their former conference, Conference USA, over the past decade. The Tigers won every conference game last season and the C-USA tournament. Since 2006, the U of M has been victorious in every C-USA tournament except in 2010 when Houston won. The American presents Memphis with a much tougher task. Two of the last three national champions compete in The American, but Jackson said he looks forward to the challenge every game. “Going into the previous three seasons, we knew we would make the tournament,” he said. “This year it’s not a guarantee. Every game will be a push and a test.” Jackson said it excites him to play in a conference where wins are not so certain. “Actually, I hated it,” Jackson said of playing in C-USA. “I want to play competition every night. This is a blessing in disguise for our organization. It’s better for us because we’ll be on national television and people will see the type of players we are.” Jackson will get his fair share of television time. Every American conference game will be nationally televised according to Aresco. Jackson said he also looks forward to the big games the Tigers play in the FedExForum.
PHOTO BY HUNTER FIELD | STAFF
the American Athletic Conference hosted the basketball media day on wednesday at the FedExForum. All head coaches (above) in the American were in attendance. seniors Chris Crawford and Joe Jackson (below) answered questions for the media. Crawford and Jackson are two of five seniors on the 2013-14 squad. “No place even compares to here (FedExForum),” he said. “The fans are great, and they make it hard on the opposing team to even here their own plays.”
U of M fans will have their first glimpse at the Tigers Oct. 18 at the annual Memphis Madness event at the FedExForum. There are no more tickets available
at Ashley Furniture HomeStores. Fans still interested can pick up tickets at the FedExForum box office starting at 10 a.m. Thursday. Tickets will be limited to four per person.
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