A lump of coal for 'Fiscal Cliff-mas'

21 hrs.

Reuters

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.

A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.

Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.

Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.

"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.

"The markets still basically believe that something will be done," he said.

If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.

For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average up 0.4 percent, the S&P 500 up 1.2 percent and the Nasdaq Composite Index up 1.7 percent.

Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.

Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year,?from a 2011 daily average of 7.9 billion.

If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.

"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.

"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."

Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.

Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index overcame a technical level by confirming its close above 1,000 for a second week.

"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.

"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."

Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.

The PHLX defense sector index hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.

Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth?straight month of gains.

U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.

(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)?

Source: http://www.nbcnews.com/business/lump-coal-fiscal-cliff-mas-1C7662773

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A little bit of iPad holiday magic courtesy of iSimon

What better way is there to get you in the holiday mood then a bit of extremely clever magic? Well thanks to iSimon (Simon Pierro) we not only have the clever magic but it is all done with his trusty [iPad](http://www.imore.com/ipad/ too. He has posted twenty four iPad tricks on the lead up to Christmas and now has them all edited into one single video for our viewing pleasure.

I am sure you will agree after you have seen the tricks, that this guy is a very talented magician and the illusions he creates with the iPad are well worth watching. Sit back, relax and enjoy the video. If you want to see the tricks on their own, you can find everyone on iSimon?s YouTube channel.

Source: YouTube

Source: http://feedproxy.google.com/~r/TheIphoneBlog/~3/-dM4604f0uU/story01.htm

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Florida governor asks Obama to block possible ports strike

MIAMI (Reuters) - Florida's Republican governor wants President Barack Obama to invoke federal law and order a cooling-off period if nearly 15,000 longshoremen walk off the job in a looming strike that would be a big blow to the state's economy, according to a letter he sent the president this week.

The International Longshoremen's Association union and the U.S. Maritime Alliance grouping of shippers and ports have been bargaining since March but reportedly remain far from a deal covering cargo handling at 15 ports on the U.S. Gulf and eastern coasts.

In October, when a previous contract expired, the sides agreed to a 90-day extension of terms that runs out on December 29.

Florida ports in Miami and Fort Lauderdale would be directly hit by a strike or lockout but a stoppage would also rattle overall transport and trade, which accounts for 550,000 jobs in the state and $66 billion in economic activity, Florida Governor Rick Scott said in a letter dated Thursday.

"The threat to national safety and security that would result from mass closure of ports cannot be overstated," Scott told Obama.

Scott said Obama had the power under 1947's Taft-Hartley Act to prevent or interrupt a work stoppage at the ports. Presidents Richard Nixon and George W. Bush both used Taft-Hartley, which calls for 80-day cooling-off periods and mediation, Scott said.

"The Taft-Hartley Act provides your administration with tools that can help avoid this threat," Scott said. "On behalf of the State of Florida, I respectfully request that you invoke the act when the contract ... expires at the end of the month."

(Reporting By Michael Connor in Miami; Editing by Cynthia Johnston)

Source: http://news.yahoo.com/florida-governor-asks-obama-block-possible-ports-strike-225639458.html

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Unique Content Article: How Physical Therapy Will Benefit You ...

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Title: How Physical Therapy Will Benefit You
Author: Marisol Guy
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Fragile Egypt economy overshadows Mursi's vote win

CAIRO (Reuters) - Egyptian President Mohamed Mursi will have little time to savor victory in pushing through a new constitution as it may have cost the Islamist leader broader support for urgent austerity measures needed to fix the creaking economy.

By fast-tracking the constitution through to a referendum that the opposition said was divisive, he may have squandered any chance of building a consensus on tax rises and spending cuts that are essential to rein in a crushing budget deficit.

Unofficial tallies from Mursi's Muslim Brotherhood showed the charter was approved by a 64 percent majority. But opponents said he lost the vote in much of the capital, while across the nation he alienated liberals, Christians and others worried by the text that was drafted by an Islamist-dominated assembly.

Opponents say such divisions will fuel more unrest in a nation whose economy has been pummeled by turbulence since Hosni Mubarak was overthrown almost two years ago, scaring off investors and tourists that are both vital sources of capital.

Without broad support, Mursi's government will find it harder to implement reforms needed to secure a $4.8 billion loan from the International Monetary Fund. The Muslim Brotherhood's party, which propelled Mursi to office, may also face a tougher fight in a parliamentary election expected in about two months.

"For austerity measures to be made at a time when the political system is being opened and millions of people are being enfranchised, you need political consensus within the political class," said Amr Adly, an expert on the economy.

Yet, even though there is broad acceptance of the urgency of fixing the battered economy, Adly said Mursi's approach in pushing through a constitution that angered opponents would encourage his rivals to capitalize on any public backlash against austerity rather than help sell reforms to the nation.

"His political rivals are already dealing with these problems on a very opportunistic basis," said Adly, head of the social and economic justice unit at the Egyptian Initiative for Personal Rights. "There won't be any prospect of ending ... violence in the streets or very deep political divisions."

UNITED

Egypt's fractured opposition, defeated at the ballot box by Islamists in each poll since Mubarak was overthrown in February 2011, unified their ranks after Mursi expanded his powers in a decree on November 22 to push through the constitution.

"What Mursi did has united us," said Ahmed Said, head of the liberal Free Egyptians Party and a leading member of the National Salvation Front coalition, adding he expected a unified approach to the upcoming parliamentary election.

That would give the opposition a much better chance in parliamentary polls against disciplined Islamists, who have built a broad grass-roots network across the nation over decades that liberals and other non-Islamists cannot yet match.

Though Said agreed steps were needed to fix Egypt's economy, he said Mursi had made no effort to discuss it with his rivals although they were a national concern. The IMF has long said a broad political consensus to reforms was needed for a loan.

"Who wouldn't agree with economic reforms?" Said asked, but added: "We have not been consulted at all with regard to supporting such policies or not, we are not sure what is going on in the country."

Mursi now faces the prospect of having an opposition seeking to score political points from any tax rises and measures to reduce spending, particularly steps to rein in fuel subsidies in a nation where rich and poor have become used to cheap energy.

That could make it more of a challenge for Islamists to win votes in the parliamentary election.

Though the opposition have drawn tens of thousands of Egyptians to the streets on occasion, Islamists have done so with greater regularity and also have a strong record of getting out the vote in the more local politics of a parliamentary poll.

But nation's political divisions have already taken their toll on the president's initial economic reforms.

Shortly before the referendum, Mursi introduced increases on the sales tax on goods and services that ranged from alcoholic beverages, cigarettes and mobile phone calls to automobile licenses and quarrying permits. He withdrew them within hours under criticism from his opponents and the media.

An immediate result of Mursi's policy U-turn was a delay in approving the IMF loan. The IMF said it would postpone its meeting in mid-December to approve the loan. Egypt's government said it might now be approved in January.

Farid Ismail, a senior official in the Brotherhood's Freedom and Justice Party, said Egypt could not be described as divided when two-thirds of those who voted backed the constitution but said all sides needed to discuss the economic issues ahead.

"We have an economic and social challenge and this is the time for people to present initiatives and engage in a national dialogue," he said, adding that passing the constitution meant one major hurdle to stabilizing the nation had been overcome.

EXPECTATIONS

Yet expectations run high in a nation where demands for social justice and a better standard of living helped drive the 2011 uprising as much as calls for political freedoms.

"We had a revolution to make life easier and prices lower, not higher," said 19-year-old student Sally Ahmed Kotb referring to Mursi's tax plans as she went to the polls on Saturday to vote "no". "This will lead to a hunger revolution."

Once a darling of emerging market investors, Egypt's economy has taken a hammering. The budget deficit surged to a crippling 11 percent of gross domestic product in the financial year that ended in June 2012 and is forecast to exceed 10 percent this year.

Without swift action, it could hit 13 percent, said Adly.

Among belt-tightening measures in the pipeline are steps to reduce how much subsidized gasoline drivers can buy, which is bound to be unpopular.

In the meantime, Egypt has been bleeding foreign reserves at a rate of about $600 million a month, cutting them to about $15 billion, less than half their level before Mubarak's fall.

Some Egyptians are still ready to give Mursi a chance. Many of those who voted "yes" in the referendum backed the charter as a vote for "stability", even if they had some reservations. But, even from supporters, Mursi may have limited leeway.

"Just as people rose against Mubarak, they can rise against Mursi," said Mohamed Mohsen, a civil servant and Islamist backer who voted "yes" in the referendum. "Let's give him two, three, four or five months to solve our problems then we can see."

The government says it is already engaged in a "national dialogue" with political forces, unions and others to win public support for an economic plan it insists will not hurt the poor.

"Passage of the new constitution is unlikely to ease recent discord, but it nevertheless marks a significant step forward in Egypt's labored political transition," Simon Williams, HSBC economist in Dubai, wrote in a note after the constitution was approved in the first of the two-stage referendum.

He said progress on the IMF program could now resume swiftly, but added: "The temptation to avoid pressing ahead with unpopular policy measures may also prove ever harder to resist, particularly ahead of the parliamentary polls."

(Additional reporting by Shaimaa Fayed and Tamim Elyan; writing by Edmund Blair; editing by Giles Elgood)

Source: http://news.yahoo.com/fragile-egypt-economy-overshadows-mursis-vote-win-130848743--business.html

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Video: Sideshow: This year's biggest 'Pinocchios'

2012 was a dangerous year for journalists

The civil war in Syria, targeted shootings in Somalia and continued violence in Pakistan made 2012 a particularly dangerous year for journalists, with at least 67 killed worldwide in direct relation to their work, according to an organization that defends press freedom.

Source: http://video.msnbc.msn.com/hardball/50275138/

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Parents hesitant about NRA armed schools proposal

MIAMI (AP) ? The nation's largest gun-rights lobby called Friday for the placement of an armed police officer in every school, but parents and educators questioned how safe such a move would keep kids, whether it would be economically feasible and how it would alter student life. Their reactions ranged from supportive to disgusted.

Already, there are an estimated 10,000 sworn officers serving in schools around the country, most of them armed and employed by local police departments, according to a membership association for the officers. Still, they're deployed at only a fraction of the country's approximately 98,000 public schools, and their numbers have declined during the economic downturn. Some departments have increased police presence at schools since last week's shooting rampage at a Connecticut elementary school that left 26 dead, but say they can only do so temporarily because of funding.

The National Rifle Association said at a news conference that it wants Congress to fund armed officers in every American school, breaking its silence on the Connecticut shootings. The idea made sense to some anxious parents and teachers, but provoked outright anger in others.

"Their solution to resolve the issue around guns is to put more guns in the equation?" said Superintendent Hank Grishman of the Jericho, N.Y., schools on Long Island, who has been an educator for 44 years. "If anything it would be less safe for kids. You would be putting them in the midst of potentially more gunfire."

Where school resource officers are already in place, they help foster connections between the schools and police, and often develop a close enough relationship with parents and children that they feel comfortable coming forward with information that could prevent a threat, said Mo Canady, executive director of the National Association of School Resource Officers.

But an Oklahoma educator who teaches at a school with armed officers described the NRA's proposal as a "false solution," though she's not opposed to the presence of more police.

"I teach at a school that has four armed police officers on campus every day, but it's more than a quarter of a mile from the main office to my room, and I'm not even the farthest room away," said Elise Robillard, a French teacher at Westmoore High School. "If (a student) put a loaded gun in their bag and came to my classroom and pulled it out and started shooting, by the time the police officer figured out what was going on and got to my classroom, we'd all be dead. This whole hallway could be dead before a policeman got here."

Around the country, school systems sometimes rotate armed officers through schools or supplement them with unarmed safety agents. New York City's school district is the largest in the country with more than 1 million students. The NYPD has 350 armed officers who rotate throughout the school system, and they're supplemented by unarmed safety personnel who also report to the department. In Philadelphia, school officials have rejected armed patrols in city schools and instead use unarmed school police.

In rural Blount County, Ala., a tobacco tax is used to fund a squad of nine armed sheriff's deputies and a supervisor who are assigned to work inside the system's 16 schools on a full-time basis, superintendent Jim Carr said Friday. They also assist in sports games and other after-school events.

An armed sheriff's deputy assigned to Columbine High School the day of the massacre there in 1999 was unable to stop the violence, though police procedures around the country have changed since then.

According to a Jefferson County Sheriff's Department report released in 2000, the uniformed sheriff's deputy was eating lunch in his patrol car at a park near the school when he rushed to the school in response to a radio report about the violence. The deputy briefly exchanged fire with one of the gunmen, but the gunman ran back inside the building to continue the rampage.

The officer radioed for assistance, and police followed the then-standard procedure of waiting for a SWAT team to arrive before entering the building. Since that tragedy, police procedures have been changed to call for responding officers to rush toward gunfire to stop a gunman first.

In his speech, NRA chief executive officer Wayne LaPierre said Congress should appropriate funds to post an armed police officer in every school. In the meantime, he said the NRA would develop a school emergency response program that would include volunteers from the group's 4.3 million members to help guard children.

The NRA's call came two days after a Kentucky county sheriff announced on Facebook that deputies would have an increased school presence beginning in January. The announcement was met with dozens of notes of thanks and positive comments from parents.

"Thank you so very much," wrote one commenter. "I can stop stressing a little while at work now."

"This is the best news we could have received for Christmas!" wrote another.

Monte Evans, a sixth grade teacher in Wichita, Kan., said schools should have a designated point person licensed and trained to shoot a gun.

"What am I going to stop them with? A stapler?" said Evans, an NRA member. "You need equal force."

Rose Davis, 47, who lives in Chicago's South Side Englewood neighborhood and helps care for her two young grandchildren, said she supports the idea of having armed police officers in schools. Her neighborhood is beset by gang violence and she worries about it spilling into schools.

"With the things going on today, you really don't feel secure," she said.

Even those who support the proposal, however, questioned how practical it would be.

"The real question is sustainability," said Ken Trump, president of the Cleveland-based consulting firm National School Safety and Security Services. "In the long haul, how are you going to fund that?"

But Randi Weingarten, president of the American Federation of Teachers, one of the nation's largest teachers' unions, called the NRA's idea "irresponsible and dangerous."

"Schools must be safe sanctuaries, not armed fortresses," she said.

Republican New Jersey Gov. Chris Christie said that posting armed guards outside schools wouldn't make classrooms safer or encourage learning.

"You can't make this (school) an armed camp for kids," he said.

Jacina Haro, a college educator from Malden, Mass., and the mother of two young children said the solution shouldn't be about having more weapons on campus.

"Schools shouldn't be about guns," said the 38-year-old. "It should be a safe place to learn, free from weapons and the like. I understand wanting to protect our children, but I don't know if that's the right solution. It's a scary solution."

___

Associated Press writers Frank Eltman in Mineola, N.Y.; Maryclaire Dale in Philadelphia; Barbara Rodriguez in Des Moines, Iowa; Jason Keyser in Chicago, Sean Murphy, Oklahoma City; Colleen long in New York; Colleen Slevin in Denver and Jay Reeves in Birmingham, Ala., contributed to this report.

Source: http://news.yahoo.com/parents-hesitant-nra-armed-schools-proposal-182857889.html

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