2008-03-21

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THE BG NEWS Friday

Tribute to the troops

March 21, 2008

Volume 101, Issue 123 WWW.BGNEWS.COM

CAMPUS

Working hard for your money

Numerous students are awarded scholarships by the University each year, but maintaining these scholarships takes work | Page 3

Students hold vigil for soldiers

WORLD

China greets Tibet with troops China sends troops to Tibet after anti-government protests and acusing the Dalai Lama of promoting Tibetan Independence | Page 5

PULSE FORUM

Revolution may be the answer

Columnist Ally Blankartz suggests the idea of revolution as a solution to an ever disappointing America | Page 4

WEATHER

PEOPLE ON THE STREET

SPORTS

Falcons pull out a win in first round of Women’s NIT

The women’s basketball team took a hard-fought contest with the University of Dayton, winning 64-52 at Anderson Arena last night | Page 6

By Kyle Reynolds Reporter

Iraq is on the other side of the world, but the implications of the war in Iraq reach far beyond the Middle Eastern country. There have been 3,991 confirmed deaths of American soldiers in the war, according to the Department of Defense. Last night, Reach Out, a nonpartisan social issues group, and the College Democrats, came together to hold a candlelight vigil commemorating the fifth anniversary of the U.S invasion of Iraq. Andrew Arvay, freshman and member of Reach Out, said the purpose of the event was to honor the many soldiers fighting in the war. “People are dying for us,” Arvay said. “Whether you think their sacrifice is worth it, you still need to respect their memory.” The vigil is important because

See VIGIL | Page 2 CHRISTINA MCGINNIS | THE BG NEWS

If you could give University President Sidney Ribeau a screen name, what would it be?

LATRICE MITCHELL Junior, Business

“UKnowRibeau.” | Page 4

TODAY Snow High: 33, Low: 26

TOMORROW AM Snow Showers High: 37, Low: 20

Roadblocks “If you go, you want to be able to do it right.”

By Kristen Zenz Reporter

Celebrity influence comes to the forefront as celebrities endorse presidential hopefuls | Page 8

The BG News invites presidential and vice presidential candidates for USG to say their peace before next week’s elections | Page 4

PHOTO ILLUSTRATION BY CHRISTINA MCGINNIS | THE BG NEWS

Poor exchange rates make it hard for students to travel abroad

Celebs support the candiates

USG candidates speak out

ESTABLISHED 1920 A daily independent student press serving the campus and surrounding community

The world is your classroom, but the poor exchange rate of the dollar is making it harder for students to get off campus and fully take advantage of what the world has to offer by studying abroad. “It’s a bad time to travel,” said Kyoo Kim, economics professor. The University sponsors 21 semester and academic year programs in 16 countries across the world. Depending on which program a student uses, they can use their institutional, state and federal financial aid to pay tuition for a semester or year abroad. But spending and travel money comes from student pockets. For those studying in Europe, this may be burdensome. Since October 2007 the dollar has been falling against the euro. Last March the dollar was equivalent to .75 euros. Presently, the dollar equals .65 euros. It would cost $1.54 to buy one euro. In the simplest terms, the poor exchange rate is due to the basic principle in economics, supply and demand, Kim said. We buy a lot of foreign goods and we don’t export a lot, Kim said. The United States makes more money to pay other countries for their products. Because of this, the dollar is too plentiful, he said. The euro is a currency used within 13 European countries commonly visited by students studying abroad. Some of these countries are Italy, Austria, France, Germany and Spain. Christi Stefanik spent last year in Salzburg, Austria as a graduate student in political science and German. Even though she did not have

Christi Stefanik | Grad student to pay for her overseas program because she taught through an Assistantship program, she still had to buy everyday essentials and monitored the exchange rate daily. It’s really difficult for people, Stefanik said. They do everything right by planning and saving but then their money suddenly isn’t going to get them as far as they thought it would, she said. One of advantages of studying abroad is being so close in proximity to other countries. While in Austria, Stefanik traveled to Brussels and the Czech Republic in her spare time. But with the poor exchange rate and expensive travel accommodations, students may not be financially able to see and go places they once planned on. “If you go, you want to be able to do it right,” Stefanik said. The poor exchange rate depends on which country a student is in and what currency they are using. Christi Lahey, senior, studied in Townsville, Australia last spring. When she arrived in Australia the exchange rate was $.60 US to $1 Australian. When she left the exchange rate had rose to $.89 US to $1 Australian. Because of the changing exchange rate, she was able to make a profit when she

See EXCHANGE | Page 2

New York state Money capitol sex scandels woes go beyond Spitzer persist for home buyers By Michael Gormley The Associated Press

ALBANY, N.Y. — Of all the wisecracks heard in the marble halls of New York’s Capitol after Gov. Eliot Spitzer’s downfall in a callgirl scandal, one jest enlightened as much as it stung: Spitzer’s got to be the only guy in Albany who PAYS for sex. It is an open secret that there is a lot of fooling around going on at the statehouse. And at other statehouses, too. In fact, Gov. David Paterson, in an extraordinary news conference on Tuesday, his first full day on the job after taking over from Spitzer, acknowledged he had had extramarital affairs with a number of women while he was a state senator. At night, legislators, young staffers, younger interns, lobbyists and reporters mix at two or three bars just blocks from the Capitol. And there are numerous receptions, campaign stops and caucuses where lawmakers, straight and gay alike, often have many opportunities for a hookup. Up until just a few years ago,

“Unfortunately, many of the people who seek public office are flawed people ...” Paul Clyne | Former district attorney

lawmakers would go “window shopping” for interns at the start of every legislative session. In a practice that went on for decades, the interns would be corraled in a Capitol newsstand so that legislators could pick their office help based on their looks, not their resumes. The hanky-panky even has its own lexicon: There’s the “Bear Mountain Compact,” which says that what goes on north of the state park just outside New York City stays there. Lobbyists, staffers and reporters who seek to enhance their influence by bedding powerful lawmakers are known as “big game hunters.” And the men who sleep with the women lawmakers are “boy toys.”

See SEX | Page 2

MATT WUERKER | POLITICO.COM

Mortgage insurers refuse to insure home loans in some ZIP codes By Alan Zibel and J.W. Elphinstone The Associated Press

WASHINGTON — Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow — even for those with good credit. Mortgage insurers, whose backing is required for borrowers who can’t afford the traditional 20 percent down payment on a home, have already flagged nearly a quarter of the nation’s ZIP codes where they refuse to insure some home loans. That encompasses a wide variety of neighborhoods:

McMansions in Scottsdale, Ariz.; luxury Miami condos; 1960 ranch houses in Flint, Mich.; and early 20th century kit homes in Metuchen, N.J. The entire states of California, Florida, Arizona, Michigan, Ohio and Nevada — which have seen the highest foreclosure rates and the worst price declines — are blackballed on some mortgage insurers’ lists. Banks that have lost billions because of bad bets during the housing boom are now reverting to strict lending standards not seen in nearly 20 years, according to industry data and interviews with lenders. For new home buyers and those seeking to refinance, it

can mean higher down payments and a higher bar for credit scores, among other requirements. The toughest restrictions are in markets where home prices are falling, though regions where property values are rising are not immune. “We’re in the midst of an epic, broad, sweeping change in the mortgage industry,” said Chris Sipe, a loan officer with America East Mortgage in Frederick, Md. The reluctance to extend credit comes despite a flurry of government initiatives, including steady interest rate cuts by the Federal Reserve, intended

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See MORTGAGE | Page 3


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