Just a scrap of paper Part 2

It’s Title Fraud Damnit!

Of the 10 diaries I’ve posted in the last 2 weeks about economics, fully 5 of them have been on bank fraud.

The latest develoment is rumors that Washington and Wall Street are conspiring to retroctively “legalize” the MERS records under the general Versailles Villager principle of looking foward and never punishing anyone important no matter how badly they fuck up.

I mean, if it works for torture, war crimes, anonymous indefinite detetion, and targeted assassination, what’s $1.4 Trillion between friends?

So I duly reported this on Saturday and today dday has a piece that is not quite as sanguine that this is a problem that can be solved by brute force-

This Week’s Developments in Foreclosure Fraud

By: David Dayen Monday November 15, 2010 8:18 am

Finally, a word on the "MERS Whitewash bill" floated by John Carney last week. Carney has been bloviating about this for well over a month, based mainly on speculation. He may have the history of Congress making mischief on behalf of the banks on his side, but he really doesn’t have a clue on this issue. Foreclosure operations are state issues governed by state laws, and lawmakers know they would have a difficult go of trying to adjudicate a constitutionally viable solution that would indemnify the banks in this case. They’d have to stick out their necks quite far, and it would almost certainly be challenged all the way up the legal ladder. The outcry that would ensue during that time would be tremendous. I’m not sure it’s something that risk-averse politicians would want to put up with. And Carney certainly has no evidence one way or the other. I’m happy to fight something that exists, but nothing does at the moment.

I am quite happy to fight potential problems, because the Vacuity, Vanity, and Venality of our Versailles Villagers shouldn’t ever be underestimated.

And there are other problems-

One Mess That Can’t Be Papered Over

By GRETCHEN MORGENSON, The New York Times

Published: October 23, 2010

O(n) the other hand, resolving paperwork woes in the world of mortgage-backed securities may be trickier. Experts say that any parties involved in the creation, sale and oversight of the trusts holding the securities may be held responsible for any failings – and if the rules weren’t followed, investors may be able to sue the sponsors to recover their original investments.

Mind you, the market for mortgage-backed securities is huge – some $1.4 trillion of private-label residential mortgage securities were outstanding at the end of June, according to the Securities Industry and Financial Markets Association.



All of this suggests that while a paperwork cure may eventually exist for foreclosures, higher hurdles exist when it comes to remedying flaws in mortgage-backed securities. The only way to wrestle with the latter, some analysts say, is in a courtroom.

“The whole essence of this crisis is fraud and unless we restore the rule of law and transparency of disclosure, we are not going to fix this,” said Laurence J. Kotlikoff, an economics professor at Boston University.

These are groups like PIMCO, Blackrock, and the Federal Reserve Bank of New York.  So far.

Then there’s also the problem pointed out by bmaz on Friday originally, these banks and real estate trusts owe a lot of money in filing fees in States hard hit by the Bank Induced Financial Collapse and Depression.

Are Obama and Congress Set To Screw American Counties, Homeowners and Give Wall Street Mortgage Banksters a Retroactive Immunity Bailout?

By: bmaz Friday November 12, 2010 7:40 pm

There are rapidly emerging signs the Obama Administration and Congress may be actively, quickly and covertly working furiously on a plan to retroactively legitimize and ratify the shoddy, fraudulent and non-conforming conduct by MERS on literally millions of mortgages.



As quoted above, even the most conservative estimate (and that estimate is based on only a single recording fee per mortgage, when in reality there are almost certainly multiple recordings legally required for most all mortgages due to the slicing, dicing and tranching necessary to accomplish the securitization that has occurred) for the state of California alone is $60 billion dollars. That is $60,000,000,000.00. California alone is actually likely several times that.

And there are those pesky Sections 9 and 10 of Article I.

There are at least 11 criminal frauds going on and the charitable and optimistic part of me thinks that they cain’t git all them thar’ worms back in the bait can.

Punting the Pundits

Punting the Pundits is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

César Chelala Human Rights Groups United in Demand for Bush’s Prosecution

Several human rights groups are united in their demand that former president George W. Bush face prosecution following his open admission that he authorized the use of waterboarding, one of the cruelest forms of torture. Former president Bush made his admission during interviews publicizing his book, Decision Points. Bush’s admission of having authorized torture, however serious the claim is, is just one of the reasons the former president could be prosecuted.

During an interview with NBC News Bush said, “Three people were waterboarded and I believe that decision saved lives.” And he added, “My job was to protect America. And I did.” This is not the opinion of the American Civil Liberties Union (ACLU), Amnesty International (AI) and Human Rights Watch, three of the most prestigious human rights organizations.

“The Department of Justice has made clear that waterboarding is torture and, as such, a crime under the federal anti-torture statute.18 U.S.C. 2340 (c). The United States has historically prosecuted waterboarding as a crime. In light of the admission by the former President, and the legally correct determination by the Department of Justice that waterboarding is a crime, you should ensure that Mr. Durham’s current investigation into detainee interrogations encompasses the conduct and decisions of former President Bush,” says the ACLU in a letter addressed to U.S. Attorney General Eric Holder.

New York Times Editorial: Try Something Hard: Governing

Many Americans who voted this fall expressed a deep mistrust of government. House Republicans’ triumphalist vows to tie up the Obama administration with nonstop investigations and obstructionist budget crimping are not going to allay those voters’ concerns – or solve any of the country’s problems. . . .

This combativeness from the new House majority is an early symptom of its preference for politicking over the tougher job of governing in hard times. Its plans already feature the low cunning of snipping budget lines so the Internal Revenue Service cannot enforce key provisions of the health care reform law. (Why not defund Postal Service document deliverers while they’re at it?) . . .

In principle, Congress’s oversight of the executive branch can be a vital necessity. Politically, however, both parties push its limits from time to time. Now is no time for myriad searches for sensational distractions when the nation’s voters cry out for solid progress.

Annie Gell: Haiti’s Unnatural Disasters

International aid, trade, debt and governance policies over many decades made Haiti dependent on imported food and materials and crippled the domestic economy. These policies forced Haitian farmers off their land and into the low-lying cities and encouraged the deforestation of Haiti’s hillsides. The policies also severely curtailed the Haitian government’s ability to provide basic public services to its citizens, including healthcare, housing and sanitation services. The result is a country and a population that are acutely vulnerable to environmental stresses like earthquakes, diseases and storms. . . . .

Despite the generous pledges of billions of dollars in assistance by individuals and countries across the world, only a small percentage of promised funds has reached organizations in Haiti, and only a miniscule fraction of the money delivered has reached the Haitian people themselves. Many Haitians are living just as they were immediately after the earthquake with utterly inadequate access to sanitation, shelter, food and clean water.

William Greider: Obama Without Tears

Given the election results, the question Barack Obama has to decide for himself is whether he really wants to be president in the fullest sense. Not a moderator for earnest policy discussions. Not the national cheerleader for hope. Not the worthy visionary describing a distant future. Those qualities are elements in any successful presidency, and Obama applies them with admirable skill and seriousness.What’s missing with this president is power-a strong grasp of the powers he possesses and the willingness to govern the country with them. During the past two years, this missing quality has been consistently obvious in his rhetoric and substantive policy positions. There is a cloying Boy Scout quality in his style of leadership-the troop leader urging boys to work together on their merit badges-and none of the pigheaded stubbornness of his “I am the decider” predecessor, nor the hard steel of Lyndon Johnson or the guile of Richard Nixon.

Esther J. Cepeda: The Missing Immigration Debate

Chicago – If I were a member of the third largest minority group in the United States, I’d be really frustrated that the immigration issue continues to be discussed almost exclusively with Latin Americans in mind.

As immigrants’ rights advocacy groups across the country wonder whether there’s even a slim chance Congress will take up debate about comprehensive reform anytime soon, recent national conversations have been set exclusively in the context of the Latino vote and Republican Hispanics.

Robert Freeman It’s Official: Rich Declare War on the Middle Class

For the past thirty years the rich have been waging war on the middle class.  It’s been astonishingly effective, partly because it has been undeclared.  But even that pretense is now being abandoned.  The President’s National Deficit Commission has effectively declared that the rich will now go after what is left of working and middle class wealth and will take whatever steps are necessary to seize it.  If allowed to succeed, their plan will reduce Americans to a state of serfdom.

Ronald Reagan began the war on the middle class with his “supply-side” economics.  Its very purpose, according to David Stockman, Reagan’s Budget Director, was to transfer wealth and income upwards.  It cut the marginal tax rate on the highest income earners from 75% to 35% while dramatically expanding spending for war.  The results were two-fold:  massive federal debt and an astonishing rise in the share of income and wealth going to those who were already the wealthiest people in the world.

The national debt quadrupled between 1980 and 1992.  George W. Bush would repeat Reagan’s policies and double it again between 2000 and 2008.  Meanwhile, the share of national income going to the top 1% more than doubled, from 9% to 24%.  The share going to the top one-tenth of 1% of income earners more than tripled.  We now have the most unequal distribution of income in the developing world and the inequality is growing rapidly.

The market can stay irrational longer than you can stay solvent

Monday Business Edition

One of the emergent stories this weekend has been the question of whether Ireland is going to accept a bailout from the EU or the IMF.  The proximate problem is that interest rates on Irish debt (bonds) and the price of insuring it against defaults (Credit Default Swaps) rose quite sharply on Thursday and Friday.

No holding back the tide

By David Clerkin, Markets Correspondent, The Sunday Business Post

14 November 2010

The rate attached to Irish ten-year bonds, which days earlier had touched the already eye-watering level of 7.8 per cent, quickly eclipsed 8 per cent on Monday and smashed through 9 per cent on Thursday.



To put this spiral into context, it is worth noting that the rate stood at 6.8 per cent less than two weeks ago. It was 6.5 per cent a month ago. It was 4.7 per cent a year ago.



Some bond traders zeroed in on the market for credit default swaps (CDSs) – the insurance policies on offer to protect investors from a borrower becoming unable to repay their money. The CDS market, though thinner than the market in government bonds, exhibited equally grim characteristics last week. The CDS premiums on AIB debt – insurance against AIB defaulting – exceeded 10 per cent, and those on debt issued by other Irish banks continued their unwelcome rise.

As the market fate of the Irish government has been intertwined with those of the banks it guaranteed since September 2008, some traders spoke of a vicious circle. As Irish banks fell increasingly out of favour, fears over the Irish government’s creditworthiness intensified.

Andrea Merkel made some remarks at the G20 Summit (which was so unproductive for Obama, but that’s another story) about using the European Financial Stability Fund for another bailout that the Irish government is objecting to strenuously.

The Irish people?  Maybe not so much.

German solution seems irresistible to Irish people but not to the State

JOHN McMANUS, The Irish Times

Monday, November 15, 2010

Why is the Government against accessing the European Financial Stability Fund?

(Ireland, we) are led to believe, is a source of endless fascination, no little bafflement and some affection for the Germans. Right now they must be wondering why their chancellor, Angela Merkel, is being blamed for our latest crisis by the Taoiseach when she appears far more in tune with the Irish national mood than he does.

At a very fundamental level, all the German chancellor wants to do is change the rules of global finance so that the investors who lend money to feckless governments and banks must share the cost when things go wrong and thus be incentivised to act more responsibly. It’s a sentiment that pretty much everyone in Ireland would support.

Her proposals have an added populist attraction in Ireland as, inter alia, they would involve the burning of bank bondholders, the cause célèbre of much of the economic commentariat. This is because it is hard to see how Ireland could restructure its own debt – the nub of Merkel’s plan – without also restructuring the debts of the almost completely nationalised banking system.



From this point of view, the European Financial Stability Fund is starting to look irresistible. Not only do you get to burn the bond holders, you may even be able to help people out of negative equity! “What’s not for these Irish to like?” Merkel can legitimately ask. “Nothing” is the answer most of us would give.

So why is it then that we have a situation where the German chancellor and most Irish people seem to want one thing and our Government and the financial establishment want the other?

The answer is that, unfortunately, we must live with the immediate consequences of what is a laudable effort to reverse the balance of power between the financial system and sovereign governments. It is admirable – and indeed necessary – because the overriding lesson of the global financial crisis has been that governments have found themselves servants of the financial markets rather than the other way around. But while we would all like to get to the sun-lit uplands envisioned by Merkel, Ireland unfortunately might not survive the journey.

What does Merkel get out of it?  The Euro is teetering on the brink and a lot of people are heavily invested in it, financially and politically.

Ireland and Greece should ditch the euro

By Peter Oborne, The Daily Telegraph

November 15th, 2010

This is what the Spanish prime minister, Jose Zapetero, declared in an interview with the Wall Street Journal as recently as September 22: “I believe that the debt crisis affecting Spain, and the eurozone in general, has passed.”

Or let’s listen to Patrick Honohan , governor of the Central Bank of Ireland, who soberly informed the markets last week that surging yields on Irish government debt would soon be back to normal levels. Both men are deluding themselves – and us. From time to time, events take a turn which is too grave, unsettling and unfathomable for politicians to cope with. They enter a state of denial. We are now living through one of those times.

The European Single Currency cannot be saved. Yet the euro elite are unable to bring themselves to acknowledge the magnitude of this disaster. They have convinced themselves that all is well. The pattern is familiar and indeed we in Britain experienced something very similar in the months leading up to Black Wednesday and the eviction of sterling from the Exchange Rate Mechanism in September 1992.



The euro elite is utterly ruthless. In its mission to save the euro, it is ready to throw tens of millions out of work and in the process destroy businesses, lives and whole economies. Consider the terrifying facts. The Irish economy has gone through recession and entered what economists call a depression. Its output contracted by an extraordinary 10 per cent last year, and may well do so again over the next 12 months.

In Spain, unemployment stands at 20 per cent, and youth unemployment a horrifying and tragic 40 per cent. The depths of misery lying behind these statistics cannot be exaggerated. A friend of mine who lives in the Spanish province of Andalusia tells me that some children in his village cannot go to school. This is because their parents cannot afford to buy them shoes. Effectively large parts of Europe are de-industrialising. In Greece, the economy may contract by 15 per cent over the next two years as a result of massive cuts in state spending.

For Greece and Ireland, there is an absurdly easy way back to economic growth: return to the drachma and the punt. Such a move would enable national currencies to fall back to levels where they can be internationally competitive – which in the case of hapless Greece would be approximately one third of where it stands today.

Assertions by the big bankers and eurocrats that such a move is technically impossible are self-serving and false. It would of course be very messy in the short term, but there are many examples of countries pulling out of currency unions with no lasting ill-effect.

The peripheral eurozone nations are being prevented from taking this sensible move by a cynical alliance between the big banks and the Brussels elite. The banks cannot countenance any contraction of the eurozone because once Greece, Ireland, Portugal and Spain pull out, they will have no choice but to default on their debts. Such a move would bankrupt almost all European banks. Between them these four countries have a combined sovereign debt of well over £1 trillion. A very large part of this debt is owned by the major European banks. The Bank of International Settlements estimates, for example, that French financial institutions have lent the equivalent of 37 per cent of total French GDP to these failing countries.

However there are also hugely powerful political considerations. The collapse of the euro project will come as a shattering blow from which the European project cannot recover. That is why key members of the Euro elite are so determined to use this moment to press forward with their plans for political and economic integration.

More about Ireland-

Business News below.  Now with 51 Stories.

From Yahoo News Business

1 Ireland admits to debt talks, denies EU bailout plea

by Andrew Bushe, AFP

22 mins ago

DUBLIN (AFP) – Ireland admitted Monday it is in contact with “international colleagues” over its debt crisis but denied seeking a bailout, as the EU warned that Dublin’s woes are a concern for the whole euro area.

Brussels and Dublin both insisted there were no formal talks despite persistent reports that Ireland faced pressure to seek assistance from a special EU system set up after the Greek debt crisis six months ago.

But with concern also deepening over public finances in fellow eurozone members Greece and Portugal, Ireland said for the first time that it was in contact with international partners over its problems.

2 Greek deficit and debt figures shoot up

AFP

2 hrs 47 mins ago

BRUSSELS (AFP) – Greek public deficit and debt figures for the four years to 2009 shot up markedly Monday, days after Prime Minister George Papandreou said a delay in bailout repayments may be necessary.

Following detailed Brussels audits of Athens’ books, the European Union released massively revised national figures that saw the headline deficit for 2009 rise to 15.4 percent of gross domestic product, a big jump from the 13.6 percent announced in April.

The rise was reflected in each of the previous three years also — with the numbers jumping from 3.6 to 5.7 percent for 2006, 5.1 to 6.4 percent in 2007 and 7.7 to 9.4 percent throughout 2008 — showing the rapid degradation of Greek government finances in the run-up to its calling in EU and International Monetary Fund aid.

3 Euro, stocks drop on Irish bailout, contagion fears

AFP

1 hr 10 mins ago

LONDON (AFP) – The euro and European stocks fell on Monday amid speculation and denials that Ireland faces a Greek-style economic bailout, while analysts warned that the turmoil risks spreading across the eurozone.

“Markets are starting off on the back foot once again as the woes of Europe rear their head once more,” said Simon Denham, head of trading group Capital Spreads.

The euro dropped to 1.3635 dollars in London trade from 1.3693 dollars late in New York on Friday. The dollar rose to 82.85 yen from 82.52 yen on Friday.

4 Irish bailout talk reaches fever pitch

by Sophie Estienne, AFP

Sun Nov 14, 10:31 am ET

BRUSSELS (AFP) – Key figures involved in European Union action to safeguard the stability of the euro insisted Sunday that reports of partners pressuring Ireland to seek bailout assistance were premature.

Contacted again on Sunday, the Eurogroup of currency partners, the European Commission that supervises EU states’ budgetary planning, and separate diplomats — not to mention Dublin itself — each rejected persistent international media reports claiming that organisational talks were already under way on a rescue running to some 70 billion euros (95.8 billion dollars).

Nevertheless, rumours have reached fever pitch two days before a monthly meeting of euro finance ministers in Brussels at which mounting fear over Ireland’s financial health is the single most important item, now formally placed on their agenda.

5 Japan’s MUFG to buy £3.8 bln of RBS assets

by David Watkins, AFP

2 hrs 22 mins ago

TOKYO (AFP) – A subsidiary of Japan’s Mitsubishi UFJ Financial Group said Monday it would buy a 3.8 billion pound portfolio of project-finance loans from the Royal Bank of Scotland, helping expand its global reach.

The Bank of Tokyo-Mitsubishi UFJ said it had agreed on key terms with RBS for the proposed deal to acquire the loan portfolio worth around 3.8 billion pounds.

Through the purchase — mainly of loans for natural resource and power infrastructure projects in Europe, the Middle East and Africa — the Japanese group aims to gain a foothold in emerging markets and become a sector leader.

6 Gunmen attack Nigerian Exxon Mobil facility

AFP

1 hr 7 mins ago

LAGOS (AFP) – Gunmen attacked an offshore facility operated by US oil giant Exxon Mobil off the coast of southern Nigeria at the weekend, the company said Monday.

The Nigerian subsidiary of Exxon Mobil said one of its offshore facilities “was boarded by unknown armed persons in the evening of Sunday,” but gave no further details.

The raid is the latest on oil facilities in Akwa Ibom state, one of Nigeria’s main oil producing states.

7 Japan’s economy expands in Q3, but risks ahead

by David Watkins, AFP

Mon Nov 15, 2:36 am ET

TOKYO (AFP) – Japan’s economy expanded in the third quarter as car buyers rushed to make the most of expiring subsidies and smokers stocked up ahead of a tax hike, data showed Monday, but analysts warned of risks ahead.

The hottest summer on record also drove sales of items such as air conditioners during the period, helping to drive growth.

But there were warnings of a looming payback in the fourth quarter in the absence of such one-off factors, amid growing fears Japan could face a slide back towards recession and doubt over the impact of planned stimulus measures.

8 US and Asia Pacific nations plan trade pact by 2012

by Frank Zeller, AFP

Sun Nov 14, 6:29 am ET

YOKOHAMA, Japan (AFP) – The United States and eight other Pacific Rim nations aim to forge a free-trade pact before President Barack Obama hosts an APEC summit in Hawaii in a year, Chile’s president said Sunday.

Leaders of the nine nations met for the first time Sunday at a summit in Japan to discuss the so-called Trans-Pacific Partnership (TPP) pact which would oblige members to scrap tariffs and other trade barriers.

The group did not include China — the world’s number-two economy and biggest exporter — which favours negotiating trade reforms in alternative forums that include only Asian economies and not the United States.

9 China rebuffs US pressure at Asian economic summit

by Frank Zeller, AFP

Sat Nov 13, 10:44 am ET

YOKOHAMA, Japan (AFP) – US President Barack Obama on Saturday used a Pacific Rim summit to press China on its flood of exports aided by a cheap yuan, but President Hu Jintao said Beijing would make reforms at its own pace.

The competing visions of the two economic giants were laid out a day after the Group of 20 knocked back US proposals for binding targets to address global trade imbalances and curbs on currency manipulation — proposals effectively aimed at China.

Obama also made an appeal to tear down trade barriers as the 21 members of the Asia Pacific Economic Cooperation (APEC) forum kicked off a summit in Japan, clouded by tensions between its biggest economies.

10 IMF chief says US pushed too fast at G20

by Patrice Novotny, AFP

Sat Nov 13, 2:48 pm ET

YOKOHAMA, Japan (AFP) – The United States, which was dealt a trade policy slap-down at a G20 summit, pushed its ideas too fast at a time when the mood for cooperation has waned, the IMF chief told AFP Saturday.

The Group of 20 summit knocked back US proposals for binding targets to address global trade imbalances, and on Friday produced a watered-down statement that put no pressure on China to adjust the value of the yuan.

“The United States tried to push an idea too fast, at a time when the foundation for cooperation is not as strong as it was during the crisis” that shook the world economy in 2008-09, said IMF chief Dominique Strauss-Kahn.

11 Australia’s AMP makes fresh bid for AXA Asia Pacific

by Madeleine Coorey, AFP

Mon Nov 15, 2:38 am ET

SYDNEY (AFP) – Australian wealth manager AMP made a new bid Monday for AXA Asia Pacific worth at least 13 billion dollars, saying the deal could create a major new player in the country’s financial services landscape.

The announcement comes two months after National Australia Bank (NAB), one of Australia’s four big banks, ditched its offer for AXA Asia Pacific after it was blocked by competition regulators.

AMP said it was teaming up with AXA Asia Pacific’s French parent, AXA SA, reviving a partnership that had been trumped by NAB’s higher offer.

12 Ireland faces debt crisis talks, may seek bank aid

By Padraic Halpin and Michael Winfrey, Reuters

1 hr 9 mins ago

DUBLIN/VIENNA (Reuters) – Aid would be available for Ireland’s banking sector or the state itself, a top European policymaker said on Monday after a report suggested Dublin could seek money for its stricken banks from an EU emergency fund.

Dublin reiterated that it will not need a bailout from the European Union or the International Monetary Fund although EU sources have said talks on a possible bailout are under way and it is unlikely to hold out without assistance.

The Irish Independent newspaper said Dublin was considering asking for money for its banks, an option that could be less risky politically than asking for a bailout of the state.

13 Stocks fall, dollar rises on Irish debt worries

By Ian Chua, Reuters

Mon Nov 15, 3:28 am ET

SYDNEY (Reuters) – Stocks in Asia and Europe fell on Monday on fears that Ireland may be forced to seek a financial rescue package, while a jump in U.S. Treasury yields helped drive the dollar higher.

The FTSEurofirst 300 index of leading European shares (.FTEU3) shed 0.6 percent in early trade, following most Asian equity markets lower, as worries about eurozone debt problems intensified.

Irish officials have not ruled out the possibility it may have to turn to Europe for help in dealing with its debt crisis, but said no application had been made for assistance yet.

14 Greek loan repayment extension on the table: PM

Reuters

Sat Nov 13, 3:55 pm ET

ATHENS (Reuters) – Greece’s prime minister said in an interview that the possibility of extending repayment of its EU/IMF loan was on the table, but an ECB policymaker said any talk of renegotiation could harm the country’s credibility.

Greece has cut public wages and pensions and raised taxes to help plug its budget shortfall as part of a 110 billion euro EU/IMF bailout that saved it from bankruptcy in May.

But officials say it will miss this year’s deficit target because of a revision of 2009 fiscal data and weak revenue growth, and the government has said it is ready to make extra spending cuts if necessary.

15 Greece must focus on debt targets: ECB’s Bini Smaghi

By Ingrid Melander, Reuters

Sat Nov 13, 2:34 pm ET

ATHENS (Reuters) – Greece must focus on meeting targets to cut its budget deficit, ECB policymaker Lorenzo Bini Smaghi said in an interview, warning that any renegotiation of the terms of EU/IMF loans would harm its credibility.

The debt-choked nation is set to miss a target to reduce its deficit to 7.8 percent of gross domestic product this year due to weak revenue growth and the upward revision of last year’s deficit, a Greek government official told Reuters this week.

“Greece has to achieve its objectives in order to regain credibility. We must now focus on 2011,” Executive Board member Bini Smaghi said in an interview to be published on Sunday by Greek newspaper Kathimerini.

16 BHP kills Potash Corp bid, revives $4.2 billion buyback

By Sonali Paul, Reuters

Mon Nov 15, 5:16 am ET

MELBOURNE (Reuters) – Top global miner BHP Billiton scrapped its $39 billion bid for Canada’s Potash Corp, the world’s biggest deal this year, after rejection by regulators and bowed to calls from investors to return cash.

BHP, conceding defeat for the third straight time on a major proposed merger or acquisition, signaled with its revived $4.2 billion share buyback that it had limited opportunities for other big buys.

Shareholders will be eager to hear what further growth prospects the company will chase with its cash pile when BHP Chief Executive Marius Kloppers fronts the group’s annual meeting in Australia on Tuesday.

17 AMP, AXA SA launch $13.1 billion bid for AXA Asia Pacific

By Sonali Paul and Narayanan Somasundaram, Reuters

Sun Nov 14, 11:51 pm ET

MELBOURNE/SYDNEY (Reuters) – Australian wealth manager AMP (AMP.AX) and French insurer AXA SA (AXAF.PA) launched a new $13.1 billion-plus bid for AXA Asia Pacific, a move set to challenge banks’ domination of the world’s fourth-largest wealth market down under.

A deal would put AMP at the top of Australia’s $1.2 trillion wealth management market, and end one of Asia’s largest takeovers that has dragged on for a year.

It would also allow AXA SA to exit Australia and help it to focus on its stated goal of growing in Asia, where businesses in eight countries contributed 60 percent of its operating earnings in the first half of 2010.

18 MUFG raises profit forecast, to buy RBS project book

By Taiga Uranaka, Reuters

Mon Nov 15, 4:26 am ET

TOKYO (Reuters) – MUFG raised its full-year profit forecast by a quarter and said it is buying project-finance assets from Royal Bank of Scotland worth 3.8 billion pounds ($6.1 billion), expanding its overseas reach as loan demand remains tepid in Japan.

Mitsubishi UFJ Financial Group (MUFG), Japan’s biggest bank by assets, joined smaller rivals Mizuho Financial Group and Sumitomo Mitsui Financial Group in raising its forecast, after bond trading gains and lower credit costs helped its second-quarter net profit nearly triple.

But Japan’s top three banks are struggling to boost their core lending operations as a murky economic outlook prompts companies to curb business investment, underlining the need to diversify revenue sources and seek growth abroad.

19 SAIC agrees to take GM stake in IPO: sources

By Kevin Krolicki, Soyoung Kim and Clare Baldwin, Reuters

Sun Nov 14, 10:57 pm ET

DETROIT/NEW YORK (Reuters) – China’s SAIC Motor Corp Ltd (600104.SS) has agreed to take a stake in General Motors Co (GM.UL) if Chinese regulators approve a deal to deepen an existing alliance between the two automakers, four people familiar with the matter said.

The potential investment from SAIC is part of a surge in investor interest in GM that is expected to push the pricing of its shares to $29 or above in the U.S. automaker’s initial public offering, one of the sources said.

Another source said SAIC, GM’s partner in China, would take a stake of around 1 percent in the automaker, majority owned by the U.S. Treasury after a bailout last year.

20 Japan manages Q3 growth spurt but soft patch looms

By Leika Kihara and Rie Ishiguro, Reuters

Sun Nov 14, 11:35 pm ET

TOKYO (Reuters) – Japan’s economic growth accelerated in the third quarter as expiring government stimulus steps gave consumption a last-minute boost, marking an upward blip in a moderate slowdown that is leading the economy to a standstill.

Many analysts expect the economy to stall, or even contract slightly, in the next two quarters as the strong yen’s damage to exports becomes more evident and factory output slumps after stimulus measures for low-emission cars expired in September.

While few expect Japan to slip back into recession, policymakers remain alert for risks to the fragile economy.

21 Taxes, inflation data to dominate week

By Rodrigo Campos, Reuters

Sun Nov 14, 12:08 pm ET

NEW YORK (Reuters) – Without a boost from Washington policymakers or data showing budding strength in the economy, Wall Street’s rally may be running out of fuel as the S&P 500 eases off its 2010 high.

A data-heavy week could give investors hard evidence to justify a rally that lifted the S&P 500 16.8 percent from its August 31 close to the 2010 closing high hit November 5.

But the index has been unable to move above 1,228, a key resistance level, and its chart is brewing a double-top formation, a very bearish signal.

22 Wal-Mart investors set low bar for U.S. sales

By Brad Dorfman, Reuters

Sun Nov 14, 10:06 am ET

CHICAGO (Reuters) – Wal-Mart Stores Inc (WMT.N) has a low bar to clear when it reports third-quarter financial results this week: just show that sales at existing U.S. stores fell only a little bit.

But that will not be good enough for the market going forward. Analysts expect the world’s largest retailer to confirm that sales at U.S. stores open at least a year will improve in the current fourth quarter, which includes the holiday season.

The world’s largest retailer has seen sales fall for five consecutive quarters at stores open at least a year. Investors are not expecting much out of the third quarter from steps the company took to lift that measure.

23 Lenders face lawmaker wrath over foreclosures

By Dave Clarke and Joe Rauch, Reuters

Sun Nov 14, 11:20 am ET

WASHINGTON/CHARLOTTE, North Carolina (Reuters) – Banks under fire over their foreclosure practices face twin hearings in Congress this week, at which they will come under renewed pressure to find ways to keep borrowers in their homes.

The hearings on Tuesday and Thursday will include the first appearances by executives from major lenders like Bank of America (BAC.N) and JPMorgan Chase (JPM.N) since the furor over sloppy foreclosure paperwork erupted in September.

Banks are accused of having used “robo-signers” to sign hundreds of foreclosure documents a day, a fiasco that has reignited public anger with banks that received billions of dollars in taxpayer aid during the financial crisis.

24 China’s Hu says to seek domestic growth, FX reform

By Chris Buckley, Reuters

Sat Nov 13, 12:58 am ET

YOKOHAMA, Japan (Reuters) – China will seek to expand domestic demand and remains committed to reforming its exchange rate, President Hu Jintao said, following months of friction over Beijing’s currency policy and large trade surplus.

Hu told a regional business forum in Japan on Saturday that China “will make vigorous efforts to establish lastingly effective means for expanding domestic demand, especially consumer demand.”

China’s rapid growth has helped to shore up the global economy and spur on Asia while the United States and Europe have struggled with high unemployment and financial woes.

25 Obama taps NC official to regulate Fannie and Freddie

By Kevin Drawbaugh, Reuters

Fri Nov 12, 3:30 pm ET

WASHINGTON (Reuters) – President Barack Obama will nominate a state bank regulator to be director of the U.S. agency that oversees mortgage giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the White House said on Friday.

At a time of crisis and growing calls for change to America’s broken housing finance system, Obama intends to tap North Carolina Commissioner of Banks Joseph Smith to head the Federal Housing Finance Agency, the administration said.

“Mr. Smith brings to this position both tremendous expertise and a deep commitment to strengthening our housing finance system for the American people,” Obama said.

26 Irish debt crisis stalks Europe’s markets

By PAN PYLAS, AP Business Writer

Mon Nov 15, 6:25 am ET

LONDON – Europe’s stock markets mostly fell Monday while the euro was battered again amid mounting fears that Ireland will end up having to look for outside financial help to get a handle on its mounting debt burden.

The FTSE 100 index of leading British shares was down 18.85 points, or 0.3 percent, at 5,778.02 while the CAC-40 in France fell 12.47 points, or 0.3 percent, to 3,816.65. Germany’s DAX was up just over a point at 6,735.76.



Investors are jittery at the moment amid reports that the Irish government is in talks with the European officials to discuss the country’s debt position. All eyes are likely to shift towards Brussels Tuesday when the finance ministers of the 16 countries of the eurozone meet, with Ireland more than likely to top the agenda.

27 Greece sees higher deficit after EU revises data

By ELENA BECATOROS and GABRIELE STEINHAUSER, Associated Press

29 mins ago

ATHENS, Greece – Greece expects the budget deficit in 2010 will be larger than initially targeted after the EU’s statistics agency said Monday the country’s debt last year was actually much higher than projected.

But the country, which has been struggling with a severe financial crisis for the past year and is receiving a euro110 billion ($150 billion) in rescue loans to keep it from defaulting on its debts, insisted it was still on track for an “unprecedented” 6 percentage point deficit reduction.

Eurostat said Greece’s 2009 budget deficit reached 15.4 percent of gross domestic product, significantly above its previous projection of 13.6 percent.

28 Comedians feast on Ireland’s whopping debt crisis

By SHAWN POGATCHNIK, Associated Press

Sun Nov 14, 2:36 pm ET

KILKENNY, Ireland – When comedians feast on Ireland’s terrifying debt situation, it’s time to laugh – or cry. Hard, cold truths will emerge in either case.

“Ireland needs a new credit rating agency. Moody & Poor,” says Colm O’Regan, an IT consultant turned comedian.

Another declares that since central banks print money anyway, they’re built to be defaulted on. “They’re just like my dad,” quips Joe Rooney.

29 BHP Billiton withdraws bid for Potash Corp.

By ROB GILLIES, Associated Press

Sun Nov 14, 7:36 pm ET

TORONTO – BHP Billiton on Sunday withdrew its hostile takeover bid for Potash Corp. of Saskatchewan, saying it cannot convince Canada’s federal government to approve the deal.

Ottawa announced earlier this month that it would block the deal because it wasn’t a net benefit to Canada. BHP had 30 days to appeal, but said Sunday in a statement that it cannot satisfy the net benefit requirements outlined by the government.

“We have not been able to obtain clearance under the Investment Canada Act and have accordingly decided to withdraw the Offer,” BHP Billiton CEO Marius Kloppers said in a statement.

30 Coke smugglers buy old jets to fly across Atlantic

By CHRIS HAWLEY, Associated Press

1 hr 4 mins ago

NEW YORK – Federal investigators are piecing together details of an audacious new trend in drug smuggling: South American gangs are buying old jets, stuffing them full of cocaine and flying them across the Atlantic to feed Europe’s growing coke habit.

At least three gangs have struck deals to fly drugs to West Africa and from there to Europe, according to U.S. indictments. One trafficker claimed he already had six aircraft flying. Another said he was managing five airplanes. Because there is no radar coverage over the ocean, big planes can cross the Atlantic virtually undetected.

“The sky’s the limit,” one Sierra Leone trafficker boasted to a Drug Enforcement Administration informant, according to court documents.

31 Japan economy losing pace despite solid 3Q growth

By TOMOKO A. HOSAKA, Associated Press

Mon Nov 15, 1:11 am ET

TOKYO – Japan’s growth accelerated in the July-September quarter thanks to robust consumer spending, offering a rare piece of positive economic news that is likely to prove fleeting.

All signs indicate that the uptick is temporary, and momentum will almost certainly fade as slowing exports and a persistently strong yen take their toll on the world’s No. 3 economy. Japan will be lucky if it can eke out growth in the fourth quarter.

First, the good news.

32 Japan is test case for Pac Rim free trade zone

By MALCOLM FOSTER and TOMOKO A. HOSAKA, Associated Press

Mon Nov 15, 1:27 am ET

YOKOHAMA, Japan – Although Asia-Pacific leaders have committed themselves to achieving a Pacific-wide free trade zone following an annual summit, host Japan may prove a key test case for how realistic that vision is.

Acknowledging that Japan’s economic power is declining, Prime Minister Naoto Kan declared his country must open up its markets and embrace free trade – or risk getting left further behind other regional rivals.

“Japan is determined to reopen itself,” Kan said at a press conference Sunday that wound up the Asia-Pacific Economic Cooperation forum, alluding to the historic role that Yokohama, which hosted the summit, played more than 150 years ago as one of the first Japanese ports to open up to the West.

33 Studies: Drug, device help treat heart failure

By MARILYNN MARCHIONE, AP Medical Writer

Sun Nov 14, 1:10 pm ET

CHICAGO – Millions of people with mild or moderate heart failure got good news Sunday, with studies showing a Pfizer drug and a device from Medtronic can boost survival and cut trips to the hospital by patients having trouble breathing.

But another drug that’s been used for nearly a decade – Johnson & Johnson’s Natrecor – did little to help those with severe heart failure in a big study aimed at settling whether the drug raised the risk of death or kidney problems.

“They resolved the safety issue but in the meantime showed it was not very effective,” and it’s hard to tell now which patients should get the pricey medicine, said Dr. Alfred Bove, a Temple University heart specialist and past president of the American College of Cardiology.

34 Study: Women with high job stress face heart risks

By MARILYNN MARCHIONE, AP Medical Writer

Sun Nov 14, 7:14 pm ET

CHICAGO – Working women are equal to men in a way they’ll wish they weren’t. Female workers with stressful jobs were more likely than women with less job strain to suffer a heart attack or a stroke or to have clogged arteries, a big federally funded study found.

Worrying about losing a job can raise heart risks, too, researchers found.

The results seem sure to resonate in a weak economy with plenty of stress about jobs – or lack of them. The mere fact this study was done is a sign of the times: Past studies focused on men, the traditional breadwinners, and found that higher job stress raised heart risks. This is the longest major one to look at stress in women, who now make up nearly half of the workforce.

35 Socialists win 2 largest cities in Greek poll

Associated Press

Sun Nov 14, 6:59 pm ET

ATHENS, Greece – Greece’s governing Socialists have won mayoral races in Greece’s two largest cities for the first time in 24 years, extending gains in local government elections.

Socialist-backed mayoral candidates Giorgos Kaminis and Yiannis Boutaris won in the capital Athens and the northern city of Thessaloniki, interrupting a streak of conservative victories dating back to 1986.

Prime Minister George Papandreou praised Sunday’s result as a vote of confidence in his austerity program ahead of an inspection by EU and IMF officials on the implementation of a rescue loan agreement worth euro110 billion ($150 billion).

36 White House, GOP look for middle ground on taxes

By JIM KUHNHENN, Associated Press

Sun Nov 14, 6:13 pm ET

WASHINGTON – The White House and Republican lawmakers set the terms for a looming tax debate Sunday, coalescing around a possible temporary extension of existing income tax rates that would protect middle class and wealthy Americans from sharp tax increases next year.

President Barack Obama reiterated his opposition to a permanent extension of current tax rates for individuals making more than $200,000 a year and married couples making more than $250,000.

“It won’t significantly boost the economy, and it’s hugely expensive,” he told reporters aboard Air Force One as he returned to Washington from an Asia trip. “So we can’t afford it.”

37 Obama’s Asian trip shows limits on global stage

By BEN FELLER and ERICA WERNER, Associated Press

Mon Nov 15, 1:07 am ET

WASHINGTON – President Barack Obama left Asia with a greater foothold in the emerging nations that could help shape the American economy for years. But his failure to deliver on his own high expectations on key economic issues served notice that the global stage is not nearly his for the taking.

The president returned to Washington on Sunday with mixed results to show from his longest foreign trip abroad as president, an exhausting 10-day tour through India, Indonesia, South Korea and Japan.

His first two stops yielded dramatic diplomatic successes and memorable images in two booming Asian democracies that will only become more important strategically to the U.S.

38 Hobbled Dems, eager GOP back for lame-duck session

By JIM ABRAMS, Associated Press

Sun Nov 14, 6:52 pm ET

WASHINGTON – Seven weeks ahead of the GOP House takeover, hobbled Democrats and invigorated Republicans return Monday to a testy tax dispute and a lengthy to-do list for a postelection session of Congress unlikely to achieve any landmark legislation.

With change clearly in the air, more than 100 mainly Republican freshmen arrive on Capitol Hill to be schooled on the jobs they’ll assume when the next Congress convenes in January. For Democrats, it’s another sad note as one of their most venerable members goes on trial on ethics charges.

Lame-duck sessions are usually unpopular and unproductive. Nothing suggests otherwise this year.

39 INSIDE WASHINGTON: Farm subsidies’ staying power

By MARY CLARE JALONICK, Associated Press

Sun Nov 14, 11:02 am ET

WASHINGTON – Many Republicans who swept rural Democrats from office are now confronting the reality of a promise to reduce spending: Should it cover the farm subsidies that have brought money and jobs to their districts – and directly benefited some GOP lawmakers or their families?

At least 13 Democrats on the House Agriculture Committee lost on Nov. 2, and most of then helped steer generous farm support back home. Many of their replacements avoided the issue of farm payments during the campaign as they focused on broader themes of lowering federal spending and changing Washington.

They’ll have to face it soon enough. Congress is expected to begin work on the next five-year farm bill before the 2012 election.

40 China to play role in General Motors IPO

By SHARON SILKE CARTY, AP Auto Writer

Sat Nov 13, 3:39 pm ET

DETROIT – Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC.

Americans uncomfortable with U.S. government ownership of General Motors may want to hear more: One of those banks is the Industrial and Commercial Bank of China, one of China’s four big central government banks. The other, China International Capital Corp., is a joint venture run primarily by Central Huijin Investment Ltd., an arm of the state, and Morgan Stanley.

This is the first time Chinese government banks have participated in a major U.S.-issued IPO, according to IPO tracking firm Dealogic. The banks are listed as co-managers in the offering, meaning they will sell a portion of the new shares.

41 GOP lawmakers take tough stand on Bush tax cuts

By STEPHEN OHLEMACHER, Associated Press

Sat Nov 13, 9:18 pm ET

WASHINGTON – Fresh off big victories on Election Day, Republicans in Congress feel empowered in their fight to extend tax cuts that expire in January, including those for the wealthy.

President Barack Obama has said he wants to compromise with Republicans to ensure that tax cuts for middle-income families continue, suggesting he’s open to extending all the tax breaks for a year or two. Republican leaders say it’s a nice gesture by the president, but some key GOP lawmakers want more.

“It should be permanent,” said Sen. Judd Gregg, R-N.H. “We’ve got to get this economy to pick up and if you raise taxes you’re going to stifle the economy significantly. I’m sure that somebody’s explained that to the president.”

42 Obama says START treaty remains ‘top priority’

By BEN FELLER, AP White House Correspondent

Sun Nov 14, 3:26 am ET

YOKOHAMA, Japan – President Barack Obama, capping a far-flung Asian trip of mixed results, assured Russian President Dmitry Medvedev on Sunday that getting the Senate to ratify the START nuclear weapons treaty is a “top priority” of his administration.

“I reiterated my commitment to getting the START treaty done during the lame-duck session,” Obama said, noting that Congress returns next week for its postelection session.

In talks with Medvedev on the sidelines of the summit of the Asian-Pacific Economic Cooperation (APEC), Obama also reiterated his support for bringing Russia into the World Trade Organization, calling Russia “an excellent partner.”

43 Merkel acknowledges disappointment with gov’t

By GEIR MOULSON, Associated Press

18 mins ago

BERLIN – Chancellor Angela Merkel acknowledged disappointment at her center-right government’s rocky first year, but insisted Monday that unpopular decisions will pay off and took credit for Germany’s strong economic rebound.

Merkel told a conference of her conservative Christian Democratic Union that she is proud of the country’s sinking unemployment and won’t let Germany be “beaten up” for being a leading exporter.

Merkel’s party and the pro-business Free Democrats won a hoped-for majority in last year’s election after the chancellor presided for four years over a middle-of-the-road “grand coalition” with her main rivals on the left.

44 Food production a bright spot in gloomy economy

By DINESH RAMDE, Associated Press

2 mins ago

MILWAUKEE – While the recession took a toll on manufacturing and other industries, one part of the economy has remained a bright spot over the past few years: food production.

Across the nation, food producers are seeing enough growth that many are expanding and investing in new equipment.

For cheesemakers, dairy farmers and vegetable growers, the slow economy has brought opportunities to expand while construction costs are low. Food makers have also benefited from having products that consumers still buy in hard times and from ongoing efforts to open up new markets overseas.

45 Is the Fed’s rally already over?

By DAVID K. RANDALL and MATTHEW CRAFT, Associated Press Business Writers

Mon Nov 15, 12:01 am ET

NEW YORK – The Fed Rally is over.

The Federal Reserve took the first step in a $600 billion plan to boost the economy Friday. The same day, the Standard & Poor’s 500 index tumbled to its worst weekly loss in three months. It wasn’t just a coincidence.

Stock markets are forward looking. Once the Fed began signaling in late August that it had a stimulus plan in the works, investors started to push stock prices higher. But over the past five days, ominous signs emerged about the global economy:

46 Stuy Town residents could get NYC grail: Ownership

By SAMANTHA GROSS, Associated Press

Sun Nov 14, 7:57 am ET

NEW YORK – The things people do for a good Manhattan real estate deal.

For Ellen Cassels it’s living with her husband and two sons in a one-bedroom apartment. Every night, she and her husband climb into a custom-made Murphy bed in the living room, while their boys bunk in the master bedroom. For their sacrifice, they pay just under $1,500 a month. And she’s not going anywhere: She even hopes to buy the apartment one day.

The tenants at the 11,000-unit complex known as Stuyvesant Town and Peter Cooper Village – which was bought for $5.4 billion before collapsing to an estimated value of less than $2 billion – all want something different as they navigate out of what’s known as the largest failed residential real estate deal of all time.

47 Redfish, new fish? Industry seeks revived market

By JAY LINDSAY, Associated Press

Sun Nov 14, 7:53 am ET

BOSTON – It’s been a worry-free couple of decades for the Acadian redfish.

The reddish-orange schooling fish have been worth so little to fishermen that they’ve rarely had to flee from the tightening mesh of a net. But life for the redfish may soon be changing – if the fishing industry can get people to bite.

Redfish is one of the few populations of New England groundfish considered completely healthy. Regulators have allotted fishermen 15 million pounds to catch this year, the third-most of any Northeast species. The big question is, who’s going to buy it?

48 For hundreds, lawsuit over coal slurry unresolved

By VICKI SMITH, Associated Press

Sat Nov 13, 12:49 pm ET

MORGANTOWN, W.Va. – Eighteen months ago, Christina Doyle packed up her two kids for an eight-hour journey to a West Virginia courthouse, hoping for some resolution to a lawsuit over water pollution she believes caused her daughter’s learning disabilities and slow growth.

This weekend, the 32-year-old who now lives in South Carolina is doing it again. And so will hundreds of others who believe Virginia-based Massey Energy Co. and subsidiary Rawl Sales & Processing have poisoned their water wells with 1.4 billion gallons of toxic coal slurry.

The company has denied wrongdoing, though residents say the proof flows from their faucets as red, orange or black water. They say the chemicals in slurry have left them and their children with developmental disabilities, cancers and other maladies.

49 Resolution elusive in debate over NY cigarette tax

By CAROLYN THOMPSON, Associated Press

Sat Nov 13, 12:19 pm ET

BUFFALO, N.Y. – New York’s latest attempt to tax lucrative Native American smokeshop sales to non-Indian customers has generated mountains of legal briefs, hours of argument and a seemingly constant flurry of court decisions.

What it hasn’t generated is any of the roughly half-million dollars per day in projected state revenue.

Collections were to start Sept. 1, but legal challenges by five of New York’s Indian nations have indefinitely delayed them.

50 Largest solar power plant in Mass. about to start

By STEPHEN SINGER, AP Business Writer

Sat Nov 13, 11:15 am ET

PITTSFIELD, Mass. – On land poisoned by toxins from a long-gone manufacturing era, more than 6,500 solar panels face the south sky, capturing the sunlight of a late autumn day in the Berkshire Mountains.

They’re ready to deliver power to New England.

The Western Massachusetts Electric Co. site in Pittsfield, New England’s largest solar project, promises to produce enough electricity for about 300 homes starting later this month. That’s a tiny fraction of what the region needs to run computers, lights, TVs and everything else utility customers take for granted.

51 Red ink for post office: $8.5B lost last year

By RANDOLPH E. SCHMID, Associated Press

Fri Nov 12, 8:12 pm ET

WASHINGTON – The Postal Service said Friday it lost $8.5 billion last year despite deep cuts of more than 100,000 jobs and other reductions in recent years. The post office had estimated it would lose $6 billion to $7 billion, but a sharp decline in mail took a toll. Increased use of the Internet and the recession, which cut advertising and other business mail, meant less money for the agency.

For the year ending Sept. 30, the post office had income of $67.1 billion, down $1 billion from the previous fiscal year. Expenses totaled $70 billion, a decline of about $400 million. The post office also was required to make a $5.5 billion payment for future retiree health benefits.

“Over the last two years, the Postal Service realized more than $9 billion in cost savings, primarily by eliminating about 105,000 full-time equivalent positions – more than any other organization, anywhere,” chief financial officer Joe Corbett said in a statement. “We will continue our relentless efforts to innovate and improve efficiency. However, the need for changes to legislation, regulations and labor contracts has never been more obvious.”

On This Day in History: November 15

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

November 15 is the 319th day of the year (320th in leap years) in the Gregorian calendar. There are 46 days remaining until the end of the year.

On this day in 1867, On this day in 1867, the first stock ticker is unveiled in New York City. The advent of the ticker ultimately revolutionized the stock market by making up-to-the-minute prices available to investors around the country. Prior to this development, information from the New York Stock Exchange, which has been around since 1792, traveled by mail or messenger.

The ticker was the brainchild of Edward Calahan, who configured a telegraph machine to print stock quotes on streams of paper tape (the same paper tape later used in ticker-tape parades). The ticker, which caught on quickly with investors, got its name from the sound its type wheel made.

Calahan worked for the Gold & Stock Telegraph Company, which rented its tickers to brokerage houses and regional exchanges for a fee and then transmitted the latest gold and stock prices to all its machines at the same time. In 1869, Thomas Edison, a former telegraph operator, patented an improved, easier-to-use version of Calahan’s ticker. Edison’s ticker was his first lucrative invention and, through the manufacture and sale of stock tickers and other telegraphic devices, he made enough money to open his own lab in Menlo Park, New Jersey, where he developed the light bulb and phonograph, among other transformative inventions.

Stock tickers in various buildings were connected using technology based on the then-recently invented telegraph machines, with the advantage that the output was readable text, instead of the dots and dashes of Morse code. The machines printed a series of ticker symbols (usually shortened forms of a company’s name), followed by brief information about the price of that company’s stock; the thin strip of paper they were printed on was called ticker tape. As with all these terms, the word ticker comes from the distinct tapping (or ticking) noise the machines made while printing. Pulses on the telegraph line made a letter wheel turn step by step until the right letter or symbol was reached and then printed. A typical 32 symbol letter wheel had to turn on average 15 steps until the next letter could be printed resulting in a very slow printing speed of 1 letter per second. In 1883, ticker transmitter keyboards resembled the keyboard of a piano with black keys indicating letters and the white keys indicating numbers and fractions, corresponding to two rotating type wheels in the connected ticker tape printers.

Newer and more efficient tickers became available in the 1930s and 1960s but the physical ticker tape phase was quickly coming to a close being followed by the electronic phase. These newer and better tickers still had an approximate 15 to 20 minute delay. Stock ticker machines became obsolete in the 1960s, replaced by computer networks; none have been manufactured for use for decades. However, working reproductions of at least one model are now being manufactured for museums and collectors. It was not until 1996 that a ticker type electronic device was produced that could operate in true real time.

Simulated ticker displays, named after the original machines, still exist as part of the display of television news channels and on some World Wide Web pages-see news ticker. One of the most famous displays is the simulated ticker located at One Times Square in New York City.

Ticker tapes then and now contain generally the same information. The ticker symbol is a unique set of characters used to identify the company. The shares traded is the volume for the trade being quoted. Price traded refers to the price per share of a particular trade. Change direction is a visual cue showing whether the stock is trading higher or lower than the previous trade, hence the terms downtick and uptick. Change amount refers to the difference in price from the previous day’s closing. These are reflected in the modern style tickers that we see every day. Many today include color to indicate whether a stock is trading higher than the previous day’s (green), lower than previous (red), or has remained unchanged (blue or white).

 655 – Battle of Winwaed: Penda of Mercia is defeated by Oswiu of Northumbria.

1315 – Battle of Morgarten the Schweizer Eidgenossenschaft ambushes the army of Leopold I.

1515 – Thomas Wolsey is invested as a Cardinal

1532 – Commanded by Francisco Pizarro, Spanish conquistadors under Hernando de Soto meet Inca leader Atahualpa for the first time outside Cajamarca, arranging a meeting on the city plaza the following day

1533 – Francisco Pizarro arrives in Cuzco, the capital of the Inca Empire.

1777 – American Revolutionary War: After 16 months of debate the Continental Congress approves the Articles of Confederation.

1791 – The first U.S Catholic college, Georgetown University, opens its doors.

1806 – Pike expedition: Lieutenant Zebulon Pike sees a distant mountain peak while near the Colorado foothills of the Rocky Mountains (it is later named Pikes Peak).

1854 – In Egypt, the Suez Canal, linking the Mediterranean Sea with the Red Sea, is given the necessary royal concession.

 1859 – The first modern revival of the Olympic Games takes place in Athens, Greece.

1864 – American Civil War: Union General William Tecumseh Sherman burns Atlanta, Georgia and starts Sherman’s March to the Sea.

1889 – Brazil is declared a republic by Marechal Deodoro da Fonseca and Emperor Pedro II is deposed in a military coup.

1920 – First assembly of the League of Nations is held in Geneva.

1923 – The German Rentenmark is introduced in Germany to counter Inflation in the Weimar Republic.

1926 – The NBC radio network opens with 24 stations.

1935 – Manuel L. Quezon is inaugurated as the second president of the Philippines.

1939 – In Washington, D.C., US President Franklin D. Roosevelt lays the cornerstone of the Jefferson Memorial.

1942 – World War II: First flight of the Heinkel He 219.

1942 – World War II: The Battle of Guadalcanal ends in a decisive Allied victory.

1943 – Holocaust: German SS leader Heinrich Himmler orders that Gypsies are to be put “on the same level as Jews and placed in concentration camps”.

1945 – Venezuela joins the United Nations.

1948 – Louis Stephen St. Laurent succeeds William Lyon Mackenzie King as Prime Minister of Canada. King had the longest combined time (3 terms, 22 years in total) as Premier in Commonwealth of Nations history.

1949 – Nathuram Godse and Narayan Apte are executed for assassinating Mahatma Gandhi.

1951 – Greek resistance leader Nikos Beloyannis, along with 11 resistance members, is sentenced to death by the court-martial.

1959 – Four members of the Herbert Clutter Family are murdered at their farm outside Holcomb, Kansas.

1966 – Gemini program: Gemini 12 splashes down safely in the Atlantic Ocean.

1967 – The only fatality of the X-15 program occurs during the 191st flight when Air Force test pilot Michael J. Adams loses control of his aircraft which is destroyed mid-air over the Mojave Desert.

1968 – The US Air Force launches Operation Commando Hunt, a large-scale bombing campaign against the Ho Chi Minh trail.

1969 – Cold War: The Soviet submarine K-19 collides with the American submarine USS Gato in the Barents Sea.

1969 – Vietnam War: In Washington, D.C., 250,000-500,000 protesters staged a peaceful demonstration against the war, including a symbolic “March Against Death”.

1969 – In Columbus, Ohio, Dave Thomas opens the first Wendy’s restaurant.

1971 – Intel releases world’s first commercial single-chip microprocessor, the 4004.

1976 – Rene Levesque and the Parti Québécois take power to become the first Quebec government of the 20th century clearly in favour of independence.

1978 – A chartered Douglas DC-8 crashes near Colombo, Sri Lanka, killing 183.

1979 – A package from the Unabomber Ted Kaczynski begins smoking in the cargo hold of a flight from Chicago to Washington, forcing the plane to make an emergency landing.

1983 – Turkish Republic of Northern Cyprus is founded. Recognised only by Turkey.

1985 – A research assistant is injured when a package from the Unabomber addressed to a University of Michigan professor explodes.

1985 – The Anglo-Irish Agreement is signed at Hillsborough Castle by British Prime Minister Margaret Thatcher and Irish Taoiseach Garret FitzGerald.

1987 – In Brasov, Romania, workers rebel against the communist regime of Nicolae Ceausescu.

1988 – In the Soviet Union, the unmanned Shuttle Buran is launched on her first and last space flight.

1988 – Israeli-Palestinian Conflict: An independent State of Palestine is proclaimed by the Palestinian National Council.

1988 – The first Fairtrade label, Max Havelaar, is launched in the Netherlands.

1989 – Sachin Tendulkar makes his debut as an international cricketer.

1990 – Space Shuttle program: Space Shuttle Atlantis launches with flight STS-38.

2000 – A chartered Antonov An-24 crashes after takeoff from Luanda, Angola killing more than 40 people.

2000 – Jharkhand state comes into existence in India.

2003 – The first day of the 2003 Istanbul Bombings, in which two car bombs, targeting two synagogues, explode, killing 25 people and wounding about 300. Additional bombings follow on November 20.

2005 – Boeing formally launches the stretched Boeing 747-8 variant with orders from Cargolux and Nippon Cargo Airlines.

2007 – Cyclone Sidr hit Bangladesh, killing an estimated 5000 people and destroyed the world’s largest mangrove forest, Sundarbans.

Morning Shinbun Monday November 15




Monday’s Headlines:

Online outrage after judgement of Twitter airport bomb threat joke

USA

SAIC Motor Corp in talks with General Motors over 1% stake

Junior Democrats in Senate seek to change the way chamber does business

Europe

Botched cabinet reshuffle gives Sarkozy’s rivals new strength

Sinn Fein leader Gerry Adams to resign from British Parliament to run for seat in Irish Republic

Middle East

Mecca Metro: Muslims take new train to Hajj sites

In Jordan, a bookstore devoted to forbidden titles

Asia

‘I’m not free until the people are free’ – Suu Kyi

Ultra-small is beautiful for Japanese homeowner

Africa

Zim nationals held for bribes: MDC

South Sudan begins registration for independence referendum

Latin America

Haiti cholera death toll soars

U.S. would end Afghan combat by 2014 in plan  

A phased wind-down framework will be presented at a NATO summit  

By Peter Baker and Rod Nordland  

WASHINGTON – The Obama administration has developed a plan to begin transferring security duties in select areas of Afghanistan to that country’s forces over the next 18 to 24 months, with an eye toward ending the American combat mission there by 2014, officials said Sunday.

The phased four-year plan to wind down American and allied fighting in Afghanistan will be presented at a NATO summit meeting in Lisbon later this week, the officials said. It will reflect the most concrete vision for transition in Afghanistan assembled by civilian and military officials since President Obama took office last year.

Online outrage after judgement of Twitter airport bomb threat joke  



November 15, 2010

He missed the plane. Now thousands of annoyed internet users say authorities missed the joke.

When Paul Chambers was arrested and fined for posting a jocular message to micro-blogging site Twitter in which he threatened to blow up northern England’s Robin Hood Airport if it didn’t reopen in time for his flight, it caused a minor stir.

Now that a court has turned down his appeal, the internet has come alive with outrage, with thousands of online fans posting comic threats to the regional airport out of solidarity.

USA

SAIC Motor Corp in talks with General Motors over 1% stake

Potential deal combined with US treasury-backed IPO could place 4% of firm in Asian and Middle Eastern ownership  

Edward Helmore in New York The Guardian, Monday 15 November 2010  

In a deal certain to inflame existing trade sensitivities, China’s biggest carmaker SAIC Motor Corp is reported to be in negotiations with General Motors for a 1% stake in the US carmaker.

In addition to the $500m deal, a US treasury-backed IPO next week – designed to reduce the government’s 61% stake in the manufacturer – could place 4% of the firm in Asian and Middle Eastern ownership.

The deals are politically sensitive and follow several transactions in which significant stakes in US firms, including Morgan Stanley, Blackstone and IBM, have been transferred to Chinese government-backed ownership.

Junior Democrats in Senate seek to change the way chamber does business



By Shailagh Murray

Washington Post Staff Writer


Senate Democrats are expected to elect the same party veterans as their leaders when they return to work this week, but a new class of junior lawmakers is exerting its influence by challenging the chamber’s sacred traditions and the partisan, top-down governing style that has marked the past two years.  

The young Democrats, many of whom will be on the ballot in 2012, reject the view that the Senate must move at a glacial pace, that only its most senior members get to determine the policy agenda, and that bipartisanship has become the purview of the naive and nostalgic.

Europe

Botched cabinet reshuffle gives Sarkozy’s rivals new strength

 

By John Lichfield in Paris Monday, 15 November 2010

President Nicolas Sarkozy last night announced a new government largely restricted to his own tribe of the centre-right, abandoning his policy of “ouverture” to the left, centre and racial minorities.

After eight months of shilly-shallying over a new French government, Mr Sarkozy shrank from firing the prime minister, Francois(cedilla on c) Fillon, but dismissed several prominent ministers who were plucked – to the anger of his own supporters – from the left and the centre and from immigrant backgrounds three years ago.

Sinn Fein leader Gerry Adams to resign from British Parliament to run for seat in Irish Republic  



November 15, 2010

Sinn Fein leader Gerry Adams has announced he intends to quit his political posts in Northern Ireland and seek election to parliament in the Republic of Ireland, a surprise gambit timed to capitalise on the economic crisis.

Adams told supporters in the border county of Louth on Sunday he will seek to win one of the area’s seats whenever Prime Minister Brian Cowen calls a general election. Adams said he will resign as the British Parliament and Northern Ireland Assembly member for Catholic West Belfast, his lifetime power base.

Middle East

Mecca Metro: Muslims take new train to Hajj sites



By SARAH EL DEEB  

MINA, Saudi Arabia – Some Muslims beginning the annual Hajj pilgrimage in Saudi Arabia on Sunday have a new way to avoid the crowds: an elevated light-rail that will whisk them between holy sites.

The four-day Islamic pilgrimage draws around 2.5 million worshippers each year, and the large numbers present authorities with a challenge in preventing stampedes at holy sites, fires in pilgrim encampments and the spread of disease.

In Jordan, a bookstore devoted to forbidden titles

Banned books – on sex, politics, religion – are a specialty at Sami Abu Hossein’s shop in Amman. ‘We have them,’ he says with a grin, ‘but don’t tell anyone.’  

By Borzou Daragahi, Los Angeles Times November 15, 2010

Reporting from Amman, Jordan – At Sami Abu Hossein’s cramped bookstore, the hundred or so book titles listed on a wall aren’t bestsellers. They’re banned.

And the cheery Abu Hossein can you get you any of them, sometimes in the few minutes it takes to sit down and drink a cup of thick-brewed Turkish coffee.

“There are three no-nos,” the owner of Al Taliya Books explains with a big smile. “Sex, politics and religion. Unfortunately, that’s all anyone ever wants to read about.”

Asia

‘I’m not free until the people are free’ – Suu Kyi

Suu Kyi electrifies her followers – and vows to continue the struggle

By Andrew Buncombe, Asia Correspondent Monday, 15 November 2010

As overjoyed crowds celebrated the release of Aung San Suu Kyi yesterday, their leader gave a message that tempered their jubilation with a call to action. For the woman who has made so many personal sacrifices for the sake of her country, the message was unchanged: until democracy comes to Burma, her work is unfinished. “If the people are not free, I am not free,” she simply said.

Despite the continuing risks of taking on the junta, her focus yesterday remained firmly on those whose freedom is still more curtailed than her own has been.

Ultra-small is beautiful for Japanese homeowner



By Kyung Lah, CNN

November 15, 2010  


Fuyuhito Moriya is 39 and still lives with his mother, but in circumstances you would call a tad unusual.

Moriya, an unmarried man, and his mother, Yoko, live in a house that’s built on 30 square meters, that’s the same as the size of a parking space for one car.

They live in what’s called an ultra-small house, a genre of single family homes bred of Japan’s economic stagnation and brought to life by architectural ingenuity.

Africa

Zim nationals held for bribes: MDC  

Alarming reports of members of the SAPS detaining Zimbabweans with and without proper documents were reported, the Movement Democratic Change said

By Sapa



“This is despite clear public announcements by the government of South Africa that Zimbabweans shall be enjoying a dispensation until December 31,” MDC Spokesman, Sibanengi Dube, said.

“Those who are being picked up especially in Yeoville are being driven around for hours waiting for relatives to come up with bribery in exchange for freedom of their dear-ones.” He said huge police trucks that are notorious for ferrying Zimbabweans to Lindela Repatriation Centre were seen hovering around in Yeoville and Turffontein this weekend.

South Sudan begins registration for independence referendum  



By AFP

Voter registration for a January referendum in south Sudan kicks off on Monday across the country and abroad, launching a process which could lead to the partition of Africa’s largest country.

About five million southern Sudanese are called to add their names to the electoral list between November 15 and December 1.

A referendum commission has set up almost 2,800 registration centres, with all but 165 located in the south. Southerners living in the north, estimated to number anywhere between 500,000 and two million, are entitled to vote.

Latin America

Haiti cholera death toll soars  

Death toll jumps to 917 as international organisations appeal for funds to fight epidemic.

Last Modified: 15 Nov 2010  

The death toll from Haiti’s cholera outbreak has soared to 917 as officials struggle to contain the growing epidemic threatening the quake-ravaged country.

As concerns rise over massive health challenges in the aftermath of the country’s cataclysmic earthquake almost a year ago, Haiti confronts the hardening prospect of national elections two weeks from now in the midst of a series of disasters.

Amid the crises, Haitians are due to vote for a new president and parliamentarians in late November.

Authorities on Sunday said 14,642 people had been treated in hospitals since the disease took hold in the desperately poor Caribbean nation.

Ignoring Asia A Blog

Pique the Geek 20101114: Backyard Solar Cells as a Panecea

First, please do not get me wrong.  I am a strong supporter of solar power, either to charge your car battery or to run cities.  Before we start, get the idea that I am opposed to solar power out our your mind.  But solar power has it limitations.

Lately, the SOBber on the Fox “News” network (soon to have to be distinguished from The SOBber of the House of Representatives) has been adding solar generators to gold and food stashes as a way to survive the coming apocalypse in his repertoire of advertisers.  I shall not use the name nor the website for the particular backyard solar firm to which his adverts refer, but will start by stating that the claims are, to say the least, overblown.

Before we start, very happy birthday wishes to the former Mrs. Translator!

As I said, I strongly believe in solar power.  For some local applications, photovoltaic cells work well, when power demand is low and there is little need to “save” up energy.  The principle is pretty simple, so let us explore how they work without getting too Geeky, yet!

On the other hand, photovoltaics are not a panacea for many household uses.  They shine (please pardon the pun, but I just could not resist) in applications where there is a steady, low drain with only rare peak demands.  And they only work when illuminated.  The ones that you plug into your car cigarette lighter to keep a trickle charge on its battery work well, but are really not that useful, since your alternator does the heavy lifting.

These cells operate by using the energy in photons from the sun (or any other source) and converting this energy into increasing the energy of electrons in the cell (otherwise known as an electromotive force [EMF], or something that moves electrons).  Cells on the market now are somewhere around 12% to 15% efficient (for the better ones), so most of the solar photons are unused.  Since the cost of the photons is zero, efficiency is not that big of a deal.  Anything from nothing is almost always a good deal for the the person who receives it.

There are various types of photovoltaic cells, the single crystal silicon ones, the polycrystalline silicon ones, and the newer thin organic film ones.  The single crystal silicon ones are at present the most efficient, but they are EXPENSIVE!  Those are used on satellites to harvest the energy from the sun, and in other applications here on earth.  It is important to reduce weight and increase efficiency to the maximum level when sending things into space, since the cost per kilogram to fling them there is, well, astronomical.  Their cost often does not justify their use in less demanding applications.

Single crystal silicon is used on the planet for some applications, but the polycrystalline ones are more common.  They are not as efficient, but since surface transportation costs are lower by a factor of several millions in comparison with space transportation, they fill the bill here.  They are not that cheap, either.  The up and coming candidate for earthbound application is the thin film organic kind, not as efficient in photon to electricity conversion, but so cheap to produce that they can be essentially printed out with little cost.  They are useful when lots of collection area is available for solar radiation.

Now, I would ask readers to add detail to my very short description of these materials.  I know that I glossed over it, but I believe that the essence of my treatment of it was pretty much accurate.  I do know that there are several firms that are rapidly increasing the efficiency of the thin film organic ones, and much of that is propitiatory information.

The main point of this post is to let you know that “solar electric generators”, as used by the person that runs those adverts, are not realistic.  The adverts purport, with not quite saying it, that his system can take over when the power grid fails either locally or nationally.  Believe me, I know what a power failure means.  A couple of years ago an ice storm disrupted my electricity service for just about 45 minutes short of a full week, in the dead of winter.  It was not pleasant.  I wrote two pieces (here and here) on it afterwards, and here are a couple of picures that I took at the time.

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This is the main power line coming into my house

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Some damage in the back yard

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Note that the ice was over an inch wide on this small vine

As you can see, this was a BAD storm!

If I had one of the systems that The SOBber plugs, I might have had thought that I could stay warm and that my refrigerated food would stay fresh.  Well, you know that The Geek looks into figures, and that is just not the case.  By the way, if you order the system from the website the The SOBber plugs, it will cost you only $1697.00 plus another $200.00 for shipping.  You can also buy an extended warranty to keep it good for two years, but I chose not to go to the “add to cart” page to see how much that costs.  It comes with a 90 day standard one.

Of course, you have to install it yourself.  For almost $1900, before tax, I would think that sprites and spirits would do it for me.  It gets even better.

When I think of “installation” of a backup electricity system, I think of integrating it into my existing system (complete with a switch that keeps electricity from “going backwards” into the power line that comes into my house.  This is critical, because if you have a generator connected to your powerhead that can produce significant amounts of electricity, you are liable for manslaughter in most jurisdictions if your generator kills a power worker.  You do not really install this one, you just plug your appliances into it.  If you think that it will take over your powerhead from the utility coming in, you are very wrong.  The installation is really more of “hooking it up” and involves setting up the panel into a frame (the online instructions are very vague about that), plugging the cord from that into the “generator”, actually a battery and voltage inverter assembly, and then plugging in your appliances into the “generator”.

I looked up the specifications, as poorly presented as they are.  What I was able to find is that the unit has a lead/acid battery with a 51 ampere-hour capacity, at best.  It also has five 120 volt (the specifications give anywhere from 105 to 130 volts if you dig down very deeply) outlets.   Here is one big problem, to be discussed in a while.  It also says that the frequency is 60 Hz, plus or minus one Hz.  Our electric utilities carefully assure that the frequency of AC is 60 Hz, plus or minus 0.01 Hz or better.  This has ramifications as well.

The specifications also say that the unit has an output of a modified sine wave.  Almost all of our electronic devices depend on a pure sine wave, and I can tell you from the experience of many folks who have used fossil fuel powered generators, with a modified sine wave, to run their electronics that they essentially burnt them out, fatally.  The power utilities supply what even my critics will agree is an almost perfect sine wave, with very little harmonic distortion.  This has to do with the economics of scale, since it is very much easier to keep an extremely expensive, extremely high moment of inertia rotor, contained in an extremely expensive, very stable stator, running smoothly regardless of load demand than it is to keep a little, cheap pair running smoothly when the load demand changes.  The difference betwixt a real, high power generator system and any home one for the most part is sort of like the difference betwixt how a mosquito versus an elephant performs in winds that vary from zero to 60 mph second to second.

This gets to the heart of what a voltage inverter is.  The main electric plug that you have in North America is pretty much 125 volts at 60 Hertz, aka alternating current.  Other countries have different standards, but in North America that is how is is.  All North American electric devices are designed to run on that.  A voltage inverter takes direct current and produces alternating current from it.  The best of them are around 90% efficient in converting DC to AC, and the rest is lost to heat.  This will become more important later.

Depending on the quality of the inverter, you may or may not get a good sine waveform.  For an electric heater, the quality of the waveform is not that important, but for more delicate electronic equipment the quality of the waveform becomes important.  The better inverters can provide a waveform compatible with electronics, while cheap ones can really hammer them. Even small deviations can be really, really bad for delicate electronics.  Interestingly, laptop computers are somewhat immune because of the transformer that you plug into the wall smoothing out the variations somewhat, and the battery smoothing it out even more.  Poor waveforms are fine for coffee makers, but not for more sophisticated things.

By coincidence, I happened to be at the electronics counter at Sears in Arkansas after the big thaw when two devastating ice storms hit in the winter of 2000 - 2001.  Almost everyone there was looking to buy a new TeeVee.  I began asking them what was wrong with their old ones, and they all said that they just failed with no warning.  I asked further, and every person looking to buy a new TeeVee had powered it with a generator when the electricity failed.  Interestingly, several home generators are now fitted with inverters to improve both the waveform and the frequency control.  Older generators depend on keeping the generator shaft at a constant 3600 rpm rotational speed, regardless of changing loads.  An inverter greatly reduces this strict requirement, and allows generators to operate at lower rpms, thus making them quieter.

Not so much for a TeeVee, or other electronics.  Even worse is the lower limit of 105 volts for supply to refrigeration equipment.  At that low voltage, it is not unusual for the motor that powers the compressor to run too slowly, or even bind up, to make the compressor fail.  It gets worse, and I shall expound on that later.

I remember when my electricity service here failed (most of the people here just call it “the electric”).  It was in January, and it was COLD!  The ice started to freeze on power lines, and that caused a cascade of power outages over the region.  Part of it had to do with the actual lines being knocked down, but another part of it had to do with the local grid being quite unbalanced, so it failed even with good lines.  I can not emphasize enough how delicate our power grid is at present.  The way that our grid is connected, local load imbalances can have interstate ramifications.  The huge power outage several years ago in the midwest was finally traced to just a couple of limbs falling on key power lines, and that imbalance caused a cascade of outages that affected millions of customers.

Let us get specific to my situation two years ago with the huge ice storm here in the Bluegrass and make the assumption that I would have owned one of the units that The SOBber pitches.  Let us further assume that I have kept the “generator” (the term used by the firm that makes is) part inside, since the efficiency of the lead/acid battery falls off sharply as temperature decreases.  While it is commonly thought that chemical reaction rates increase by a factor of two with a 10 degree C temperature increase (or decrease by the same factor with a decrease in temperature), that is not always applicable.  What has been demonstrated is that rates of chemical reactions (except for those catalyzed by very specific catalysts that are temperature dependent), generally slow as temperature is lowered, and increase as temperature rises.  Thus, if you keep your “generator’ with its 51 ampere-hour battery out in the cold, it will not give as much power as it would at a higher temperature.

That means that I needed to cut a hole near the door, or somewhere, to feed the cable from the solar panel to the “generator” to keep is as warm as possible.  No problem, just remember to caulk it so that cold air does not infiltrate.  When you go to sell your house, the crafts folks can fill it in and cover it so that the potential buyer does not see it.

OK, now the “generator”, the battery and inverter, are inside.  Hopefully as the battery charges, there will not be enough hydrogen gas to cause an explosion.  Without going into the chemical equations, as a lead/acid battery charges, water is reduced to lead oxide and hydrogen gas.  We shall assume that there is enough ventilation so that my house does not explode if I strike a match to light a candle, or a cigarette.

OK, we have the hookups done.  Now I see that there is a charger for the battery that runs off of house current (henceforth called the mains) to recharge the battery.  What the?  I thought that this was a solar unit.  Well, it turns out that the mains are more efficient at charging the battery than the solar panel is in almost all cases.  OK, that is fine, I shall just use it for an emergency.

But, but, the advert says that this unit provides FREE electricity because of the solar panel!  Why do I have to charge it from the mains?  Well, it charges faster from the mains is why.  Here are some specifics for the solar panel.

At maximum efficiency (completely clean surface, 90 degree angle to the sun), the panel provides a whopping 90 watts!  That would run a 100 watt incandescent bulb, dimly.  But the voltage provided by the panel is direct current, not compatible with any of your household appliances.  That energy has to be used to charge the battery, and then the inverter converts it into alternating current, for which your light bulbs are designed.  OK, this is getting too Geeky, but bear with me for a while longer.

Let us assume that I have aligned my solar panel to the optimum angle to get the most solar energy, and that the battery is being charged at the 90 watt maximum.  Now, I am cold, since I live in an all electric house.  I am not worried too much about my food ruining, since I can put it all into a cooler and set it outside to keep cold.  During the ice storm two years ago, it NEVER got above around 40 degrees F, so food in a cooler outside was fine, unless it froze.  Many days it never hit above freezing.  My primary concern was heat, not refrigeration.

So my little solar panel would be churning out its 90 watts, and for argument let us assume that my 51 ampere hour battery was fully charged.  Now I plug in my room heater (Eden Pure is a popular brand, and they work well).  At full load, it pulls 1500 watts.  During very cold weather, that is just about enough to keep a small room at around 70 degrees F.  Well, I can live with less than that, so I decide to use only half of its output, so I live with 58 degrees and close off all of the other rooms except the one in which I shiver.  Here is how long that unit would last.

Starting with a fully charged 51 Ah battery, the unit would run for just over eight hours before the battery were drained.  Then it would have to be recharged.  With a 90 watt input from the solar panel, it would take around 12 hours to recharge the battery, but that assumes full sun and not running the heater during the charging period.  But it was rarely over freezing for the entire power outage, so my battery is not as efficient as it was.  Now it takes maybe 14 hours to charge it, with no load, and I am getting colder.

That means that I have around eight hours of half load heat every day, so I am still cold and I am not running anything else but my little heater.  No refrigerator, no lights, no television, no radio, no internet (I actually missed posting a What’s for Dinner? essay during that time because I had no internet since the modem needed power that I did not have).  So, here I would be, in the dark, cold for 14 hours per day, and The SOBber has implied that this would be just what I needed to have no concern about power outages.  Such is his honesty.

Actually, I have given just the best case.  I have ignored the fact that the voltage inverter is only around 88% efficient (using the figures from the firm selling it).  Thus, 12% of the energy from the battery is lost, so my eight hours of half heat is actually only just a hair over seven.  Since my bedroom is far from the place that I have to put the “generator” because of the short cable from it to the solar panel, I have another 5% energy loss because of the long extension cord, so now I am down to 6.7 hours of half heat.

Since the battery is in an unheated part of the house, it becomes sluggish as well, and let us assume another 10% decrease in performance (actually, 10% in unrealistically conservative, it would be much greater).  Now I am down to six hours of half heat!  At least the hydrogen is far away, so the explosion hazard is limited, unless a switch in the unit itself detonates it.

But this is an ice storm scenario.  As ice accumulates on the solar panel, its 90 watt output decreases because of absorption (not a lot) and reflection (a LOT!).  Thus I have to put on even heavier clothes that I am wearing in my half heated room and scrape the ice from the panel.  Now, I have to be careful not to penetrate the surface of the panel to prevent shorting it out as I remove the ice.  Depending on the thickness of the ice, there could be up to a 50% loss in efficiency in solar conversion.  Now my half powered room heater lasts three hours!

That does not even mention that by opening the door to my half heated room, I let out a significant amount of heat.  To be conservative, let us say that I was really fast to open and close the door, and that only 5% of the accumulated warm air was lost.  Now the half heated room has 2.9 hours betwixt charges.

Winter days are pretty dark at this latitude.  It is just about 37 and a half degrees, so in January the mean sunrise to sunset duration is a little less than 12 hours.  Now, we need 14 to charge the battery fully, so now I am down to 12/14, or 86% of my 2.9 hours, or around 2.5 hours of half heat!  But wait!

The first and last couple of hours of sunlight are so feeble that they contribute little to what a solar cell can contribute.  Let us be conservative and say that only one hour on each end are negligible. Now I can charge my cells only ten hours per day, so I have lost another 83% of half heating time, so now I am down to just under 2.1 hours of half heat.  Brrrr!

Oh, I forgot!  I have to go outside and realign the solar panel at least every hour to keep the angle of impingement at 90 degrees.  Remember, the efficiency of solar panels is rated at a perpendicular angle to the incident sunlight.  Now, that is another 10 times opening my door, letting out 5% of the warm air each time.  Without going into the geometrical series, that is another 50% loss of warm air (let us be conservative and call it only 25% over the day), so now my 2.1 hours of half heat is 1.6 hours.

If I had run my thought experiment heater at full power, I would have had only 47 minutes at full power heat.  This is not really helpful when the temperature outside is at freezing or below, as it was that horrible week.  Realistically, I could probably have kept my room above 42 degrees F (refrigerator temperature) for three hours a day before the battery was exhausted.  Then I would have been at the mercy of my bundles of layers of clothes to keep from hypothermia.  By the way, I never mentioned clouds.

Let us look at this a different way, again assuming perfect efficiency of the advertised solar “generator” and its cost, and further assume that you tie it directly into your house with the proper isolation switch that would keep the utility company workers from being electrocuted if they had to work on your mains supply (by the way, there is no such switch in any of their adverts insofar as I can tell, so cough up another, say $200, but I will not take that into the calculation.)

Assuming that it generates its 90 watts, 14 hours per day, and that the battery and the inverter work at unit efficiency, AND that there are no other losses, here is what your “like having a power plant in your back yard”, to use the advert language, will cost you.  Remember, this is if everything has no loss at all.

At 90 watts, in an hour you get 90 W-hours, or 21.6 kW/-hours per day.  In a 30 day month, you get 648 kW-hours.  This gets very interesting.

I used 637 kW/-hr in September, just pulling out the first bill to come my way.  That is almost identical with the maximum, optimum output of the solar unit in question.  The cost for me, after the basic meter charge of $8.02 (which you would still have to pay to your utility company even if you sell power back to them) was $50.46 (no taxes included).  That comes out to 7.92 cents per kW/hr.

Let us say that my system that the SOBber pitches provided all of my power requirements (which I believe that I have already showed that it will not).  My initial investment is $1897 (including shipping), so divide that by 12 to get my monthly charge for power.  That comes to $158, so my charge for energy would be 24.8 cents per kW/hr.  That is over three times the cost to buy power from the grid.  I do not see how that would be economical to sell back to the grid.

At that rate, it would take over three years to start making money using this system, not including the inefficiencies that I have gone into in great detail.  I am assuming no clouds, ice, rain, degradation of the cells or batteries and 100% efficiency of the inverter.  After those are included, I am assuming at best a 50% efficiency, so now it takes over six years to start selling power back to the utility company for a profit.  By then the battery certainly would be long beyond its mean lifetime before failure (MLBF), an important consideration, and the inverter is likely to have failed and needed replacement as well.  The solar panel is also less efficient as time marches on, so it may be at only half efficiency by the predicted break even time.

The bottom line is not to be fooled by anything that The SOBber says or advertises, but also to examine the maths when you go to buy things.  Solar water heating is extremely efficient when installed properly, and lasts for decades with little maintenance, but solar electric units are very, as they say over at home, “ticky”.  When they work well, they are marginal, and when they work less than well they are a net loss.  I did not even include the environmental costs of mining and manufacturing the materials necessary to fabricate them.

Once again, I am a huge supporter of sensible solar power, but backyard solar panels are a net loss.  I am not even sure that photovoltaic is the way to go, because the parabolic mirror units that heat a working fluid rather than directly convert photons to EMF seem to be more mature and more efficient.

For the sake of comparison, let us consider a gasoline powered generator of the same 1800 watt rating.  The nearest thing that I could find is a generator made by a very well known and respected manufacturer that provides 2000 watts.  For the amount of $1150 (let us assume another $200 shipping to make it fair), you get a unit that is rated to run for 9.6 hours on a gallon of gasoline.  As I recall, fuel consumption is rated at half output, so that comes to 4.8 hours at full output for a gallon.  Assuming a fuel cost of $3.00 per gallon, and the same assumptions otherwise as above, here is what your power costs (and you can run your heater at full power!).

My initial investment of $1350 divided by 12 comes to $112.50 per month for a 2000 watt output.  To generate the 648 kW/-hr at half load (1000 W) would take 64.8 hours.  At 9.6 gallons per hour, that would take 6.75 gallons, or at $3.00 per gallon, $20.25 in fuel every month.  So, $112.50 plus $20.25 comes to $132.75, as opposed to the $158 for the solar one, for a charge of 20.5 cents per kW/-hr, or 17% LESS than the “free energy” solar one advertised!  Obviously, there will be repair and maintenance costs for a generator as well, but the claims that the advert for the “free power” solar “generator” make are frankly wrong and extremely misleading!  Now, it still would not be economical for me to try to sell my surplus power back to my utility company at this rate, but the reputable firm that manufactures the gasoline generator never states, suggests, nor implies that this is a goal for its product.

I call out the firm advertising this product, and The SOBber for running it.  However, facts have never been much of a consideration for him to say things.

This little generator will not run your cookstove (it is only rated for 120 VAC output), since your cookstove needs 240 VAC.  But it WILL run your heater at half power for around 6.4 hours before you have to get out into the cold to refill it, and then it is good to go for another 6.4 hours.  That is a very, very far cry from the hour and a half every day for the solar one.

This post makes me consider for next one a less Geeky but perhaps more important one about cold weather preparedness.  Just because you think that because you heat with natural gas or LP that you are assured of having heat during a power outage.  Let me know if that is of interest, please.

Well, you have done it again!  You have wasted many einsteins of photons (that could better be making your light mill rotate!) reading this electrical post.  And even though Karl Rove opens his mouth without anything derogatory to say about our President when he reads me say it, I always learn much more by writing this series than I could possibly hope to teach.  Thus please keep those comment, questions, corrections, and other thoughts coming.  Remember that Monday night after Keith is Review Time, so I can look up things but not tonight at Comment Time, my promise to answer off the top of my head still intact.  Also remember that no science or technology issue is off topic here, so expand your comments!

Warmest regards,

Doc

Crossposted at Docudharma.com and at Dailykos.com

Prime Time

Amazing Race premier.  New Simpsons, Cleveland Show, Family Guy, American Dad.  Throwball- Patriots @ Steelers.  Tina Fey accepts the Mark Twain Prize.  Everything else is just premiers.

This record here’s about twelve years old. Parliament buried it and it stayed buried until River here dug it up. This is what they were afraid she knew. And they were right to fear. There’s a universe of folk who’re gonna know it, too. Someone has to speak for these people.

Y’all got on this boat for different reasons, but y’all come to the same place. So now I’m asking more of you than I have before. Maybe all. Sure as I know anything, I know this – they will try again. Maybe on another world, maybe on this very ground swept clean. A year from now, ten? They’ll swing back to the belief that they can make people… better. And I do not hold to that. So no more runnin’. I aim to misbehave.

Later-

Take my love, take my land

Take me where I cannot stand

I don’t care, I’m still free

You can’t take the sky from me

Take me out to the black

Tell them I ain’t comin’ back

Burn the land and boil the sea

You can’t take the sky from me

There’s no place I can be

Since I found Serenity

But you can’t take the sky from me…

Not just the Spanish Main, luv. The entire ocean. The entire world. Wherever we want to go, we’ll go. That’s what a ship is, you know. It’s not just a keel and a hull and a deck and sails, that’s what a ship needs but what a ship is… what the Black Pearl really is… is freedom.

Evening Edition

Evening Edition is an Open Thread

From Yahoo News Top Stories

1 Pilgrims pour into Mina camp from Mecca as the hajj begins

by Ali Khalil, AFP

57 mins ago

MINA, Saudi Arabia (AFP) – The world’s largest annual pilgrimage, the hajj, began on Sunday with more than two million Muslims pouring into the camp at Mina from Mecca to prepare for the solemn rituals.

Some estimates put the number of pilgrims this year at 2.5 million, posing a major headache for the Saudi authorities as many of them are not hajj permit holders.

Pilgrims were still flooding on Sunday night into the vast plain of Mina outside a small village about five kilometres (three miles) east of Mecca, using all possible means to begin their hajj journey.

2 Muslim pilgrims pour into camp as hajj begins

by Ali Khalil, AFP

Sun Nov 14, 6:07 am ET

MECCA, Saudi Arabia (AFP) – The world’s largest annual pilgrimage, the hajj, began on Sunday with hundreds of thousands of Muslims pouring into the camp of Mina from Mecca to prepare for solemn rituals.

The pilgrims are estimated to total up to 2.5 million this year, a major headache for the Saudi authorities who have yet to report any major incidents since the faithful descended on the holy city.

Many took buses but some had already set off on foot overnight as they headed to the vast plain of Mina, a small village about five kilometres (three miles) east of Mecca that comes to life for just five days a year.

3 Haiti cholera death toll soars as election nears

by Clarens Renois, AFP

Sun Nov 14, 12:36 pm ET

PORT-AU-PRINCE (AFP) – Haiti on Sunday reported more than 120 new cholera deaths, as health officials and international aid agencies struggled to contain an outbreak that showed no sign of abating.

As concerns rise over massive health challenges in the aftermath of the country’s cataclysmic earthquake, Haiti confronts the hardening prospect of national elections two weeks from now in the midst of a series of disasters.

Nearly one month after cholera took hold in the desperately poor Caribbean nation, the number of fatalities soared to 917, up considerably from Friday’s 796 recorded deaths.

4 Suu Kyi appeals for unity in address to thousands

by Hla Hla Htay, AFP

51 mins ago

YANGON (AFP) – Democracy icon Aung San Suu Kyi reached out to Myanmar’s splintered opposition forces on Sunday, calling on thousands of exuberant supporters to unite following her release from house arrest.

“Please keep your energy for us. If we work together we will reach our goal,” she told a sea of followers outside her party headquarters, suggesting years of isolation have not weakened her defiant stance against military rule.

“I want to work with all democratic forces,” said the 65-year-old Nobel Peace Prize winner, who has been locked up by Myanmar’s ruling generals for 15 of the past 21 years.

5 Newly freed Suu Kyi prepares to address supporters

AFP

Sat Nov 13, 4:21 pm ET

YANGON (AFP) – Myanmar’s pro-democracy leader Aung San Suu Kyi is set to rally her many supporters Sunday with a rare political address on her first full day of freedom after release from years of house arrest.

The daughter of Myanmar’s independence hero carries a weight of expectation among her followers for a better future for the nation after almost half a century of military dictatorship.

A crowd of thousands roared its approval on Saturday after the Nobel Peace Prize Winner — who has been locked up for most of the past two decades — appeared after the end of her latest seven-year stretch of detention.

6 Sarkozy appoints right-wing cabinet with eye on 2012

by Dave Clark, AFP

48 mins ago

PARIS (AFP) – France’s President Nicolas Sarkozy named Prime Minister Francois Fillon head of a streamlined and more right-wing government Sunday, setting the stage for his undeclared 2012 re-election bid.

Despite months of intrigue in the run-up to the reshuffle, Sarkozy retained his big hitters, while shifting in favour of a loyal team more likely to fall in behind his government’s deficit-cutting austerity agenda.

Under a strengthened Fillon, Finance Minister Christine Lagarde and Interior Minister Brice Hortefeux remained in their jobs, while several other Sarkozy loyalists were promoted or saw their responsibilities widened.

7 US and Asia Pacific nations plan trade pact by 2012

by Frank Zeller, AFP

Sun Nov 14, 6:29 am ET

YOKOHAMA, Japan (AFP) – The United States and eight other Pacific Rim nations aim to forge a free-trade pact before President Barack Obama hosts an APEC summit in Hawaii in a year, Chile’s president said Sunday.

Leaders of the nine nations met for the first time Sunday at a summit in Japan to discuss the so-called Trans-Pacific Partnership (TPP) pact which would oblige members to scrap tariffs and other trade barriers.

The group did not include China — the world’s number-two economy and biggest exporter — which favours negotiating trade reforms in alternative forums that include only Asian economies and not the United States.

8 Irish bailout talk reaches fever pitch

by Sophie Estienne, AFP

Sun Nov 14, 10:31 am ET

BRUSSELS (AFP) – Key figures involved in European Union action to safeguard the stability of the euro insisted Sunday that reports of partners pressuring Ireland to seek bailout assistance were premature.

Contacted again on Sunday, the Eurogroup of currency partners, the European Commission that supervises EU states’ budgetary planning, and separate diplomats — not to mention Dublin itself — each rejected persistent international media reports claiming that organisational talks were already under way on a rescue running to some 70 billion euros (95.8 billion dollars).

Nevertheless, rumours have reached fever pitch two days before a monthly meeting of euro finance ministers in Brussels at which mounting fear over Ireland’s financial health is the single most important item, now formally placed on their agenda.

9 Tearful Vettel becomes youngest F1 world champion

by Tim Collings, AFP

Sun Nov 14, 11:58 am ET

ABU DHABI (AFP) – German Sebastian Vettel was crowned as the youngest drivers champion in Formula One history on Sunday when he outstripped all his rivals and won the Abu Dhabi Grand Prix for the outstanding Red Bull team.

At 23 years and 106 days, Vettel took the title with a faultless drive from pole position to the chequered flag, resisting a strong challenge from Briton Lewis Hamilton of McLaren, who in 2008 had achieved the same feat at the age of 23 and 307 days.

Hamilton came home second after a long period of frustration behind Pole Robert Kubica’s Renault and was followed home by his team-mate and compatriot Jenson Button, the outgoing 2009 champion.

10 Afghan blasts kill soldiers, police, civilians

by Waheedullah Massoud, AFP

Sun Nov 14, 12:26 pm ET

KABUL (AFP) – Five foreign soldiers and three police officers were killed in Afghanistan on Sunday, while three civilians lost their lives in separate blasts caused by home-made devices, NATO and the government said.

NATO’s International Security Assistance Force also said that a child was was killed after being caught in the crossfire between troops and militants.

The five military deaths — three after an insurgent attack in eastern Afghanistan — and two in roadside bomb blasts in the south round off a bloody weekend for foreign forces after three soldiers were killed on Saturday.

11 Iraqi MPs salvage power-sharing pact after walk-out

by Salam Faraj, AFP

Sun Nov 14, 9:05 am ET

BAGHDAD (AFP) – Iraqi lawmakers appear to have salvaged a power-sharing deal that gives Nuri al-Maliki a second term as premier, days after a dramatic walk-out from parliament by his former rivals.

The pact, which has looked fragile since being signed on Wednesday, has been lauded by world leaders, including US President Barack Obama, as a step forward in a country without a new government since elections in March.

Leaders from the three main parties to the pact met before a session of parliament on Saturday and agreed to reconcile their differences and address the protests of the Sunni-backed bloc led by former premier Iyad Allawi.

12 Chinese juggernaut storms ahead at Asian Games

by Martin Parry, AFP

Sun Nov 14, 8:02 am ET

GUANGZHOU, China (AFP) – South Korean swimming superstar Park Tae-Hwan powered back to his best at the Asian Games on Sunday, but China dominated once again with another 17 gold medals.

The Games saw their first world records with Chinese weightlifter Li Ping setting new marks in the women’s -53kg class.

Li snatched 103kg to beat the previous best of 102kg set by Ri Song-Hui of North Korea at the 2002 Busan Asiad.

13 Suu Kyi urges freedom of speech in army-ruled Myanmar

By Aung Hla Tun, Reuters

Sun Nov 14, 5:03 am ET

YANGON (Reuters) – Pro-democracy leader Aung San Suu Kyi called on Sunday for freedom of speech in army-ruled Myanmar, urged thousands of supporters to stand up for their rights, and indicated she may urge the West to end sanctions.

Suu Kyi’s first major speech since being freed from seven years of house arrest a day earlier left little doubt she would resume an influential political role in one of the world’s most isolated and oppressive countries.

“The basis of democratic freedom is freedom of speech,” she said to roaring cheers from thousands of supporters crammed into a cordoned-off street in front of her party’s headquarters. “Even if you are not political, politics will come to you.”

14 Exclusive – Thai PM lauds Suu Kyi release, future unclear

By Yoko Nishikawa, Reuters

Sun Nov 14, 5:01 am ET

YOKOHAMA, Japan (Reuters) – Thai Prime Minister Abhisit Vejjajiva said the release of Myanmar democracy champion Aung San Suu Kyi is a positive sign but it remains to be seen what it will lead to and the situation in Thailand’s neighbor bears watching closely.

Abhisit also said in an interview on Sunday that Thailand was willing to take more measures to control capital inflows if needed but stressed that it was not in the business of seeking a certain level for its baht currency.

Myanmar’s military rulers freed Nobel laureate Suu Kyi on Saturday after her latest house arrest term expired. The move is expected to revive debate over Western sanctions against the reclusive, resource-rich country.

15 Five NATO troops killed as Afghanistan violence soars

By Paul Tait, Reuters

Sun Nov 14, 12:36 pm ET

KABUL (Reuters) – Five troops serving with the NATO-led force in Afghanistan were killed on Sunday, including three in a clash with insurgents in the east, the coalition said, one of the worst daily tolls in a month.

The NATO-led International Security Assistance Force (ISAF) gave no other details about the clash in the east, including the nationalities of those killed. The majority of troops serving in the volatile east are American.

Earlier on Sunday, ISAF said two of its soldiers had been killed in separate explosions in the south.

16 Amid economic strains, APEC trumpets free trade

By Linda Sieg and Jonathan Thatcher, Reuters

Sun Nov 14, 3:18 am ET

YOKOHAMA, Japan (Reuters) – Leaders of the world’s most powerful economies went home on Sunday after four days of summitry that left them little closer to agreeing how best to rebalance the global economy and stave off fresh crises.

Two successive summits — first the Group of 20 meeting of advanced and emerging economies in Seoul, followed by this weekend’s Asia-Pacific leaders’ gathering in Yokohama — were marked by splits on economic policy between the United States and the world’s new number two economy, China.

U.S. President Barack Obama made little headway in his efforts to persuade counterpart Hu Jintao to do more to change the structure of the Chinese economy so the United States could ramp up exports there.

17 Obama opposes permanent tax break for wealthy: aide

By Richard Cowan, Reuters

Sun Nov 14, 12:41 pm ET

WASHINGTON (Reuters) – President Barack Obama will not go along with a permanent extension of tax cuts for the wealthiest, presidential adviser David Axelrod said on Sunday, without closing the door to a temporary continuation.

“There’s no bend on the permanent extension of tax cuts” for the wealthiest, a Republican proposal that Obama has long opposed, Axelrod said on NBC’s “Meet the Press.”

He did not respond directly when asked whether Obama would agree to tax legislation that couples a temporary extension for top earners with making permanent the current breaks for the middle-class.

18 Obama says will push for START in "lame duck" congress

By Alister Bull and Gleb Bryanski, Reuters

Sun Nov 14, 12:24 am ET

YOKOHAMA, Japan (Reuters) – President Barack Obama said on Sunday he would push hard to get the U.S. congress to approve a new START weapons treaty with Russia and stressed the former Cold War foes were now cooperating closely on key issues.

Obama and Russian President Dmitry Medvedev also discussed a possible veto by Russian foe Georgia of Russia’s entry to the World Trade Organization, which Obama has backed under his administration’s “reset” policy to repair U.S.-Russia ties.

“I reiterated my commitment to get the START treaty done during the lame duck session and I communicated to Congress that it is a top priority,” Obama said after meeting Medvedev on the sidelines of the APEC summit in Yokohama.

19 Japan, China mute disputes to improve ties

By Linda Sieg and Kiyoshi Takenaka, Reuters

Sun Nov 14, 3:24 am ET

YOKOHAMA, Japan (Reuters) – Japan and China on Sunday muted a territorial row that has strained ties and Japanese Prime Minister Naoto Kan said business between neighbors need not suffer from such feuds.

But Kan, speaking a day after an ice-breaking meeting with Chinese President Hu Jintao, repeated that the East China Sea islands at the heart of the dispute were Japan’s, a stance that could mollify his critics at home but again rile China.

Relations between Asia’s two biggest economies soured from September after Japan detained a Chinese skipper whose fishing boat collided with Japanese patrol vessels off the disputed islands, which are near potentially rich maritime gas reserves.

20 NATO: 5 service members killed in Afghanistan

By RAHIM FAIEZ, Associated Press

Sun Nov 14, 1:23 pm ET

KABUL, Afghanistan – A series of bomb blasts and insurgents attacks killed 11 people across Afghanistan on Sunday, including five NATO service members and three Afghan police, officials said.

The strikes, which come a day after Taliban fighters stormed a NATO base in eastern Afghanistan, show the insurgents’ fighting spirit has not been broken despite a surge of U.S. troops and firepower.

Also Sunday, the Afghan president’s office said the former ambassador-designate to Pakistan, who was seized by gunmen two years ago in the Pakistani city of Peshawar, has been released and is back home safe.

21 Myanmar’s Suu Kyi, newly free, calls for talks

Associated Press

Sun Nov 14, 11:37 am ET

YANGON, Myanmar – Democracy heroine Aung San Suu Kyi took her first steps back into Myanmar’s political minefield Sunday, vowing to press ahead in her decades-long fight for democracy while also calling for compromise with other political parties and the ruling junta.

Suu Kyi, who was freed from house arrest Saturday amid a divided political landscape and days after widely criticized elections, made clear she faces a precarious position: maneuvering between the expectations of the country’s pro-democracy movement and the realities of dealing with a clique of secretive generals who have kept her locked up for much of the past two decades.

“I’ve always believed in compromise,” the Nobel Peace laureate told reporters in the dilapidated offices of her party, the National League for Democracy, with its rough concrete floor and battered wooden furniture. “I am for national reconciliation. I am for dialogue. Whatever authority I have, I will use it to that end … I hope the people will support me.”

22 White House, GOP look for middle ground on taxes

By JIM KUHNHENN, Associated Press

2 hrs 56 mins ago

WASHINGTON – The White House and Republican lawmakers set the terms for a looming tax debate Sunday, coalescing around a possible temporary extension of existing income tax rates that would protect middle class and wealthy Americans from sharp tax increases next year.

Top White House adviser David Axelrod stressed that President Barack Obama opposes a “permanent” extension of current tax rates for individuals making more than $200,000 a year and married couples making more than $250,000.

But Axelrod, appearing on two Sunday television talk shows, was carefully silent on the possibility of extending current tax rates for the short term. He said he wants to leave negotiations to Obama and members of Congress.

23 Japan is test case for Pac Rim free trade zone

By MALCOLM FOSTER and TOMOKO A. HOSAKA, Associated Press

Sun Nov 14, 12:18 pm ET

YOKOHAMA, Japan – As Asia-Pacific leaders committed themselves to achieving a Pacific-wide free trade zone at an annual summit Sunday, host Japan may prove a key test case for how realistic that vision is.

Acknowledging that Japan’s economic power is declining, Prime Minister Naoto Kan declared his country must open up its markets and embrace free trade – or risk getting left further behind other regional rivals.

“Japan is determined to reopen itself,” Kan said at a press conference that wound up the Asia-Pacific Economic Cooperation forum, alluding to the historic role that Yokohama, which hosted the summit, played more than 150 years ago as one of the first Japanese ports to open up to the West.

24 Weighing risk, benefit of live-donor transplant

By PAULINE ARRILLAGA, AP National Writer

2 hrs 1 min ago

Live-donor liver transplantation is a lifesaving option for many suffering from end-stage liver disease but also a controversial procedure that raises questions about when it’s appropriate to put a healthy person at risk to save another.

The procedure, in which a segment of the liver is taken from a healthy donor and transplanted into the ailing recipient, is possible because of the liver’s ability to regenerate. In weeks, both the old liver and the transplanted liver begin to grow back to a normal size, providing long-term function for both donor and patient.

The first such successful transplantations, beginning in 1989, involved taking liver grafts from adult donors for transplantation into sick children, a procedure with fewer risks to the donor because only about 25 percent of the liver is needed. As pediatric living-donor liver transplantation grew more widely accepted, the technique was modified for use in adult patients, with up to 60 percent of the donor’s liver taken.

25 Japan is test case for Pac Rim free trade zone

By MALCOLM FOSTER and TOMOKO A. HOSAKA, Associated Press

Sun Nov 14, 12:18 pm ET

YOKOHAMA, Japan – As Asia-Pacific leaders committed themselves to achieving a Pacific-wide free trade zone at an annual summit Sunday, host Japan may prove a key test case for how realistic that vision is.

Acknowledging that Japan’s economic power is declining, Prime Minister Naoto Kan declared his country must open up its markets and embrace free trade – or risk getting left further behind other regional rivals.

“Japan is determined to reopen itself,” Kan said at a press conference that wound up the Asia-Pacific Economic Cooperation forum, alluding to the historic role that Yokohama, which hosted the summit, played more than 150 years ago as one of the first Japanese ports to open up to the West.

26 Indian leaders gather in NM to address challenges

By SUSAN MONTOYA BRYAN, Associated Press

Sun Nov 14, 1:07 pm ET

ALBUQUERQUE, N.M. – American Indians have won some key victories on Capitol Hill this year and should capitalize on them to start solving some of the problems that have plagued tribal communities for decades, said the leader of the oldest and largest Indian organization in the nation.

Jefferson Keel, president of the National Congress of American Indians, said tribal leaders should keep the momentum going following success such as the Tribal Law and Order Act, recently signed into law by President Barack Obama, and the Indian Health Care Improvement Act, reauthorized as part of the larger health care reform passed by Congress.

He also cited a $680 million settlement the government has offered to American Indians who were denied farm loans to settle a 1999 lawsuit.

27 Hobbled Dems, eager GOP back for lame-duck session

By JIM ABRAMS, Associated Press

Sun Nov 14, 11:00 am ET

WASHINGTON – Seven weeks ahead of the GOP House takeover, hobbled Democrats and invigorated Republicans return Monday to a testy tax dispute and a lengthy to-do list for a postelection session of Congress unlikely to achieve any landmark legislation.

With change clearly in the air, more than 100 mainly Republican freshmen arrive on Capitol Hill to be schooled on the jobs they’ll assume when the next Congress convenes in January. For Democrats, it’s another sad note as one of their most venerable members goes on trial on ethics charges.

Lame-duck sessions are usually unpopular and unproductive. Nothing suggests otherwise this year.

28 Karzai says US should reduce operations’ intensity

By DEB RIECHMANN, Associated Press

Sun Nov 14, 8:44 am ET

KABUL, Afghanistan – Afghan President Hamid Karzai said the United States must reduce the visibility and intensity of its military operations, especially night raids that fuel anti-American sentiment and could embolden Taliban insurgents.

Karzai’s remarks in an interview Saturday with The Washington Post come as the international military coalition has stepped up pressure on insurgents at the same time that the president has set up a peace council in hopes of reconciling with the top echelon of the Taliban.

“The time has come to reduce military operations,” Karzai said in the interview. “The time has come to reduce the presence of, you know, boots in Afghanistan … to reduce the intrusiveness into the daily Afghan life.”

29 Obama says START treaty remains ‘top priority’

By BEN FELLER, AP White House Correspondent

Sun Nov 14, 3:26 am ET

YOKOHAMA, Japan – President Barack Obama, capping a far-flung Asian trip of mixed results, assured Russian President Dmitry Medvedev on Sunday that getting the Senate to ratify the START nuclear weapons treaty is a “top priority” of his administration.

“I reiterated my commitment to getting the START treaty done during the lame-duck session,” Obama said, noting that Congress returns next week for its postelection session.

In talks with Medvedev on the sidelines of the summit of the Asian-Pacific Economic Cooperation (APEC), Obama also reiterated his support for bringing Russia into the World Trade Organization, calling Russia “an excellent partner.”

30 Government sells spoils of Madoff’s lavish life

By VERENA DOBNIK, Associated Press

Sun Nov 14, 12:08 am ET

NEW YORK – Anyone wanting to walk in the shoes of fallen financier Bernard Madoff was in luck Saturday: Thousands of belongings from his New York City penthouse, including his used shoes, went on the auction block.

An anonymous bidder paid the highest price of the auction – $550,000 – for a 10.5-carat diamond engagement ring that belonged to Madoff’s wife, Ruth. The winning bid topped the $300,000 minimum pre-sale estimate.

Ruth Madoff’s French diamond earrings fetched the next highest price. Valued at $100,000 to $137,500, they went for $135,000 to an undisclosed buyer.

31 Freshmen arrive in Congress with many questions

By LAURIE KELLMAN and JULIE HIRSCHFELD DAVIS, Associated Press

Sat Nov 13, 9:18 pm ET

WASHINGTON – Where to live? Whom to hire? What’s a voting card – and where are the bathrooms? More than 100 members of Congress arrive in Washington this coming week for the first time since winning election, trading the loftiness of campaign speeches for mundane lessons in how to do their new jobs.

It’s freshman orientation on Capitol Hill, and the larger-than-usual class of 2010 is getting a crash course on how to navigate the next two years.

Talk of changing the nation’s direction? That’s on the back burner for now. The newly elected House members – 85 Republicans, a meager nine Democrats – need actual directions around their new workplace. The Senate is having its own orientation at the same time.

32 GOP lawmakers take tough stand on Bush tax cuts

By STEPHEN OHLEMACHER, Associated Press

Sat Nov 13, 9:18 pm ET

WASHINGTON – Fresh off big victories on Election Day, Republicans in Congress feel empowered in their fight to extend tax cuts that expire in January, including those for the wealthy.

President Barack Obama has said he wants to compromise with Republicans to ensure that tax cuts for middle-income families continue, suggesting he’s open to extending all the tax breaks for a year or two. Republican leaders say it’s a nice gesture by the president, but some key GOP lawmakers want more.

“It should be permanent,” said Sen. Judd Gregg, R-N.H. “We’ve got to get this economy to pick up and if you raise taxes you’re going to stifle the economy significantly. I’m sure that somebody’s explained that to the president.”

33 UH is 1 of 2 universities eyeing an Obama library

By HERBERT A. SAMPLE, Associated Press

1 hr 51 mins ago

HONOLULU – Barack Obama hasn’t even finished the second year of his first term in the White House, but officials with two universities that are interested in building his presidential library are already positioning themselves to win the Hawaii-born president’s favor.

The University of Hawaii is well into early preparations – including preliminary searches for potential sites, talks with National Archives officials and deliberations on what if any new academic center might accompany an Obama library and museum.

The University of Chicago, located in the city where Obama’s political career began, signaled an interest a year ago but is saying very little now.

34 Brother’s transplant gift carries unbearable cost

By PAULINE ARRILLAGA, AP National Writer

Sun Nov 14, 12:01 am ET

CASTLE ROCK, Colo. – He knows all about the stages of grief. Denial and isolation top the list. But how can he possibly deny all that’s happened? In the mirror, he sees the 14-inch scar across his abdomen. Beneath the scar, lodged below his heart, is a piece of Ryan, his brother.

Journal entry, Aug. 22: “I missed you today Ryan. It hurt so much I felt like my heart had blisters on it. God, why do we need death to reawaken what we should already know?”

The grief comes in waves, sometimes gently washing over him, sometimes crashing down hard. Then he may cry or shut himself up in a room and talk to Ryan alone, or he finds a quiet place and sits down with his laptop. And then he chronicles his agony and shares it with the world, processing his pain in a way that is opposite of isolation, with words that ache as his soul aches.

35 Transplant recipient struggles amid brother’s loss

By PAULINE ARRILLAGA, AP National Writer

2 hrs 46 mins ago

CASTLE ROCK, Colo. – There is a movie that plays over and over in Chad Arnold’s mind. It starts with the urgent call from down the hall: “Code blue. Room 601.” Then Ryan’s wife running into his own hospital room. Her words to his sister: “I need you.” Chad, still a jumble of IVs and cords and tubes after the liver transplant, wresting himself from his bed and making his way just a few doors down to the room of his brother, his savior.

From the hallway he watched it all. And so the horror is forever ingrained in his memory.

What makes it worse is that they’d both made it out of surgery just fine, that until that moment in the middle of the night the entire process had been a celebration of life – not something to fear, really, but something with a happy ending.

36 Black colleges look to increase online ed presence

By KATHY MATHESON, Associated Press

Sun Nov 14, 11:30 am ET

PHILADELPHIA – When Michael Hill needed a doctoral program with the flexibility to let him continue working full-time as a Lincoln University administrator, he chose an online degree from another institution.

With such firsthand experience, Hill is now trying to start an online program at Lincoln. It’s one of many historically black colleges and universities that has yet to enter a booming cybereducation market that could be particularly lucrative for black colleges.

Blacks comprised about 12 percent of total enrollment in higher education in 2007 but were 21 percent of students at for-profit institutions – many of which are online, according to an American Council on Education report released this year.

Rant of the Week: Rachel Maddow

Retroactive Rational for Invading Iraq

On This Day in History: November 14

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

November 14 is the 318th day of the year (319th in leap years) in the Gregorian calendar. There are 47 days remaining until the end of the year.

On this day in 1851, the novel Mobey Dick is published. Moby Dick, a novel by Herman Melville about the voyage of the whaling ship Pequod, is published by Harper & Brothers in New York. Moby Dick is now considered a great classic of American literature and contains one of the most famous opening lines in fiction: “Call me Ishmael.” Initially, though, the book about Captain Ahab and his quest for a giant white whale was a flop.

Moby-Dick is widely considered to be a Great American Novel and a treasure of world literature. The story tells the adventures of the wandering sailor Ishmael, and his voyage on the whaleship Pequod, commanded by Captain Ahab. Ishmael soon learns that Ahab seeks one specific whale, Moby Dick, a ferocious, enigmatic white sperm whale. In a previous encounter, the whale destroyed Ahab’s boat and bit off his leg. Ahab intends to take revenge.

In Moby-Dick, Melville employs stylized language, symbolism, and metaphor to explore numerous complex themes. Through the main character’s journey, the concepts of class and social status, good and evil, and the existence of gods are all examined as Ishmael speculates upon his personal beliefs and his place in the universe. The narrator’s reflections, along with his descriptions of a sailor’s life aboard a whaling ship, are woven into the narrative along with Shakespearean literary devices such as stage directions, extended soliloquies and asides. The book portrays insecurity that is still seen today when it comes to non-human beings along with the belief that these beings understand and act like humans. The story is based on the actual events around the whaleship Essex, which was attacked by a sperm whale while at sea and sank.

Moby Dick has been classified as American Romanticism. It was first published by Richard Bentley in London on October 18, 1851, in an expurgated three-volume edition titled The Whale, and weeks later as a single volume, by New York City publisher Harper and Brothers as Moby Dick; or, The Whale on November 14, 1851. Although the book initially received mixed reviews, Moby Dick is now considered part of the Western canon.

 1533 – Conquistadors from Spain under the leadership of Francisco Pizarro arrive in Cajamarca, Inca empire

1770 – James Bruce discovers what he believes to be the source of the Nile

1862 – American Civil War: President Abraham Lincoln approves General Ambrose Burnside’s plan to capture the Confederate capital at Richmond, Virginia, leading to the Battle of Fredericksburg.

1889 – Pioneering female journalist Nellie Bly (aka Elizabeth Cochrane) begins a successful attempt to travel around the world in less than 80 days. She completes the trip in seventy-two days.

1910 – Aviator Eugene Ely performs the first take off from a ship in Hampton Roads, Virginia. He took off from a makeshift deck on the USS Birmingham in a Curtiss pusher.

1918 – Czechoslovakia becomes a republic.

1921 – The Communist Party of Spain is founded.

1922 – The BBC begins radio service in the United Kingdom.

1923 – Kentaro Suzuki completes his ascent of Mount Iizuna.

1940 – World War II: In England, the city of Coventry is heavily bombed by German Luftwaffe bombers. Coventry Cathedral is almost completely destroyed.

1941 – World War II: The aircraft carrier HMS Ark Royal sinks due to torpedo damage from U-81 sustained on November 13.

1952 – The first regular UK singles chart published by the New Musical Express.

1957 – The Apalachin Meeting outside Binghamton, New York is raided by law enforcement, and many high level Mafia figures are arrested.

1965 – Vietnam War: The Battle of the Ia Drang begins – the first major engagement between regular American and North Vietnamese forces.

1967 – The Congress of Colombia, in commemoration of the 150 years of the death of Policarpa Salavarrieta, declares this day as “Day of the Colombian Woman”.

1969 – Apollo program: NASA launches Apollo 12, the second manned mission to the surface of the Moon.

1970 – Soviet Union enters ICAO, making Russian the fourth official language of organization.

1970 – Southern Airways Flight 932 crashes in the mountains near Huntington, West Virginia, killing 75, including members of the Marshall University football team.

1971 – Enthronment of Pope Shenouda III as Pope of Alexandria

1973 – In the United Kingdom, Princess Anne marries Captain Mark Phillips, in Westminster Abbey.

1975 – Spain abandons Western Sahara.

1979 – Iran hostage crisis: US President Jimmy Carter issues Executive order 12170, freezing all Iranian assets in the United States in response to the hostage crisis.

1982 – Lech Walesa, the leader of Poland’s outlawed Solidarity movement, is released after eleven months of internment near the Soviet border.

1984 – Zamboanga City mayor Cesar Climaco, a prominent critic of the government of Philippine President Ferdinand Marcos, is assassinated in his home city.

1990 – After German reunification, the Federal Republic of Germany and the Republic of Poland sign a treaty confirming the Oder-Neisse line as the border between Germany and Poland.

1991 – American and British authorities announce indictments against two Libyan intelligence officials in connection with the downing of the Pan Am Flight 103.

1991 – Cambodian Prince Norodom Sihanouk returns to Phnom Penh after thirteen years of exile.

1991 – In Royal Oak, Michigan, a fired United States Postal Service employee goes on a shooting rampage, killing four and wounding five before committing suicide.

1995 – A budget standoff between Democrats and Republicans in the U.S. Congress forces the federal government to temporarily close national parks and museums and to run most government offices with skeleton staffs.

2001 – War in Afghanistan: Afghan Northern Alliance fighters take over the capital Kabul.

2002 – Argentina defaults on an $805 million World Bank payment.

2002 – The United States House of Representatives votes not to create an independent commission to investigate the September 11 attacks.

2003 – Astronomers Michael E. Brown, Chad Trujillo, and David L. Rabinowitz discover 90377 Sedna, a Trans-Neptunian object.

2007 – The last direct-current electrical distribution system in the United States is shut down in New York City by Con Edison.

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