For people in Westland, Michigan, it’s an annual ritual to wallow, slather and generally gad about in glorious mud. About 5,000 people turned up the for the state’s 24th annual mud day, where mud is king and … well, you get the picture
Continue reading …Ticket holder matches all five main numbers and both Lucky Stars to become biggest-ever lottery winner in Europe Someone will wake up as a new member of the lottery millionaire’s club on Wednesday morning, after a record-breaking £161m EuroMillions jackpot was won by a single UK ticket holder. It matched all five main numbers and both the Lucky Stars to scoop the top prize and become the biggest lottery win in Europe, said lottery operator Camelot. The exact amount to be claimed by the golden ticket winner is £161,653,000, while two other UK-based lottery players won £1.7m after matching five numbers and one Lucky Star. It is not known whether the latest overnight millionaire is an individual or a syndicate. Camelot has not said where they come from in the UK. “This is amazing news – we are absolutely delighted that a UK ticket holder has scooped the entire €185m jackpot, which at the current exchange rate is a massive £161m,” a National Lottery spokesman said. “This is the biggest winner this country and Europe has ever seen, and follows hot on the heels of the anonymous ticket-holder who last October won £113m.” The winning EuroMillions numbers were 17, 19, 38, 42 and 45, and the Lucky Stars were 9 and 10. National Lottery Europe Amy Fallon guardian.co.uk
Continue reading …France, Britain and US acknowledge Nato military action alone unlikely to force Libya’s leader to step down Efforts to find a political solution to the Libyan crisis are intensifying as France, Britain and the US acknowledge that Nato military action alone is unlikely to force Muammar Gaddafi to step down. The UN and western countries are urging formal talks between the Benghazi-based rebels and the Gaddafi regime amid new signs that Tripoli might agree to discuss a transition of power. Alain Juppé, France’s foreign minister, provided the strongest indication yet of optimism about the outcome. “Emissaries are telling us Gaddafi is ready to go, let’s talk about it,” he said on Tuesday. “The question is no longer about whether Gaddafi goes but when and how.” François Fillon, the French prime minister, told the national assembly that a “political solution is taking shape”. Al-Baghdadi Ali al-Mahmoudi, Libya’s prime minister, told the French daily Le Figaro that the regime was ready to negotiate “unconditionally” as long as Nato action ended. Gaddafi would not be involved in talks, he said, and would “respect the will of the people”. France’s defence minister, Gérard Longuet, suggested on Sunday that Gaddafi could remain in Tripoli “in another room in his palace” and Nato could stop its bombing campaign while talks began. The push for a political solution is being spearheaded by the UN envoy, Abdel-Ilah al-Khatib, who met Mahmoudi in Tripoli at the weekend. Khatib told reporters: “I am urging the parties to increase their focus on working towards a political solution. We would like to see indirect discussions evolve into direct talks.” A key issue was agreeing on a body to manage a transition. It would have to be “all-inclusive and involve representatives from all political and social groups as well as a wide range of factions, regions and tribes.” He added, however, that there was a significant gap between the two sides. President Barack Obama is backing Moscow’s mediating efforts in Libya if they lead to Gaddafi stepping down. Italy, hosting Nato’s air operations, added its voice to the chorus on Tuesday. Franco Frattini, the foreign minister, told Algeria’s al Khabar newspaper: “We are convinced that the Libyan crisis requires a political solution characterised by an end to fighting; Gaddafi, who lacks all legitimacy, leaving the stage; and the launching of an inclusive democratic process involving all parts of Libyan society.” Western governments admit they are worried about the lack of a decisive blow by Nato, the mounting cost of the campaign and the weakness of the rebel forces, but say they are encouraged by a widening agreement about the desired political outcome. “There is a consensus on how to end the crisis, which is that Gaddafi has to leave power,” Juppé told France Info radio. “That [consensus] was absolutely not a given two or three months ago.” Initiatives by the African Union and South Africa have faded away. “There are indications that people around Gaddafi would envisage a solution that includes him being out of power rather than in,” said one diplomat. “We are hearing that from various people but it’s not yet set in stone. There is an emerging international consensus around a political track and momentum is building up, but there is no breakthrough.” Libya experts suspect that ideas about Gaddafi stepping down may be being floated without official authorisation to test western reactions. The approach of Ramadan, the Muslim month of fasting at the beginning of August, is also adding to pressure to find a way out of the impasse. Later this week the Libya international contact group meeting in Istanbul is expected to channel more cash to the Transitional National Council and step up efforts for a political settlement. Nato governments insist there can be no backtracking from the arrest warrant issued for Gaddafi by the international criminal court but continue to hope that he might yet flee to a country such as Zimbabwe, Belarus or Sudan – even though he has always insisted he will stay in Libya. Muammar Gaddafi Libya Nato Arab and Middle East unrest Middle East Africa Ian Black guardian.co.uk
Continue reading …And yet, they’re still arguing that they should get a tax holiday on their earnings abroad while they’re shedding employees like crazy . Who’s nuttier – them, or the politicians arguing this will create jobs? Cisco Systems Inc. (CSCO), the largest networking-equipment company, may cut as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, according to two people familiar with the plans. The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren’t final. Cisco, based in San Jose, California, is also providing early-retirement packages to about 3,000 workers who took buyouts, the people said. Eliminating jobs will help Cisco wring $1 billion in expenses in fiscal 2012, the company said in May. Cisco expects costs of $500 million to $1.1 billion in the fiscal fourth quarter as a result of the voluntary early retirement program, it said in a quarterly filing. I wrote about this back in March , when 60 Minutes did a boo-hoo story on these poor, poor overtaxed corporations like Cisco: One CEO who would talk to us was Chambers. Cisco is the giant high tech company headquartered in San Jose, Calif. He says our tax rate is insane. It’s forcing companies into these maneuvers, especially when many other industrialized countries including Canada are busy lowering their tax rates in order to lure our companies and our jobs away. “Every other government in the world has realized that the U.S. has it wrong. They’re saying, ‘I’m going to have lower taxes, period.’ That’s what you see all across Western Europe, that’s what you see in Asia in the developed countries,” Chambers said. I guess I should point out that these are the same companies supporting the Chamber of Commerce, who did everything but throw infants in front of an oncoming train to stop the Affordable Healthcare Act — you know, the thing that would make American companies more competitive with the Europeans, none of whom are paying for health insurance? So you might be a tad suspicious of this plea — and you would be right. Or I could point out that Cisco’s effective U.S. tax rate in the last quarter was a mere 12.1%, and that they give better payment terms to their overseas suppliers? Under a Republican administration, the Congressional Budget Office found that not only did the 2004 tax holiday not create jobs, it substantially increased the national deficit . From the Treasury Department: In assessing the 2004 tax holiday, the nonpartisan Congressional Research Service reports that most of the largest beneficiaries of the holiday actually cut jobs in 2005-06 – despite overall economy-wide job growth in those years – and many used the repatriated funds simply to repurchase stock or pay dividends. Today, when U.S. corporations have ready access to cash they have accumulated and are holding here in the United States, it is even harder to make the case that a repatriation holiday will unlock new investment and job creation . Why, even Tim Geithner says it doesn’t make sense to consider it outside of the context of broader tax reform . Of course, Big Biz and their Congressional handmaidens don’t want that ! Look, U.S. corporations have made it clear that they have no loyalty whatsoever to the economic well-being of the country. (Which could lead to a discussion about revoking corporate charters, but let’s not get sidetracked right now.) They will outsource and offshore no matter what, so the proper conversation should be about all the other benefits (including targeted tax breaks and subsidies) they enjoy as U.S. companies. Play me the world’s tiniest violin, Mr. Chambers. U.S. taxes are back to Roaring Twenties levels, and you’re screaming like a stuck pig? Puhleeze.
Continue reading …And yet, they’re still arguing that they should get a tax holiday on their earnings abroad while they’re shedding employees like crazy . Who’s nuttier – them, or the politicians arguing this will create jobs? Cisco Systems Inc. (CSCO), the largest networking-equipment company, may cut as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, according to two people familiar with the plans. The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren’t final. Cisco, based in San Jose, California, is also providing early-retirement packages to about 3,000 workers who took buyouts, the people said. Eliminating jobs will help Cisco wring $1 billion in expenses in fiscal 2012, the company said in May. Cisco expects costs of $500 million to $1.1 billion in the fiscal fourth quarter as a result of the voluntary early retirement program, it said in a quarterly filing. I wrote about this back in March , when 60 Minutes did a boo-hoo story on these poor, poor overtaxed corporations like Cisco: One CEO who would talk to us was Chambers. Cisco is the giant high tech company headquartered in San Jose, Calif. He says our tax rate is insane. It’s forcing companies into these maneuvers, especially when many other industrialized countries including Canada are busy lowering their tax rates in order to lure our companies and our jobs away. “Every other government in the world has realized that the U.S. has it wrong. They’re saying, ‘I’m going to have lower taxes, period.’ That’s what you see all across Western Europe, that’s what you see in Asia in the developed countries,” Chambers said. I guess I should point out that these are the same companies supporting the Chamber of Commerce, who did everything but throw infants in front of an oncoming train to stop the Affordable Healthcare Act — you know, the thing that would make American companies more competitive with the Europeans, none of whom are paying for health insurance? So you might be a tad suspicious of this plea — and you would be right. Or I could point out that Cisco’s effective U.S. tax rate in the last quarter was a mere 12.1%, and that they give better payment terms to their overseas suppliers? Under a Republican administration, the Congressional Budget Office found that not only did the 2004 tax holiday not create jobs, it substantially increased the national deficit . From the Treasury Department: In assessing the 2004 tax holiday, the nonpartisan Congressional Research Service reports that most of the largest beneficiaries of the holiday actually cut jobs in 2005-06 – despite overall economy-wide job growth in those years – and many used the repatriated funds simply to repurchase stock or pay dividends. Today, when U.S. corporations have ready access to cash they have accumulated and are holding here in the United States, it is even harder to make the case that a repatriation holiday will unlock new investment and job creation . Why, even Tim Geithner says it doesn’t make sense to consider it outside of the context of broader tax reform . Of course, Big Biz and their Congressional handmaidens don’t want that ! Look, U.S. corporations have made it clear that they have no loyalty whatsoever to the economic well-being of the country. (Which could lead to a discussion about revoking corporate charters, but let’s not get sidetracked right now.) They will outsource and offshore no matter what, so the proper conversation should be about all the other benefits (including targeted tax breaks and subsidies) they enjoy as U.S. companies. Play me the world’s tiniest violin, Mr. Chambers. U.S. taxes are back to Roaring Twenties levels, and you’re screaming like a stuck pig? Puhleeze.
Continue reading …Jon Stewart and The Daily Show, in the middle section of the above video, did an expose on the Rupertgate phone-hacking scandal that’s engulfing Murdoch and is beginning to bleed into his American operations. A report is circulating that 9/11 families were targeted as well. WIll Bunch: Over the last few days, many people — myself included — have asked variations of this question: Will the Rupert Murdoch/News of the World phone hacking scandal, which some are calling Britian’s Watergate , reach us here in America, where the modern-day Citizen Kane’s holdings including the Fox TV and movie empire as well as the Wall Street Journal and the New York Post. The answer may be yes: A report in a rival British tabloid the Daily Mirror makes an allegation that, if proven true, many Americans will find just as revolting as the phone hacking of 13-year-old morder victim Milly Dowler, maybe even more so. Did Murdoch’s London-based News of the World contact a New York City private investigator about phone hacking American victims of the 9/11 attacks? The pair chatted behind closed doors as a former New York cop made the 9/11 hacking claim. He alleged he was contacted by News of the World journalists who said they would pay him to retrieve the private phone records of the dead. Now working as a private investigator, the ex-officer claimed reporters wanted the victim’s phone numbers and details of the calls they had made and received in the days leading up to the atrocity. A source said: “This investigator is used by a lot of journalists in America and he recently told me that he was asked to hack into the 9/11 victims’ private phone data. He said that the journalists asked him to access records showing the calls that had been made to and from the mobile phones belonging to the victims and their relatives. “His presumption was that they wanted the information so they could hack into the relevant voicemails, just like it has been shown they have done in the UK. The PI said he had to turn the job down. He knew how insensitive such research would be, and how bad it would look.” Indeed. That said, this article raises more questions than it answers, and I would note a couple of major caveats. One, the story is pretty thinly sourced, as we say in the business. Two, the Mirror is a non-Murdoch-owned British tabloid driven by the same kind of competitive pressures that led to this whole scandal in the first place. But I think the significance is this: Given the scandal in the UK, the American activities of Murdoch-controlled journalists — at both his British publications and his U.S. enterprises — deserve closer scrutiny, including from law enforcement. Maybe Murdoch’s journalists’ alleged illegal activities stopped at the far shores of the Atlantic, but we should find out for sure. I’ve asked the question a few times as C&L has covered this story. Have Fox News and/or other Murdoch entities applied the same phone-hacking skills to the U.S.? Rupert Murdoch may be heading off to answer questions before Parliament. News Corp. chairman and CEO Rupert Murdoch has been asked to appear before British Parliament to answer question about his company’s phone hacking scandal, as well as his son James and News International chief executive Rebekah Brooks. The culture, media and sport select committee, which has published critical reports on the affair, has written to the trio of executives inviting them to appear, the Guardian reported. News International said in a statement: “We have been made aware of the request from the CMS select committee to interview senior executives and will cooperate. We await the formal invitation.” CREW is demanding an investigation into Murdoch’s stateside activities. Ellen at Newshounds has six good reasons to demand an investigation into the company’s activities here. And you can go to Media Matters for a petition demanding such action. Eric Boehlert writes: Scandal Woes Mount for Murdoch’s Wall Street Journal Publisher The revelation yesterday that Britain’s former Prime Minister, Gordon Brown, alleged that his personal information was obtained illegally by Rupert Murdoch’s Sunday Times only intensifies the pressure on Les Hinton, Murdoch’s longtime confidant and publisher of the Wall Street Journal. Hinton was already facing scrutiny for the phone hacking scandal because he oversaw Murdoch’s News of The World when the tabloid appears to have engaged in rampant phone hacking. Worse, Hinton oversaw an internal investigation into the matter that James Murdoch now acknowledges “wrongly maintained that these issues were confined to one reporter .” Now with the Brown allegations come additional woes: Brown accused the paper of getting his bank details, saying he was “genuinely shocked” by its methods. The allegations widen the scandal that brought down Britain’s best-selling newspaper, the News of the World, to other newspapers also owned by Murdoch’s News International media group. Brown expressed dismay at the allegations Monday night and has given investigators “all relevant evidence” he has about the matter, according to a statement from his office. “The family has been shocked by the level of criminality and the unethical means by which personal details have been obtained,” the statement said. “The matter is in police hands.” Brown alleges the Sunday Times’ sting took place over a ten-year period . And who oversaw the Sunday Times during key portions of that span? Since the scandal took off, their stock price has been failing so Murdoch bought back a ton of shares: Rupert Murdoch’s $5bn News Corp buyback halts share slide The Guardian publishes a very good op-ed on the media and its corrupt, elitist purposes: This media is corrupt – we need a Hippocratic oath for journalists Our job is to hold power to account. Instead, most of the profession simply ventriloquises the concerns of the elite. Is Murdoch now finished in the UK? As the pursuit of Gordon Brown by the Sunday Times and the Sun blows the hacking scandal into new corners of the old man’s empire, this story begins to feel like the crumbling of the Berlin Wall. The naked attempt to destroy Brown by any means, including hacking the medical files of his sick baby son, means that there is no obvious limit to the story’s ramifications. The papers cannot announce that their purpose is to ventriloquise the concerns of multimillionaires; they must present themselves as the voice of the people. The Sun, the Mail and the Express claim to represent the interests of the working man and woman. These interests turn out to be identical to those of the men who own the papers. So the rightwing papers run endless exposures of benefit cheats, yet say scarcely a word about the corporate tax cheats. They savage the trade unions and excoriate the BBC. They lambast the regulations that restrain corporate power. They school us in the extrinsic values – the worship of power, money, image and fame – which advertisers love but which make this a shallower, more selfish country. Most of them deceive their readers about the causes of climate change. These are not the obsessions of working people. They are the obsessions thrust upon them by the multimillionaires who own these papers. The corporate media is a gigantic astroturfing operation: a fake grassroots crusade serving elite interests. In this respect the media companies resemble the Tea Party movement , which claims to be a spontaneous rising of blue-collar Americans against the elite but was founded with the help of the billionaire Koch brothers and promoted by Murdoch’s Fox News.Journalism’s primary purpose is to hold power to account. This purpose has been perfectly inverted. Columnists and bloggers are employed as the enforcers of corporate power, denouncing people who criticise its interests, stamping on new ideas, bullying the powerless. The press barons allowed governments occasionally to promote the interests of the poor, but never to hamper the interests of the rich. They also sought to discipline the rest of the media. The BBC, over the last 30 years, became a shadow of the gutsy broadcaster it was, and now treats big business with cringing deference.
Continue reading …Jon Stewart and The Daily Show, in the middle section of the above video, did an expose on the Rupertgate phone-hacking scandal that’s engulfing Murdoch and is beginning to bleed into his American operations. A report is circulating that 9/11 families were targeted as well. WIll Bunch: Over the last few days, many people — myself included — have asked variations of this question: Will the Rupert Murdoch/News of the World phone hacking scandal, which some are calling Britian’s Watergate , reach us here in America, where the modern-day Citizen Kane’s holdings including the Fox TV and movie empire as well as the Wall Street Journal and the New York Post. The answer may be yes: A report in a rival British tabloid the Daily Mirror makes an allegation that, if proven true, many Americans will find just as revolting as the phone hacking of 13-year-old morder victim Milly Dowler, maybe even more so. Did Murdoch’s London-based News of the World contact a New York City private investigator about phone hacking American victims of the 9/11 attacks? The pair chatted behind closed doors as a former New York cop made the 9/11 hacking claim. He alleged he was contacted by News of the World journalists who said they would pay him to retrieve the private phone records of the dead. Now working as a private investigator, the ex-officer claimed reporters wanted the victim’s phone numbers and details of the calls they had made and received in the days leading up to the atrocity. A source said: “This investigator is used by a lot of journalists in America and he recently told me that he was asked to hack into the 9/11 victims’ private phone data. He said that the journalists asked him to access records showing the calls that had been made to and from the mobile phones belonging to the victims and their relatives. “His presumption was that they wanted the information so they could hack into the relevant voicemails, just like it has been shown they have done in the UK. The PI said he had to turn the job down. He knew how insensitive such research would be, and how bad it would look.” Indeed. That said, this article raises more questions than it answers, and I would note a couple of major caveats. One, the story is pretty thinly sourced, as we say in the business. Two, the Mirror is a non-Murdoch-owned British tabloid driven by the same kind of competitive pressures that led to this whole scandal in the first place. But I think the significance is this: Given the scandal in the UK, the American activities of Murdoch-controlled journalists — at both his British publications and his U.S. enterprises — deserve closer scrutiny, including from law enforcement. Maybe Murdoch’s journalists’ alleged illegal activities stopped at the far shores of the Atlantic, but we should find out for sure. I’ve asked the question a few times as C&L has covered this story. Have Fox News and/or other Murdoch entities applied the same phone-hacking skills to the U.S.? Rupert Murdoch may be heading off to answer questions before Parliament. News Corp. chairman and CEO Rupert Murdoch has been asked to appear before British Parliament to answer question about his company’s phone hacking scandal, as well as his son James and News International chief executive Rebekah Brooks. The culture, media and sport select committee, which has published critical reports on the affair, has written to the trio of executives inviting them to appear, the Guardian reported. News International said in a statement: “We have been made aware of the request from the CMS select committee to interview senior executives and will cooperate. We await the formal invitation.” CREW is demanding an investigation into Murdoch’s stateside activities. Ellen at Newshounds has six good reasons to demand an investigation into the company’s activities here. And you can go to Media Matters for a petition demanding such action. Eric Boehlert writes: Scandal Woes Mount for Murdoch’s Wall Street Journal Publisher The revelation yesterday that Britain’s former Prime Minister, Gordon Brown, alleged that his personal information was obtained illegally by Rupert Murdoch’s Sunday Times only intensifies the pressure on Les Hinton, Murdoch’s longtime confidant and publisher of the Wall Street Journal. Hinton was already facing scrutiny for the phone hacking scandal because he oversaw Murdoch’s News of The World when the tabloid appears to have engaged in rampant phone hacking. Worse, Hinton oversaw an internal investigation into the matter that James Murdoch now acknowledges “wrongly maintained that these issues were confined to one reporter .” Now with the Brown allegations come additional woes: Brown accused the paper of getting his bank details, saying he was “genuinely shocked” by its methods. The allegations widen the scandal that brought down Britain’s best-selling newspaper, the News of the World, to other newspapers also owned by Murdoch’s News International media group. Brown expressed dismay at the allegations Monday night and has given investigators “all relevant evidence” he has about the matter, according to a statement from his office. “The family has been shocked by the level of criminality and the unethical means by which personal details have been obtained,” the statement said. “The matter is in police hands.” Brown alleges the Sunday Times’ sting took place over a ten-year period . And who oversaw the Sunday Times during key portions of that span? Since the scandal took off, their stock price has been failing so Murdoch bought back a ton of shares: Rupert Murdoch’s $5bn News Corp buyback halts share slide The Guardian publishes a very good op-ed on the media and its corrupt, elitist purposes: This media is corrupt – we need a Hippocratic oath for journalists Our job is to hold power to account. Instead, most of the profession simply ventriloquises the concerns of the elite. Is Murdoch now finished in the UK? As the pursuit of Gordon Brown by the Sunday Times and the Sun blows the hacking scandal into new corners of the old man’s empire, this story begins to feel like the crumbling of the Berlin Wall. The naked attempt to destroy Brown by any means, including hacking the medical files of his sick baby son, means that there is no obvious limit to the story’s ramifications. The papers cannot announce that their purpose is to ventriloquise the concerns of multimillionaires; they must present themselves as the voice of the people. The Sun, the Mail and the Express claim to represent the interests of the working man and woman. These interests turn out to be identical to those of the men who own the papers. So the rightwing papers run endless exposures of benefit cheats, yet say scarcely a word about the corporate tax cheats. They savage the trade unions and excoriate the BBC. They lambast the regulations that restrain corporate power. They school us in the extrinsic values – the worship of power, money, image and fame – which advertisers love but which make this a shallower, more selfish country. Most of them deceive their readers about the causes of climate change. These are not the obsessions of working people. They are the obsessions thrust upon them by the multimillionaires who own these papers. The corporate media is a gigantic astroturfing operation: a fake grassroots crusade serving elite interests. In this respect the media companies resemble the Tea Party movement , which claims to be a spontaneous rising of blue-collar Americans against the elite but was founded with the help of the billionaire Koch brothers and promoted by Murdoch’s Fox News.Journalism’s primary purpose is to hold power to account. This purpose has been perfectly inverted. Columnists and bloggers are employed as the enforcers of corporate power, denouncing people who criticise its interests, stamping on new ideas, bullying the powerless. The press barons allowed governments occasionally to promote the interests of the poor, but never to hamper the interests of the rich. They also sought to discipline the rest of the media. The BBC, over the last 30 years, became a shadow of the gutsy broadcaster it was, and now treats big business with cringing deference.
Continue reading …Shares and bonds make up ground on frenetic day as hope grows for smooth introduction of austerity measures Italian shares and bonds made up ground on Tuesday as politicians of all stripes worked frantically to shore up confidence in their country and prevent it being sucked into the same maelstrom as Greece. The blue chip FTSE Mib index closed 1.2% up at 18,510.53 after a dizzying session that saw it dip 4.7% after the opening. Sentiment began to change with an auction of short-dated treasury bonds. Though the return demanded by investors soared, from just over 2.1% at the last such auction to almost 3.7%, the demand exceeded supply by more than half. That reflected a growing conviction that Silvio Berlusconi’s government could steer through a package of austerity measures swiftly, and without concessions. Parliamentary managers vowed the package, which aims to clip €40bn (£35.1bn) from the deficit, would be approved by the Senate on Thursday and in the lower house, the Chamber of Deputies, by Sunday. The finance minister, Giulio Tremonti, hastened back to Rome from a meeting of his EU counterparts in Brussels to cut a deal with the opposition on last-minute changes. One such involved limiting or scrapping an increase in the levy on treasury bonds that would have penalised smaller investors and curbed demand at a time when Italy’s debt managers sorely need buyers. By the afternoon, the spread on Italy’s benchmark 10-year bonds, relative to their German equivalents, was back below 3%, after touching almost 3.5%. That was nevertheless higher than Monday night’s close and still nearly a full percentage point above the level Barclays Capital estimated last month was the maximum sustainable in the long term. Tremonti’s austerity package only tackles one issue spooking markets – Italy’s giant public debt and a budget deficit he aims to close by the end of 2014. If anything, though, it could exacerbate another problem, which is Italy’s ultra-low growth – a persistent feature of its economy since 2001 when Berlusconi first returned to office. Some opposition politicians were advocating the formation of a cross-party “technical government” without Berlusconi once the austerity measures had been signed into law. The media tycoon also played a role in sparking the sell-off by openly decrying his finance minister in an interview published on Friday. Anna Finocchiaro, the upper house whip of Italy’s main opposition group, the Democratic Party, said: “Berlusconi is costing Italy too much.” Italy European debt crisis European banks FTSE Europe Silvio Berlusconi Stock markets Europe European monetary union Greece Barclays Banking John Hooper guardian.co.uk
Continue reading …Click here to view this media President Barack Obama told CBS Evening News host Scott Pelley Tuesday that he couldn’t guarantee Social Security checks would go out on Aug. 3 if the debt ceiling was not raised. “Can you tell the folks at home that no matter what happens, Social Security checks are going to go out on Aug. 3?” Pelley asked. “This is not just Social Security checks,” Obama replied. “These are veterans’ checks, these are folks on disability, their checks. There are about 70 million checks that go out.” “Can you guarantee, as president, those checks will go out Aug. 3?” Pelley pressed. “I cannot guarantee those checks go out on Aug. 3 if we haven’t resolved this issue. Because there simply may not be the money in the coffers to do it,” Obama explained.
Continue reading …Appearing on his eponymous 3 p.m. MSNBC program, conservative columnist S.E. Cupp took Martin Bashir to task for his and his network's most recent attacks on Rep. Michele Bachmann (R-Minn.) regarding her husband's views on homosexual orientation being a choice that one can change through therapy, not a deterministically-imposed genetic trait. When Cupp agreed that it was “valid to call it junk science” that one's sexuality can be changed by counseling and therapy, Bashir seized on Cupp's statement to insist that Michele Bachmann was held captive by junk science, thus calling into question her judgment. Cupp protested that Michele Bachmann herself may not share her husband's views and that the media's fixation on the matter is part and parcel of an attack on religious Americans: S.E. CUPP: I think this makes for a really perfectly-timed story. When everyone else is talking about the economy and it's really hard to make her look dumb, let's make her look scary. So then the media starts to look for these kooky, quirky, religious social issues stories. MARTIN BASHIR: No, no, no, no. S.E., that's not fair. CUPP: Because they can't talk about her positions on the economy because they're better than Obama's would be. Bashir might not think Cupp's diagnosis is fair, but Bashir's own evolving take on Bachmann is right in line with Cupp's analysis, given how Bashir praised Bachmann a month ago by snidely tagging her as “the thinking person's Sarah Palin.” To Bashir, Bachmann is no dummy, but her views are wrong-headed or scary. Bashir tried to get back to his agenda, namely opening a rift between religious Bachmann fans and the conservative but atheistic S.E. Cupp . The conservative columnist turned the tables by pointing out the absurdity of Bashir's line of attack (emphasis mine): BASHIR: You said this is junk science. CUPP: I think it's a valid argument to say that praying away the gay is junk science. BASHIR: It's not just you saying that, it's the Association of American Psychologists who are saying this. CUPP: I think it's a valid argument, that it's junk science. But I don't think you can implicate 80 percent of the population which is Christian, who believe that homosexuality is a sin as crazy and kooky and extreme. BASHIR: I'm not going there. I'm not suggesting that at all. What I'm asking you is, does Michele Bachmann therefore embrace junk science. CUPP: I can't tell you what motivates Michele Bachmann's belief that homosexuality is a sin. I have a feeling it's the Bible. BASHIR: No, no. She says it's slavery. She says it's a bondage. CUPP: These were metaphors, Martin, and you and I use metaphors all the time. To create a bigger story out of the idea that a conservative Christian candidate is against gay marriage, thinks homosexuality isn't a sin, really isn't all that controversial. BASHIR: Is a potential Republican candidate for the presidency embracing junk science? CUPP: If you don't believe that homosexuality is a sin, if you don't believe that you can pray away the gay, if you don't [sic] believe that gays should be married than you would disagree with Michele Bachmann and you would say that she is embracing junk science. If you are a Christian who believes like she does, that homosexuality is a sin, creationism is the story of how we all got here, then I don't think you would call it junk science , I think you would call that, you know, Scripture, Christianity. Of course, as an attendee of an evangelical church in Manhattan , Martin Bashir should understand Cupp's point. Unfortunately it seems he's been worshiping at the altar of MSNBC's left-wing message machine of late.
Continue reading …