ECM WORLD WATCH: OCTOBER 28, 2011

Printer-friendly versionPrinter-friendly version Share this

 

October 28, 2011 (San Diego’s East County)--ECM World Watch helps you be an informed citizen about important issues globally and nationally. As part of our commitment to reflecting all voices and views, we include links to a wide variety of news sources representing a broad spectrum of political, religious, and social views.  Top world and U.S. headlines include:

 


U.S.

·         Senate blocks vote on jobs bill (CNN)

·         Obama’s housing rescue plan: Up from underwater (Los Angeles Times editorial)

·         U.S. economic growth up (BBC)

·         Euro zone deal sparks rally on Wall Street (Reuters)

·         Rate on 30-year fixed mortgage falls to 4.6 percent (San Diego Union-Tribune)

·         Medicare’s 2012  premium increase is less than expected (CNN)

·         The craze for flat taxes: Republican candidates are competing to race to the lowest point (London Economist)

·         Flat-tax renews fight on `trickle’down’ economics (Associated Press/San Francisco Chronicle)

·         Skeptical scientist ends up confirming climate change (Washington Post)

·         Federal contracts study says privatization isn’t cheaper (Sacramento Bee)

·         Disasters strain FEMA resources (USA Today)

·         Exxon Mobile profits soar 41% (money.cnn.com)

·         Ron Paul to “eventually” end all student aid (RawStory)

·         Occupy tensions high after vet’s skull fracture (CBS News)

WORLD    

·         7.2 mag quake hits turkey; 217 dead (CBS News)

·         Girls given equal rights to British throne under law changes (CNN)

·         Rainbow of religious leaders join Pope for peace (Fox News)

·         Israel, Palestinians agree on step toward new talks (CNN)

·         Bangkok residents flee as floods threaten dikes (Reuters)

 

Click on "read more" to see links and stories.

U.S.

Senate blocks vote on jobs bill (CNN)

 October 21, 2011 -- Democrats and Republicans tried to force versions of a jobs bill through the Senate late Thursday, but both fell short of the 60 votes they would have needed to bring their proposals to the floor.


In a 50-50 vote, senators blocked a component of President Barack Obama's jobs bill -- $35 billion for states and localities to hire more teachers and first responders while preventing current ones from being laid off.
http://www.cnn.com/2011/10/20/politics/jobs-bill/index.html?hpt=hp_bn3

 


Obama’s housing rescue plan: Up from underwater (Los Angeles Times editorial)

October 27, 2011 -- The Obama administration has stepped up efforts to help homeowners refinance their mortgages, potentially bringing relief to millions of those who owe more than their homes are worth. It's an overdue step that should boost consumer spending, even if it may not avert a huge number of foreclosures. The latter problem requires more aggressive and effective loan modifications, which banks and investors have been reluctant to do — to their own detriment. http://www.latimes.com/news/opinion/la-ed-housing-20111027,0,4188469.story?track=rss


U.S. economic growth up (BBC)



October 27, 2011 -- The US economy grew at an annualised rate of 2.5% in the third quarter of this year, according to figures from the US Commerce Department.

The figure was in line with expectations and a significant improvement on growth in the second quarter of the year of 1.3%.http://www.bbc.co.uk/news/business-15480471

Euro zone deal sparks rally on Wall Street (Reuters)

October 27, 2011 -- Stocks surged 3 percent on Thursday as an agreement by European leaders to help contain the region's two-year debt crisis lifted a cloud hovering over markets.

Optimism that a deal would be struck to prevent widespread financial distress fueled the market's rebound in October. The S&P 500 is up more than 13 percent this month, on pace for its biggest monthly gain since October 1974. http://www.reuters.com/ 

Rate on 30-year fixed mortgage falls to 4.6 percent (San Diego Union-Tribune)


October 27, 2011 -- The average rate on the 30-year fixed mortgage was nearly unchanged for a second straight week after rising from a record low.

Freddie Mac said Thursday that the rate on the 30-year loan fell to 4.10 percent from 4.11 percent last week. Three weeks ago, it dropped to 3.94 percent. The National Bureau of Economic Research says that's the lowest rate ever. http://www.signonsandiego.com/news/2011/oct/27/rate-on-30-year-fixed-mortgage-falls-to-410-pct/?ap


Medicare’s 2012  premium increase is less than expected (CNN)

Medicare's basic monthly premium will rise significantly less than expected next year, the government announced Thursday.

The new Part B premium for outpatient care will be $99.90 a month for 2012, or about $7 less than projected as recently as May. http://www.usatoday.com/money/industries/health/story/2011-10-27/medicare-premiums-2012/50956350/1


The craze for flat taxes: Republican candidates are competing to race to the lowest point (London Economist)


October 27, 2011 -- “ZERO-zero-zero is better than nine-nine-nine,” claims Rick Santorum, a Republican presidential candidate, trying to outbid the tax plan of his rival Herman Cain. Mr Santorum’s is not the only effort at one-upmanship: “I’ll bump plans with you, brother,” Rick Perry, another contender, told Mr Cain before unveiling a proposal for a flat tax this week (see above). Yet another of the candidates, Newt Gingrich, does not want to be left out. “Bump plans w/ me,” he implored Mr Perry by tweet.
http://www.economist.com/node/21534799


Flat-tax renews fight on `trickle’down’ economics (Associated Press/San Francisco Chronicle)

October 26, 2011 -- The flat tax is making a comeback among Republican presidential candidates. But it faces tough opposition in Congress because it tends to favor the rich at the expense of other taxpayers, renewing an old debate about "trickle-down economics." http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/10/26/national/w132558D32.DTL


Skeptical scientist ends up confirming climate change (Washington Post)


October 20, 2011 -- Back in 2010, Richard Muller, a Berkeley physicist and self-proclaimed climate skeptic, decided to launch the 
Berkeley Earth Surface Temperature (BEST) project to review the temperature data that underpinned global-warming claims. Remember, this was not long after the Climategate affair had erupted, at a time when skeptics were griping that climatologists had based their claims on faulty temperature data. http://www.washingtonpost.com/blogs/ezra-klein/post/a-skeptical-physicist-ends-up-confirming-climate-data/2011/10/20/gIQA6viC1L_blog.html


Federal contracts study says privatization isn’t cheaper (Sacramento Bee)


October 20, 2011 -- A recently-released study by the nonpartisan watchdog Project On Government Oversight says the federal government signs off on service contract billing rates that, "on average, pay contractors 1.83 times more than the government pays federal employees in total compensation, and more than 2 times the full compensation paid in the private sector for comparable services." http://blogs.sacbee.com/the_state_worker/2011/10/contracting-study.html


Disasters strain FEMA resources (USA Today)


October 24, 2011 -- Months before Tropical Storm Irene soaked Vermont in September, a spring storm flooded part of the state, washing out roads and bridges. The cost of the damage was relatively minor — $794,000, the Federal Emergency Management Agency found.

On July 8, President Obama declared Vermont's situation a "major disaster."

That entitled Vermont to millions of dollars in federal disaster aid at a time when FEMA was warning that its money for such aid was running out. Obama approved Vermont for disaster relief even though federal regulations set "a minimum $1 million threshold" in public damage for states seeking disaster funds. http://www.usatoday.com/news/washington/story/2011-10-23/disasters-strain-fema-funds/50886370/1


Exxon Mobile profits soar 41% (CNN)


 October 27, 2011 -- Exxon Mobil reported quarterly earnings of $10.3 billion on Thursday, a surge of 41% from a year earlier. Why? Higher prices for oil and natural gas.


Profit at the oil company soared compared to the same period a year ago, when it was $7.4 billion. Per-share income climbed to $2.13 per share from $1.44 in the prior year.

And revenue rose to $125.3 billion from $95.3 billion in the year-ago quarter, the company said. http://money.cnn.com/2011/10/27/news/companies/exxon_mobil/index.htm?hpt=hp_t2


Ron Paul to “eventually” end all student aid (RawStory)


October 23, 2011 -- Republican presidential candidate Ron Paul told NBC’s David Gregory Sunday that he would “eventually” end all federal aid to students.

“As you well know, you have a lot of support among young people,” Gregory noted. “They’re borrowing to pay for college at record levels. Would you abolish all federal student aid?”

“Eventually,” Paul admitted. “But my program doesn’t do it. There’s a transition in this.” http://www.rawstory.com/rs/2011/10/23/ron-paul-plans-to-eventually-end-all-federal-student-aid/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheRawStory+%28The+Raw+Story%29


Occupy tensions high after vet’s skull fracture (CBS News)


October 27, 20112 -- Anti-Wall Street protesters filled a street with a late-night march Wednesday and Oakland's police chief pledged a vigorous investigation into an earlier clash between police and protesters that left an Iraq War veteran in critical condition with a fractured skull.

Police Chief Howard Jordan spoke as tensions grew over demonstration encampment in the Bay area.

"It's unfortunate it happened. I wish that it didn't happen. Our goal, obviously, isn't to cause injury to anyone," the chief said at an afternoon press conference. http://www.cbsnews.com/8301-201_162-20126300/occupy-tensions-high-after-vets-skull-fracture/?tag=stack


WORLD    

7.2 mag quake hits turkey; 217 dead (CBS News)

October 23, 2011 -- A powerful 7.2-magnitude earthquake struck eastern Turkey on Sunday, killing more than 200 people and sparking widespread panic as it collapsed dozens of buildings into piles of twisted steel and chunks of concrete.

CBS News correspondent Mark Phillips reports that the ground shook for thirty seconds. The quake was strong enough to cause serious damage, and be felt over an area of hundreds of square miles. It was also shallow enough -- about fifteen miles below the surface -- to cause maximum casualties, and panic among local residents. http://www.cbsnews.com/8301-202_162-20124317/7.2-mag-earthquake-strikes-turkey-217-dead/?tag=stack


Girls given equal rights to British throne under law changes (CNN)

October 28, 2011 (CNN)--  Sons and daughters of British monarchs will have an equal right to the throne under changes to the United Kingdom's succession laws agreed to Friday, British Prime Minister David Cameron said.

http://www.cnn.com/2011/10/28/world/europe/uk-monarchy/index.html?hpt=hp_t2

Rainbow of religious leaders join Pope for peace (Fox News)

October 23, 2011 -- Pope Benedict XVI joined Buddhist monks, Islamic scholars, Yoruba leaders and a handful of agnostics in making a communal call for peace Thursday, insisting that religion must never be used as a pretext for war or terrorism.


Benedict welcomed some 300 leaders representing a rainbow of faiths to the hilltop Italian town of Assisi to commemorate the 25th anniversary of a daylong prayer for peace here called by
 Pope John Paul II in 1986 amid Cold War conflicts. http://www.foxnews.com/world/2011/10/27/rainbow-religious-leaders-join-pope-for-peace/

Israel, Palestinians agree on step toward new talks (CNN)

October 27, 2011 -- Israel and the Palestinians have agreed to come forward with proposals on security and territory issues within the next three months, the European Union said, in a development that keeps alive hopes for renewed peace talks.


It comes after representatives from both sides met separately with envoys from the Middle East Quartet -- made up of the United States, the European Union, the United Nations and Russia -- and former British Prime Minister Tony Blair in Jerusalem on Wednesday, an EU statement said.
http://www.cnn.com/2011/10/27/world/meast/mideast-quartet-talks/index.html?hpt=wo_c2


Bangkok residents flee as floods threaten dikes (Reuters)

October 27, 2011 -- Thailand's prime minister said Bangkok was fighting the forces of nature on Thursday as residents fled, rivers swelled and floodwater threatened to burst through dikes protecting the capital.


The country's worst flooding in half a century, caused in part by unusually heavy monsoon rain, has killed 373 people since mid-July and disrupted the lives of nearly 2.5 million, until now mostly in the north and central provinces.

 

 http://www.reuters.com/article/2011/10/27/us-thailand-floods-idUSTRE79K2XG20111027    

 


Error message

Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.