No. 8 Michigan State routs No. 4 Michigan 75-52

EAST LANSING, Mich. (AP) — Michigan State has muddled through much of its season, finding ways to win games short on style with gritty substance.

The eighth-ranked Spartans, though, showed their potential in an impressive 75-52 win over No. 4 Michigan on Tuesday night in the rivalry's first matchup of top 10 teams.

"The sky is the limit," guard Keith Appling said.

If Michigan State can play anything like it did against the Wolverines, Appling might be right.

The Spartans (21-4, 10-2 Big Ten) broke a first-place tie in the conference with No. 1 Indiana, which plays at Michigan State next Tuesday after the Spartans try to avoid a letdown Saturday night at Nebraska.

Appling acknowledged he was a little bit surprised by the lopsided victory — the school's largest since beating Michigan by 27 points in 2002 — but shrugged off the significance of it with much of the regular season remaining.

"We just have to take it for what it is and prepare for our next game," Appling said.

The Wolverines (21-4, 8-4) have lost three of four, but the closely contested setbacks on the road against the Hoosiers and at Wisconsin were nothing like the latest when they were held to a season-low points total.

"They bullied us — point blank," said Tim Hardaway Jr., who matched a career low with two points.

Michigan State didn't trail once, led by as many as 16 points in the first half and enjoyed 30-point leads in the second.

"We probably played our best game in three years," Spartans coach Tom Izzo said. "And, they probably played one of their worst."

Michigan coach John Beilein agreed.

"That was the worst we've played in a long, long time and credit Michigan State for that," he said.

Burke scored 18 points for the Wolverines and didn't get much help from his teammate offensively, or defensively.

"It was an embarrassing loss," Burke said.

Hardaway Jr. was held scoreless until making a layup in the opening minute of the second half — after turning down Beilein's suggestion to work on his shot during halftime warmups — and didn't score again. Hardaway was 1 of 11 from the field.

"He's been playing as good as any player in the country," Beilein said. "He had a bad night, credit Michigan State's defense. Tim had a bad night and Tim Hardaway will bounce back like he always has."

Glen Robinson III was 1 of 4 and scored two points to match his season low.

The Wolverines, who pride themselves on taking care of the basketball, had a season-high 16 turnovers and didn't have much success getting the ball away from the turnover-prone Spartans. Michigan made fewer than 40 percent of its shots and scored one fewer point than it did in a three-point loss at Ohio State.

"Maybe we got exactly what we deserve and it's medicine for the future," Beilein said.

Everything went right for Michigan State, which had just eight turnovers and made 48-plus percent of its shots.

Gary Harris scored 17 points, making five 3-pointers, and Derrick Nix had his way on the inside, scoring 14 points as part of a balanced offense.

Appling had 11 points and Branden Dawson scored 10 before leaving the court late in the game because Michigan's Mitch McGary hit him in the face inadvertently with his right arm.

Izzo said Dawson got hit in the nose and had a cut on his lip.

"I do think he's going to be OK," Izzo said.

Matt Costello scored a season-high eight points and fellow freshman Denzel Valentine had seven points to help Michigan State win its second straight in the series after losing three in a row following a run of dominance for the Spartans.

White-clad fans in the stands were fired up before the game even started and they stayed enthusiastic, standing for much of the game, because the home team gave them plenty of reasons to cheer from start to finish.

"The crowd was just awesome," Izzo said. "It kind of reminded me of back in the day."

In the first matchup of 20-win teams in Division I basketball this season, Michigan State showed it might not be a rebuilding this season.

Michigan, meanwhile, has been humbled since being ranked No. 1 last month for the first time since the 1992-92 season.

"It was a big step for us, but don't think that's the real Michigan team because it's not," Izzo said.

___

Follow Larry Lage on Twitter: http://twitter.com/larrylage

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Obama's chance to lead?

STORY HIGHLIGHTS

• John Avlon: President Barack Obama is well-positioned to help solve debt problem


• He says Obama should avoid temptation favored by some Democrats to put off action


• Relatively modest changes in entitlements could help ensure their survival, Avlon says


• Avlon: Obama can rally his party behind deficit cuts that won't hurt economy

Editor's note: John Avlon is a CNN contributor and senior political columnist for Newsweek and The Daily Beast. He is co-editor of the book "Deadline Artists: America's Greatest Newspaper Columns." He is a regular contributor to "Erin Burnett OutFront" and is a member of the OutFront Political Strike Team. For more political analysis, tune in to "Erin Burnett OutFront" at 7 ET weeknights.

(CNN) -- "What we have done is kicked this can down the road. We are now at the end of the road and are not in a position to kick it any further. ... We have to signal seriousness in this by making sure some of the hard decisions are made under my watch, not someone else's."

So said President-elect Barack Obama at a Washington Post editorial board meeting in January 2009, just days before taking his first oath of office. He was talking about the importance of dealing with the long-term deficit and debt.

The rhetoric hasn't met the record -- debt has exploded under Obama's watch. Reasonable people can forgive the president for expenses incurred while confronting the worst financial crisis since the Great Depression -- and, let's be honest, alternative paths of austerity have not worked that well across the Atlantic. But now is the time to get serious about reigning in our long-term debt, which now exceeds an unsustainable 70% of gross domestic product.

At this moment of maximum political capital, Obama is perfectly positioned to act on his original impulse in the State of the Union on Tuesday night.

But there is a dangerous bit of hubris sweeping the Democratic Party, which says that dealing with deficits and debt is a sucker's bet, best left to the next Republican president.

Instead, the Keynesians are riding high and arguing that deficit and debt is not a primary concern to most voters and irrelevant to economic growth. And so the pregame expectation setting comes: White House minions told The Washington Post not to expect the president to present "an ambitious new plan to rein in the debt" in the State of the Union.

Opinion: Obama needs to lay out a plan on climate crisis

This would be a major mistake and a costly lost opportunity.

With an eye toward his legacy, Obama should follow his original instincts and put the power of presidency behind a balanced long-term plan to deal with deficits and debt -- including spending cuts, tax reform and, most importantly, entitlement reform.

This is the time for Obama to pull a Nixon in China.

Just as only a committed anti-communist such as Nixon could establish relations with communist China, Obama is perfectly positioned to do what he knows is necessary to preserve the long-term strength and solvency of the social safety net: Medicare and Social Security.

This does not mean draconian cuts or a voucherization of the existing system as imagined by Rep. Paul Ryan and many House Republicans. But it does mean following through on the president's previous negotiated offers to consider "chained CPI," which would lower inflation-related increases in Social Security benefits, and to raise the eligibility age for Medicare.

Formula adjustments such as these can save billions of dollars over the next 10 years, keeping these popular programs solvent. Other solutions, such as raising the Social Security payroll tax cap to more than the current income cutoff of $110,000, are worth consideration as part of a package. This is an idea that liberals love because it extends the progressivity of the tax code to the wealthiest Americans.

Alternatively, we could means-test Social Security to make sure it serves primarily as a safety net -- or (gasp!) raise the retirement age. When the Bowles-Simpson commission suggested raising the retirement age to 69 in 2075, it was met with howls of outrage from unions in particular. This makes no sense, especially if common-sense exemptions are made for manual labor.

Beltway cynics say that the bipartisan deficit and debt reduction plans that are often cited have no chance of passing Congress. When you look at the pathetic support for Bowles-Simpson when it was actually put to a vote in the House last March -- 16 Republicans and 22 Democrats supported it -- you see why cynicism is always a safe bet in Washington.

But take a step back, and you'll see much broader support among the American people. The Pew Research Center found that the top three issues are "strengthening the economy" (at 86%), "improving the jobs situation" (79%) and "reducing the budget deficit" (at 72%). Crucially, the deficit has shown the biggest increase as an issue over the past four years -- up 19 percentage points from 2009. This is evidence of a pent-up demand for action -- but it will require presidential leadership.

Of course the devil is in the details, and politicos will point out that when confronted with tough medicine to deal with deficits and debt, even alleged tea party supporters balk (hence the classic "Government Get Your Hands Off My Medicare!" sign that I saw at one 2009 rally).

But strengthening America to remain competitive in the 21st century will require getting our long-term debt under control along with other important but less poll-prioritized policies such as comprehensive immigration reform and a public-private infrastructure bank to fund nation-building "here at home."

The State of the Union is a chance for the president to put forward a balanced bipartisan solution that contrasts with radical conservatives who believe that increased tax revenues from closed tax loopholes can't be part of a big deal to bring down our debt. Wall Street lawyers will fight to protect every loophole they embedded in our tax code, but their argument doesn't begin to make sense to people on Main Street.

Obama will probably point out Tuesday night that economic growth is the essential X Factor to reducing long-term deficits and debt. On this point at least, he and some conservatives might agree. But dumb meat cleaver cuts such as the looming sequestration could push our economy back into recession.

That's why a smart balanced alternative plan is necessary. But it will require presidential leadership and putting some Democratic sacred cows on the table.

This doesn't just make practical sense in a divided government (a reality some Democrats seem to forget) -- it makes compelling political sense as well. By seizing the mantle of fiscal responsibility -- in contrast to fiscal conservatism -- Obama will build on his post-election bump among centrists and some independents.

The more Machiavellian Democrats might argue that this outreach could only serve to isolate Republicans more. Nonpartisan strategists might argue that this approach would drive a wedge between reasonable Republicans and the House radicals.

But the real reason for Obama to address the need to reduce long-term deficits and debt directly is because it's the right thing to do for our country -- and he is uniquely positioned to achieve it. Just as Nixon could go to China, a Southern Democrat such as Lyndon Johnson was needed to pass civil rights legislation and Bill Clinton was able to sign welfare reform after decades of Republicans talking about it, Obama can put our country on a balanced path of long-term economic growth and fiscal responsibility.

Bottom line: Obama has the political opportunity, but does he have the political will? We'll all find out in real time if he decides to lead on this issue or just be the latest in a long line to kick the can further down the road.

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The opinions expressed in this commentary are solely those of John Avlon.

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Obama pledges to reignite economy

13 February 2013 Last updated at 01:45 ET

President Obama: “Time for tax reform that encourages job creation”

President Barack Obama has urged Congress to back government action to revive the sluggish US economy, in his annual State of the Union speech.

The Democratic president promised “smarter” rather than bigger government for “the many, and not just the few”.

He also called for action on gun violence, climate change and immigration reform.

In the Republican response, Senator Marco Rubio urged Mr Obama to drop his “obsession” with raising taxes.

Speaking in the House of Representatives, Mr Obama told his audience that his generation’s task was “to reignite the true engine of America’s economic growth – a rising, thriving middle class”.

‘North Star’

“We have cleared away the rubble of crisis, and we can say with renewed confidence that the state of our union is strong,” Mr Obama said in an hour-long address.

Delivering growth and jobs will be the “North Star that guides our efforts”, he added.

Continue reading the main story

Those hoping for a more conciliatory tone than this notably aggressive State of the Union speech were disappointed”

End Quote

But he insisted that nothing he planned would raise the deficit “by a single dime”.

Mr Obama proposed reforms to reduce the cost of Medicare, a federal healthcare programme for pensioners, but argued “we can’t just cut our way to prosperity”.

In his speech, Mr Obama went on to call for federal investment in infrastructure, clean energy and education.

And he vowed to act on climate change himself if Congress failed to enact legislation.

“I urge this Congress to pursue a bipartisan, market-based solution to climate change…,” he said.

“But if Congress won’t act sooner to protect future generations, I will. I will direct my cabinet to come up with executive actions we can take, now and in the future, to reduce pollution, prepare our communities for the consequences of climate change, and speed the transition to more sustainable sources of energy.”

Mr Obama also said he would reduce by more than half the number of US troops in Afghanistan over the next year.

Watch President Obama’s full address

He asked Congress to raise the minimum wage, called for legislation to ensure women are paid equally to men, and announced a commission to improve the voting process.

On gun control, Mr Obama said an “overwhelming” majority of Americans supported “common-sense reform” on firearms, including tighter background checks and restrictions on “weapons of war and massive ammunition magazines”.

And he urged gun-control opponents to allow a vote in Congress on his proposals.

“The families of Oak Creek, and Tucson, and Blacksburg, and the countless other communities ripped open by gun violence – they deserve a simple vote,” he said.

Conservative divisions

He also praised bipartisan efforts to draw up an immigration reform bill, adding that if he is sent legislation, “I will sign it right away”.

Less than a day after North Korea tested a nuclear device, Mr Obama said the US will “lead the world in taking firm action in response to these threats”.

Mr Obama will take to the road in the coming days to push his economic recovery proposals, stopping in the US states of North Carolina and Georgia and in his hometown of Chicago, Illinois.

Republican Senator Rubio: ‘I hope the president will abandon his obsession with raising taxes’

Sen Rubio, a possible 2016 Republican presidential candidate, delivered his party’s official riposte.

In it, he attacked Mr Obama’s economic policies and said “more government isn’t going to help you get ahead, it’s going to hold you back”.

The Cuban-American senator, who also made his address in Spanish, referred to the pain felt by residents of the working-class neighbourhood in which he grew up.

He told Mr Obama: “I don’t oppose your plans because I want to protect the rich. I oppose your plans because I want to protect my neighbours.”

The Florida senator also warned the president that the “tax increases and the deficit spending you propose will hurt middle-class families”.

Underscoring conservative divisions, immediately after the Rubio speech Kentucky Republican Senator Rand Paul delivered the Tea Party’s rebuttal to Mr Obama’s address.

He said both parties had failed voters by driving up trillion-dollar deficits.

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Albany College of Pharmacy and Health Sciences Announces $10,000 Scholarships for New Visions Health Careers Students

ALBANY, NY–(Marketwire – Feb 13, 2013) – Albany College of Pharmacy and Health Sciences (ACPHS) announced that it will be offering a scholarship to any high school graduate who successfully completes New York State’s New Visions Health Careers Program. Scholarship recipients who meet the eligibility criteria will receive $ 2,500 annually for each of their first four years at the College, for a total award of $ 10,000.

Offered through the State’s Board of Cooperative Educational Services (BOCES), the New Visions Health Careers program is designed for high school seniors interested in medical and health-related professions. The program offers both classroom instruction and hands-on learning in a variety of health care settings. Program participants may spend from one day to three weeks in a wide range of clinical and administrative areas within a hospital or health care facility. These areas include radiation oncology, the operating room, pharmacy, psychiatric units, rehabilitation, and many others.

“The New Visions Health Careers program offers high school students invaluable opportunities to shadow health care professionals and learn about the variety of career options available in the health care field. The academic and experiential requirements of the program also provide students with excellent preparation for college,” said Matthew Stever, ACPHS Director of Admissions. “The goal of this scholarship is to increase access to the College for New Visions students, as our academic programs offer multiple pathways to health care related careers and graduates of New Visions have a demonstrated record of success at ACPHS.”

The scholarship is available for students enrolled in any of the College’s six undergraduate programs:

• B.S. in Biomedical Technology


• B.S. in Chemistry


• B.S. in Health and Human Sciences


• B.S. in Microbiology


• B.S. in Pharmaceutical Sciences


• Doctor of Pharmacy

For more information about the New Visions Health Careers scholarship, please contact the Office of Admissions at [email protected] or 518-694-7221.

About Albany College of Pharmacy and Health Sciences
Founded in 1881, Albany College of Pharmacy and Health Sciences is a private, independent institution committed to graduating the best health care minds in the world. In addition to its doctor of pharmacy program, ACPHS offers five bachelor’s programs and five graduate programs in the health sciences. The College’s main campus is located in Albany, New York; its satellite campus is in Colchester, Vermont.

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Stock index futures point to slightly higher start

LONDON (Reuters) - Stock index futures pointed to a slightly higher open on Wall Street on Wednesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.1-0.2 percent at 0958 GMT (4.58 a.m EST).

European shares were slightly lower, although they remained near the top of a six-day trading range. French bank Societe Generale sank 3.7 percent after it unveiled a bigger-than-expected quarterly loss.

U.S. President Barack Obama said in his State of the Union speech on Tuesday he backs higher taxes for the wealthy and a $50 billion spending plan to create jobs by rebuilding degraded roads and bridges.

The U.S. Commerce Dept. releases U.S. retail sales data at 1330 GMT. It was expected to show a 0.1 percent rise in January, slowing from a 0.5 percent increase in December as consumers eyed smaller paychecks on the back of a recent tax increase.

Business inventories data for December, due at 1500 GMT, are expected to show a rise of 0.3 percent, a repeat of the November increase.

Comcast Corp clinched full control of NBC Universal for $16.7 billion on Tuesday, the latest in a series of deals that have taken the cable operator from humble roots in Tupelo, Mississippi, to Manhattan's iconic Rockerfeller Center.

The group is due to unveil fourth-quarter results before the market open, with earnings per share seen at $0.53 from $0.47 one year earlier.

Networking equipment maker, Cisco Systems , is expected to report a $0.01 increase in its quarterly earnings per share, with corporate North America and parts of Europe showing signs of improvement. The results are due after the market close.

Chip-maker Nvidia is also among companies due to report quarterly results.

Clearwire Corp , the wireless service provider that both Sprint Nextel S.N and Dish Network DISH.O want to buy, said on Tuesday that it would need Sprint financing to keep afloat up to the end of the year.

Asset manager Legg Mason Inc is preparing to name its interim head, Joseph Sullivan, as its permanent chief executive, two people familiar with the matter said, as the company turns to a sales chief to stop an outflow of funds.

BlackRock Inc named Morgan Stanley MS.N banker and long-time financial advisor Gary Shedlin as its next chief financial officer, to succeed Ann Marie Petach.

Yahoo Inc Chief Executive Marissa Mayer said the company's search partnership with Microsoft Corp was not delivering the market share gains or the revenue boost that it should.

The Dow Jones industrial average <.dji> closed 47.46 points higher, or 0.34 percent, at 14,018.70 on Tuesday. The Standard & Poor's 500 Index <.spx> was up 2.42 points, or 0.16 percent, at 1,519.43. The Nasdaq Composite Index <.ixic> was down 5.51 points, or 0.17 percent, at 3,186.49.

(Reporting by Francesco Canepa; editing by Patrick Graham)

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AP Source: IOC drops wrestling from 2020 Olympics

LAUSANNE, Switzerland (AP) — IOC leaders dropped wrestling from the program for the 2020 Olympics on Tuesday, an official familiar with the decision told The Associated Press.

In a surprise move, the IOC executive board decided to retain modern pentathlon — the sport considered most at risk — and remove wrestling instead, the official said.

The official spoke on condition of anonymity because the decision hadn't been announced yet.

The IOC board acted after reviewing the 26 sports on the current Olympic program. Eliminating one sport allows the International Olympic Committee to add a new sport to the program later this year.

Wrestling combines freestyle and Greco-Roman disciplines. It had 11 medal events in freestyle and seven in Greco-Roman at last year's London Olympics.

Wrestling will now join seven other sports in applying for inclusion in 2020. The others are a combined bid from baseball and softball, karate, squash, roller sports, sport climbing, wakeboarding and wushu. They will be vying for a single opening in 2020.

The IOC executive board will meet in May in St. Petersburg, Russia, to decide which sport or sports to propose for 2020 inclusion. The final vote will be made at the IOC general assembly in September in Buenos Aires, Argentina.

The last sports removed from the Olympics were baseball and softball, voted out by the IOC in 2005 and off the program since the 2008 Beijing Games. Golf and rugby will be joining the program at the 2016 Games in Rio de Janeiro.

The IOC program commission report analyzed more than three dozen criteria, including television ratings, ticket sales, anti-doping policy and global participation and popularity. With no official rankings or recommendations contained in the report, the final decision by the 15-member board was also subject to political, emotional and sentimental factors.

Previously considered under the closest scrutiny was modern pentathlon, which has been on the Olympic program since the 1912 Stockholm Games. It was created by French baron Pierre de Coubertin, the founder of the modern Olympic movement.

Modern pentathlon combines fencing, horse riding, swimming, running and shooting — the five skills required of a 19th century cavalry officer. The sport's governing body, the UIPM, has been lobbying hard to protect its Olympic status, and the efforts apparently paid off.

UIPM President Klaus Schormann had considered traveling from Germany to Lausanne for the decision, but decided to stay away.

"The Olympic movement always needs history," Schormann told the AP ahead of the IOC decision. "You cannot just say we look only at the future. You can have a future when you are stable on the basic part of history. We are continuing to develop, to renovate, to be innovative and creative. We are very proud of what we achieved so far and want to deliver this as well for the next generations in 2020."

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Why pope will long be remembered

Tim Stanley says Pope Benedict will be seen as an important figure in church history.

STORY HIGHLIGHTS

• Timothy Stanley: Benedict XVI's resignation is historic since popes usually serve for life


• He says pope not so much conservative as asserting church's "living tradition"


• He backed traditionalists, but a conflicted flock, scandal, culture wars a trial to papacy, he says


• Stanley: Pope kept to principle, and if it's not what modern world wanted, that's world's problem

Editor's note: Timothy Stanley is a historian at Oxford University and blogs for Britain's The Daily Telegraph. He is the author of "The Crusader: The Life and Times of Pat Buchanan."

(CNN) -- Journalists have a habit of calling too many things "historic" -- but on this occasion, the word is appropriate. The Roman Catholic Church is run like an elected monarchy, and popes are supposed to rule until death; no pope has stepped down since 1415.

Therefore, it almost feels like a concession to the modern world to read that Benedict XVI is retiring on grounds of ill health, as if he were a CEO rather than God's man on Earth. That's highly ironic considering that Benedict will be remembered as perhaps the most "conservative" pope since the 1950s -- a leader who tried to assert theological principle over fashionable compromise.

Timothy Stanley

The word "conservative" is actually misleading, and the monk who received me into the Catholic Church in 2006 -- roughly a year after Benedict began his pontificate -- would be appalled to read me using it. In Catholicism, there is no right or left but only orthodoxy and error. As such, Benedict would understand the more controversial stances that he took as pope not as "turning back the clock" but as asserting a living tradition that had become undervalued within the church. His success in this regard will be felt for generations to come.

He not only permitted but quietly encouraged traditionalists to say the old rite, reviving the use of Latin or receiving the communion wafer on the tongue. He issued a new translation of the Roman Missal that tried to make its language more precise. And, in the words of one priest, he encouraged the idea that "we ought to take care and time in preparing for the liturgy, and ensure we celebrate it with as much dignity as possible." His emphasis was upon reverence and reflection, which has been a healthy antidote to the 1960s style of Catholicism that encouraged feverish participation bordering on theatrics.

Nothing the pope proposed was new, but it could be called radical, trying to recapture some of the certainty and beauty that pervaded Catholicism before the reforming Vatican II. Inevitably, this upset some. Progressives felt that he was promoting a form of religion that belonged to a different century, that his firm belief in traditional moral theology threatened to distance the church from the people it was supposed to serve.

If that's true, it wasn't the pope's intent. Contrary to the general impression that he's favored a smaller, purer church, Benedict has actually done his best to expand its reach. The most visible sign was his engagement on Twitter. But he also reached out to the Eastern Orthodox Churches and spoke up for Christians persecuted in the Middle East.

In the United Kingdom, he encouraged married Anglican priests to defect. He has even opened up dialogue with Islam. During his tenure, we've also seen a new embrace of Catholicism in the realm of politics, from Paul Ryan's nomination to Tony Blair's high-profile conversion. And far from only talking about sex, Benedict expanded the number of sins to include things such as pollution. It's too often forgotten that in the 1960s he was considered a liberal who eschewed the clerical collar.

The divisions and controversies that occurred under Benedict's leadership had little to do with him personally and a lot more to do with the Catholic Church's difficult relationship with the modern world. As a Catholic convert, I've signed up to its positions on sexual ethics, but I appreciate that many millions have not. A balance has to be struck between the rights of believers and nonbelievers, between respect for tradition and the freedom to reject it.

As the world has struggled to strike that balance (consider the role that same-sex marriage and abortion played in the 2012 election) so the church has found itself forced to be a combatant in the great, ugly culture war. Benedict would rather it played the role of reconciler and healer of wounds, but at this moment in history that's not possible. Unfortunately, its alternative role as moral arbiter has been undermined by the pedophile scandal. Nothing has dogged this pontificate so much as the tragedy of child abuse, and it will continue to blot its reputation for decades to come.

For all these problems, my sense is that Benedict will be remembered as a thinker rather than a fighter. I have been so fortunate to become a Catholic at a moment of liturgical revival under a pope who can write a book as majestic and wise as his biography of Jesus. I've been lucky to know a pope with a sense of humor and a willingness to talk and engage.

If he wasn't what the modern world wanted -- if he wasn't prepared to bend every principle or rule to appease all the people all the time -- then that's the world's problem rather than his. Although he has attained one very modern distinction indeed. On Monday, he trended ahead of Justin Bieber on Twitter for at least an hour.

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The opinions expressed in this commentary are solely those of Timothy Stanley.

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Should college students buy savings bonds?

Dear Dr. Don,
Are savings bonds a bad idea for college students? Would a simple savings account work better? I have always been good about saving money, but recently it has all gone to school expenses. If I ever get my hands on some extra cash, I want to make sure I put it in a good place.

Thanks,
– Amber Accumulates

Dear Amber,
I wouldn’t recommend savings bonds for a college student. You can’t cash them in for the first five years without paying a three-month interest penalty for early redemption.

And if you’re like most college kids, you’ll need that money before then. After graduation, you may decide to go shopping for a car or a house. You may want some new furniture, or you could be asked to relocate cross-country for a new job.

You’ll also want to stay fairly liquid as you build up an emergency fund as a buffer against short-term financial pressures. A common recommendation is for an emergency fund to be large enough to cover three to six months’ living expenses.

I recommend that you put your money in a savings account instead. Look for a high-yield savings account or money market account so you have ready access to your savings.

If you’re still interested in savings bonds, please note that you won’t be able to cash in anytime soon. You must hold a Series EE bond for 20 years to earn a yield of about 3.53 percent. If you cash it in early, that yield will drop.

The Series I savings bond is a better savings vehicle if you plan to hold it for more than five years. By doing so, you’ll avoid the early redemption penalty. You’d earn two different yields on a Series I bond: a fixed yield, which is currently zero percent, and an inflation yield that is based on changes in inflation as measured by the consumer price index.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

To ask a question of Dr. Don, go to the “Ask the Experts” page and select one of these topics: “Financing a home,” “Saving & Investing” or “Money.” Read more Dr. Don columns for additional personal finance advice.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.

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Yen near lows vs dollar, Asian shares ease in subdued trade

TOKYO (Reuters) - The yen hovered near its lows against the dollar and Tokyo stocks jumped closer to a 33-month high on Tuesday after markets took comments from a U.S. official as approval for Japan to pursue anti-deflation policies that weaken the yen.

U.S. Treasury Undersecretary Lael Brainard said on Monday the United States supports Japanese efforts to end deflation, but she noted that the G7 has long been committed to exchange rates determined by market forces, "except in rare circumstances where excess volatility or disorderly movements might warrant cooperation.

"Her (Brainard's) comments gave confidence to the market. It was surprising, and was taken as the Obama administration giving a green light to 'Abenomics'," said Takuya Takahashi, a market analyst at Daiwa Securities.

Japan has faced some overseas criticism that it is intentionally trying to weaken the yen with monetary easing, but talk of a so-called currency war was dialled back ahead of a Group of 20 meeting in Moscow on Friday and Saturday.

G20 officials said on Monday the Group of Seven nations are considering a statement this week reaffirming their commitment to "market-determined" exchange rates.

European Central Bank council member Jens Weidmann also said the euro was not overvalued at current levels.

The dollar slipped 0.3 percent to 94.185 yen after marking its highest level since May 2010 of 94.465 on Monday. The euro eased 0.3 percent to 126.12 yen after rising more than 2 percent on Monday. It hit its highest since April 2010 of 127.71 yen last week.

"I think the yen's weakening is a function of (playing)catch-up," and not Japan resorting to deliberate devaluation of its currency, said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. in New York. "It's the market's way of saying: 'We're convinced there is a movement afoot to reinflate Japan.'"

The yen is pressured by anticipation that Prime Minister Shinzo Abe will endorse a far more dovish Bank of Japan regime when the current leadership's term ends next month, although the BOJ is expected to refrain from taking fresh easing steps when it meets this week.

Share trading was subdued with many regional bourses shut for holidays. Encouraging trade data from China late last week was lending support to sentiment but non-Japan markets lacked momentum as investors awaited key events such as the U.S. president's State of the Union address for trading cues.

European markets are seen inching lower, with the Euro STOXX 50 index futures down 0.1 percent. A 0.2 percent drop in U.S. stock futures also suggested a soft Wall Street start. <.l><.eu><.n/>

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> fell 0.1 percent, with Australian shares closing flat ahead of corporate earnings due this week.

The weaker yen in turn hoisted the Nikkei stock average <.n225> to close 1.9 percent higher on improving earnings prospects for exporters. <.t/>

Trading resumed in Japan and South Korea but markets in Singapore, Hong Kong, mainland China, Malaysia and Taiwan remained closed.

STATE OF UNION ADDRESS

Currency and equities markets were also looking ahead to President Barack Obama's State of the Union address later on Tuesday night, for any signs of a deal to avert automatic spending cuts due to take effect March 1.

"We believe that the G20's take on currency wars, Mr. Obama's upcoming state of the union address, and data on the current condition of the U.S. economy should help markets assess where the global recovery stands and where we are heading," Barclays Capital said in a research report.

U.S. and Chinese data last week lifted the tech-focused Nasdaq Composite Index <.ixic> to a 12-year closing high and the Standard & Poor's 500 Index <.spx> to a five-year peak on Friday.

Financial markets showed a muted reaction to the news that North Korea has conducted a nuclear test.

"The test was not something that makes your heart pound as much as a pressing situation between Iran and Israel," said Kaname Gokon, research manager at brokerage Okato Shoji, referring to the threat of possible military action to prevent Iran from developing nuclear weapons.

U.S. crude futures edged down 0.1 percent to $96.90 a barrel while Brent steadied around $118.

Spot gold stayed near a one-month low.

(Additional reporting by Ayai Tomisawa, Lisa Twaronite and Osamu Tsukimori in Tokyo; Editing by Chris Gallagher)

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Snedeker on the rise with Pebble win

PEBBLE BEACH, Calif. (AP) — Everything about Brandt Snedeker moves at warp speed, including his rapid rise into golf's elite.

He talks so fast that he always seems to be a few words short of a complete sentence. He plays fast, giving his hips a quick swivel to set his position before pulling the trigger. Even his putts go into the hole quickly, most of them struck with purpose instead of hope.

But when he reached the 18th tee box at Pebble Beach, he had to wait for the fairway to clear before taking a victory stroll up one of the prettiest closing holes in golf.

And that was OK with him.

"There's not much better place to be on the planet with a three-shot lead on that tee box," Snedeker said Sunday. "It felt pretty special there."

Indeed, Snedeker is in a special place.

With his 10th consecutive round in the 60s, Snedeker finally had a trophy to show for his astounding start to the 2013 season. He knew the opening seven holes were critical, and he made an eagle and three birdies to build a quick lead. He realized a late birdie would give him a cushion, and he fired at the flag on the par-3 17th to 10 feet below the cup and holed the putt. He closed with a 7-under 65 for a two-shot win over Chris Kirk in the Pebble Beach National Pro-Am.

It was the fifth win of his career, and his fourth in the last 22 months. But it's the last six months that have really turned heads.

He captured the $10 million FedEx Cup prize with a win at the Tour Championship, where he held off the likes of Rory McIlroy, Tiger Woods and Luke Donald going into the final round. He played in his first Ryder Cup. He started this year with a third-place at Kapalua, and runner-up finishes in consecutive weeks to Woods and Phil Mickelson, both of whom had big leads going into the final round.

Go back to the start of the FedEx Cup playoffs last August and Snedeker now has six top 3s in his last nine starts. Since missing the cut at the PGA Championship, he has broken par in 33 out of 37 rounds. No wonder he now is No. 4 in the world, the best ranking of his career.

"Just hard to put into words, to have a stretch of golf like I had the last couple of months," Snedeker said. "Something you dream about. Something you think that you can do, but you don't really know until you actually put it together. And I have.

"I'm really enjoying this, and hopefully can parlay this into the best year of my career."

Snedeker set the tournament record at 19-under 267, one shot better than Mickelson (2007) and Mark O'Meara (1997), who each had a 20-under 268 when Poppy Hills (par 72) was part of the rotation. It has been replaced by Monterey Peninsula, which is a par 70.

Chris Kirk closed with a 66 to finish alone in second, though he was never closer than two shots of the lead on the back nine and finished with a birdie. Kirk finished on 269, a score that would have been good enough to win all but four times at Pebble Beach since this tournament began in 1937.

"We've had a lot of tournaments like that on tour this year where somebody has really just kind of blitzed the field," Kirk said. "I felt like I played well enough to win a golf tournament and came up a little bit short."

Snedeker could have said the same thing — except for Woods at Torrey Pines, and Mickelson going obscenely low to win the Phoenix Open.

He wasn't about to take a back seat to anyone at Pebble Beach.

Snedeker started the final round tied with James Hahn, a 31-year-old rookie from the Bay Area, with Kirk one shot behind. He set the tone early with a 4-iron into the par-5 second hole that was on the edge of the left green. It hit the collar and kicked slightly to the right, rolling toward the pin until it settled 4 feet behind the cup.

"Kind of lucky, but it was a good shot, and to end up where it did was a great way to start the day," he said.

Hahn hit his approach high and pure, and it nearly hit Snedeker's ball before stopping 6 feet away. Hahn missed. Snedeker made. It was like that over the front nine.

Snedeker started to pull away with a 3-wood that came off the edge of the green, ran by the cup and stopped 20 feet away for a two-putt birdie. Then, he holed a 15-foot birdie putt on the seventh and was on his way.

Most impressive about Snedeker this week was bouncing back from bogey. He made five bogeys for the entire week, and four times made birdie on the next hole. On Sunday, his lone mistake was knocking an 18-foot birdie off the green and three-putting for bogey at No. 9.

The answer, like everything else about him, was fast and furious.

He knocked in a 25-foot birdie putt on the 10th, and then holed from 15 feet for birdie on the 12th. Right when it looked as though he would make another bogey on the par-3 12th, he made par from just short of 10 feet.

There's a reason Snedeker led the PGA Tour in putting last year, though it's his driving that has vastly improved. Snedeker studied some statistics last year that showed his odds of hitting the green go way up when he starts in the fairway. And once he's on the green, he's tough to beat.

Hahn, who shot 70 and tied for third, was looking forward to learning something from his debut in the final group, and he saw Snedeker put on a clinic.

"I learned that he is a better guy than he is a golfer. The dude is world class," Hahn said. "He's obviously one of the best, if not the best golfer right now, and possibly for the last year. But how he conducts himself as a person on an off the golf course, that's also world class. He deserved to win today. ... I'm sure if you ask him, it was never a doubt that he was going to win the golf tournament."

Snedeker concurred.

"I definitely didn't want to do anything but win today," he said. "I was out there for one purpose and one purpose only, and I was extremely focused all day. I did a great job of staying patient and I did a great job of playing the golf course the way you're supposed to play it."

And the outcome was just what he expected. The way he has been playing, it shouldn't have been any surprise to anyone.

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