Sunday, 23 October 2011

Obama to name Fed dissenter Hoenig as FDIC No. 2 (AP)

WASHINGTON ? President Barack Obama is nominating a longtime Federal Reserve official and critic of big banks to be the No. 2 official at the Federal Deposit Insurance Corp.

The White House announced that Thomas Hoenig, who stepped down as president of the Federal Reserve Bank of Kansas City in October, is the president's choice to be vice chairman at the FDIC. His nomination must be confirmed by the Senate.

Hoenig was the most vocal critic of the Fed's $600 billion bond buying program, which ended in June. He also opposed keeping the Fed's key short-term interest rate near zero. Hoenig said such policies risked higher inflation at a later time.

Hoenig has also publicly criticized big banks, saying they pose a danger to the financial system.

The U.S. banking industry is too concentrated and hurts competition, Hoenig said in a speech in June. He said big, complex financial institutions "are fundamentally inconsistent with capitalism ... destabilizing to global markets and detrimental to world growth."

Hoenig was the longest serving of the Federal Reserve's 12 regional bank presidents. He led the Kansas City Fed since 1991. He reached the mandatory retirement age for Fed bank presidents, 65, in September.

Hoenig's term would extend through 2015.

Martin Gruenberg, the agency's acting chairman, is expected to be confirmed as chairman by the Senate.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111021/ap_on_bi_ge/us_obama_fdic

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Markets take Europe's debt plan delay in stride

Foto del 9 de octubre del 2011 del presidente franc?s Nicolas Sarkozy, derecha, y la canciller alemana Angela Merkel tras dialogar en Berl?n sobre la crisis financiera europea. Un desacuerdo entre Francia y Alemania quiz? impida a los l?deres de la eurozona concordar el martes, 18 de octubre del 2011 en un plan de rescate para Grecia. (Foto AP/Martin Meissner)

Foto del 9 de octubre del 2011 del presidente franc?s Nicolas Sarkozy, derecha, y la canciller alemana Angela Merkel tras dialogar en Berl?n sobre la crisis financiera europea. Un desacuerdo entre Francia y Alemania quiz? impida a los l?deres de la eurozona concordar el martes, 18 de octubre del 2011 en un plan de rescate para Grecia. (Foto AP/Martin Meissner)

German Chancellor Angela Merkel delivers her speech during a farewell ceremony for the outgoing president of the European Central Bank (ECB) Jean-Claude Trichet at the old opera house in Frankfurt, Wednesday Oct, 19, 2011. (AP Photo//Kai Pfaffenbach, Pool)

RETRANSMISSION FOR ALTERNATE CROP - French President Nicolas Sarkozy leaves the old opera house in Frankfurt, Germany, Wednesday, Oct. 19, 2011 after a meeting with German Chancellor Angela Merkel. (AP Photo/dapd, Thomas Lohnes)

French President Nicolas Sarkozy arrives in Frankfurt, Germany, Wednesday, Oct. 19, 2011 to attend the farewell ceremonies for leaving President of the European Central Bank (ECB) Jean-Claude Trichet. (AP Photo/dapd, Thomas Lohnes)

(AP) ? Markets appeared to be not overtly concerned that Europe will not be able to come up with a comprehensive plan to deal with its crippling debt crisis in time for a weekend summit.

Europe's main stock markets all opened higher Friday despite confirmation that Germany and France will not be able to bridge their differences in time for a summit Sunday, forcing them to call a second meeting, by Wednesday at the latest.

Sunday's summit was supposed to deliver a comprehensive plan to finally get a grip on the currency union's debt troubles by detailing new financing for debt-ridden Greece. It also was supposed to produce plans to make Europe's banks fit to sustain worsening market turbulence and further empower the eurozone bailout fund.

It seems that Europe's two biggest economies are at loggerheads over how to make best use of the bailout fund, the so-called Euroepan Financial Stability Facility, or EFSF. While France is proposing to turn into a bank, which would have access to unlimited credit from the European Central Bank, Germany appears reluctant to sanction such a move .

"Considering the importance of the discussions and there potential impact upon the European economy, global capital markets and the future of the EU itself a delay of a few days is neither here nor there in the overall scheme of things," said Gary Jenkins, an analyst at Evolution Securities. "However the suggestions that they are still far apart on how to make best use of the EFSF is of some concern."

What to do about the EFSF doesn't seem to be the only point of contention.

Germany and several other rich countries have been pushing for banks and other private investors to take steeper losses on their Greek bondholdings, before the eurozone can sign off on a second multibillion euro rescue package for the struggling country.

France and the European Central Bank have so far opposed forcing banks to write off more Greek debt, fearing that would destabilize the banking sector and worsen market turmoil.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-10-21-EU-Europe-Financial-Crisis/id-f0e86a0b8ee84dffab51e947fbefbd43

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Saturday, 22 October 2011

Video: Will Europe Get it Done?

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Source: http://www.msnbc.msn.com/id/21134540/vp/44995592#44995592

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Doomsday?prophecy fizzles out ... again

Once again, the world failed to end, despite a high-profile prediction from a radio preacher in California.

Harold Camping, the 90-year-old leader of Family Radio International, stirred a global frenzy when he predicted that the Rapture would take 200 million Christians to heaven on May 21. When the Rapture didn't occur, Camping said he got his Bible-based calculations wrong and revised his prophecy to set the world's end on Friday, Oct. 21.

But as Friday morphed into Saturday around the world, there was no sign that doomsday had come. Two moderate quakes jolted the San Francisco Bay area on Thursday, and floods threatened to swamp Bangkok, but no world-shattering changes took place ? sparking this typical Twitter refrain: "Dear Harold Camping, Worst. Apocalypse. Ever."

Millions of dollars had been spent by Family Radio and its followers to get the world out about May's date with doomsday. Some quit their jobs, or donated retirement savings or college funds for the more than 5,000 billboards and 20 RVs that were plastered with Judgment Day messages.

This time around, Camping took a lower profile ? perhaps because he was chastened by the mockery he suffered in May, or perhaps because of his health.

Camping suffered a mild stroke in June. His daily radio program, "Open Forum," is no longer aired on the Family Radio syndication network, which includes more than 60 U.S. radio stations.

Contacted by telephone on Thursday, Family spokesman Tom Evans declined to comment on Camping or his prophecies ? except to say that he had "retired" as a radio host but remained chairman of the board of Family Stations Inc.

'Nothing to report'
Camping himself had little to say when he answered the door of his home in Alameda, wearing a bathrobe and leaning on a walker. "We're not having a conversation," he told a Reuters reporter, shaking his head with a chuckle. "There's nothing to report here."

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Municipal records show that a Sunday prayer group led by Camping, the Alameda Bible Fellowship, has continued to meet on a weekly basis in a large ground-floor room of the Veterans Memorial Building leased by the city Recreation and Parks Department.

Marcia Tsang, a facilities coordinator for the department, said receipts show that Camping's group has been renting that space since at least 1996, paying the standard fee of $45 an hour. The room remains assigned to his fellowship under an evergreen reservation that extends beyond this week, she said.

Local American Legion officer Ron Parshall, 70, part of a veterans group that meets at the same building in an adjacent room one Sunday a month, said he has seen Camping leading his Bible services there regularly.

He said Camping's congregation has dwindled since the failed prophecy in May ? down to about 25 attendees on a typical Sunday, plus about 20 youngsters who attend Sunday school classes in conjunction with the prayer group.

Parshall said he thought Camping was "a nice man."

"He was just too radical for me," he said. "Anyone who claims to be that close to God, I take it with a grain of salt."

Calculating the endtime
Most Christian interpreters of the Bible ? even those who believe the end is truly near ? say the precise date for Judgment Day cannot be predicted. They generally point to a passage in the Book of Matthew in which Jesus says "no one knows the day or hour when these things will happen."

Camping, however, based his prophecies on an idiosyncratic calculation of the number of years since the Noah's Ark flood and the number of days since Jesus' crucifixion, plus a healthy dose of numerology. If it weren't for the multimillion-dollar publicity campaign, his prediction might have attracted little notice in May.

In a message on the Family Radio website, Camping tried to explain his revised math. He said that God's judgment and salvation were actually completed on May 21, but that a reinterpretation of the dates in the Bible pointed to an Oct. 21 doomsday.

"Thus we can be sure that the whole world, with the exception of those who are presently saved (the elect), are under the judgment of God, and will be annihilated together with the whole physical world on Oct. 21," he said on the website.

Camping said he didn't think doomsday would be marked by natural disasters or blasts of hellfire. "I really am beginning to think as I've restudied these matters that there's going to be no big display of any kind," he said. "The end is going to come very, very quietly."

Camping, a retired civil engineer, also prophesied that the Apocalypse would come in 1994, but he said later that didn't happen because of a mathematical error.

More about doomsday:

This report includes information from Reuters, The Associated Press and msnbc.com.

? 2011 msnbc.com

Source: http://www.msnbc.msn.com/id/44983933/ns/technology_and_science-science/

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Rice Univ. Prof. Wins National Medal of Science

Rice University Professor Richard Tapia joins Tell Me More for an interview at NPR headquarters. Tapia is scheduled to receive the National Medal of Science on Friday October 21, 2011 from President Obama. Enlarge Amy Ta/NPR

Rice University Professor Richard Tapia joins Tell Me More for an interview at NPR headquarters. Tapia is scheduled to receive the National Medal of Science on Friday October 21, 2011 from President Obama.

Amy Ta/NPR

Rice University Professor Richard Tapia joins Tell Me More for an interview at NPR headquarters. Tapia is scheduled to receive the National Medal of Science on Friday October 21, 2011 from President Obama.

Each year, select U.S. scientists receive the country's highest honor in the field: the National Medal of Science. It is awarded by the president of the United States to those who've made outstanding contributions to science and engineering.

One of this year's seven recipients is Richard Tapia, a professor of applied mathematics at Rice University in Houston, Texas.

The medal is an addition to Tapia's previous honors. In 1992, he became the first Hispanic elected to the National Academy of Engineering. In 1996, he received the inaugural Presidential Award for Excellence in Science, Mathematics and Engineering Mentoring. The same year, then-President Clinton appointed him to the National Science Board, America's highest scientific governing body.

Tapia is credited with helping develop "numerical optimization," a technique used by big industry, such as airlines, to predict and optimize output.

Apart from his own work, this son of Mexican immigrants has pushed to bring more Hispanic and African-American students into graduate level science, technology, engineering and mathematics. He was named one of the 20 most influential leaders in math education by the National Science Foundation in 1990.

Ahead of his meeting with President Obama for the award ceremony, Richard Tapia stopped by NPR headquarters in Washington, D.C. for an interview with Tell Me More host Michel Martin.


Interview Highlights

On his reaction to the award

Richard Tapia: "This is not a dream come true to me because I never dreamt that I would win this award. And I said, 'Wow, this takes me to the top.' I know that I deserve the feeling, okay, the feeling of being happy, and I'm enjoying it, and I'm walking on air. I don't know how long it's going to last, but I'm going to try to make it last as long as I can."

On being drawn to math and science, and gaining recognition from those unlikely to give it

Tapia: "I grew up being very good in math. So I took what's called the path of least resistance. And even though we lived in a tough part of town, even the tough people in the neighborhood would recognize me for being good in math. My brother and I raced cars and did things, and they [neighbors] wanted to give me this recognition. They didn't see it as somebody that was so far away from them. I lived in so many dimensions and did so many things. So in some sense, they were saying, 'Well, we're going to honor and respect this person who's like us.'"

On being a role model, and bringing youth and minorities into mathematics

Tapia: "I said, I'm going to establish myself as a scientist first, and I got tenured very fast. So after I was in a stable position, I said, now I can help so many people that are similarly situated ? people who could fall through cracks the way I almost fall through cracks. I think I accepted the responsibility [of mentoring] because there were not enough people doing it and I could do it.

"One of the things we do as role models is we look to youth and they look at us. But I want to be a role model on the other side. The flip side is the majority community can look at people like us and say, 'quality comes in all flavors.'

"I talk to inner city youth and I say: 'Look, you can really use math for neat things, and I use them to study cars.' So I have a talk called Math at Top Speed, where we study the mathematics of drag racing. And so I can say to these kids, math is cool."

On managing work with family challenges (his wife's multiple sclerosis, and the death of his daughter and mother)

Tapia: "Having my daughter killed 29 years ago when she was a student at Rice University, then my wife who was, you know, a dancer, and then going through multiple sclerosis ? those things are very, very difficult. When people say to me, 'how do you deal with those things?' I say, 'I have no choice.'

"Last night I tried to dress her [his wife Jean], and she was very tired and she slipped on the floor, and I had to call emergency help. But that doesn't stop us from coming here. And her day is going to be Friday when she meets President Obama. I will say that she travels more than anybody in the country in a wheelchair. We've gone to Spain, we've gone to Italy, we've gone to France, we've gone to Mexico, we go to Puerto Rico."

"I figure that my daughter ? Circee, my late daughter ? would have been so happy to have seen this [presentation of the National Medal of Science]. My mother, who died three years ago, it would've been the greatest thing. Her dream was to come to this country for education, and she had to go to work because she came by herself."

Source: http://www.npr.org/2011/10/20/141526489/rice-univ-prof-wins-national-medal-of-science?ft=1&f=1007

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Friday, 21 October 2011

Argue Much? Conflict Levels In Marriage Don't Change Over Time

healthland.time.com:

If you squabble a lot with your sweetie, don't think that things will improve after getting hitched. New research shows that conflict levels don't vary much over the course of marriage. (The good news, conversely, is that if you get along well, you're likely to continue along that same trajectory.)

Read the whole story: healthland.time.com

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Source: http://www.huffingtonpost.com/2011/10/21/argue-much-conflict-level_n_1025975.html

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Spiral arms hint at presence of planets: High resolution image of young star with circumstellar disks verifies predictions

ScienceDaily (Oct. 19, 2011) ? A new image of the disk of gas and dust around a sun-like star has spiral-arm-like structures. These features may provide clues to the presence of embedded but as-yet-unseen planets.

"Detailed computer simulations have shown us that the gravitational pull of a planet inside a circumstellar disk can perturb gas and dust, creating spiral arms. Now, for the first time, we're seeing these features," said Carol Grady, a National Science Foundation (NSF)-supported astronomer with Eureka Scientific, Inc.

The newly imaged disk surrounds SAO 206462, a star located about 456 light-years away in the constellation Lupus. Astronomers estimate that the system is only about 9 million years old. The gas-rich disk spans some 14 billion miles, which is more than twice the size of Pluto's orbit in our own solar system.

"The surprise," said Grady, "was that we caught a glimpse of this stage of planet formation. This is a relatively short-lived phase."

A near-infrared image from the National Astronomical Observatory of Japan shows a pair of spiral features arcing along the outer disk. Theoretical models show that a single embedded planet may produce a spiral arm on each side of a disk. The structures around SAO 206462 do not form a matched pair, suggesting the presence of two unseen worlds, one for each arm. However, the research team cautions that processes unrelated to planets may also give rise to these structures.

"What we're finding is that once these systems reach ages of a few million years, their disks begin to show a wealth of structure--rings, divots, gaps and now spiral features," said John Wisniewski, a collaborator at the University of Washington in Seattle. "Many of these structures could be caused by planets within the disks."

Grady's research is part of the Strategic Exploration of Exoplanets and Disks with Subaru (SEEDS), a five-year-long near-infrared study of young stars and their surrounding dust disks using the Subaru Telescope atop Mauna Kea in Hawaii. The international consortium of researchers now includes more than 100 scientists at 25 institutions.

"These arm-like structures have been predicted by models, but have never before been seen," said Maria Womack, program director for the division of Astronomical Sciences at NSF. "It is the first observation of spiral arms in a circumstellar disk, and an important test for models of planetary formation."

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Source: http://feeds.sciencedaily.com/~r/sciencedaily/~3/vSvS0-MaSpw/111019170256.htm

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