Stocks and bond yields drop on Europe worries

Traders work on the floor of the New York Stock Exchange Monday, Jan. 30, 2012. Uncertainty about a deal between Greece and its creditors to ease its debt burden is weighing on investor sentiment. (AP Photo/Richard Drew)

Traders work on the floor of the New York Stock Exchange Monday, Jan. 30, 2012. Uncertainty about a deal between Greece and its creditors to ease its debt burden is weighing on investor sentiment. (AP Photo/Richard Drew)

Specilaist David Pologruto, works at his post on the floor of the New York Stock Exchange Monday, Jan. 30, 2012. Uncertainty about a deal between Greece and its creditors to ease its debt burden is weighing on investor sentiment. (AP Photo/Richard Drew)

Andrew O'Connor, foreground left, and fellow traders work on the floor of the New York Exchange Monday, Jan. 30, 2012. Uncertainty about a deal between Greece and its creditors to ease its debt burden is weighing on investor sentiment. (AP Photo/Richard Drew)

Traders work on the floor of the New York Stock Exchange Monday, Jan. 30, 2012. Uncertainty about a deal between Greece and its creditors to ease its debt burden is weighing on investor sentiment. (AP Photo/Richard Drew)

NEW YORK (AP) ? The wait for an expected deal between Greece and its creditors rattled financial markets around the world Monday. Yields for ultra-safe U.S. government debt hit their lowest this year, the euro dropped against the dollar, and European stocks took a fall.

But U.S. stocks dropped only slightly. The Dow Jones industrial average fell 6.74 points to close at 12,653.72, for a drop of 0.1 percent. The Dow lost as much as 131 points in morning trading then slowly recovered in the afternoon.

Borrowing costs for European countries with the heaviest debt burdens shot higher. The two-year interest rate for Portugal's government debt jumped to 21 percent after trading around 14 percent last week.

Greece and the investors who bought its government bonds were said to be close to an agreement over the weekend. A tentative deal would replace bonds held by investment funds and banks with new ones at half the face value.

The plan is aimed at cutting Greece's debt by roughly ?100 billion ($132 billion). Greece needs it to secure a crucial installment of bailout loans and make an upcoming bond payment. But a deal has been in the works for weeks and could still fall apart.

The focus on Greece has shifted attention away from what's going well in the U.S., said Jack Ablin, chief investment officer at Harris Private Bank. Companies have reported stronger quarterly earnings, and hiring has picked up.

"Our collective breath has been held for so many months," he said.

At this point, a good or even a bad resolution of Greece's debt crisis could lead to a stronger U.S. stock market, Ablin said.

"If it finally happens and the world doesn't fall apart, maybe we'll have a reason to take risk again," he said. "Once you pull off the Band-Aid, it feels better."

U.S. Treasury yields sank to their lowest level this year as traders parked cash in the safest assets. The yield on the 10-year Treasury sank to 1.85 percent. It was trading above 2 percent last Wednesday.

The yield on the five-year Treasury note hit a record low of 0.71 percent early Monday. It finished Monday at 0.74 percent, from 0.75 percent late Friday.

An agreement between Greece and its creditors could serve as a blueprint for other European countries with heavy debt burdens. Dan Greenhaus, chief global strategist at BTIG, pointed to Portugal's soaring bond yields in a note to clients.

"At this rate, Portugal is going to move from the back to front burner in very, very short order," he said.

European leaders also gathered in Brussels, focusing on how to stimulate economic growth when huge government spending cuts threaten to push many countries back into recession. The latest data showed Spain's economy shrank in the last three months of 2011.

In other trading, the Standard & Poor's 500 index fell 3.32 points, or 0.3 percent, to 1,313.01. The Nasdaq composite lost 4.6 points, or 0.2 percent, to 2,811.94.

The euro dropped 0.5 percent against the dollar, to $1.3124 in late trading Monday from $1.3208 late Friday. It was worth almost $1.50 in May.

European stocks sank. French and Spanish stock markets closed down 1.6 percent. Italian stocks closed down 1.2 percent and German stocks 1 percent.

Among stocks making big moves Friday:

? The fast food chain Wendy's fell 3.8 percent. The Wendy's Co. said a key measure of earnings dropped 30 percent in the fourth quarter. Charges from selling Arby's offset the effects of a jump in sales.

? PharMerica Corp. plunged 11 percent. The Federal Trade Commission said it was suing to block rival pharmacy company Omnicare Inc. from completing its $457 million takeover of PharMerica. The agency said a merger of the country's two largest long-term care pharmacies would raise the cost of Medicare prescription plans covering drugs for nursing home residents. Stock in Omnicare Inc. fell less than 1 percent.

? Thomas & Betts Corp. soared 23 percent on news that Swiss engineering group ABB Ltd. agreed to buy the maker of power lines and other electrical products for $3.9 billion in cash.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-30-Wall%20Street/id-2cc60000ab1240efb96bd87e8d84773a

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Oil below $99 in Europe on Greece debt concerns

Oil fell to around $99 a barrel Monday amid continued concerns about the ability of Greece to bring its sovereign debt crisis under control.

By early afternoon in Europe, benchmark crude for March delivery was down 57 cents at $98.99 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 14 cents to finish at $99.56 on Friday.

In London, Brent crude was down 6 cents to $111.40 on the ICE Futures exchange.

Victor Shum, an energy analyst with Purvin & Gertz in Singapore, said crude prices were volatile after Germany's finance minister warned that Europe might not give Greece a fresh bailout unless it can overhaul its state and economy. Analysts fear that could re-ignite the region's debt crisis.

European leaders were to meet Monday in Brussels to discuss austerity measures and a tentative deal reached Saturday between Greece and its private investors to avert a disastrous Greek default on its debt.

"The situation in the eurozone continues to remain gloomy without any clarification about Greek issues," said a report from Sucden Financial in London.

Supply concerns also weighed on the market although Iran has postponed plans to immediately cut the flow of crude oil to Europe in retaliation for EU sanctions over its nuclear program.

"This reduces the danger of an immediate supply shortage in the oil market, which also puts prices under pressure," said analysts at Commerzbank in Frankfurt. "Given its dependency on oil revenues, it is in any case doubtful that Iran will take this step. A new buyer would have to be found who would pay the same prices for this oil."

Still, the chance that the oil flow from Iran could be stopped sooner than planned added to the uncertainty.

"A move by Iran to cut exports to EU member states before buyers have time to line up alternatives would be a blow to countries such as Italy, Spain and Greece, which account for the bulk of crude EU imports from Iran and are struggling with stumbling economies," said a note from JBC Energy in Vienna.

The head of Iran's national oil company warned Sunday that EU sanctions could push oil prices up to between $120 and $150 a barrel. The market is also awaiting a report from an International Atomic Energy Agency team that is currently touring Tehran, Shum said.

In other energy trading, heating oil rose 1.36 cents to $3.0729 per gallon while gasoline futures were down 2.96 cents at $2.8938 per gallon. Natural gas added 5.2 cents to $2.808 per 1,000 cubic feet.

___

Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-30-Oil-Prices/id-d3545942a1044786a995b76c736ace59

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Weaker banks, commodities drag Britain's FTSE lower (Reuters)

LONDON (Reuters) ? Weakness in banks and commodity stocks dragged Britain's leading share index lower on Monday as the protracted search for a Greek bond deal and concerns about economic growth kept investors nervous.

The FTSE 100 (.FTSE) index closed down 62.36 points, or 1.1 percent, at 5,671.09, extending Friday's falls and retreating further from Thursday's six-month closing high.

The FTSE volatility index (.VFTSE) was also active, up over 10 percent, its biggest daily percentage rise in a month and signaling an increase in risk aversion.

Banks (.FTNMX8350) were the biggest blue-chip casualties, hit by concerns that extra liquidity injections from central banks had not addressed the sector's fundamental problems.

Credit Suisse reduced its recommendation on the European Banking sector to "underweight" as it said the direct earnings impact of the European Central Bank's (ECB) late-December splurge of cheap, long-term cash for the banks appeared to be over-estimated.

Barclays (BARC.L) was the UK sector's biggest faller, down 4.2 percent, while Lloyds Banking Group (LLOY.L) shed 4.1 percent, and Royal Bank of Scotland (RBS.L) fell 3.5 percent.

EU leaders met in Brussels on Monday, the first summit of 2012, to sign off a permanent rescue fund for the euro zone -- Britain's biggest trading partner -- though the meeting was overshadowed by the unresolved Greek debt problems.

To avoid a chaotic default, which could have grave ramifications for sentiment and financial systems across the globe, Greece must secure a deal with its private bond holders and persuade international lenders it is serious about reforms in order to secure much-needed cash.

Fresh tensions between Greece and the euro zone's biggest economy Germany over the weekend regarding the debt bail-out terms also knocked sentiment.

"This isn't the first time Greece has shown resistance to accepting certain EU bailout terms and conditions, and given their weak position they may need to concede again, otherwise risk defaulting on the debt repayments due in March," said Jordan Lambert, Trader at Spreadex.

U.S. blue chips (.DJI) were down 0.6 percent by London's close, also suffering on concerns over the Greek debt situation, and after further dull U.S. economic data.

U.S. consumer spending was flat in December as households took advantage of the largest rise in income in nine months to boost their savings, setting the tone for a slowdown in demand early in 2012.

COMMODITIES DIP

Weakness in commodity issues also weighed on blue chips in London, with a retreat in crude knocking the integrated oils (.FTNMX0530) as an expected Iranian vote to suspend crude exports to Europe was postponed, easing supply concerns.

Miners (.FTNMX1770) also moved lower in tandem with weaker metal prices, as softer-than-expected U.S. economic data fuelled concerns about demand levels.

Defensive stocks dominated on the short list of blue chip gainers, led by drugmakers, with AstraZeneca (AZN.L) and GlaxoSmithKline (GSK.L) up 0.6 percent and 0.5 percent.

AstraZeneca will post fourth-quarter results on Thursday.

Utilities were in demand, with energy generator International Power (IPR.L) up 0.6 percent, and power distributor National Grid (NG.L) ahead 0.5 percent. Both firms are due to issue trading updates later this week.

And chip designer ARM Holdings (ARM.L) gained 0.3 percent, with its fourth-quarter results due tomorrow.

(Reporting by Jon Hopkins; Editing by Will Waterman)

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/nm/20120130/bs_nm/us_markets_britain_stocks

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SAG Awards menu is months in the making (AP)

LOS ANGELES ? When your dinner party guests include Brad Pitt, George Clooney, Kate Winslet and Glenn Close, and the whole affair is televised live, it can take months to plan the menu. That's why the team behind the Screen Actors Guild Awards began putting together the plate for Sunday's ceremony months ago.

It was still summer when show producer Kathy Connell and executive producer and director Jeff Margolis first sat down with chef Suzanne Goins of Los Angeles eatery Lucques with a tall order: Create a meal that is delicious at room temperature, looks beautiful on TV, is easy to eat and appeals to Hollywood tastes. Oh, and no poppy seeds, soups, spicy dishes, or piles of onions or garlic.

"It can't drip, stick in their teeth or be too heavy," Connell said. "We have to appease all palates."

The chef put together a plate of possibilities: slow-roasted salmon with yellow beets, lamb with couscous and spiced cauliflower and roasted root vegetables with quinoa. There was also a chopped chicken salad and another chicken dish with black beans.

To ensure the dishes are both tasty and TV-ready, Connell and Margolis, along with the SAG Awards Committee and the show's florist and art director, dined together at this summertime lunch on tables set to replicate those that will be in the Shrine Exposition Center during the ceremony. The pewter, crushed-silk tablecloths and white lilies you'll see on TV Sunday were also chosen months ago.

The diners discussed the look of the plate, the size of the portions and the vegetarian possibilities.

"We'd like the portions a little larger," Connell told the chef.

"And a little more sauce on the salmon," Margolis added.

Come Sunday, it's up to Goins to prepare 1,200 of the long-planned meals for the A-list audience.

Source: http://us.rd.yahoo.com/dailynews/rss/celebrity/*http%3A//news.yahoo.com/s/ap/20120128/ap_en_mo/us_sag_awards_menu

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Expert who foresaw '08 crash warns of tough decade

DAVOS, Switzerland?? Economist Nouriel Roubini, nicknamed "Dr. Doom" for his gloomy predictions in the run-up to the financial meltdown four years ago, says the fallout from that crisis could last the rest of this decade.

Roubini, widely acknowledged to have predicted the crash of 2008, sees tough times ahead for the global economy and is warning that without major policy changes things can still get much worse.

He also warned that a conflict with Iran over its controversial nuclear program could lead to a global recession.

Until Europe radically reforms itself and the U.S. gets serious about its own debt mountain, Roubini said, the world economy will continue to stumble along to the detriment of large chunks of the world's population who will continue to see their living standards under pressure, even if they have a job.

Meanwhile, International Monetary Fund Managing Director Christine Lagarde ? speaking Saturday at the World Economic Forum meeting in Davos, Switzerland ? said Europe was making progress to overcome the euro zone crisis, but need to do more to boost its financial firewall to contain the contagion of the debt crisis and restore trust.

"There is work under way. There is progress as we see it," Lagarde told a panel discussion at the World Economic Forum.

"But it is critical that the euro zone members actually develop a clear, simple, firewall that can operate both to limit the contagion and to provide this sort of act of trust in the euro zone so that the financing needs of that zone can actually be met," she said.

She added that there would be need for IMF funds to help the euro zone.

US economy ended 2011 at a healthy pace

Roubini, a professor of economics and international business at New York University, spoke in an interview this week with The Associated Press at a dinner on the sidelines of the meeting, where he is one of the hotly pursued stars.

Looking at economic prospects this year, he agreed with the International Monetary Fund's latest forecast that the global economy is weakening and said he might be "even slightly more bearish" on its prediction of 3.3 percent growth in 2012.

Video: Haass from Davos: We're looking at little growth in half the world (on this page)

He painted a grim picture of the eurozone in recession and key emerging markets in China, India, Brazil and South Africa slowing down, partly related to weakness in the eurozone.

Roubini predicted that the U.S. economy, the world's largest, will grow by just 1.7-1.8 percent this year, with unemployment remaining high. The government, he added, was "kicking the can down the road" and not taking measures to increase productivity and competitiveness.

"We live in a world where there is still a huge amount of economic and financial fragility," he said. "There is a huge amount of uncertainty ? macro, financial, fiscal, sovereign, banking, regulatory, taxation ? and there is also geopolitical and political and policy uncertainty."

Too little, too late? Factory jobs making a comeback

"There are lots of sources of uncertainty from the eurozone, from the Middle East, from the fact that the U.S. is not tackling its own fiscal problem, from the fact that Chinese growth is unbalanced and unsustainable, relying too much on exports and fixed investments and high savings, and not enough on consumption. So it's a very delicate global economy," Roubini said.

He said the biggest uncertainty is the possibility of a conflict with Iran over its nuclear program that involves Israel, the United States, or both. That could lead oil prices now hovering around $100 a barrel to spike to $150 per barrel, he said, and lead to a global recession.

Almost half of young Spaniards unemployed

Unemployment and economic insecurity have become big issues from the Mideast to the Occupy Wall Street movement in the U.S., and protests from Israel and India to Chile and Russia ? and at the same time there is rising inequality between rich and poor.

"All these things lead to political and social instability," he said. "So we have to reduce inequality. We have to give growth to jobs, skills, education, and increase human capital so workers can compete."

Video: Protesters build igloos at 'Occupy Davos'? (on this page)

Roubini called for a major change in policy priorities.

"We have to shift our investment from things that are less productive like the financial sector and housing and real estate to things that are more productive like our people, our human capital, our structure, our technology, our innovation," he said.

Roubini said slow growth in advanced economies will likely lead to "a U-shaped recovery rather than a typical V," and it may last for another three to five years because of high debt.

"Once you have too much debt in the public and private sector, the painful process could last up to a decade, where economic growth remains weak and anemic and sub-par until we have cleaned up the balance sheet and invested in the things that make us more productive for the future," he said.

Iran warns Europe
On Friday, Iran warned that it may halt oil exports to Europe next week in a move calculated to hurt ailing European economies.

The Tehran government ? grappling with its own economic crisis under Western trade and banking embargoes ? will host a rare visit on Sunday by U.N. nuclear inspectors for talks that the ruling clergy may hope can relieve diplomatic pressure as they struggle to bolster public support.

Since the U.N. watchdog lent independent weight in November to the suspicions of Western powers that Iran is using a nuclear energy program to give itself the ability to build atomic bombs, U.S. and EU sanctions and Iranian threats of reprisal against Gulf shipping lanes have disrupted world oil markets and pushed up prices.

Amid forecasts Iran might be able to build a bomb next year, and with President Barack Obama facing re-election campaign questions on how he can make good on promises ? to Americans and to Israel ? not to tolerate a nuclear-armed Islamic Republic, a decade of dispute risks accelerating towards the brink of war.

The U.S. Treasury Department said on Friday it would send its undersecretary for terrorism and financial intelligence, David Cohen, to Britain, Germany and Switzerland next week to talk about how to enforce sanctions against Iran's central bank.

Those sanctions aim to starve Iran of funds for developing nuclear weapons.

Western diplomats see little immediate prospect that renewed talks between Iran and the United Nations' International Atomic Energy Agency, scheduled from Sunday to Tuesday in Tehran, would result much in the way of concessions to Western demands.

EU states have given themselves until July to enforce an oil import embargo on Iran.

The EU accounted for 25 percent of Iranian crude oil sales in the third quarter of 2011. But China, India and others have made clear that they are keen to soak up any spare Iranian oil, even as U.S. Treasury measures to choke Tehran's dollar trade make it harder to pay for supplies.

Moayed Hosseini-Sadr, a member of the energy committee in the legislature, said there would be no delay of the kind the EU allowed to its members.

"If the deputies arrive at the conclusion that the Iranian oil exports to Europe must be halted, parliament will not delay a moment," Hosseini-Sadr said. "The Europeans will surely be taken by surprise and will understand the power of Iran."

The Associated Press and Reuters contributed to this report.

Source: http://www.msnbc.msn.com/id/46172944/ns/business-stocks_and_economy/

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Take a Class on Beyonce (omg!)

Where was this when I was in college?!

Everyone knows that Beyonce is a worldwide music superstar, not to mention a successful designer and entrepreneur -- but now she's being deemed worthy of her own college course.

Seriously.

Beyonce's Most Memorable Style Moments

Rutgers University in New Jersey is planning on offering a course on how Queen B has altered America's views on race, sex and gender called "Politicizing Beyonce." But those thinking the class will be a walk in the park just because they know the entire dance to Single Ladies are mistaken -- this class is apparently a whole lot deeper.

"This isn't a course about Beyonce's political engagement or how many times she performed during President Obama?s inauguration weekend," says professor and doctoral student Kevin Allred.

Destiny's Child Crew on Beyonce's Baby Girl

Instead, the course will frame her impressive body of work in the context of Black feminism. The class will compare Beyonce's work with writings from the likes of Bell Hooks, Sojourner Truth and Alice Walker.

Because everyone knows Bootylicious is just as deep as The Color Purple right?

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Mivizu Sense Leather iPad 2 Case

The Sense Apple iPad 2 Leather Case from Mivizu completely covers your iPad 2 in leather.? The iPad 2 slides into a geniune grain leather frame with a padded back for extra protection.? The interior is lined with microfiber fabric to help keep the screen cleaned.? The folding cover wakes/sleeps your device and protects your [...]

Source: http://the-gadgeteer.com/2012/01/27/mivizu-sense-leather-ipad-2-case/

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Video: ETFC: Margin Squeeze on Low Rates

Rich Repetto, Sandler O'Neill, discusses ETrade's downgrade to "hold" & lowering expectations by 24% in 2012, and the outlook for e-brokers.

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Twitter to censor tweets in individual countries

SAN FRANCISCO (AP) ? Twitter has refined its technology so it can censor messages on a country-by-country basis.

The additional flexibility is likely to raise fears that Twitter's commitment to free speech may be weakening. It comes as the short-messaging company expands into new countries in an attempt to broaden its audience and make more money.

But Twitter sees the censorship tool as a way to ensure individual messages, or "tweets," remain available to as many people as possible while it navigates a maze of different laws around the world.

Before, when Twitter erased a tweet it disappeared throughout the world. Now, a tweets containing content breaking a law in one country can be taken down there and still be seen elsewhere.

Twitter will post a censorship notice whenever a tweet is removed.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-26-Twitter-Censorship/id-d3741cbf56a04d6eaca6521ec6fa8645

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Facebook's mandatory Timeline switch: 4 talking points (The Week)

New York ? Like it or not, users of the social network are about to switch over to its controversial new profile format. A guide to the key issues

Facebook Timeline is coming for you. In the next few weeks, the ubiquitous social network will begin forcing its long-touted new profile format onto any user who hasn't already adopted Timeline on his own. The new reverse-chronological, image-heavy layout makes it easier for your friends to review any phase of your life documented on Facebook since you first signed on ? easily navigating back to that photo you shared in 2008, the post about that job you snagged in 2009 (and lost a week later), plus years-old comments, likes, and so on. Naturally, some social networkers are a bit nervous. Here, four talking points:

1. You'll get to review your new profile before it goes live
Before users are automatically switched over to Timeline (all 800 million of them), they'll have a "seven-day preview period" to delete and hide content they don't want displayed, says Leslie Horn at PC Mag. From "your first friend to your most recent status update," users will be able to review their every Facebook action, and bury anything they don't want featured prominently. Timeline is like a "scrapbook," says Sarah Perez at TechCrunch. It goes back to "the days before your boss, grandparents, mom and dad were on Facebook." Longtime users will have quite a bit of tidying up to do.

SEE MORE: Will Facebook's 'Listen With Friends' feature kill Turntable.fm?

?

2. Whatever you do will now be seen everywhere
Facebook apps like Spotify automatically post all of your actions to News Feed or the news ticker after you give a one-time approval, says Sharon Vaknin at CNET. And it doesn't stop at just music, says Jeff Ward-Bailey at the Christian Science Monitor. "Facebook bills the apps as a way to 'express who you are ? a runner, foodie, traveler, music fan, movie buff and more.'" If you're hesitant about oversharing, "consider sorting your friends into lists, so you can better determine what gets shared with whom."?

3. Scammers hope users hate Timeline
Be careful, warns Rosa Golijan at MSNBC. Whenever Facebook makes changes, many users get "riled up" ? and online scammers "are loving the fact that they can take advantage of this attitude." People "desperate to get rid of Timeline and revert to the Old Facebook Profile layout" should be wary of fake Facebook Pages filled with deceptive instructions that can post unwanted spam or install malicious malware. The best way to keep yourself safe? "Surrender to Timeline."?

SEE MORE: Facebook's $100 billion IPO: By the numbers

?

4. But users might actually like Timeline
In the end, "Timeline is pretty great," says Sam Biddle at Gizmodo. Between its inescapable nostalgia factor and the "beautified," photo-friendly new layout, users may actually take a liking to Facebook's overhaul.?"I'm predicting an all-time low" in user outrage when Timeline finally hits.?"This is like being forced to wear nicer clothes."?

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Fed unlikely to raise rates until at least 2014 (AP)

WASHINGTON ? The Federal Reserve went further than ever Wednesday to assure consumers and businesses that they'll be able to borrow cheaply well into the future.

The Fed pushed back the date for any likely increase in its benchmark interest rate by at least a year and a half, until late 2014 at the earliest.

Its new timetable showed the Fed is concerned that the economy's recovery remains stubbornly slow. But it also thinks inflation will stay tame enough for rates to remain at record lows without igniting price increases.

Chairman Ben Bernanke cautioned that the Fed's late-2014 horizon for any rate increase is merely its "best guess." It has the flexibility to shift its timetable if the economic picture changes. But speaking at a news conference later, Bernanke said:

"Unless there is a substantial strengthening of the economy in the near term, it's a pretty good guess we will be keeping rates low for some time."

The Fed's tepid outlook also suggests it's prepared to do more to help the economy. One possibility is a third bond-buying program. The idea would be to further drive down rates on mortgages and other loans to embolden consumers and businesses to borrow and spend more.

In a statement after a two-day policy meeting, the Fed held out the possibility of taking such action later. It said it's ready to adjust its "holdings as appropriate to promote a stronger economic recovery in the context of price stability."

Treasury yields fell after the Fed made its announcement around 12:30 p.m. EST. But yields stopped falling after the Fed later issued forecasts for the economy and interest rates. They showed that while some members foresee super-low rates beyond 2014, six of the 17 members forecast a rate increase as early as this year or next.

It was the first time the Fed had released interest-rate forecasts from its committee members. It will now do so four times a year, when it also updates its economic outlook.

The rate forecasts are an effort to provide more explicit clues about the Fed's plans. They also coincide with a broader Fed effort to make its communications with the public more open.

Lower yields on bonds tend to encourage investors to shift money into stocks, which can boost wealth and spur more spending.

Stocks, which had traded lower before the Fed's announcement, quickly recovered their losses. The Dow Jones industrial average, down about 60 points before the announcement, closed up 83 points.

Though Bernanke stressed the Fed's ability to adjust rates as its outlook shifts, some analysts expressed concern.

Dana Saporta, an economist at Credit Suisse, said the now-much-longer timetable for a likely rate increase could compromise the Fed's credibility if it must raise rates before late 2014. Unexpectedly strong growth and inflation could force such an increase.

"It's striking that the Fed would make an implicit commitment for almost three years," Saporta said. "It seems like an awfully long time to make such a statement. Given that no one knows what will happen ... the (Fed) may eventually regret this."

The Fed slightly reduced its outlook for growth this year. It thinks the economy will grow up to 2.7 percent this year. That's down from its November's forecast of up to 2.9 percent.

But it sees unemployment falling as low as 8.2 percent this year, better than its earlier forecast of 8.5 percent. December's unemployment rate was 8.5 percent.

For the first time, the Fed provided an official target for inflation ? 2 percent ? in a statement of its long-term policy goals. It didn't set a target for unemployment. But it said unemployment between of 5.2 percent and 6 percent would be consistent with a healthy economy.

In his news conference, Bernanke noted that the Fed expects the economy's growth to remain only moderate over the next year. He pointed to the persistently depressed housing market and continued tight credit for many consumers and companies.

Julie Coronado, an economist at BNP Paribas, said she thought the Fed is signaling it will boost its purchases of bonds and other assets if the economy's growth fails to accelerate, even if it doesn't slow.

That is a "very low bar indeed," she wrote in a note to clients.

The Fed described inflation as "subdued." That was a more encouraging description than it offered last month. A more positive outlook on prices gives the Fed more room to keep rates low.

"This is a fairly clear-cut signal that inflation is not on their radar at this point," Tom Porcelli, an economist at RBC Capital Markets, wrote in a research note.

The Fed's statement was approved on a 9-1 vote. Jeffrey Lacker, president of the Richmond regional Fed bank, dissented. He objected to the new time frame for a rate increase.

The extended time frame is a shift from the Fed's previous plan to keep the rate low at least until mid-2013. Some economists said the new late-2014 target could lead to further Fed action to try to invigorate the economy.

The central bank has kept its key rate at a record low near zero for about three years. Its new time frame suggests the rate will stay there for roughly an additional three years.

Beyond the adjusted outlook for interest rates, Wednesday's statement closely tracked the Fed's previous comments about economic conditions. It used the same language as before in describing Europe's debt problems and the impact on the world economy.

The economy is looking a little better, according to recent private and government data. Companies are hiring more, the stock market is rising, factories are busy and more people are buying cars. Even the home market is showing slight gains after three dismal years

Still, the threat of a recession in Europe is likely to drag on the global economy. And another year of weak wage gains in the United States could force consumers to pull back on spending, which would slow growth.

The Fed has taken previous steps to strengthen the economy, including purchases of $2 trillion in government bonds and mortgage-backed securities to try to cut long-term rates and ease borrowing costs.

Some Fed officials have resisted further bond buying for fear it would raise the risk of high inflation later. And many doubt it would help much since Treasury yields are already near historic lows.

The Fed said Wednesday that it would keep its holdings of Treasury securities and mortgage-backed bonds at record levels and continue a program to further drive long-term rates lower by selling shorter-term securities and buying longer-term bonds.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120125/ap_on_bi_ge/us_federal_reserve

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Three Reasons Ron Paul Should Drop Out of the Presidential Race (ContributorNetwork)

COMMENTARY | According to CNN, Texas Congressman Ron Paul is still seeking the Republican nomination for the presidency. "It's the momentum that we want," Paul said Saturday, "and our goal is to get delegates. And we're going to be doing the states were they allocate by percentages as well as caucus states. So that's been our plan all along."

There comes a time in a candidacy, when continuing forward is paramount to Don Quixote to tilting at windmills. It's time, lest he undo what he has accomplished, for Paul to step aside. He never had a slingshot's chance in a gunfight of becoming president, but he has done what he came to do. While there are a plethora of reasons for him to step aside, three rise to prominence:

First, while according to ABC News, Paul finished fourth in South Carolina, and according to CNN, he is third in the delegate count, the fact is he's not third by inches. He's third by a landslide. He can't win the nomination. Staying in the race only serves to keep his party from coalescing around whichever of the two viable candidates left in the race, Mitt Romney or Newt Gingrich, will eventually win the nomination. You don't beat the sitting president by dragging the delegate fight to the convention.

Second, he has gained the national voice he needs to continue playing a viable role in the national discussion. He gains no more voice by staying in the race. He's got his seat at the table. Nobody (at least not me) is saying he should sit down and shut up. But, he's already got his voice. He should use it without harming his party's chances of choosing their nominee quickly enough to have a shot in November.

Third, unlike the other three candidates, he's got a job. He's a member of Congress. It would be one thing if he had a chance of winning, or if he was still in the hunt for a national voice. He doesn't and he's not. As such, he has a responsibility to the people of his district, to go back to Washington and to do the job for which he is actually paid, for the people who are actually paying him to do it.

He's run a good race. He's earned his voice, and he's got other work to do. It's time for him to get out of the way.

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/ac/20120122/pl_ac/10868991_three_reasons_ron_paul_should_drop_out_of_the_presidential_race

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Obama: 'I Will Not Walk Away From The Promise Of Clean Energy'

President Obama called for more domestic oil and gas production, saying that "a future where we're in control of our own energy" is within reach, where the nation's security and prosperity would not be so closely linked to unstable parts of the world.

Toward that end, he said his administration would open more than 75 percent of potential offshore oil and gas resources for development.

The president stressed that the country already has progressed toward energy independence and used less foreign oil last year "than in any of the past 16 years."

The president also stressed his continued commitment to clean energy, despite the criticism his administration faced after the solar company Solyndra went bankrupt ? even though it had received more than $500 million in loan guarantees.

"Some technologies don't pan out; some companies fail. But I will not walk away from the promise of clean energy," Obama said.

He conceded that the climate on Capitol Hill is not right for legislation to fight global warming, but he called on Congress to pass bills to improve energy efficiency and set a clean energy standard to require that a certain portion of the country's electricity comes from renewable sources like wind and solar.

Other new energy initiatives Obama mentioned included:

? Hosting enough clean energy projects on public land to power 3 million homes with electricity.

? Requiring companies to disclose the chemicals they use when they drill for gas on public lands.

Source: http://www.npr.org/blogs/itsallpolitics/2012/01/24/145817202/obama-i-will-not-walk-away-from-the-promise-of-clean-energy?ft=1&f=1007

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State higher education spending sees big decline

MIAMI (AP) ? State funding for higher education has declined because of a slow recovery from the recession and the end of federal stimulus money, according to a study released Monday.

Overall, spending declined by some $6 billion, or nearly 8 percent, over the past year, according to the annual Grapevine study by the Center for the Study of Education Policy at Illinois State University. The reduction was slightly lower, at 4 percent, when money lost from the end of the American Reinvestment and Recovery Act was not taken into account.

The funding reductions, seen across nearly every state, have resulted in larger class sizes and fewer course offerings at many universities and come as enrollment continues to rise.

A report released by the National Science Board last week found similar reductions in state higher education spending, with nearly three-quarters of the nation's 101 top public research universities experiencing cuts in state funding between 2002 and 2010.

"It's quite severe," said Jose-Marie Griffiths, chairwoman of the National Science Board committee that produced the report and vice president for academic affairs at Bryant University in Smithfield, Rhode Island. "The question is, are they ever going to recover to the level they were before? I think all of us are somewhat concerned because the future is a little bit uncertain."

Only nine states reported increases in total state higher education spending, including the federal stimulus money. In the 41 states where there were funding reductions, declines varied drastically, from about 1 percent in North Carolina to 41 percent in New Hampshire. The hardest-hit states include Arizona, Wisconsin and Louisiana, where spending reductions were nearly 20 percent or higher as federal stimulus money dried up.

James Palmer, editor of the Grapevine survey, said state capacity to finance higher education had also been reduced by diminished tax revenues.

In a statement, the State Higher Education Executive Officers Association said states with the largest declines will likely see higher tuition rates and more pressure to recruit out-of-state students. That raises concerns about access to higher education, particularly for those students who need financial aid, another area where state support has declined.

Educating more students from out of state and less access will have "implications for the availability of an adequately trained workforce in those states," the organization said.

The group specifically highlighted California, where a $1.5 billion spending reduction, including stimulus funds, over the past two years represents 26 percent of the national decline.

Florida is another state that has seen sustained spending cuts. Over the past five years, state support for higher education has declined 17.5 percent, according to the study. As the state proportion of funding has declined, universities have relied more on tuition, now nearly 50 percent of their operating budget.

Overall state funding appropriations in Florida are about the same as they were 10 years ago, after having risen leading up to 2007-2008. Meanwhile, enrollment has increased by more than 24 percent.

To compensate for the loss, Florida universities have merged departments, instituted hiring freezes and used more adjunct professors, among other actions.

"Each university has been diligent in developing cost-saving strategies to help offset ? but not fully replace ? the budget shortfalls," according to a brief from the Board of Governors, which oversees Florida's State University System.

The National Science Board noted the funding decline could have implications for how well the United States is able to educate its workforce and be competitive in a globalized, knowledge-based economy.

Already, the United States has been trailing Asia in science and engineering degrees. Fifty-six percent of all engineering degrees were awarded in Asia in 2008, compared with 4 percent in the U.S. The United States produced 248,000 graduates in the fields of natural science and engineering, while China produced 1 million, a dramatic increase from 2000, when they awarded 280,000. South Korea, Taiwan and Japan produced 330,000 natural science and engineering graduates in 2008 ? again, a larger number than the U.S., even though their population is smaller.

"Right now our aspirations for higher education I think far exceed the vitality of our economy," Palmer said, referring to the push to increase access to college and degree completion. "In other words, we can't depend on that state funding as the way we're going to meet those goals."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-01-23-Higher%20Education%20Funding/id-1dd2404de45a4f96a61af7576ed7223a

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Ice Cream Sandwich update for original Transformer coming 'mid-February,' says ASUS

Last we heard, the Ice Cream Sandwich update making its way to the O.G. Transformer was still "in the process of being approved" by the G-men. Although we've heard rumors that the holo-coated upgrade would come in February, nothing's been confirmed until now. ASUS replied to a life long fan's Facebook post, revealing that the update should arrive "mid-February." We know hearing the news that you'll have to keep waiting might not stop you from rolling on the floor and throwing a temper tantrum, but hey, you could not be getting one at all.

[Thanks, Udupa]

Ice Cream Sandwich update for original Transformer coming 'mid-February,' says ASUS originally appeared on Engadget on Sat, 21 Jan 2012 15:15:00 EDT. Please see our terms for use of feeds.

Permalink   |  ASUS (Facebook)  | Email this | Comments

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/HftRaDirJNk/

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Mourinho won't punish Pepe for Messi hand stamp

/

updated 10:18 a.m. ET Jan. 21, 2012

MADRID - Real Madrid coach Jose Mourinho will not punish Pepe for stomping on the hand of Barcelona's Lionel Messi, saying that the defender's apology was sufficient.

The Portuguese manager said Saturday "the player has spoken and that is enough" after including Pepe in his squad for Sunday's home game against Athletic Bilbao.

Real Madrid lost 2-1 Wednesday to Barcelona in the first leg of their Copa del Rey quarterfinal. Mourinho said after the game if Pepe had stepped on Messi's hand intentionally it would be "punishable."

The following day Pepe issued a statement on Madrid's website saying the stomp was "unintentional."

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Clint Dempsey became the first American to score a hat trick in England's Premier League, helping Fulham rally from a halftime deficit to rout Newcastle 5-2 Saturday.

Source: http://nbcsports.msnbc.com/id/46081974/ns/sports-soccer/

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Republicans say Obama wrong to cut military funds (AP)

CHARLESTON, S.C. ? Republicans looking to challenge President Barack Obama say the president is wrong to cut military spending and charge that he's putting the United States at risk.

Front-runner Mitt Romney says the United States needs to maintain its military at any cost so that no one would ever think of testing its might.

GOP rival Rick Santorum says Obama is trying to balance the budget at the expense of those serving in uniform. And former House Speaker Newt Gingrich says military spending not only protects the country but educates its veterans.

Congressman Ron Paul of Texas alone says he would cut spending, an unpopular position in South Carolina, home to 413,000 veterans and eight military bases.

Santorum calls such cuts "disgusting" and Romney calls them "doomsday."

Source: http://us.rd.yahoo.com/dailynews/rss/usmilitary/*http%3A//news.yahoo.com/s/ap/20120120/ap_on_el_pr/us_gop_debate_military

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Spain passes key bond test, France also in demand (Reuters)

MADRID (Reuters) ? Spain passed its biggest test of market sentiment so far this year on Thursday, selling far more longer-term debt than expected as the government pressed ahead with efforts to tackle its problems with the help of a European Central Bank backstop.

In Paris, France also drew strong demand at its first bond auction since Standard and Poor's stripped the country of its AAA credit rating.

Spain's first 10-year bond offering since mid-December raised 3 billion euros at a yield of 5.403 percent, broadly in line with analysts' expectations.

The yield was down more than 150 basis points from a previous sale of the bonds in November, offering some measure of the progress Madrid and euro zone policymakers have made in easing the pressure on its finances.

In all, the Treasury sold 6.6 billion euros ($8.46 billion) of bonds maturing in 2016, 2019, and 2022, far more than the 4.5 billion targeted. Bid to cover rates on the issues ranged from 2.0 to 3.2.

"Neither the (2016) nor the 10-year benchmark offered any concession ahead of today's tap and the solid demand is a clear sign that market interest for EMU (euro zone) periphery has clearly picked up," said Annalisa Piazza, market economist at Newedge Strategy in London.

Other euro zone sovereign debtors have leapfrogged Spain to become more prominent targets for investors, but it remains in the market's sights.

Spanish sovereign yields rose after the auction, with 10-year paper up 9 bps higher at 5.28 percent and the 10-year Spanish/German yield spread also widening 9 basis points to 347 basis points.

Credit Agricole rate strategist Peter Chatwell said he expected that trend to reverse during the day "as the fact is this is another auction which exceeds the target amount."

Spain has easily sold shorter-dated debt in recent weeks, aided by the European Central Bank flooding banks with cheap three-year loans and buying Spanish and Italian debt regularly on the market.

But while banks were willing to reinvest the three-year loans over a similar or shorter timescale, finding buyers for 10-year paper was considered a sterner test.

In Paris, the national debt management agency sold 7.965 billion euros of medium-term bonds at the top of a target range of 6.5-8.0 billion. It received bids for 18.9 billion euros.

S&P's downgrade on Friday was largely anticipated by the market and has had little impact on French yields in the secondary market and in a short-term bill auction on Monday.

($1 = 0.7802 euros)

(Additional reporting by Leigh Thomas in Paris and Kirsten Donovan in London)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20120119/bs_nm/us_euro_zone_bonds

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SnapStream TV monitoring now lets OS X users keep tabs on amusing video-blunders

The Daily Show and Colbert Report famously rely upon SnapStream's high-power Windows DVR software to monitor the insanity at the fringes of America's cable spectrum. The media-monitoring software is also used by news services, educators and shadowy government agencies to keep tabs on the subjects discussed on TV. The latest edition (version five) opens the platform up to OS X users, enabling them to run it in Firefox without messy virtualization. The OS X web player comes with a plugin to watch MPEG-2 streams that'll happily sit on top of Snow Leopard or Lion and will even let you set up customized alerts for whenever inappropriate euphemisms emerge from Oprah's mouth.

SnapStream TV monitoring now lets OS X users keep tabs on amusing video-blunders originally appeared on Engadget on Wed, 18 Jan 2012 20:38:00 EDT. Please see our terms for use of feeds.

Permalink GigaOm  |  Snapstream  | Email this | Comments

Source: http://www.engadget.com/2012/01/18/snapstream-coming-to-mac/

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The Italian Sunken Ship From Space Looks Surreal [Image Cache]

Digital Globe has directed one of their Worldview satellites to the island of Giglio, Italy, to see how the Costa Concordia shipwreck looks from space. It's surreal to see the ship peacefully sitting there on its side. Especially because it's not. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/eV8zhhZ0IGI/the-italian-sunken-ship-from-space-looks-surreally-peaceful

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Scratch Shield: Nissan Introduces World?s First Self-Healing iPhone Case

An iPhone case from Nissan? As you can imagine, it would make no sense for the automaker to develop an ordinary case, and the so-called Nissan Scratch Shield iPhone Case is actually special. According to the company, it's the world's first "self-healing" iPhone cover: in other words, it quickly fixes (fine) scratches by itself. Nissan says they used their self-healing paint finish originally developed for vehicles for the case, which is made from light weight ABS plastic. Scratch Shield as a paint technology has been used in various Nissan cars since 2005, before Nissan teamed up with the University of Tokyo and Japan-based Advanced Softmaterials [JP] to create the case.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/lSgDRw2syOI/

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Obama rejects Canada-Texas oil pipeline _ for now

White House Press Secretary Jay Carney speaks during the daily briefing at the White House in Washington, Wednesday, Jan. 18, 2012. (AP Photo/Susan Walsh)

White House Press Secretary Jay Carney speaks during the daily briefing at the White House in Washington, Wednesday, Jan. 18, 2012. (AP Photo/Susan Walsh)

House Speaker John Boehner of Ohio, center, accompanied by House Majority Leader Eric Cantor of Va., right, and Rep. Jeb Hensarling, R-Texas, gestures during a news conference on Capitol Hill in Washington, Wednesday, Jan. 18, 2012, to discuss President Barack Obama's decision to halt the Keystone XL pipeline. (AP Photo/J. Scott Applewhite)

White House Press Secretary Jay Carney speaks during his daily briefing, Tuesday, Jan. 17, 2012, in the Brady Briefing Room of the White House in Washington. (AP Photo/Haraz N. Ghanbari)

WASHINGTON (AP) ? In a politically explosive decision, President Barack Obama on Wednesday rejected plans for a massive oil pipeline through the heart of the United States, ruling there was not enough time for a fair review before a looming deadline forced on him by Republicans. His move did not kill the project but could again delay a tough choice for him until after the November elections.

Right away, the implications rippled across the political spectrum, stirred up the presidential campaign and even hardened feelings with Canada, a trusted U.S. ally and neighbor. For a U.S. electorate eager for work, the pipeline has become the very symbol of job creation for Republicans, but Obama says the environment and public safety must still be weighed too.

The plan by Calgary-based TransCanada Corp. would carry tar sands oil from western Canada across a 1,700-mile pipeline across six U.S. states to Texas refineries.

Obama was already on record as saying no, for now, until his government could review an alternative route that avoided environmentally sensitive areas of Nebraska ? a route that still has not been proposed, as the White House emphasizes. But Obama had to take a stand again by Feb. 21 at the latest as part of an unrelated tax deal he cut with Republicans.

This time, the project would go forward unless Obama himself declared it was not in the national interest. The president did just that, reviving intense reaction.

"This announcement is not a judgment on the merits of the pipeline, but the arbitrary nature of a deadline that prevented the State Department from gathering the information necessary to approve the project and protect the American people," Obama said in a written statement. "I'm disappointed that Republicans in Congress forced this decision."

Republicans responded unsparingly.

"President Obama is destroying tens of thousands of American jobs and shipping American energy security to the Chinese. There's really just no other way to put it. The president is selling out American jobs for politics," House Speaker John Boehner, R-Ohio, said. Insisting that the pipeline would help the economy, he declared: "This is not the end of the fight," signaling that Republicans might try again to force a decision.

The State Department said the decision was made "without prejudice," meaning TransCanada can submit a new application once a new route is established. Russ Girling, TransCanada's president and chief executive officer, said the company plans to do exactly that. If approved, the pipeline could begin operation as soon as 2014, Girling said.

It did not take long for the Republicans seeking Obama's job to slam him.

Newt Gingrich, campaigning for the GOP presidential nomination in South Carolina, called Obama's decision "stunningly stupid," adding: "What Obama has done is kill jobs, weaken American security and drive Canada into the arms of China out of just sheer stupidity."

Republican presidential front-runner Mitt Romney said the decision was "as shocking as it is revealing. It shows a president who once again has put politics ahead of sound policy."

Project supporters say U.S. rejection of the pipeline would not stop it from being built. Canadian Prime Minister Stephen Harper has said Canada is serious about building a pipeline to its West Coast, where oil could be shipped to China and other Asian markets.

Harper on Wednesday told Obama he was profoundly disappointed that Obama turned down the pipeline, Harper's office said.

Alex Pourbaix, TransCanada's president for energy and oil pipelines, said last week the company soon will have a new route through Nebraska "that everyone agrees on."

The proposed $7 billion pipeline would run through Montana, South Dakota, Nebraska, Kansas and Oklahoma en route to Texas.

The pipeline is a dicey proposition for Obama, who enjoyed strong support from both organized labor and environmentalists in his winning 2008 campaign for the White House.

Environmental advocates have made it clear that approval of the pipeline would dampen their enthusiasm for Obama in the upcoming November election. Some liberal donors even threatened to cut off funds to Obama's re-election campaign to protest the project, which opponents say would transport "dirty oil" that requires huge amounts of energy to extract.

But by rejecting the pipeline, Obama risks losing support from organized labor, a key part of the Democratic base, for thwarting thousands of jobs.

"The score is Job-Killers, two; American workers, zero," said Terry O'Sullivan, general president of the Laborers' International Union of North America.

O'Sullivan called the decision "politics at its worst" and said, "Blue collar construction workers across the U.S. will not forget this."

Yet some unions that back Obama oppose the pipeline, included United Auto Workers, Service Employees International Union and Communications Workers of America.

TransCanada says the pipeline could create as many as 20,000 jobs, a figure opponents say is inflated. A State Department report last summer said the pipeline would create up to 6,000 jobs during construction.

Obama appeared to have skirted what some dubbed the "Keystone conundrum" in November when the State Department announced it was postponing a decision on the pipeline until after this year's election. Officials said they needed extra time to study routes that avoid an environmentally sensitive area of Nebraska that supplies water to eight states.

The affected area stretches just 65 miles through the Sandhills region of northern Nebraska, but the concerns were serious enough that the state's governor and senators opposed the project until the pipeline was moved. The new route, which has not been chosen, would have to be approved by Nebraska environmental officials and the State Department, which has authority because the pipeline would cross an international border.

Obama said his decision does not "change my administration's commitment to American-made energy that creates jobs and reduces our dependence on oil."

To underscore the point, Obama signaled that he would not oppose development of an oil pipeline from Oklahoma to refineries along the Gulf of Mexico. TransCanada already operates a pipeline from Canada to Cushing, Okla.

Refineries in Houston and along the Texas Gulf Coast can handle heavy crude such as that extracted from Canadian tar sands ? the type of oil that would flow through the Keystone XL pipeline.

Sen. Kent Conrad, D-N.D., said he doesn't believe the Keystone XL is a dead project. He said the Obama administration did not have enough time to review the project, given the Republican-imposed timeline.

"I don't believe this is the end of the story," Conrad told The Associated Press. "My personal view is that it should be constructed. It's clear Canada is going to develop this resource, and I believe it is better for our country to have it go here rather than Asian markets."

Bill McKibben, an environmental activist who led opposition to the pipeline, praised Obama's decision to stand up to what he called a "naked political threat from Big Oil." Jack Gerard, the oil industry's top lobbyist, had said last week that Obama faced "huge political consequences" if he rejected the pipeline.

"It's not only the right thing, it's a very brave thing to do," McKibben said. "That's the Barack Obama I think people thought they were electing back in 2008."

___

Associated Press writers Dina Cappiello, Laurie Kellman and Sam Hananel in Washington, Shannon McCaffrey in Warrenville, S.C., Ramit Plushnick-Masti in Houston and James MacPherson in Bismarck, N.D., contributed to this report.

___

Follow Matthew Daly on Twitter: (at)MatthewDalyWDC.

Follow Ben Feller on Twitter: (at)BenFellerDC

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-01-18-Oil%20Pipeline/id-6c61d7aa2b5a45e9ad61ed11d53fa4bc

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Millionaire Mitt thinks his tax rate should be zero (Americablog)

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