Archive for the ‘Word Press’ Category

A word from Bernanke turns stocks around

By CHRISTINA REXRODE AP Business Writer

NEW YORK (AP) - The stock market keeps getting tossed around by the Fed.

Stocks opened lower Friday but reversed course after a letter surfaced from Federal Reserve Chairman Ben Bernanke suggesting there was room for the central bank to do more to help the economy.

"There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery," Bernanke wrote to California Rep. Darrell Issa, a Republican, in a letter obtained by The Wall Street Journal.

The Dow Jones industrial average was down 30 points at its low but finished 100.51 points higher, at 13,157.97, its first gain all week. It was still the first losing week for the Dow since early July.

The Standard & Poor's 500 index rose 9.05 to 1,411.13 but also snapped a six-week winning streak. The Nasdaq composite index rose 16.39 to 3,069.79, ending five straight weeks of gains.

In a typically slow August, without much else to influence trading, investors have grasped for hints about what the Fed might do.

On Wednesday afternoon, investors pushed stocks higher after the Fed released meeting minutes that appeared to signal it was ready to take more action to prop up the economy.

On Thursday, stocks declined when a Fed regional bank president cast doubt on the idea, saying in an interview with CNBC that the economic recovery appeared to be gaining strength.

Then on Friday, Bernanke shook up the market again. His letter was in response to questions from Issa, the head of the House oversight committee, who had asked whether it was premature to consider additional steps.

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A word from Bernanke turns stocks around

No homo(phobia)? Hip-hop’s shift in anti-gay tone

Glacial movement The culture has been slow to change, despite the increased acceptance of gays in music industry.

New York Snoop Dogg has rapped in songs where the f-word the other f-word has been tossed about. Hes even said it, part of a long list of rappers who have freely used the gay slur in rhyme.

For years, anti-gay epithets and sentiments in rap have largely been accepted, along with its frequent misogyny and violence, as part of the hip-hop culture a culture that has been slow to change, even as gays enjoy more mainstream acceptance, particularly in entertainment.

But while perhaps glacial, a shift appears to be on the horizon.

"People are learning how to live and get along more, and accept people for who they are and not bash them or hurt them because theyre different," Snoop Dogg said in a recent interview.

Frank Ocean may be largely responsible for that. The rising star, who revealed on his blog last month that his first love was a man, is technically an R&B singer. But he has produced and collaborated with some of musics top hip-hop acts, from Jay-Z to Andre 3000 to Kanye West to Nas. Hes also co-written songs for Beyonce, Justin Bieber and John Legend, and is a member of the alternative rap group Odd Future.

"When I was growing up, you could never do that and announce that," Snoop said of Oceans revelation. "There would be so much scrutiny and hate and negativity, and no one would step (forward) to support you because thats what we were brainwashed and trained to know."

When 24-year-old Ocean made his announcement, he received a ton of support from the music world, mainly through Twitter and blogs, including encouraging words from 50 Cent, Nas, Jamie Foxx, Def Jam Records founder Russell Simmons, Beyonce and Flea of the Red Hot Chili Peppers. Even Oceans Odd Future band mate, Tyler, the Creator, showed some love, though hes used homophobic slurs in his songs.

"(The support for Frank is) an extension of the overall kind of support were seeing across the country for LGBT people, and not just in a broad sense, but specifically from iconic members of the black community," said Daryl Hannah, GLAADs director of media and community partnerships, who namedropped President Barack Obama and Jay-Z as those leading the change.

While the support for Ocean is strong, and some rappers including Nicki Minaj have said a gay rapper will soon hit the music scene, its still hard to imagine that the male-dominated, macho rap world could include a gay performer.

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No homo(phobia)? Hip-hop’s shift in anti-gay tone

The Word on the Street: Apprehensive

The idea of privatizing Medicare is not winning popularity contests with voters. A Pew Research Center poll released Tuesday found that the public is aware of the proposal by GOP vice presidential candidate Paul Ryan to transform Medicare from social insurance into a voucher plan. And among Americans who have heard of the Ryan plan, 49 percent opposed it; only 34 percent were in favor. Pew found particularly high disapproval rates among older Americans, and independent voters werent keen on it either: 49 percent oppose and 34 percent support it. Thursday The New York Times reported that the GOP plan is widely disliked, and also that it has become the third most crucial issue to likely voters in the key swing states of Florida, Ohio, and Wisconsin, ranking behind the economy and healthcare.

This is another in CJRs ongoing series of CJR Town Hallsconversations with citizens about the issues they are following in the press, and it will be the first of several Town Halls focused on Medicare. Part of the idea is to encourage journalists to do similar pieces, talking to ordinary people about dollars and cents issues and their needs and perceptions. Last week I was in Missouri, a swing state leaning red. My unscientific sample in St. Louismade up of white women, some of whom just turned 65pretty much lined up with what the scientific polls are showing.

Marie Cunningham and Janie Mueller

Cunningham, 65, and Mueller, 60, were on their lunch break, sitting outside the Bank of America Tower in downtown St. Louis, where they manage accounts for a property/casualty insurance broker. Cunningham, who recently signed up for Medicare, hadnt heard much about Paul Ryans planAre they trying to do away with it? she wanted to knowand then let Mueller do the talking.

And Mueller had a lot to say. She had read about Ryans ideas in the newspapers, and watched coverage of it on CNN and MSNBC, and has an idea of how Medicare could change: He wants to do away with what we know Medicare to be, she said. Im not in favor of it at all. Im extremely concerned. Her main worry: preexisting conditions. She believes that under Ryans plan, older people who have medical conditions may not get insurance. It is an issue worth worrying about, since no one knows what final legislation might look like, though pre-existing conditions would seem to be something such legislation would address.

Realistically when people into their 60s, their bodies start to fail, she said. Where are they going to get insurance? If Obamacare falls apart, we dont have the force to make insurance companies take them. Mueller is a Democrat and will vote for Obama, but she made clear that she views the issues independently, and also believes that focusing on tort reform would be beneficial in solving the healthcare cost dilemma. Tort reform is a solution pushed by the GOP.

Frances Flecke

Flecke, 55, was on her lunch break too, smoking outside the Federal Reserve Bank of St. Louis where she is the assistant manager for the Federal Reserve credit union. She told me she knew firsthand how the Great Recession has affected working families. I saw many families suffering. They were living off courtesy pay, she said, referring to a form of check overdraft protection that some banks and credit unions offer, which can be costly, but which allows consumers to pay their bills. I saw more people living off that than I care to mention, Flecke said. A lot of our middle class is now lower class. What they had has been taken away from them.

I asked Flecke how she gets her news. The media doesnt always tell you whats true, she said. What TV stations you watch are what you believe. You have to open your eyes or youll never have a clue. She said she sometimes voted as an independent, and I asked her what she knew about Paul Ryans plan. I would say its not a good one, she said, and proceeded to accurately described what the plan would do.

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The Word on the Street: Apprehensive

Her last word? Perhaps, but it isn't all history yet

Prime Minister Julia Gillard responds to media questions about her time at law firm Slater and Gordon. Photo: Andrew Meares

ON THE night of June 23, 2010, as factional players blitzed the federal caucus with phone calls, urging Labor MPs to throw out Kevin Rudd in favour of Julia Gillard, one leading figure of the labour movement was anxious to prosecute the case in public. When all other leading figures were running for cover, Paul Howes, the national secretary of the Australian Workers Union, appeared on ABC television to argue for Gillard as the nation's new prime minister.

In strictly political terms, the AWU is the most powerful single entity within the Labor Party. It has been the bulwark of Gillard's support base within the ALP and the union movement during her time as leader. When she faced a challenge from Rudd early this year, the AWU stuck fast, ensuring her a big victory.

Gillard's political and professional relationship with the AWU goes back a long way, through various ideological twists and turns. Twenty years ago, before she became a political adviser and then a member of parliament, Gillard was a solicitor with the industrial practice of Melbourne firm Slater & Gordon. The AWU was a client of the firm. Gillard handled the AWU's legal work and developed a romantic connection with the union's then Victorian secretary, Bruce Wilson.

In 1995, two big events took place in Gillard's life: her relationship with Wilson ended and she left Slater & Gordon, where she had been a salaried partner. The events were not unrelated. Wilson had allegedly misused funds from a legal entity that Gillard had helped establish, the AWU Workplace Reform Association.

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Soon after this became known within Slater & Gordon, Gillard resigned her position, but not before she was interviewed by the senior partner, Peter Gordon, and general manager, Geoff Shaw.

The transcript of that interview, conducted on September 11, 1995 - 18 days before Gillard's 34th birthday - appeared in The Australian this week. The paper has been devoting a lot of energy and space to the matter of Gillard's time as a lawyer.

There is a legitimate question about how much it is in the public interest to dredge up what Gillard did or did not do and what she did or did not know in relation to Wilson and his stewardship of the AWU and its finances. It pre-dates her time as an MP and no charges were ever laid following a police investigation. The Prime Minister herself said last Sunday that it had no relevance to her in her current role.

But it is also legitimate to look at a prime minister's entire professional life. Character and conduct count. And if things have gone wrong in the past, if mistakes were made, there is always a real prospect of redemption. Bob Hawke is living proof of that. In this case, it's worth noting that while these events were taking place, Gillard was not young, freshly arrived in the workforce. She was in her 30s.

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Her last word? Perhaps, but it isn't all history yet

Town of Niagara waits for word on FBI 'interest'

TOWN OF NIAGARA It's been weeks since federal agents met privately with Supervisor Steve Richards to discuss what he described as "town business."

Other town officials have been in contact with federal authorities in the days since Richards' March 18 meeting, but that's not to say they have received any new information on the nature of the agency's interest.

"It's in the FBI's hands," said town board member Robert Clark, who told the Gazette he's met twice with federal investigators this year. "We'd like for something to happen for the town to be able to move on and for the people to stop worrying about it."

The FBI confirmed in March that federal agents and representatives from the state attorney general's office started conducting interviews with several town officials as part of an ongoing matter. The FBI has not identified the source of its inquiry, nor has it confirmed that the investigation is criminal in nature.

Also in March, Richards confirmed that he spent a couple of hours with federal and state investigators. At the time, Richards said the session was held behind closed doors and would confirm only that the meeting was held at the FBI'srequest to discuss "town business. Richards declined to discuss anything more about the meeting, saying only that he expected to hear from federal agents again.

During Tuesday's board meeting, Richards unveiled plans for a five-year capital project aimed at repaving 80 percent of all town roads. Hesaid he intended to see the project through to fruition, health permitting. Richards did not address the FBI's interest in the town, nor did not he respond to requests for comment from the Gazette on Wednesday.

Following a board meeting in May, Deputy Supervisor Marc Carpenter confirmed that he was interviewed by the FBI several weeks after agents first visited Richards. He said several other department heads and town employees have been interviewed as well. He declined to discuss the nature of his discussion with the FBI in detail, saying only that he was asked if he was aware of any inappropriate activities in the town and he indicated that he was not.

At the time, Carpenter said the town iscooperating 100 percent with investigators, stressing that there have been no criminal charges filed against anyone at this point.

On Wednesday, Carpenter said he has not been contacted by anyone from the FBI since his previous interview.

"There is absolutely nothing from the time when I was interviewed back when and I haven't heard anything," he said.

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Town of Niagara waits for word on FBI 'interest'