Thursday, December 15, 2011

Bernanke: Fed Won't Aid Eurozone Anymore

Fed Won't Aid Eurozone Anymore
Dec-15-2011--US Federal Reserve Chairman Ben Bernanke told Republican senators Wednesday that the Federal Reserve has no additional plans to help European banks, "He made it very clear he has no plans" to use U.S. taxpayer funds to bailout eurozone nations,
"He has no intentions of furthering U.S. involvement in the crisis."
"he doesn't have the intention or the authority" to bail out countries or banks.
"[Bernanke] did say if they can't get their thing in order it could affect us,"
"He said a collapse over there could be detrimental to us."
Corker said the United States' main focus should be to "right our own ship."
He added, "The best thing we can do as a country is to deal with our own issues as quickly as possible."

Obama Lauds Troops as Iraq War Winds Up
Dec-15-2011--FORT BRAGG, N.C.—President Barack Obama said the long, divisive Iraq war will reach its formal end on Thursday, when an American flag in Baghdad signifying the U.S. military mission is ceremonially lowered and returned to the U.S. "The colors you fought under will be formally cased in a ceremony in Baghdad. Then, they'll begin their journey across an ocean, back home," Mr. Obama told some 3,000 military personnel assembled in a hangar on the base here. Mr. Obama in his address offered an abbreviated history of the costly Iraq war, but his focus was on the sacrifices of troops: Nearly 1.5 million men and women have served, more than 30,000 have been wounded and nearly 4,500 have died.

Democrats mull dropping millionaire surtax
Dec-15-2011--President Barack Obama and fellow Democrats on Wednesday considered dropping their proposed surtax on millionaires in a bid to reach a deal with Republicans to extend a payroll tax cut for 160 million Americans set to expire at year's end.
"It remains to be seen if we will drop it," the aide said.
"But we want to strike a deal and get this done."
The action comes amid an end-of-year rush in Congress to find deals on several major initiatives beyond the payroll tax cut extension.

'Indefinite detention' provision of the National Defense Authorization Act,
Ron Paul has decried the warning that it represents an arrogant, bold and dangerous attempt to establish martial law in America. Section 1031 of the NDAA bill, which itself defines the entirety of the United States as a "battlefield," allows American citizens to be snatched from the streets, carted off to a foreign detention camp and held indefinitely without trial. The bill states that "any person who has committed a belligerent act" faces indefinite detention, but no trial or evidence has to be presented, the White House merely needs to make the accusation.

US House passes $662 billion defense bill
Dec-15-2011--WASHINGTON --The House passed a massive $662 billion defense bill Wednesday night after last-minute changes placated the White House and ensured President Obama's ability to prosecute terrorist suspects in the civilian justice system. The new bill "does not challenge the president's ability to collect intelligence, incapacitate dangerous terrorists and protect the American people."Specifically, the bill would require that the military take custody of a suspect deemed to be a member of al-Qaida or its affiliates and who is involved in plotting or committing attacks on the United States. 
There is an exemption for U.S. citizens.
House Session 2011-12-13 (12:00:03-13:22:08)
H.R. 3630 - Middle Class Tax Relief and Job Creation Act of 2011 (Closed Rule, 90 Minutes of Debate) Legislation Considered Under Suspension of the Rules:
(1) H.R. 3421 , (2) H.R. 886, (3) H.R. 313 ,(4) H.R. 1905 - I,(5) H.R. 2105 - ,(6) H.Res. 306 -
(7) H.Res. 376 -

Europe Strains World's Banks
Dec-15-2011--The world's financial system showed new signs of strain on Wednesday as banks and investors clamored for US dollars and two European banks took emergency measures to address the deepening crisis.
Stresses rippled through debt and stock markets despite measures taken by European leaders last week to help restore investor confidence. Reflecting the tension, rates that banks charge each other for short-term borrowing in dollars continued to climb, hitting their highest level since July 2009.
Amid the rush for dollars, the euro dropped below $1.30 for the first time since January.

Hong Kong IPOs Struggle
on Uncertain Global Outlook
Dec-15-2011--The companies are poised for the worst debuts among Hong Kong IPOs of at least $1 billion since June, according to data compiled by Bloomberg. Other sellers of first-time stock, including Haitong Securities Co. and Guodian Technology & Environment Group Corp., canceled or reduced offerings in the past week as economic turmoil sapped demand for equity.
“With gold’s price coming down from its peak, sales growth at gold shops would inevitably fall,”
“buying power of customers to weaken” amid the slowing global economy,
“With the uncertain outlook for the macro economy, it’s difficult to ask investors to buy newly listed stocks at the moment,”

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