Posts Tagged ‘People

12
Aug
10

Fed Effort to Aid Recovery Fails to Calm Investors

NEWS
Fed Effort to Aid Recovery Fails to Calm Investors

Thursday, August 12, 2010

More worried about the recovery, the U.S. Federal Reserve has taken a small step to bolster the U.S. economy.

Wrapping up a one-day meeting, the Fed said it will use money from its investments in mortgage securities to buy government debt on a small scale. That could help nudge down long-term rates on mortgages and corporate debt, but wouldn’t have a dramatic impact on stimulating economic growth, economists say.

Perhaps more importantly, the largely symbolic action sends a signal that the Fed sees the recovery weakening and that it stands ready to take more aggressive action, if needed, to keep it on track.

Delivering a more downbeat assessment, the Fed now believes economic growth will be ‘more modest’ than it had anticipated at its late June meeting.

The Fed, citing ‘subdued’ inflation, said it would keep its target for a key interest rate at zero to 0.25 percent for an ‘extended period’.
Investors reacted positively to the statement. Stocks that were down sharply before the announcement made up some lost ground. The Dow Jones industrial average, down about 100 points just before the Fed decision, was down about 40 a short time later. However, the market was likely to fluctuate, as it usually does while investors pore over the Fed’s statement.

Treasury prices rose slightly as investors were pleased by the Fed’s plan to buy government debt, which would reduce the amount of Treasury securities in the market. The yield on the Treasury’s 10-year note, which moves in the opposite direction from its price, fell to 2.77 percent from 2.82 percent just before the announcement.

Economists doubt the Fed can turn around the economy on its own. Some believe additional help from Congress is needed. Others are sceptical that easier credit or even more government aid will persuade Americans to shop more and hire more. Yet others think some jobs – like in construction – will never return to pre-recession levels, as the economy makes a structural shift.
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11
Aug
10

Google Street View throws light on web privacy

NEWS
Google Street View throws light on web privacy

Wednesday, August 11, 2010

Google’s online map feature has become a flash point for people worried about the erosion of privacy in the Internet Age.

Street View images at Google Maps sparked controversy from the outset of the project three years ago.

Google dispatched cars and tricycles rigged with cameras and satellite positioning gear to take pictures of what one might see on streets around the world and synched the images to its free online mapping service.

Some people complained that faces could be recognised in pictures, raising the potential that people caught in compromising situations, perhaps stepping out of an adult video store, would have such moments memorialised online.

Others expressed fears that numbers from licence plates could be used to figure out who parks or lives on certain streets.

People were soon accusing Street View vehicles of straying onto private roads or yards to snap pictures in violation of the California-based internet giant’s policies.

Google adapted to ameliorate concerns. It began blurring faces and car licence plate numbers in images.

This year the Street View controversy rocketed to a new level with the revelation by Google that electronics in its picture-taking vehicles captured data from wireless internet systems not secured by passwords.

Google basically had access to unencrypted email, video downloads, web browsing or other digital information passing through wireless routers in homes or businesses as its Street View vans went by, said John Verdi, senior counsel at the Electronic Privacy Information Centre.

Google has apologised repeatedly for what it called an accidental data grab, but authorities in more than a dozen countries are investigating whether the company broke privacy laws.

South Korean police on Tuesday searched the offices of Google Korea as part of its probe, an officer said.

Police seized computer hard discs and other material. After analysing the material they plan to summon the company’s staff for questioning.

Efforts by governments to get the Street View data threaten to multiply damage to people’s privacy even if Google is true to its word that it has done nothing with the information.

‘Simply handing over the data to governments can be a very bad idea,’ said Electronic Frontier Foundation international rights director Katitza Rodriguez.

‘In some cases, the remedy can be worse than the disease.’

Countries could use the pretext of investigating Street View to mine Google data in ways that ‘might create risky situations for human rights activists, dissidents, or bloggers fighting for their rights,’ she added.

Silicon Valley analyst Rob Enderle theorised that Google might have intended to map locations of open wireless ‘hot spots’ as a potential service to users.

‘Telling people where they can get on the internet for free while they are out and about sounds to me like a typical Google thing to do,’ Enderle said. ‘It wouldn’t surprise me.’

Identity thieves might view a roster of open wireless zones the way burglars might look at a list of homes left unlocked, according to the analyst.

Google said it would allow Germans to block out their homes on Street View ahead of its launch in the country this year but privacy watchdogs were still not happy.

‘Google Street View is a great tool, for instance, for tourists to scope out the location that he or she wants to visit,’ Rodriguez said.

‘However, Google’s technology is too invasive, and goes too far. We expect some degree of anonymity while we are walking on the streets.’
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07
Aug
10

Weekly Address: Medicare Officially Safer After Health Reform

NEWS
Weekly Address: Medicare Officially Safer After Health Reform
President Obama Highlights Benefits to Seniors Under the Patient Protection and Affordable Care Act

Saturday, August 07, 2010

In his weekly address this week, President Obama highlighted a Medicare Trustees report noting the steps we took this year to reform the health care system have put Medicare on a sounder financial footing, which will help to preserve Medicare for generations to come. Additionally, America’s seniors are already seeing more benefits as a result of health reform, including a rebate to cover the cost of their prescriptions if they fall into the Medicare Part D drug coverage gap. In the coming years, as we continue to ramp up reform, we expect seniors to save in premiums and out of pocket costs. And the President will continue to make Medicare stronger to ensure our seniors have access to affordable and quality healthcare.

Forty-five years ago, we made a solemn compact as a nation that senior citizens would not go without the health care they need. This is the promise we made when Medicare was born. And it’s the responsibility of each generation to keep that promise.

That’s why a report issued this week by the Trustees who oversee Medicare was such good news. According to this report, the steps we took this year to reform the health care system have put Medicare on a sounder financial footing. Reform has actually added at least a dozen years to the solvency of Medicare – the single longest extension in history – while helping to preserve Medicare for generations to come.

We’ve made Medicare more solvent by going after waste, fraud, and abuse – not by changing seniors’ guaranteed benefits. In fact, seniors are starting to see that because of health reform, their benefits are getting better all the time.

Seniors who fall into the “doughnut hole” – the gap in Medicare Part D drug coverage – are eligible right now for a $250 rebate to help cover the cost of their prescriptions. Now, I know for people facing drug costs far higher than that, they need more help. That’s why we negotiated a better deal with the pharmaceutical companies for seniors. So starting next year, if you fall in the doughnut hole, you’ll get a 50-percent discount on the brand-name medicine you need. And in the coming years, this law will close the doughnut hole completely once and for all.

Already, we have put insurance companies on notice that we have the authority to review and reject unreasonable rate increases for Medicare Advantage plans. And we’ve made it clear to the insurers that we won’t hesitate to use this authority to protect seniors.

Beginning next year, preventive care – including annual physicals, wellness exams, and tests like mammograms – will be free for seniors as well. That will make it easier for folks to stay healthy. But it will also mean that doctors can catch things earlier, so treatment may be less invasive and less expensive.

And as reform ramps up in the coming years, we expect seniors to save an average of $200 per year in premiums and more than $200 each year in out of pocket costs, too.

This is possible in part through reforms that target waste and abuse and redirect those resources to where they’re supposed to go: our seniors. We’re already on track to cut improper payments in half – including money that goes to criminals who steal taxpayer dollars by setting up insurance scams and other frauds. And we won’t stop there. Because by preventing the loss of these tax dollars, we can both address the runaway costs of Medicare and improve the quality of care seniors receive – and we can crack down on those who prey on seniors and take advantage of people.

So we are no longer accepting business as usual. We’re making tough decisions to meet the challenges of our time. And as a result, Medicare is stronger and more secure. That’s important. Because Medicare isn’t just a program. It’s a commitment to America’s seniors – that after working your whole life, you’ve earned the security of quality health care you can afford. As long as I am President, that’s a commitment this country is going to keep.
Thank you.

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05
Aug
10

Proposition 8, California’s ban on gay marriage, overturned by judge

NEWS
Proposition 8, California’s ban on gay marriage, overturned by judge

Thursday, August 05, 2010

••• Actress Portia de Rossi and her TV talk show wife Ellen DeGeneres have joined the celebration in the U.S. after a judge overturned California’s gay marriage ban.

Geelong-born de Rossi and DeGeneres married legally in 2008, shortly before Californians voted for Proposition 8, which ended gay marriage in the state and sparked furious public debate and a legal challenge.

Two gay couples launched the federal lawsuit challenging Proposition 8, claiming it violated their civil rights and, in San Francisco on Wednesday, Chief U.S. District Judge Vaughn Walker ruled the voter-approved ban violated California’s constitution.
‘I am ecstatic that Proposition 8 has been overturned in the state of California. This is an incredibly exciting and historical day and a big step towards equal rights for all,’ de Rossi, the former star of U.S. TV series Ally McBeal and Arrested Development, wrote in a Tweet to fans.

DeGeneres wrote: ‘This just in: Equality won!’

Judge Vaughn’s ruling will not be the end of the debate or court battles, with the matter likely to be fought all the way to America’s highest court, the Supreme Court.

Gay couples would not immediately be allowed to marry in California.
Judge Vaughn temporarily stayed his order until Friday, giving Proposition 8 backers time to file appeals and seek a long-term stay.

Protect Marriage, a coalition of religious and conservative groups that sponsored the ban, confirmed it would appeal the ruling to the 9th U.S. Circuit Court of Appeals, which would likely be a preview to the final Supreme Court showdown.

In his ruling, Judge Vaughn wrote there was no rational basis for excluding gays and lesbians from marriage and Proposition 8 failed to ‘advance any rational basis in singling out gay men and lesbians for denial of a marriage license’.

‘The evidence shows conclusively that moral and religious views form the only basis for a belief that same-sex couples are different from opposite-sex couples,’ Walker wrote.
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04
Aug
10

President Obama at AFL-CIO on the Economy: “Made In America”

NEWS
President Obama at AFL-CIO on the Economy: “Made In America”
Making the Right Choice for the Economy

Wednesday, August 04, 2010

Speaking at the AFL-CIO Executive Council Meeting here in DC, the President thanked “all my brothers and sisters in the AFL-CIO” who have worked so hard to help get America’s economy back on track. He spoke of the progress that’s been made, with millions of people at work now because of the Recovery Act, and the length left to go until the millions still out of work find their jobs.
As for his plans going forward, he summed it up in “three powerful words”:

Together, we’re jumpstarting a new American clean energy industry – an industry with the potential to generate perhaps millions of jobs building wind turbines and solar panels, and manufacturing the batteries for the cars of the future, building nuclear plants, developing clean coal technology. There are other countries that are fighting for those jobs, in China and India and in Germany and other parts of Europe. But the United States doesn’t play for second place. As long as I’m President, I’m going to keep fighting night and day to make sure that we win those jobs, that those are jobs that are created right here in the United States of America and that your members are put to work. (Applause.)

So the message I want to deliver to our competitors – and to those in Washington who’ve tried to block our progress at every step of the way – is that we are going to rebuild this economy stronger than before, and at the heart of it are going to be three powerful words: Made in America. Made in America. (Applause.)

That’s why we’re finally enforcing our trade laws – in some cases for the very first time. That’s why we’re fighting for tax breaks for companies that invest here in the United States as opposed to companies that are investing overseas or that keep their profits offshore. Because it is my belief – and I know it’s the belief of this room – that there are no better workers than U.S. workers. There are no better workers than your members. (Applause.) And they are absolutely committed to making sure that America is on the rise again. And we are going to keep moving forward with them – not moving backwards but moving forward with them.

As we rebuild our economy, we’re going to rebuild America as well. Over the last 20 months, bulldozers and backhoes have been whirring in communities across the country, as construction crews from local companies repair roads and bridges, railways and ports. That was part of our plan, and it’s put hundreds of thousands of folks to work. But there’s a lot more to do to rebuild our infrastructure for the 21st century, and a lot more Americans who are ready and willing to do that work. So that, too, is an area where we’ve got to keep moving forward.


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01
Aug
10

It’s Official: Chelsea Clinton Ties the Knot!

NEWS
It’s Official: Chelsea Clinton Ties the Knot!
Chelsea Clinton marries banker Marc Mezvinsky in star-studded ceremony in New York

Sunday, August 1, 2010

••• Chelsea Clinton has married her longtime boyfriend at an exclusive estate along New York’s Hudson River.

Bill and Hillary Clinton announced in a statement that their daughter wed investment banker Marc Mezvinsky on Saturday night after weeks of secrecy and buildup that had celebrity watchers flocking to the small village of Rhinebeck for the evening nuptials.

‘Today, we watched with great pride and overwhelming emotion as Chelsea and Marc wed in a beautiful ceremony at Astor Courts, surrounded by family and their close friends,’ the Clintons said.
‘We could not have asked for a more perfect day to celebrate the beginning of their life together, and we are so happy to welcome Marc into our family. On behalf of the newlyweds, we want to give special thanks to the people of Rhinebeck for welcoming us and to everyone for their well-wishes on this special day.’

More than 400 guests were expected at the historic estate.
Details of the wedding were kept fanatically close to the vest, with shopkeepers, innkeepers, vendors and restaurateurs sworn to secrecy.

Officials restricted airspace over the estate, and the area will remain a no-fly zone until 03:30 am local time on Sunday.
Roads were also blocked off, and inconvenienced neighbors were soothed with a complimentary bottle of wine.

Some of the celebrities spotted in Rhinebeck for the event included actors Ted Danson and Mary Steenburgen, fashion designer Vera Wang and Madeleine Albright, who was secretary of state during Bill Clinton’s second term as president.

The wedding took place at Astor Courts, a secluded estate along the Hudson River built as a Beaux Arts style playground for John Jacob Astor IV more than a century ago.
The estate features the sort of commanding view that once inspired Hudson River School painters, as well as 20 hectares of buffer space to shield the party from prying eyes.

Chelsea Clinton and Mezvinsky were friends as teenagers in Washington, and both attended Stanford University.

They now live in New York, where Mezvinsky works at G3 Capital, a Manhattan hedge fund. Mezvinsky worked previously at Goldman Sachs as an investment banker.

Clinton completed her master’s degree in public health earlier this year at the Mailman School of Public Health at Columbia University.

Mezvinsky is a son of former U.S. Reps Marjorie Margolies-Mezvinsky of Pennsylvania and Ed Mezvinsky of Iowa, longtime friends of the Clintons.

His parents are divorced.
» Related: Clinton wedding extravaganza special!
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31
Jul
10

Weekly Address: Good News on Autos, Obstruction on Small Business

NEWS
Weekly Address: Good News on Autos, Obstruction on Small Business
President Obama Hails Successes of the Restructuring of the Auto Industry, Calls on GOP Leaders to Stop Blocking Aid for Small Businesses

Saturday, July 31, 2010

In this week’s address, President Obama praised the successes of the auto industry restructuring. When his administration decided to invest in the American car companies, some said such a move was bound to fail. But since GM and Chrysler have emerged from bankruptcy, the auto industry has added 55,000 jobs – the strongest growth in 10 years – and for the first time since 2004, all three companies are operating at a profit. The President also called on Republican leaders in the Senate to stop blocking a vote on a bill helping small businesses. Even though this bill will help the recovery, and has been endorsed by groups like the Chamber of Commerce and the National Federation of Independent Business, the Republican Senate leadership continues to hold it hostage to politics by denying an up-or-down vote on the bill.

Hello everyone. I’m speaking to you from the GM auto plant here in Detroit, Michigan, where a hopeful story is unfolding in a place that’s been one of the hardest hit in America.

In the twelve months before I took office, American auto companies lost hundreds of thousands of jobs. Sales plunged 40 percent. Liquidation was a very real possibility. Years of papering over tough problems and failing to adapt to changing times – combined with a vicious economic crisis – brought an industry that’s been the symbol of our manufacturing might for a century to the brink of collapse.

We didn’t have many good options. On one hand, we could have continued the practice of handing out billions of taxpayer dollars to the auto industry with no real strings attached. On the other hand, we could have walked away and allowed two major auto companies to go out of business – which could have wiped out one million American jobs.

I refused to let that happen. So we came up with a third way. We said to the auto companies – if you’re willing to make the hard decisions necessary to adapt and compete in the 21st century, we’ll make a one-time investment in your future.

Of course, if some folks had their way, none of this would be happening at all. This plant might not exist. There were leaders of the “just say no” crowd in Washington who argued that standing by the auto industry would guarantee failure. One called it “the worst investment you could possibly make.” They said we should just walk away and let these jobs go.

Today, the men and women in this plant are proving these cynics wrong. Since GM and Chrysler emerged from bankruptcy, our auto industry has added 55,000 jobs – the strongest period of job growth in more than ten years. For the first time since 2004, all three American automakers are operating at a profit. Sales have begun to rebound. And plants like this that wouldn’t have existed if all of us didn’t act are now operating maximum capacity.

What’s more, thanks to our investments, a lot of these auto companies are reinventing themselves to meet the demands of a new age. At this plant, they’re hard at work building the high-quality, fuel-efficient cars of tomorrow – cars like the plug-in hybrid Chevy Volt that can run 40 miles before taking a sip of gasoline. Throughout Michigan, an advanced battery industry is taking root that will power clean electric cars – an industry that produced only 2 percent of the world’s advanced batteries last year, but will now be able to produce as much as 40 percent in a little over five years. That’s real progress.

There’s no doubt that we have a long way to go and a lot of work to do before folks here and across the country can feel whole again. But what’s important is that we’re finally beginning to see some of the tough decisions we made pay off. And if we had listened to the cynics and the naysayers – if we had simply done what the politics of the moment required – none of this progress would have happened.

Still, even as these icons of American industry are being reborn, we also need to stand shoulder-to-shoulder with America’s small businessmen and women, as well – particularly since they’re the ones who create most of the new jobs in this country.

As we work to rebuild our economy, I can’t imagine anything more common-sense than giving additional tax breaks and badly-needed lending assistance to America’s small business owners so they can grow and hire. That’s what we’re trying to do with the Small Business Jobs Act – a bill that has been praised as being good for small businesses by groups like the Chamber of Commerce and the National Federation of Independent Business. It’s a bill that includes provision after provision authored by both Democrats and Republicans. But yesterday, the Republican leaders in the Senate once again used parliamentary procedures to block it. Understand, a majority of Senators support the plan. It’s just that the Republican leaders in the Senate won’t even allow it to come up for a vote.

That isn’t right. And I’m calling on the Republican leaders in the Senate to stop holding America’s small businesses hostage to politics, and allow an up-or-down vote on this small business jobs bill.

At a time when America is just starting to move forward again, we can’t afford the do-nothing policies and partisan maneuvering that will only take us backward. I won’t stand here and pretend everything’s wonderful. I know that times are tough. But what I also know is that we’ve made it through tough times before. And we’ll make it through again. The men and women hard at work in this plant make me absolutely confident of that.

So to all the naysayers out there, I say this: Don’t ever bet against the American people. Because we don’t take the easy way out. That’s not how we deal with challenge. That’s not how we build this country into the greatest economic power the world has ever known. We did it by summoning the courage to persevere, and adapt, and push this country forward, inch by inch. That’s the spirit I see in this plant today, and as long as I have the privilege of being your President, I will keep fighting alongside you until we reach a better day.
Thanks.

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