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Dec 2, 2012

NYT Breaking News | Special Report -December 2, 2012-.: Lines Blur in Texas as Industries Seek Givebacks

Breaking News
The New York Times
Sunday, December 2, 2012 -- 8:15 PM EST

Lines Blur in Texas as Industries Seek Givebacks

Under Gov. Rick Perry, Texas offers more incentives to attract businesses than any other state, around $19 billion a year, an examination by The New York Times has found. Texas justifies its largess by pointing out that it is home to half of all the private sector jobs created over the last decade nationwide.

Yet the raw numbers mask a more complicated reality behind the flood of incentives, the examination shows, and raise questions about who benefits more, the businesses or the people of Texas.

In a state that markets itself as “wide open for business,” the lines are often blurred between decision makers and beneficiaries, according to interviews with dozens of state and local officials and corporate representatives.

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Trade With Precision | This week's Market Outlook and Videos -December 2, 2012-.

 from Trade With Precision -

 Nick McDonald discuss the charts and outline where he sees equity and currency markets heading during the weeks and months ahead.

this week's market outlook videos

NYT Business News -december 2, 2012-.: ECB's Noyer Says Inflation Expectations Well-Anchored

Latest Business News

8:14 PM ET
ECB's Noyer Says Inflation Expectations Well-Anchored
8:08 PM ET
News Corp Int'l News Chief to Step Down
8:06 PM ET
A Feisty Start-Up Is Met With Regulatory Snarl

GATA | THE GATA DISPATCH -December 2, 2012-.: Alasdair Macleod: The coming silver price eruption

Alasdair Macleod: The coming silver price eruption

12:22p ET Sunday, December 2, 2012

GoldMoney research director Alasdair Macleod reports today that the big commercial shorts in silver are approaching record levels again even as public demand seems to be at merely normal levels.
Macleod writes: "On this evidence, the bullion banks short in the silver market are potentially in serious trouble, unless somewhere there is a pot of physical silver they can dip into. There isn't, if we assume that iShares Silver Trust's 315 million ounces are unavailable. There is no other identifiable source of silver, other perhaps than some producer supply, and there is anecdotal evidence that on every dip, cash silver migrates from West to East, confirmed by silver being constantly in backwardation. The odds now favor a substantial bear squeeze. And as the managed funds that lost money on their shorts in June-July sniff sweet revenge, this could rapidly escalate."
Macleod's commentary is headlined "The Coming Silver Price Eruption" and it's posted at GoldMoney's Internet site here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT Totay's Headlines -December 2, 2012-.: Flow of Arms to Syria Through Iraq Persists, to U.S. Dismay


Flow of Arms to Syria Through Iraq Persists, to U.S. Dismay

Iraqi airspace has emerged as a main supply route for weapons from Iran, which has an enormous stake in Syria, at a time when President Bashar al-Assad is under increasing pressure from rebel fighters.

Aide to Obama Faces a Big Test in Fiscal Talks

Quiet, religious and fiercely meticulous, President Obama's chief of staff, Jacob J. Lew, may be the most unassuming power broker in Washington.
United States of Subsidies

As Companies Seek Tax Deals, Governments Pay High Price

States, cities and counties are giving up more than $80 billion a year to attract or keep companies and the jobs they provide. But officials and governments rarely track how many jobs follow, and many do not know the value of all their awards.
"Surviving spouses are trapped without a clear way to preserve their home."
ARABELLE MALINIS, a housing lawyer, on a rise in foreclosures against widows whose husbands alone were holders of the mortgage.


Video: Border War

Incentives are made in the name of job creation, but the balance between lower taxes for businesses and benefits to the community is rarely clear-cut.

New Love: A Short Shelf Life

The thrill fades almost as quickly as the joy of a new job, new home or new coat.

Polls Show Below-Average Post-Election Approval Bounce for Obama

Most recent presidents -- whether they were running for re-election or retiring and whether they won or lost -- received a larger boost to their approval ratings after Election Day than President Obama did.
Debt Reckoning

If Deal Is Not Reached, the Impact Won't Be Instant

Unlike with other cases, government agencies are not facing loss of authority to spend money, and some of the tax and spending changes would not be felt for months.
The Texas Tribune

Democrats Expect a Deal on Medicaid Despite Perry

Texas legislators say Republicans have an incentive to reach an agreement on expanding the state's Medicaid program, the central tenet of federal health reform, because otherwise it would cost the state much more.

Mortgage Catch Pushes Widows Into Foreclosure

Just as the housing market is recovering, a growing group of homeowners - widows over 50 whose husbands held the mortgage - are losing their homes to foreclosure.

John McAfee Plays Hide-and-Seek in Belize

Sought by the police in Belize as a "person of interest" in the investigation of a neighbor's murder, the tech legend John McAfee has moved his noisy life underground.
Fair Game

In an F.H.A. Checkup, a Startling Number

The Federal Housing Administration may be headed for a rescue, with a sudden, steep decline in a mortgage insurance fund's value - a reminder that the housing crisis is still with us.
Editorial | The Second Term

The Mortgage Challenge

Even as the housing market recovers, debt relief for troubled homeowners is still needed.

Mr. Cuomo's Next Big Task

Gov. Andrew Cuomo should use his political stature to keep promises on campaign finance reform.

Footing the Bill for Inaugural Dancing

Allowing corporate donors to pay for the day's galas would send the wrong signal to a nation wary of Washington's business as usual.
News Analysis

How Capitalist Are the Cubans?

Cuba seems to be sputtering, but not roaring, toward capitalism.
On Dec. 2, 1954, the Senate voted to condemn Sen. Joseph R. McCarthy for "conduct that tends to bring the Senate into dishonor and disrepute."

NYT : ALERT FGC BOLSA - FGC FINANCIAL MARKETS -December 2, 2012-.: A Holiday Shopping Stampede, but Maybe No Economic Jolt

December 2, 2012 Compiled: 12:33 AM

With Black Friday starting on Thanksgiving, and Cyber Monday lasting a week, retailers are doing their best to encourage a holiday shopping binge. But the economic effect is unclear.

America has had a demographic advantage, but that is no longer a sure thing.

Just as the housing market is recovering, a growing group of homeowners — widows over 50 whose husbands held the mortgage — are losing their homes to foreclosure.

Readers respond to “Slugging It Out, Inside Obama’s Mind” (Economic View, Nov. 25).

GATA | THE GATA DISPATCH -December 2, 2012-.: Getting tough on gold imports won't work, two former Indian central bankers say

Getting tough on gold imports won't work, two former Indian central bankers say

From The Indian Express, New Delhi
Sunday, December 2, 2012
MUMBAI -- Two former governors of the Reserve Bank of India warned Saturday against taking tough measures to rein in gold imports -- a major reason for the persistently high current account deficit.

The chairman of the Prime Minister's Economic Advisory Council, C. Rangarajan, said steps like banning gold imports would only push up its smuggling.

Rangarajan, who served as RBI governor, said there are already indications that illegal shipments of the precious metal have gone up in the last three months after the hike in the excise duty.

"That is an indication of how much gold is being smuggled in. I would say to some extent we should dissuade people from holding an asset that does not give a rate of return. However, you can't go beyond a particular point," Rangarajan said here at a function organised by the Indira Gandhi Institute of Development Research, an institution set up by the RBI.

Former governor Y.V. Reddy said, "If Mercedes Benz and aftershave lotion can be imported, why not gold? It is both an investment and consumption good. Many people seem to mistake that it is only a hedge against inflation. There is a demand for it. It is being imported. If you can, try to stop it."
The RBI Governor D. Subbarao said the central bank is "concerned about gold as means of saving because it blocks off savings."

"We are concerned about gold ... lending against gold by non-bank finance companies because of financial stability concerns. We have been concerned about gold from an external management perspective because of the pressure it puts on the current account or the capital account depending on your account for it," Subbarao said.

On growth and inflation, Bimal Jalan, Rangarajan's successor and Reddy's predecessor, said, "There are periods when growth is more important and you take policy measures to boost it. There are periods when you have to control inflation because that is the dominant public issue. So there will be periods when you take measures, however harsh they are, to control inflation."
Reddy added household savings, which was an achievement until recently, is now the most critical challenge for the future. "The behavior of household savings indicates that they do not have faith in financial markets except banks. It is a bad sign."

Rangarajan said, "If what has happened in the three-year period of decline is reversed either because of a fiscal consolidation program or because of inflation coming down, it is possible to get back ... if not the 9-percent but the 8-percent rate of growth."

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BBC NEWS | Breaking News -December 1, 2012-: Explosions target US Afghan base

'Taliban attackers' target US Afghanistan base

There have been "multiple explosions" near an airfield at a US base in eastern Afghanistan, Nato has said.
Afghan police officials told the BBC that as many as five suicide attackers targeted the base in Jalalabad, and witnesses said that gunfire was heard.
The Taliban claimed that some of its fighters had entered the area - but this has not been confirmed.
Nato is gradually handing security over to Afghan forces ahead of the departure of most combat troops in 2014.
Casualty claim The Afghan police officials said two attackers in explosive-laden cars had first breached the outer security barrier at the airfield, and another three had then battled security guards.
Local residents reported seeing helicopters firing on the insurgents, but the fighting - which lasted about 20 minutes - now appears to have stopped, the BBC's Orla Guerin in Kabul reports.
A Taliban spokesman said the attack was launched at around 06:00 (01:30 GMT) on Sunday.
The spokesman added that Taliban fighters had broken through and fighting was continuing on the airfield.
The insurgents said they had inflicted casualties - but this has not been confirmed.