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Vol. 123 No. 187

September 19, 2013

Sidney, Ohio

www.sidneydailynews.com

$1.00

Surprise from Federal Reserve

TODAY’S NEWS

No pullback in bond purchases

TODAY’S WEATHER

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Martin Crutsinger

INSIDE TODAY

WASHINGTON (AP) — The Federal Reserve isn’t yet convinced that the U.S. economy is healthy enough for the Fed to ease its stimulus even slightly. The Fed’s cautious message Wednesday surprised — and pleased — investors, who had expected a slight cut in the Fed’s $85 billion in monthly bond purchases. Wall Street celebrated the prospect of continued low interest rates by sending stocks surging to a record high. In a statement after a policy meeting, the Fed said it has no set timetable for reducing its stimulus. It all depends how the economy fares. Chairman Ben Bernanke explained later at a news conference that there are good reasons for the Fed to be cautious about slowing a bondpurchase program that’s designed to keep long-term rates ultra-low: — The Fed has yet to see conclu-

AP Economics Writer

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sive evidence that the job market and economy are approaching full health. — Rates on mortgages have surged, and the Fed’s bond purchases are needed to hold those rates down and keep home buying affordable for ordinary people. — A budget stalemate in Congress and the threat of a government shutdown as soon as next month are holding back growth and putting the economy at risk. “Conditions in the job market today are still far from what all of us would like to see,� Bernanke said at his news conference. Stocks spiked immediately after the Fed released its statement at the end of its two-day policy meeting and closed at a record high. The Dow Jones industrial average jumped 147 points or 1 percent. The Fed’s decision to maintain the pace of its purchases raised hopes for

See BOND | 3

Fed delays tapering of stimulus

The Federal Reserve said Wednesday it has decided against gradually reducing its bond-buying program, which was implemented to keep long-term bond rates low and induce people to borrow and spend. FEDERAL FUNDS RATE

The Fed has kept its key interest rate at a record low near zero since December 2008. 7 percent 6 5

December 2008 to September 2013 0-0.25%

4 3 2 1 0

Recession ’00

W.P.G. Harding Daniel R. Crissinger

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’05

’06

’07

’08

’09

’10

’11

’12

’13

Roy A. Young

2 years 6 4 3

Eugene Meyer Eugene R. Black

3 1

Marriner S. Eccles

14 3

Thomas B. McCabe Wm. McC. Martin, Jr

19

Arthur F. Burns

8 1

G. William Miller

8

Paul A. Volcker Alan Greenspan

19

Ben S. Bernanke 1910

7 1930

1950

1970

SOURCE: Federal Reserve

1990

2010 AP

GOP leaders: Dodge default, defund Obamacare David Espo AP Special Correspondent

“It is truly an event that highlights school pride and commitment to excellence.� A return to this tradition is the performance from a college marching band. “Ohio Northern University’s ‘Star of Northwest Ohio’ will be performing their

WASHINGTON (AP) — House Republicans vowed Wednesday to pass legislation that would prevent a partial government shutdown and avoid a historic national default while simultaneously canceling out President Barack Obama’s health care overhaul, inaugurating a new round of political brinkmanship as critical deadlines approach. Obama swiftly condemned the effort as attempted political extortion, and the Republican-friendly Chamber of Commerce pointedly called on lawmakers to pass urgent spending and borrowing legislation — unencumbered by debate over “Obamacare.� The two-step strategy announced by House Speaker John Boehner marked a concession to his confrontational rank and file. At the same time, it represented a challenge to conservatives inside the Senate and out who have spent the summer seeking the votes needed to pull the president’s cherished health care law out by its roots. They now will be called on to deliver. “The fight over here has been won. The House has voted 40 times to defund, change Obamacare, to repeal it. It’s time for the Senate to have this fight,� said Boehner, an Ohio Republican. As outlined by several officials, Boehner and the leadership intend to set a House vote for Friday on legislation to fund the government through Dec. 15 at existing levels while perma-

See BAND | 3

See DEFAULT | 3

INDEX

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’04

Charles S. Hamlin

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Recession ’03

There have been just three Fed chairmen since 1980.

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TODAY’S THOUGHT

’02

FEDERAL RESERVE CHAIRMEN SINCE 1914

DEATHS

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’01

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The Ohio Northern University Marching Band will perform Saturday at the Sensational Sound band show at Sidney Memorial Stadium. Tickets for the event are $5 per person.

ONU Marching Band to perform at Sensational Sound Sidney High School Marching Band will host the 27th annual Sensational Sounds Band Festival Saturday at 7 p.m. at the Sidney Memorial Stadium. Five high school bands, in addition to the Sidney High School Marching Band, will be performing, and include Miami East, St. Henry, Triad, Twin Valley South, and

Wayne-Trace. Each band will perform on the field of Sidney Memorial Stadium and an award will be given to one band and their supporters that show the most school spirit. “This is a chance for the community and area bands to see and hear a showcase of local talent,� said Sarah Steenrod, who is chairing the event.

Drake, The Game donate to mom whose kids died

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John Seewer Associated Press

TOLEDO (AP) — Rappers The Game and Drake plan to donate $22,500 to help an Ohio woman pay for the funerals of her five children and boyfriend who died in a mobile home fire. The Game called the Burger King restaurant where the woman works Tuesday and asked what he could do to help her, a spokesman for the family said. Anna Angel’s five children and her boyfriend were killed early Sunday when a fast-moving fire tore through their mobile home in Tiffin, about 50 miles southeast of Toledo. Angel was working at E XOT I C I N S E C T S FROM AROUND T H E WO R L D

the time and raced home on her bicycle when she learned of the fire. A funeral for the children was scheduled for Thursday. “It’s just never right when they leave the earth early,� The Game said in a phone interview Wednesday. “They shouldn’t make caskets that small.� The Game said he told Angel’s boss that he and Drake each wanted to donate $10,000 and asked what else she needed. When the rapper was told that Angel did not have a car, he added $2,500 more to the donation from the producers of his reality TV show, “Marrying The Game.� Neighbors said after the fire

that Angel’s only transportation was her bicycle and that she was often seen riding with her children behind in a bike trailer for kids. “I weighed it against my life,� he said. “I can only imagine how difficult it is now.� The Game said he was talking with Drake when he learned about the fire and that they immediately agreed to help Angel. “When things like that happen, I never know what to say,� The Game said. “I send my heart, prayers and my love her way.� The Game recently started a charity called The Robin Hood Project to help people in need. Representatives for the rappers

have been in contact with a bank in northwest Ohio that is handling donations and expect to complete the transaction within the next two days, said Keith Hodkinson, the family spokesman. Community members already have raised about $16,000 for the family. Angel lost everything she owned in the fire, and the hope is that the fund will help her get back on her feet, Hodkinson said. “She’s extremely grateful, touched,� he said. “But she’s still in shock.� Donations can be sent to the Anna Angel Donation Fund, US Bank, 730 W. Market St., Tiffin, OH 44883.

Dr.insecta’s Bug Lab

40495238

Totally ED-Fun-Cational October 5, 2013 at 11:00 A.M. Cameo Theatre • 304 S. West St. • Sidney, OH 45365

Children $4 • Adult $6

Purchase Tickets At Gateway Arts Council, Ron & Nitas and at the door

937-498-2787

To purchase photographs appearing in the Sidney Daily News, go to www.sidneydailynews.com

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