Wednesday, December 28, 2011

Switched On: The Year of Reversal

Each week Ross Rubin contributes Switched On, a column about consumer technology.


Back in 2005, Switched On dubbed its first full year of existence "The Year of the Switch" as IBM sold its PC business to Lenovo, Apple announced plans to leave the PowerPC platform for Macs and Microsoft moved to PowerPC processors for the XBox 360. But the dramatic reversals we saw in 2011 made even some of those decisions look tame by comparison.

Continue reading Switched On: The Year of Reversal

Switched On: The Year of Reversal originally appeared on Engadget on Sun, 25 Dec 2011 17:00:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2011/12/25/witched-on-the-year-of-reversal/

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Saturday, December 24, 2011

Ron Paul Walks Off CNN Interview, Irritated By Questions About Old Newsletters


GOP Presidential candidate Ron Paul furrowed his eyebrows and grew agitated before taking off his mic and walking away from CNN interview about his old newsletters.

As Paul has gained traction in recent polls, the media has turned up the heat, alleging that he made money and won fame with a sometimes racist series of publications.

Paul claims he did not read most of the newsletters and their controversial content, written during the 1980s and 1990s, despite them being published under his name.

He has taken responsibility for being a bad publisher, but disavowed the views, as he explained to CNN's Gloria Borger, who grilled him on the topic yesterday ...

"Why don't you go back and look at what I said yesterday on CNN and what I’ve said for 20 something years. 22 years ago?" the 76-year-old Paul said at the outset.

"I didn't write them, I disavow them, that's it."

Borger pressed on for a few seconds before urging Paul to react to what people are saying about the allegations. "These things are pretty incendiary," Borger said.

"Because of people like you," Paul snapped back.

Later, when talking with Borger about the interview incident on air, Situation Room host Wolf Blizter suggested that Paul "got tired of talking about" the allegations.

He could have probably handled it a lot better, although he has answered the same question the same way dozens of times now, including last week on Hannity.

What do you think? Is Paul's explanation satisfactory? Will the fiery newsletters from long ago continue to dog him, or will they become background noise?

Source: http://www.thehollywoodgossip.com/2011/12/ron-paul-walks-off-cnn-interview-irritated-by-questions-about-ol/

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Friday, December 23, 2011

The Ann Arbor Chronicle | A2: Small Business

Vicki Honeyman, owner of the shop Heavenly Metal in Ann Arbor, was interviewed for a report on American Public Media?s Markeplace, about the impact a two-month extension of the payroll tax break and unemployment benefits would have on small businesses: ?All of the uncertainty in Washington is hard for small businesses because we?re at the bottom of the feeding pool. And all of these decisions, especially what affects us tax-wise, what allows us to either hire or lay off people or invest more money into our businesses, is so much determined by how Congress and the Senate votes.??[Source]

Section: Old Media Watch

Copyright 2011 The Ann Arbor Chronicle.

Source: http://annarborchronicle.com/2011/12/21/a2-small-business/

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Sunday, December 18, 2011

Jenelle Evans on Son Jace: Take Him or Leave Him!


Troubled Teen Mom  star Jenelle Evans doesn’t have custody of her own son due to her ongoing legal problems, but the thing is, that's not that big a deal to her.

Jenelle’s mom Barbara has custody of her little boy Jace, and a friend close says that even though she claims to want custody, she may not be telling the truth:

“I don’t think Jenelle will ever get full custody, and I don’t even think it hurts her.”

Jenelle Evans and Jace

Free from caring for her son, Jenelle Evans is going boy crazy. “She is obsessed with male attention,” the source confides.  “She wants whatever she can get.”

Sadly, as we saw on this week's Teen Mom 2, that means Kieffer Delp is involved.

While Jenelle is “great with Jace,” the troubled teen is obviously missing out on bonding with her little boy, which worries both her family and friends.

“Years down the road, when Jenelle might have her life together, it’ll be weird for them to just start living on their own. It’s sad because he’s so happy when he’s with her,” Evans' friend said. “It’s not Jace’s fault he was born to Jenelle.”

No, but the toddler may be safer living in the stable home of his grandmother.

“Barbara didn’t do this for Jenelle; she did it for Jace,” adds the friend.

Source: http://www.thehollywoodgossip.com/2011/12/jenelle-evans-on-son-take-him-or-leave-him/

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Military marks end to nearly nine bloody years in Iraq (Reuters)

BAGHDAD (Reuters) ? U.S. forces formally ended almost nine years of war in Iraq on Thursday with a modest flag-lowering ceremony in Baghdad, while to the north flickering violence highlighted ethnic and sectarian strains threatening the country in years ahead.

"After a lot of blood spilled by Iraqis and Americans, the mission of an Iraq that could govern and secure itself has become real," Defense Secretary Leon Panetta said at the ceremony at Baghdad's still heavily-fortified airport.

Almost 4,500 U.S. soldiers and tens of thousands of Iraqis lost their lives in the war that began with a "Shock and Awe" campaign of missiles pounding Baghdad and descended into sectarian strife and a surge in U.S. troop numbers.

U.S. soldiers lowered the flag of American forces in Iraq and slipped it into a camouflage-colored sleeve in a brief outdoor ceremony, symbolically ending the most unpopular U.S. military venture since the Vietnam War of the 1960s and 70s.

The remaining 4,000 American troops will leave by the end of the year.

Toppled Iraqi dictator Saddam Hussein is dead, executed in 2006, and the worst sectarian violence has, at least for now, passed. But Iraq still struggles with insurgents, a fragile power-sharing government and an oil-reliant economy plagued by power shortages and corruption.

"Iraq will be tested in the days ahead, by terrorism, by those who would seek to divide, by economic and social issues," Panetta told the rows of assembled U.S. soldiers and embassy officials at the ceremony. "Challenges remain, but the United States will be there to stand by the Iraqi people."

In Falluja, the former heartland of an al Qaeda insurgency that suffered some of the most vicious fighting in the war, several thousand Iraqis celebrated the withdrawal on Wednesday, some burning U.S. flags and waving pictures of dead relatives.

Falluja became more than any other Iraqi city a symbol for the brutality of the war after the 2003 invasion.

Ali al-Falluji's building lies with its ceiling collapsed, debris scattered across a Falluja roadside just as the Iraqi businessman left it in 2004 when U.S. bombs punctured its roof. "This scene must remain like it is as a testimony to the brutality of the Americans," said Falluji.

It took two U.S. incursions into Falluja in 2004, and weeks of devastating house-to-house fighting, to subdue the city.

"I feel how my son Ibrahim grieves. He was injured in his head by a U.S. bullet in April 2004 and it paralyzed him," said Mudhafer Ali, a Falluja retiree. "The Americans have left, but they left us for our sorrow, pains and destroyed the future."

Elsewhere, around 2,500 mainly Shi'ite Muslim residents of the northern territory of Diyala protested in front of the provincial council building for a second day against a move to declare autonomy from mainly Sunni Muslim Salahuddin province.

Police used batons and water cannon to disperse demonstrators who tried to storm the council headquarters, witnesses said. Some protesters climbed to the roof of the building and raised green and black Shi'ite flags.

Some parts of Diyala are territories disputed between the minority Kurds in the north and the Arab, Shi'ite-led government in Baghdad. The long-standing row over land, oil and power could trigger further conflict in Iraq after American troops depart.

Iraq's neighbors will watch how Baghdad tackles its sectarian and ethnic division without the U.S. military. Events there could be influenced by conflict in neighboring Syria that has taken on a sectarian hue in recent weeks.

U.S. President Barack Obama, who made an election promise in 2008 to bring troops home from Iraq, told Iraqi Prime Minister Nuri al-Maliki that Washington will remain a loyal partner after the last troops roll across the Kuwaiti border.

"WE NEED TO BE SAFE"

Iraq's Shi'ite leadership presents the withdrawal as a new start for the country's sovereignty, but many Iraqis question which direction the nation will take without U.S. troops.

"I am happy they are leaving. This is my country and they should leave," said Samer Saad, a soccer coach. "But I am worried because we need to be safe. We are worried because all the militias will start to come back."

Some like Saad fear more sectarian strife or an al Qaeda return to the cities.

Violence has ebbed since the bloodier days of sectarian slaughter when suicide bombers and hit squads claimed hundreds of victims a day at times as the country descended into tit-for-tat killings between the Sunni and Shi'ite communities.

In 2006 alone, 17,800 Iraqi military and civilians were killed in violence.

Iraqi security forces are generally seen as capable of containing the remaining Sunni Islamist insurgency and the rival Shi'ite militias that U.S. officials say are backed by Iran.

But attacks now target local government offices and security forces in an attempt to show the authorities are not in control.

Saddam Hussein's fall opened the way for the Shi'ite majority community to take positions of power after decades of oppression under his Sunni-run Baath party.

Even the power-sharing in Maliki's government is hamstrung, with coalition parties split along sectarian lines, squabbling over laws and government posts.

Sunnis fear they will be marginalized or even face creeping Shi'ite-led authoritarian rule under Maliki. A recent crackdown on former members of the Baath party has fuelled those fears.

Iraq's Shi'ite leadership frets that the crisis in nearby Syria could eventually bring a hardline Sunni leadership to power in Damascus, worsening Iraq's own sectarian tensions.

"WAS IT WORTH IT?"

U.S. troops were supposed to stay on as part of a deal to train the Iraqi armed forces but talks about immunity from prosecution for American soldiers fell apart.

Memories of U.S. abuses, arrests and killings still haunt many Iraqis and the question of legal protection from prosecution looked too sensitive to push through parliament.

At the height of the war, 170,000 American soldiers occupied more than 500 bases across Iraq.

Only around 150 U.S. soldiers will remain after December 31, attached to the huge U.S. Embassy near the Tigris River. Civilian contractors will take on the task of training Iraqi forces on U.S. military hardware.

Every day trucks with troops trundle in convoys across the border into Kuwait.

"Was it worth it? I am sure it was. When we first came in here, the Iraqi people seemed like they were happy to see us," said Sgt 1st Class Lon Bennish, packing up recently at a U.S. base and finishing the last of three deployments in Iraq.

"I hope we are leaving behind a country that says 'Hey, we are better off now than we were before.'"

(Editing by David Stamp)

Source: http://us.rd.yahoo.com/dailynews/rss/iraq/*http%3A//news.yahoo.com/s/nm/20111215/ts_nm/us_iraq_withdrawal

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Saturday, December 17, 2011

Tim Cook Is About To Screw With The Size Of The ... - Business Insider

Image: Associated Press

?

Apple is "likely" to launch a smaller iPad before the fourth quarter of 2012, DigiTimes reports, citing supply chain sources.

The smaller iPad will be 7.85 inches, says DigiTimes, as compared to the current iPad which is 9.7 inches.

DigiTimes' sources claim Apple is building the smaller iPad in reaction to demand from consumers for 7 inch Fires, and large screen smartphones.

Separately, we've heard from a source that Apple is worried about the popularity of smartphones with bigger screens and has been looking at building a 4 inch iPhone.

It will be interesting to see if Apple actually makes a smaller iPad because in October 2010, Steve Jobs famously trashed 7" tablets, saying they are too small for people to actually use:

While one could increase the resolution of the display to make up some of the difference, it is meaningless unless your tablet also includes sandpaper, so that the user can sand down their fingers to around one-quarter of their present size.

Apple has done extensive user testing on user interfaces over many years, and we really understand this stuff. There are clear limits of how close you can physically place elements on a touchscreen before users cannot reliably tap, flick or pinch them. This is one of the key reasons we think the 10-inch screen size is the minimum size required to create great tablet apps.

Maybe an 8 inch tablet is significantly better than 7 inches?

Source: http://www.businessinsider.com/apple-working-on-a-small-ipad-2011-12

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Christopher Hitchens, militant pundit, dies at 62 (AP)

Cancer weakened but did not soften Christopher Hitchens. He did not repent or forgive or ask for pity. As if granted diplomatic immunity, his mind's eye looked plainly upon the attack and counterattack of disease and treatments that robbed him of his hair, his stamina, his speaking voice and eventually his life.

"I love the imagery of struggle," he wrote about his illness in an August 2010 essay in Vanity Fair. "I sometimes wish I were suffering in a good cause, or risking my life for the good of others, instead of just being a gravely endangered patient."

Hitchens, a Washington, D.C.-based author, essayist and polemicist who waged verbal and occasional physical battle on behalf of causes left and right, died Thursday night at M.D. Anderson Cancer Center in Houston of pneumonia, a complication of his esophageal cancer, according to a statement from Vanity Fair magazine. He was 62.

"There will never be another like Christopher. A man of ferocious intellect, who was as vibrant on the page as he was at the bar," said Vanity Fair editor Graydon Carter. "Those who read him felt they knew him, and those who knew him were profoundly fortunate souls."

He had enjoyed his drink (enough to "to kill or stun the average mule") and cigarettes, until he announced in June 2010 that he was being treated for cancer of the esophagus.

He was a most engaged, prolific and public intellectual who wrote numerous books, was a frequent television commentator and a contributor to Vanity Fair, Slate and other publications. He became a popular author in 2007 thanks to "God Is Not Great," a manifesto for atheists.

"Christopher Hitchens was everything a great essayist should be: infuriating, brilliant, highly provocative and yet intensely serious," said Britain's Deputy Prime Minister Nick Clegg. "I worked as an intern for him years ago. My job was to fact check his articles. Since he had a photographic memory and an encyclopedic mind, it was the easiest job I've ever done."

Long after his diagnosis, his columns and essays appeared regularly, savaging the royal family, reveling in the death of Osama bin Laden or pondering the letters of poet Philip Larkin. He was intolerant of nonsense, including about his own health. In a piece that appeared in the January 2012 issue of Vanity Fair, he dismissed the old saying that what doesn't kill you makes you stronger.

"So far, I have decided to take whatever my disease can throw at me, and to stay combative even while taking the measure of my inevitable decline. I repeat, this is no more than what a healthy person has to do in slower motion," he wrote. "It is our common fate. In either case, though, one can dispense with facile maxims that don't live up to their apparent billing."

Eloquent and intemperate, bawdy and urbane, Hitchens was an acknowledged contrarian and contradiction ? half-Christian, half-Jewish and fully nonbelieving; a native of England who settled in America; a former Trotskyite who backed the Iraq war and supported George W. Bush. But his passions remained constant and targets of his youth, from Henry Kissinger to Mother Teresa, remained hated.

He was a militant humanist who believed in pluralism and racial justice and freedom of speech, big cities and fine art, and the willingness to stand the consequences. He was smacked in the rear by then-British Prime Minister Margaret Thatcher and beaten up in Beirut. He once submitted to waterboarding to prove that it was indeed torture.

Hitchens was a committed sensualist who abstained from clean living as if it were just another kind of church. In 2005, he recalled a trip to Aspen, Colo., and a brief encounter after stepping off a ski lift.

"I was met by immaculate specimens of young American womanhood, holding silver trays and flashing perfect dentition," he wrote. "What would I like? I thought a gin and tonic would meet the case. `Sir, that would be inappropriate.' In what respect? `At this altitude gin would be very much more toxic than at ground level.' In that case, I said, make it a double."

An emphatic ally and inspired foe, he stood by friends in trouble ("Satanic Verses" novelist Salman Rushdie) and against enemies in power (Iran's Ayatollah Ruhollah Khomeini). His heroes included George Orwell, Thomas Paine and Gore Vidal (pre-Sept. 11). Among those on the Hitchens list of shame: Michael Moore; Saddam Hussein; Kim Jong Il; Sarah Palin; Gore Vidal (post Sept. 11); and Prince Charles.

"We have known for a long time that Prince Charles' empty sails are so rigged as to be swelled by any passing waft or breeze of crankiness and cant," Hitchens wrote in Slate in 2010 after the heir to the British throne gave a speech criticizing Galileo for the scientist's focus on "the material aspect of reality."

"He fell for the fake anthropologist Laurens van der Post. He was bowled over by the charms of homeopathic medicine. He has been believably reported as saying that plants do better if you talk to them in a soothing and encouraging way. But this latest departure promotes him from an advocate of harmless nonsense to positively sinister nonsense."

Hitchens was born in Portsmouth, England, in 1949. His father, Eric, was a "purse-lipped" Navy veteran known as "The Commander"; his mother, Yvonne, a romantic who later killed herself during an extramarital rendezvous in Greece. Young Christopher would have rather read a book. He was "a mere weed and weakling and kick-bag" who discovered that "words could function as weapons" and so stockpiled them.

In college, Oxford, he made such longtime friends as authors Martin Amis and Ian McEwan, and claimed to be nearby when visiting Rhodes scholar Bill Clinton did or did not inhale marijuana. Radicalized by the 1960s, Hitchens was often arrested at political rallies, was kicked out of Britain's Labour Party over his opposition to the Vietnam War and became a correspondent for the radical magazine International Socialism. His reputation broadened in the 1970s through his writings for the New Statesman.

Wavy-haired and brooding and aflame with wit and righteous anger, he was a star of the left on paper and on camera, a popular television guest and a columnist for one of the world's oldest liberal publications, The Nation. In friendlier times, Vidal was quoted as citing Hitchens as a worthy heir to his satirical throne.

But Hitchens never could simply nod his head. He feuded with fellow Nation columnist Alexander Cockburn, broke with Vidal and angered freedom of choice supporters by stating that the child's life begins at conception. An essay for Vanity Fair was titled "Why Women Aren't Funny," and Hitchens wasn't kidding.

He had long been unhappy with the left's reluctance to confront enemies or friends. He would note his strong disappointment that Arthur Miller and other leading liberals shied from making public appearances on behalf of Rushdie after the Ayatollah Khomeini called for his death. He advocated intervention in Bosnia and the overthrow of Saddam Hussein in Iraq.

Rushdie posted on his Twitter page early Friday: "Goodbye, my beloved friend. A great voice falls silent. A great heart stops."

No Democrat angered him more than Clinton, whose presidency led to the bitter end of Hitchens' friendship with White House aide Sidney Blumenthal and other Clinton backers. As Hitchens wrote in his memoir, he found Clinton "hateful in his behavior to women, pathological as a liar, and deeply suspect when it came to money in politics."

He wrote the anti-Clinton book, "No One Left to Lie To," at a time when most liberals were supporting the president as he faced impeachment over his affair with Monica Lewinsky. Hitchens also loathed Hillary Rodham Clinton and switched his affiliation from independent to Democrat in 2008 just so he could vote against her in the presidential primary.

The terrorist attacks of Sept. 11, 2001, completed his exit. He fought with Vidal, Noam Chomsky and others who either suggested that U.S. foreign policy had helped cause the tragedy or that the Bush administration had advanced knowledge. He supported the Iraq war, quit The Nation, backed Bush for re-election in 2004 and repeatedly chastised those whom he believed worried unduly about the feelings of Muslims.

"It's not enough that faith claims to be the solution to all problems," he wrote in Slate in 2009 after a Danish newspaper apologized for publishing cartoons of the prophet Muhammad that led Muslim organizations to threaten legal action. "It is now demanded that such a preposterous claim be made immune from any inquiry, any critique, and any ridicule."

His essays were compiled in such books as "For the Sake of Argument" and "Prepared for the Worst." He also wrote short biographies/appreciations of Paine and Thomas Jefferson, a tribute to Orwell and "Letters to a Young Contrarian (Art of Mentoring)," in which he advised that "only an open conflict of ideas and principles can produce any clarity." A collection of essays, "Arguably," came out in September 2011 and he was planning a "book-length meditation on malady and mortality." He appeared in a 2010 documentary about the topical singer Phil Ochs.

Survived by his second wife, author Carol Blue, and by his three children (Alexander, Sophia and Antonia), Hitchens had quotable ideas about posterity, clarified years ago when he saw himself referred to as "the late" Christopher Hitchens in print. For the May 2010 issue of Vanity Fair, before his illness, Hitchens submitted answers for the Proust Questionnaire, a probing and personal survey for which the famous have revealed everything from their favorite color to their greatest fear.

His vision of earthly bliss: "To be vindicated in my own lifetime."

His ideal way to die: "Fully conscious, and either fighting or reciting (or fooling around)."

Source: http://us.rd.yahoo.com/dailynews/rss/us/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_en_ot/us_obit_hitchens

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Book Review : Book Review: Relics: Travels in Nature's Time Machine by Piotr Naskrecki

Some species are survival champs, able to persist for millions of years virtually unchanged. Known as ?relicts,? their long lineages give biologists a glimpse of what life was like before humans could observe it.

Naskrecki, an entomologist and photographer, titled the book Relics rather than Relicts as a respectful nod to his subjects? status as objects of antiquity. Part travelog, part natural history, the book chronicles his journeys from rain forest to Wyoming sagebrush plain in search of these relics. Naskrecki?s writing is sincere, enlightening and sometimes genuinely funny, as when he describes his harrowing adventure with bungee jumping in New Zealand or how he received a nasty chomp from a New Guinean possum while a biologist friend stood by and assured him, ?these possums never bite!?

But the photographs are the real draw here. Naskrecki gets up close to plants and animals to capture them in vivid, colorful detail. Turning the pages is like turning over rocks in the garden ? what crawls out can be startling, or bizarre, but always fascinating. ? Allison Bohac

Univ. of Chicago, 2011, 342 p., $45


Source: http://www.sciencenews.org/view/generic/id/336970/title/Book_Review__Book_Review_Relics_Travels_in_Natures_Time_Machine__by_Piotr_Naskrecki_

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Friday, December 16, 2011

Fitch says comprehensive euro zone deal "beyond reach" (Reuters)

ROME/BERLIN (Reuters) ? Credit rating agency Fitch told the euro zone on Friday it thinks a comprehensive solution to the bloc's debt crisis is beyond reach, as it put an number of the bloc's economies including Italy on watch for potential downgrades.

It reaffirmed France's top-notch triple-A rating but even here said the outlook was now negative over a longer term.

Underscoring the tensions within the bloc over the crisis that has spread relentlessly over the past two years, Italy's prime minister earlier urged European policymakers to beware of dividing the continent with their efforts to fight its debt crisis, warning against a "short-term hunger for rigor" in some countries, in a swipe at Germany.

Germany has led resistance to allowing the European Central Bank to ramp up its buying of government bonds on the open market to a big enough scale to douse the crisis.

Fitch said that following the EU summit a week ago it had concluded that "a 'comprehensive solution' to the eurozone crisis is technically and politically beyond reach.

"Of particular concern is the absence of a credible financial backstop. In Fitch's opinion this requires more active and explicit commitment from the ECB to mitigate the risk of self-fulfilling liquidity crises for potentially illiquid but solvent Euro Area Member States," Fitch said.

It put Belgium, Spain, Slovenia, Italy, Ireland, and Cyprus on negative watch. Another ratings agency, Standard & Poor's, had already warned 15 of the currency bloc's 17 members they were close to a downgrade.

Earlier German Chancellor Angela Merkel gained some respite from domestic pressure to take a tougher line in the euro zone crisis when Eurosceptics hostile to more bailouts lost a referendum in her junior coalition partner, the Free Democrats, aimed at blocking a permanent rescue fund.

Meanwhile, a first draft of a planned fiscal union treaty among euro zone countries and aspiring members, published on Friday, showed that countries could be taken to the European Court of Justice if they fail to meet agreed budget targets.

Merkel - under pressure from the revered Bundesbank to force debt-saddled euro zone countries to reform and save their way out of crisis with austerity measures - has led a push for automatic sanctions for deficit "sinners" in the bloc.

This has fed concerns that excessive belt-tightening in southern countries could send their economies into a negative spiral with no prospect of growing out of the crisis, while feeding resentment in the prosperous north.

Italian Prime Minister Mario Monti said Europe's response to the debt crisis "should be wrapped in a long-term sustainable approach, not just to feed short-term hunger for rigor in some countries.

"To help European construction evolve in a way that unites, not divides, we cannot afford that the crisis in the euro zone brings us ... the risk of conflicts between the virtuous North and an allegedly vicious South," he told a conference in Rome.

In Germany, turnout in the FDP bailout referendum fell short of the necessary quorum of one-third of the party's membership, and only 44.2 percent voted for dissident lawmaker Frank Schaeffler's motion against the planned European Stability Mechanism.

A victory for the Eurosceptics could have brought down Merkel's centre-right coalition, but the outcome still left the FDP split, with its public support in tatters.

BANKS TO SHUN BONDS?

French officials have sought to prepare the public for the likelihood that Paris will lose its top-notch rating from S&P for the first time since 1975, playing down the potential setback and focusing attention instead on neighbouring Britain.

"The economic situation in Britain today is very worrying, and you'd rather be French than British in economic terms," Finance Minister Francois Baroin said in a radio interview, a day after Bank of France governor Christian Noyer said that if ratings agencies were even-handed, Britain deserved to be downgraded before France.

Britain's Deputy Prime Minister Nick Clegg said French Prime Minister Francois Fillon had called him to explain that "it had not been his intention to call into question the UK's rating but to highlight that ratings agencies appeared more focused on economic governance than deficit levels."

Clegg's office said he accepted the explanation "but made the point that recent remarks from members of the French Government about the UK economy were simply unacceptable and that steps should be taken to calm the rhetoric."

Euro zone officials said potential downgrades, particularly from S&P, could raise the cost of borrowing for the region's existing EFSF bailout fund but would not make a big difference to its operations.

EFSF chief Klaus Regling told the Rome conference there was about 600 billion euros available to fight the crisis, more than Italy and Spain's combined funding needs for 2012.

"If Italy and Spain were to ask for support their gross financing needs for 2012 are less than that and I don't think they would need to be taken off the market," he said.

The EFSF has the option of providing first loss insurance on new bond issues, but the country concerned would have to make a formal request and negotiate conditionality, while the sum guaranteed would have to be agreed unanimously by EFSF members, subject to German parliamentary approval.

Euro zone countries are to hold a conference call next Monday to agree on a boost to the International Monetary Fund's lending capacity, as part of measures to help cope with the debt crisis, to which they will commit 150 billion euros, Slovak Finance Minister Ivan Miklos told Reuters.

The United States has refused to offer any additional funding and it remains to be seen how much non-European economies such as China, Russia, Brazil and India are willing to commit.

The European Central Bank has resisted calls to embark on unlimited purchases of euro zone sovereign bonds to quell the debt crisis, putting the onus back on governments and their collective financial firewalls.

ECB President Mario Draghi said on Thursday that euro zone governments were on the right track to restore market confidence and the ECB's bond-buy plan was "neither eternal nor infinite."

But in one intriguing hint on Friday, Bank of Italy governor Ignazio Visco told the Rome conference: "The impression is that there is only one way to convince markets and we'll work on that." He did not elaborate.

The comments came amid growing signs that banks are resisting pressure from governments to come to the aid of debt-choked euro zone countries by using cheap money lent by the ECB to buy more sovereign bonds.

With euro zone governments needing to sell almost 80 billion euros of fresh debt in January alone, the stand-off between policymakers and banks could turn the slow-burning debt crisis into a conflagration in the New Year.

The chief executive of UniCredit, one of Italy's two biggest banks, said this week using ECB money to buy government debt "wouldn't be logical."

In Greece, where the debt crisis began two years ago, a senior official of the EU/IMF troika team negotiating terms for a second bailout package said there was no guarantee that talks on the private sector's contribution would lead to a voluntary deal involving the bulk of its creditors.

Agreement has been held up by wrangling over issues ranging from the credit status and interest coupons on the new bonds to legal guarantees to be offered by the official sector. Another key question is how many sign up to a private sector debt swap.

Failure to secure agreement could force a disorderly default which might in turn trigger a wider emergency across the euro zone.

Asked if there was a risk of a disorderly Greek default, the troika official said: "Our objective is still to have a voluntary operation. If you ask me: is there a guarantee that there will be a voluntary operation? Of course there can never be a guarantee."

(Additional reporting by Steve Scherer in Rome, Annika Breidthardt in Berlin, Gareth Gore, Natsuko Waki, Kirsten Donovan and Ana Nicolaci da Costa in London, Martin Santa in Bratislava, Ingrid Melander in Athens; Writing by Paul Carrel and Paul Taylor/Ruth Pitchford; Editing by Jeremy Gaunt)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111216/bs_nm/us_eurozone

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GOP lawmakers critical of rail proposal (AP)

WASHINGTON ? Republican lawmakers are casting doubts on the viability of California's high-speed rail project and suggesting they're ready to halt federal funding to build the proposed 800-mile line.

A House panel held a hearing Thursday on the viability of the project, which has more than doubled in cost to $98.5 billion. GOP Rep. John Mica of Florida, the panel's chairman, described the project as "imploding." Others called it a boondoggle.

But Democratic lawmakers said the state's transportation network is overwhelmed and that alternatives are needed to keep the state economically competitive.

Democratic Rep. Jim Costa of California said that with low interest rates and inflation, now is the perfect time to invest heavily in the high-speed rail line.

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20111215/ap_on_go_co/us_congress_high_speed_rail

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