Ga. counties sue HSBC claiming loss of tax base

ATLANTA (AP) ? Three Atlanta-area counties have filed a lawsuit claiming that British bank HSBC cost them hundreds of millions of dollars in extra expenses and damage to their tax bases by aggressively signing minorities to housing loans that were likely to fail.

The Georgia counties' failure or success with the relatively novel strategy could help determine whether other local governments try to hold big banks accountable for losses in tax revenue based on what they claim are discriminatory or predatory lending practices. Similar lawsuits resulted in settlements this year worth millions of dollars for communities in Maryland and Tennessee.

Fulton, DeKalb and Cobb counties say in their lawsuit, which was filed in October, that the housing foreclosure crisis was the "foreseeable and inevitable result" of big banks, such as HSBC and its American subsidiaries, aggressively pushing irresponsible loans or loans that were destined to fail. The counties say that crisis has caused them tremendous damage.

"It's not only the personal damage that was done to people in our communities," said DeKalb County Commissioner Jeff Rader. "That has a ripple effect on our tax digest and the demand for public services in these areas."

The city of Atlanta straddles Fulton and DeKalb counties, while Cobb County is northwest of the city.

The lawsuit says the banks violated the Fair Housing Act, which provides protections against housing or renting policies or practices, including lending, that discriminate on the basis race, color, national origin, religion, sex, family status or handicap.

The counties say their tax digests ? which represent the value of all property subject to tax ? have declined from a high point in 2009. Fulton's tax digest has dropped about 12 percent, from $32.7 billion to $28.7 billion; DeKalb's has dropped about 20 percent, from $22 billion to $17.5 billion; and Cobb's has dropped about 15 percent, from $25.5 billion to $21.3 billion, the lawsuit says. That reduces their ability to provide critical services in their communities, the lawsuit says.

In addition to reducing tax income, vacant or abandoned homes that are in or near foreclosure create additional costs for the counties, the lawsuit says. Their housing code and legal departments have to investigate and respond to code violations, including having to board up, tear down or repair unsafe homes. They have to deal with public health concerns, such as pest infestations, ruptured water pipes, accumulated garbage and unkempt yards. And fire and police departments have to respond to health and safety threats.

The lawsuit says predatory lending practices include: targeting vulnerable borrowers for mortgage loans with unfavorable terms; directing credit-worthy borrowers to more costly loans; putting unreasonable terms, excessive fees or pre-payment penalties into mortgage loans; basing loan values on inflated or fraudulent appraisals; and refinancing a loan without benefit to the borrower.

The counties are asking the court to order the bank to stop its behavior and to take steps to prevent similar predatory lending in the future. They are also seeking financial compensation for the damages they've suffered and punitive damages to punish the bank for its "willful, wanton and reckless conduct." The counties say the financial injury they've suffered is in the hundreds of millions of dollars.

Andrew Sandler, a lawyer for HSBC and its subsidiaries, said he couldn't comment on the case. A federal judge has given the bank until Jan. 25 to respond to the counties' complaint.

Lawyers for the counties declined interviews on the case, but one of them, Jeffrey Harris, said in an emailed statement that they are continuing to investigate other banks and could file additional complaints.

Similar suits were filed against Wells Fargo by the city of Memphis and surrounding Shelby County in Tennessee in 2009 and by the city of Baltimore in 2008. Those suits were settled earlier this year. Both settlements included $3 million to the local governments for economic development or housing programs and $4.5 million in down payment assistance to homeowners, as well as a lending goal of $425 million for residents over the subsequent five years, according to media accounts.

As in those cases, the lawsuit filed by the Georgia counties says the bank, in this case HSBC, targeted communities with high percentages of Fair Housing Act-protected minority residents, particularly blacks and Hispanics.

"Communities with high concentrations of such potential borrowers, and the potential borrowers themselves, were targeted because of the traditional lack of access to competitive credit choices in these communities and the resulting willingness of FHA protected minority borrowers to accept credit on uncompetitive rates," the lawsuit says.

The lawsuit says minority borrowers were disproportionately targeted with high-cost loans between 2004 and 2007.

Before the beginning of the subprime lending boom in 2003, annual foreclosure rates in metro Atlanta averaged below 1 percent, but U.S. Department of Housing and Urban Development data show that the estimated foreclosure rates for each of the three counties now average more than 9 percent and are as high as 18 percent in the communities with the highest percentages of minority borrowers, the lawsuit says.

It is the alleged targeting of minority communities that entitles the counties to seek action against HSBC for loss of tax income and other expenses, the lawsuit says.

"If you can show that you yourself have suffered harm by an illegal act under the Fair Housing Act, even if you are not the target, even if you are not the intended victim, you can still sue to stop the behavior and to recover any damages that you can prove you suffered because of the violation of the Fair Housing Act," said Steve Dane, a lawyer whose firm was involved in the Memphis and Baltimore lawsuits.

The costs incurred by counties because of high rates of foreclosure are reflected in court records and related fees for each home, and police and fire departments can calculate the costs of responding to a given address, Dane said. He said it takes a lot of time and effort to gather the necessary records to prove the harm.

Another discouraging factor could be a lack of political will, said Lisa Rice, vice president of the National Fair Housing Alliance.

"Politicians may not want to go up against the banks," she said, adding that there will likely be other local governments that give this a try but she doubts the number will be high.

But Jaime Dodge, an assistant law professor at the University of Georgia, says she thinks more cases are likely, at least in the short term as municipal governments continue to feel the squeeze of a tight economy and seek ways to refill their coffers. They may try to test federal courts in different parts of the country, she said. Successes in multiple jurisdictions could lead to more attempts, but if courts start knocking the suits down that would likely discourage them, she said.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-12-24-US-Counties-Foreclosure-Lawsuit/id-76cc8b9f1e714f639da86672c294172c

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Storm brings white Christmas, tornado threat to central U.S

WASHINGTON (Reuters) - A major winter storm brought a rare white Christmas to the southern U.S. plains on Tuesday, contributing to a 21-vehicle pile-up that shut down a major highway in Oklahoma.

The storm system surging east from Kansas and the Texas Panhandle includes the threat of tornados and severe thunderstorms along its southern fringe, from southeast Texas to Alabama, the National Weather Service said.

The storm is expected to bring blizzard conditions and 6 to 8 inches of snow as it strengthens and moves northeast into the upper Ohio River valley through southern Missouri and Illinois, it said.

Freezing drizzle overnight led to 10 separate collisions on Interstate 40 at Oklahoma City just before 3 a.m., said Trooper Betsy Randolph, a spokeswoman for the Oklahoma Highway Patrol.

The 21-vehicle pile-up included three tractor-trailers and shut down the westbound lanes for about five hours, she said. Twelve people were taken to hospitals, and troopers are checking on the severity of their injuries.

In a rare taste of Christmas snow, Oklahoma City is forecast to get 3 to 6 inches of the white stuff on Tuesday. The city's biggest Christmas snowfall was 6.5 inches in 1914, and measurable amounts have been recorded only a handful of times on the date.

Several flights were canceled at Oklahoma City's Will Rogers World Airport on Monday ahead of the storm, but conditions on Tuesday morning were good, the airport said in a statement.

Ahead of the storm's path, parts of eastern West Virginia are under a winter storm warning. Ice accumulations of up to half an inch are expected in higher elevations, the National Weather Service said.

(Reporting by Ian Simpson; Editing by Sandra Maler)

Source: http://news.yahoo.com/storm-brings-white-christmas-tornado-threat-central-u-163807019.html

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Google vs. Microsoft: Santa-trackers out of sync

13 hrs.

Not even Santa Claus can avoid getting drawn into the tech clash between Google and Microsoft: The two companies have set up separate online systems to track where the Jolly Old Elf has been on Christmas Eve?? but they show him simultaneously at widely separated locations, delivering presents at a dramatically different rate.

On the official "NORAD Tracks Santa" website, powered this year by Microsoft, Santa Claus was in Rome, well past the 3-billion-present mark in his holiday rounds. At the same time, Google's Santa Tracker showed him buzzing through Agadez in the African country of Niger, not quite up to the 1-billion-present mark.

They can't both be right. Can they? Here's the word from Search?Engine?Land's Danny Sullivan, who has been tracking the discrepancy in this year's?Santa-tracking software:

"NORAD explains that it uses everything from radar to jets to track Santa. Google doesn?t explain its technology, but I suspect it tries to triangulate Santa using his cell phone signal or use of wifi hotspots.

"As for why NORAD shows Father Christmas delivering three?times the number of gifts that Google is listing, perhaps NORAD?s radars can better pinpoint presents while Google might be doing estimating.?Meanwhile? both services sometimes show presents being delivered over oceans! And why is NORAD showing Santa arriving in some places at 9pm rather than midnight, as has been the case in the past?"

Maybe this is just the sort of thing that happens when you switch software: NORAD (also known as the North American Aerospace Defense Command) has been monitoring Santa's flight as a public service since 1955, and five years ago, it teamed up with Google to keep up with the crush of Web traffic. This year, however, the NORAD Santa operation parted ways with Google and partnered with Microsoft instead.

Google stayed in the Santa game by setting up its own tracking system for "Santa's Dashboard" and Google Maps?? a system that doesn't make use of NORAD's tracking data.

Today, Canadian Maj. Gen. Andre Viens, a spokesman for NORAD, declined to intervene in the Santa-tracking war.

"It's not affecting our tracking," Viens told MSNBC. "We're not in competition with anyone. Our role, and we've been doing that for more than?50 years, is to track Santa and make sure that he has a safe and secure journey throughout the world, and throughout North America in particular."

TODAY:?Follow Santa's Christmas Eve flight

PhotoBlog: Inside NORAD's command center

Maybe it shouldn't be surprising to find?that it's so difficult to get a firm fix on Santa's position, considering how many presents he has to deliver in so little time. Some experts have speculated that the only way Santa could ?deliver gifts (or lumps of coal) to billions of homes in the course of just a few hours would be if he somehow harnessed quantum teleportation. And once you accept that, it's not that big of a leap to detect Santa in two places at once.

Alan Boyle is the science editor for NBC News Digital, and has been tracking NORAD's Santa tracker since 1998.?Boyle's usual online?hangout is over at Cosmic Log.

Source: http://www.nbcnews.com/technology/technolog/google-vs-microsoft-santa-tracking-systems-go-out-sync-1C7657754

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Tribal Tattoos Style For Arms Guys ? Arts and Entertainment ...

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Source: http://artsandentertainment.deadale.com/uncategorized/tribal-tattoos-style-for-arms-guys/

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Get Unstuck! Galvanize Your Thoughts With Great Home ...

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Have you ever began a home improvement project and it became more that you ever anticipated?

One option that many other homeowners use is hiring a temporary labor service crew. If you decide to do this with your next big project, make sure that there are no language issues. There should be at least one person with the crew that can speak both your language and the language of the other workers.

If you can?t stand the smell of wet paint, try mixing a few drops of real vanilla extract into each gallon of paint?so long as you aren?t using white. The lovely smell of vanilla will overpower the paint fumes, so painting a room or piece of furniture can become a much more pleasant task.

If you are looking for home improvement ideas that can add value to your house, then lighten everything up by adding space if you can. If your rooms are small, then this gives a cramped/dark feeling to them. Look to see if you can knock down a wall to combine two rooms (possibly between a kitchen and dining room). This will give a light and airy feeling to the space.

What better way to enhance the aesthetics of your home than a nice patio or deck. Relax out in the sun or BBQ on a Sunday afternoon. Wooden decks with nice finishes create a space for enjoyment in your back yard and beautifully accessorize your home. Think about planning that wooden deck or patio today.

Add curb appeal and increase the value of your home by adding one or two coats of high-gloss paint to your front door and shutters. Homes with light-colored brick or vinyl siding look especially attractive with bright red or blue paint; a darkly colored home exterior looks great with a deep, cool color like eggplant or jade green.

Make sure that your contractor checks on the building code, whenever you make a major change to your house! Often, people will make sweeping changes to their house just because they feel like it or because they feel it will make their home more grand. If you make a change that causes a safety issue, you could end up in major trouble down the line.

Consider installing a recycling center into your new renovated kitchen to make separating your garbage, compost, and recyclables easily. This will encourage your family to make sure they?re pitching in and not throwing things out because sorting them is just too difficult. Helping the environment can be done one can or jar a time.

If you are looking to install skylights or already have them in your home, it can be a costly item during summertime. In the summer months, the sun is shining overhead emitting lots of heat. The heat will require you to run your air conditioner at a higher level. However, in recent years, there has been high quality glazes developed that aid your windows in blocking out excessive heat and keeping it in during winter months. Talk to your local window dealer about the benefits of purchasing glazed windows.

When you are trying to narrow down which home improvements to tackle first, a good plan is to make a wish list first, of everything that you would do if you could do it all. Go through your home and figure out what needs fixed and make a note of each item. Then you can begin to prioritize what items are the most pressing and what you can afford to fix first.

If safety is a concern, install motion detectors. These are a great home improvement project because not only is it simple and fairly inexpensive, it also deters thieves and lowers your insurance premiums. These motion detectors activate lights when motion is detected, letting you know when someone has entered your home.

Bathroom Vanities

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Adequate lighting in a bathroom has everything to do with making the most out of your space. It is important that the right lighting scheme be used. If you use the right amount of light, it can make your bathroom the relaxing space that it needs to be. Evaluate your bathroom lighting today, and see if there are any improvements you can make.

Choose satin paint in an area that may need constant cleaning. Satin paint has a gorgeous sheen, and is suitable for family room and children?s rooms, and the bathroom or kitchen, as it is very easy to clean. Bear in mind that touch-ups can be difficult, as a difference in sheen would be obvious.

When painting your bathroom, kitchen, or other area that sees lots of moisture (or kids? hands), choose a semi-gloss or high-gloss paint. Unlike flat (matte) paints, glossy surfaces are easier to wipe clean and are less likely to show spots when exposed to moisture from steamy showers or boiling pots.

As more and more people look for affordable ways to convey style and distinction, lighting companies are stepping up to the plate with mid-range price points and smaller versions of their most elaborate pieces. A mini-chandelier in your bedroom or master bathroom is a tongue-in-cheek accent piece that is perfectly suited to a contemporary look and feel.

Avoid making expensive renovations based on personal tastes. Spending $1,000 a tile on your bathroom may seem like a good plan but the odds are if you eventually sell, you will not recoup that money. If the change is not something that can be appreciated by someone other than you, consider doing something different.

If you are buying a new bathtub, be sure to sit in the tub and lie back in it to be certain it?s the right size and shape for you before purchasing it. Also, take good measurements of your bathroom space to be sure the tub will fit in the space you have.

Try updating your bathrooms because, like the kitchen, this room is very important, too. It can easily be improved without a lot of money. Try simple things like a new toilet seat or a fancier sink. They can totally transform the look and feel of the bathroom. Also, try replacing your tile floors, walls, and re-grouting your shower and tub.

Instead of purchasing white towels for your bathroom, choose darker colors or patterns. White is a color that picks up everything and needs constant bleaching. You can choose to have your fingertip towels and washcloths to be one color and your actual bath towels to be a different color altogether. It saves a lot of trouble when washing and makes your bathroom appear a lot cleaner and put together.

When it comes to home improvement, it is important to know which types of improvements will add to the value of your home and which will not. This will be important when it does come time to sell your house. Such general maintenance such as sealing the driveway and replacing the roof will not add to the value, however, an additional bathroom or a patio may.

If you?re trying to improve the look of your kitchen or bathroom, consider installing a colorful back splash. You can purchase colorful tiles for really cheap. If you have the skills to install the tile by yourself, you will save money by not having to hire someone to do the work for you.

Written by: Renz Alcantaraon December 23, 2012

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Cowboys lose to Saints in OT but still have chance

By SCHUYLER DIXON

AP Sports Writer

Associated Press Sports

updated 6:37 p.m. ET Dec. 23, 2012

ARLINGTON, Texas (AP) - Drew Brees and the New Orleans Saints won't go to the playoffs in their season without suspended coach Sean Payton. The Dallas Cowboys still have a say in whether they get there.

Playing near Payton's home in a Dallas suburb, Brees threw for 446 yards and three touchdowns and led a drive to Garrett Hartley's winning 20-yard field goal in overtime, and the Saints briefly took the Cowboys' playoff fate out of their hands with a 34-31 overtime victory on Sunday.

The Cowboys (8-7) regained control of their postseason hopes when the New York Giants lost at Baltimore later Sunday. Dallas will make the playoffs as the NFC East champion with a victory at Washington next weekend. A wild-card spot is no longer a possibility for the Cowboys.

The Saints, who started 0-4 after being stunned by the yearlong ban for Payton in the team's bounty scandal, lost their faint playoff hopes when Minnesota beat Houston, and had to hold off a two-touchdown rally in the final 3:35 from the Cowboys.

Tony Romo had 416 yards passing and four touchdowns, including a 19-yarder to Miles Austin with 15 seconds left in regulation to send the game to overtime.

"We're never going to let anyone tell us we're not playing for something," Brees said. "We knew there were a lot of things that had to happen. We wanted to worry about the things we could control. What would have been worse is if Minnesota had lost and we had lost."

After New Orleans (7-8) forced a punt on the first possession of overtime, Brees moved the Saints to the Cowboys 33. He completed a pass to Marques Colston, who took a couple of steps before Morris Claiborne stripped the ball, sending it rolling about 20 yards to the Dallas 2.

Jimmy Graham, who said he dislocated a finger on a 26-yard catch to start the drive, won a scrum with Dallas' Eric Frampton. The completion that started the bizarre play was held up on review, clearing the way for Hartley's kick.

"I looked at the replay and I knew there was a fumble," Claiborne said. "I was looking at it saying, `Please, let the pass be incomplete."'

The Cowboys started the day with their playoff fate in their hands, and ended it the same way thanks to the Ravens, who beat the Giants 33-14. A Dallas win over the Redskins would guarantee a tie atop the NFC East, and the Cowboys hold the tiebreaker edge.

"When you are in this situation, you have to go forth like you are playing for a playoff spot," Dallas defensive end Marcus Spears said. "Trying to determine what will happen, all of that will get in the way of us preparing for the Redskins."

The Cowboys pulled within a touchdown on a 16-yard pass from Romo to Dwayne Harris and got the ball back with 1:29 remaining. Romo led the Cowboys 64 yards in seven plays, capped by the tying toss to Austin, who caught the ball on his knees in the end zone. It was Dallas' third overtime game in the past five at home.

"There was no panic," Brees said. "It was almost like we knew the game would come down to something like this. We just wanted that opportunity and the defense gave it to us."

Romo also had a pair of 58-yard scoring passes to Dez Bryant, who had a career-high 224 yards receiving. Romo was 26 of 43 and broke his own franchise record for passing yards in a season. He has 4,685.

The Saints, coming off a 41-0 blowout of Tampa Bay, took the lead in the third quarter after a 54-yard punt pinned Dallas at its 3. On the first play, Curtis Lofton stripped DeMarco Murray and Lofton recovered at the 5. Brees found Pierre Thomas open at the goal line for a 24-17 lead.

Brees was 37 of 53 in the ninth 400-yard game of his career.

"I don't know how many more accolades I have to say about him," Saints interim coach Joe Vitt said. "You want me to put them on my W2 form or what?"

The Cowboys put the Saints at their 2 with a 63-yard punt on their next possession, but Brees responded with a touchdown drive keyed by a 60-yard completion to Colston, who had 153 yards receiving. Colston broke a tackle by Gerald Sensabaugh before Sterling Moore ran him down at the Dallas 3.

The Saints turned a 14-7 deficit late in the first half into a 17-14 halftime lead in the final 1:11.

Brees led a 90-yard scoring drive that included Vitt changing his mind and going on fourth-and-1 from the Dallas 23. A completion to Colston was overturned on replay, but Cowboys linebacker Anthony Spencer lined up offside to give the Saints a first down anyway. Brees threw a 6-yard scoring pass to Lance Moore three plays later.

NOTES: Dallas tight end Jason Witten had two catches in OT, breaking Tony Gonzalez's NFL season record of 102 catches for a tight end set in 2004. Witten has 103. ... Cowboys LB Ernie Sims left in the first half with dizziness a week after sustaining a concussion. ... Saints CB Jabari Greer, who had two interceptions last week, left the game with a concussion.

---

Online: http://pro32.ap.org/poll and http://twitter.com/AP-NFL

? 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Ravens run over Giants, clinch AFC North title

The Baltimore Ravens shrugged off a slew of bad performances in dismantling the Giants on Sunday, notching a 33-14 win that locked up the AFC North crown and pushed New York to the brink of playoff elimination.

Source: http://nbcsports.msnbc.com/id/50285415/ns/sports-nfl/

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4 killed in wrong-way minivan collision

By NBC News staff

A minivan going the wrong way on a southwestern Ohio highway struck another minivan head-on early Sunday, killing four people and critically injuring two others, authorities said.

The first minivan was carrying a family leaving a Christmas party, and the vehicle it struck was carrying a family going to see grandparents for the holidays, The Associated Press reported.


The accident happened about 2:30 a.m. on Interstate 75 near milepost 35 in Warren County, near the town of Franklin.

In a news release, Ohio State Patrol Lt. Anne Ralston said a 1997 Dodge minivan was traveling south in the northbound lanes on I-75 when it struck a 2000 Chrysler minivan.

The driver of the Dodge minivan, Joshua Nkansah, 40, of Fairfield, Ohio, and his 7-year-old son, David Nkansah, died at the scene, Ralston said. A 4-year-old boy in the van was transported to a hospital in Middletown and then flown to Children?s Hospital in Cincinnati with what troopers said were life-threatening injuries.

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The driver of the Chrysler minivan, Michele Barhorst, 31, of Madisonville, Tenn., also died at the scene. Her husband, Scott Barhorst, 37, was flown to a hospital in Cincinnati where he died from his injuries, troopers said. A 9-year-old in the van was flown to Dayton Children's Hospital with life-threatening injuries. Two other children, ages 8 and 11, were being treated at a Middletown hospital for serious injuries, and an 18-year-old was being treated there for minor injuries, the patrol said.

Alcohol was a suspected factor in the crash, Ralston said.

Ohio State Patrol Sgt. Stan Jordan told the AP that investigators smelled liquor in the minivan that was going the wrong way and found a bottle of alcohol in the vehicle.

The accident shut down the highway for several hours Sunday morning, WDTN-TV reported.

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"Fiscal cliff" drag on economy less than feared so far

WASHINGTON (Reuters) - The U.S. economy showed surprising signs of resilience in November despite the approach of the so-called fiscal cliff as consumer spending rose by the most in three years and a gauge of business investment jumped.

Consumer spending rose 0.6 percent when adjusted for inflation, while new factory orders for capital goods outside the defense and aerospace sectors - a proxy for business spending plans - jumped 2.7 percent, the Commerce Department said on Friday.

Economists had pinned earlier weakness in investment plans on worries lawmakers and the White House might fail to strike a deal to avoid the brunt of tax hikes and government spending cuts scheduled to begin in January.

They also worried consumers would hold back as the end-of-the-year deadline approached with both parties far apart on how to avoid the potential hit to the economy. But Friday's data suggested both consumers and businesses had mostly shrugged off the cliff, at least in November.

"It appears that the looming fiscal cliff hasn't been nearly as disruptive as we had feared," said Paul Ashworth, an economist at Capital Economics in Toronto.

Still, another report provided ample reason for caution as U.S. consumer sentiment slumped in December, with households apparently rattled by on-going negotiations to lessen the fiscal tightening that could easily trigger a recession next year.

The Thomson Reuters/University of Michigan's final index of consumer sentiment in December tumbled more than expected to 72.9 from 82.7 a month before.

U.S. stocks fell sharply after a Republican proposal for averting the fiscal cliff was abandoned late on Thursday, eroding optimism that a deal could be reached quickly. At the same time, U.S. government debt prices rallied and the dollar gained ground as investors sought a safe haven.

Economists still expect economic growth to cool in the fourth quarter as companies slow the pace at which they have been re-stocking their shelves, but the data on Friday suggested consumers are offsetting some of that drag.

Consumer spending is on track to grow at a 2.2 percent annual rate in the fourth quarter, faster than during the prior three months, said Michael Feroli, an economist at JPMorgan in New York.

Forecasting firm Macroeconomic Advisers raised its forecast for fourth-quarter economic growth by four tenths of a point to a 1.4 percent annual rate. In the third quarter, the economy expanded at a 3.1 percent rate.

"The economy is holding in here at the end of the year despite the concerns about the fiscal cliff," said Gary Thayer, an economic strategist at Wells Fargo Advisors in St. Louis.

WORRIES AHEAD

Those concerns are not going away.

In November, many analysts on Wall Street said they expected Washington would largely avert the fiscal cliff, and optimism had grown over the last week that a deal was within reach. Since Wednesday, however, negotiations have fallen into disarray.

If Congress and the White House do not reach a deal in time, taxes will go up for all Americans beginning in January and the government will cut spending on a host of programs. Running off the fiscal cliff would slash the nation's trillion-dollar budget deficit nearly in half in just one year.

The impact would only come gradually, but economists expect it would be enough to knock the country into recession in the first half of the year.

So far, uncertainty over the talks appears to have had only a limited impact on the economy.

New orders for durable goods, items meant to last three years or more, rose a greater-than-expected 0.7 percent in November due to gains in machinery, fabricated metal products, and computer and electronic products. Those increases were offset by a decline in volatile aircraft orders.

The report also showed a rise in shipments, brightening the prospects for fourth-quarter economic growth.

Shipments of non-defense capital goods orders excluding aircraft, used to calculate equipment and software spending in the government's measures of gross domestic product, gained 1.8 percent, after rising by a softer 0.6 percent in October.

(Additional reporting by Ellen Freilich and Leah Schnurr in New York; Editing by Andrea Ricci and Tim Ahmann)

Source: http://news.yahoo.com/consumer-spending-rises-most-three-years-133641522--business.html

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Cliff poses tiny dollar gap, wide political ravine

WASHINGTON (AP) ? When it comes to resolving their "fiscal cliff" impasse, the dollar gap between President Barack Obama and House Speaker John Boehner is tiny in federal terms. That masks a monumental political ravine the two men must try to bridge, with most of the burden on the now beleaguered Boehner.

Short of support from his own Republican Party, a chagrined speaker abruptly canceled a House vote Thursday night on his so-called Plan B. The measure would have prevented looming tax increases on everyone but people earning over $1 million annually, but was opposed by rank-and-file Republican lawmakers unwilling to vote for any tax increases at all.

Now Boehner, R-Ohio, and Obama seem likely to bargain anew over a broad package of tax increases and spending cuts, with Thursday night's GOP retreat weakening Boehner's leverage. Ticking ever louder is the start of the new year, which by law will usher in hundreds of billions in tax increases and spending cuts ? the "fiscal cliff" ? unless the two men avert it by crafting a compromise deficit-cutting package that can get through the GOP-run House and Democratic-led Senate.

Despite the impassioned political clash that the "cliff" has prompted, weeks of intermittent bargaining between Obama and Boehner have left them facing relatively miniscule dollar differences by Washington standards.

Obama wants to raise taxes by about $20 billion a year more than Boehner. The two men differ over spending cuts by roughly the same amount.

By almost any measure, $20 billion is real money. Yet compared to the $2.6 trillion the government expects to collect next year and to the $3.6 trillion it plans to spend, $20 billion barely registers ? less than 1 percent of what the government already is on track to raise and spend. Relative to the U.S. economy, which should weigh in at well over $15 trillion next year, $20 billion is even smaller.

"The policy implication is very slight," Robert Bixby, executive director of the Concord Coalition, a non-partisan anti-deficit group, said of the $20 billion gaps between Obama and Boehner. "It's not worth the price of not getting a deal. And the impact on the economy is totally insignificant."

On the other hand, economists have warned that the "cliff's" massive tax boosts and budget cuts would heave the economy back into a recession, although likely a brief one.

Though the numbers separating them are small, Obama and Boehner have real policy disputes. Yet their inability to strike a compromise so far underscores that their problem is more than arithmetic: It's largely driven by the difficult politics that Obama and Boehner face in firming up support from their own parties.

Boehner's clout was weakened by the Plan B debacle, and it remains unclear how many GOP votes he could deliver for any compromise he might reach with Obama. Yet while his Plan B would have received virtually no Democratic votes, a bipartisan accord with Obama likely would get significant backing from House Democrats, lightening Boehner's load.

Even before Thursday, the president and the speaker each faced formidable political challenges.

Chastened by Obama's re-election, Boehner has violated a quarter-century of Republican dogma by offering to raise taxes, including boosting income tax rates on earnings exceeding $1 million annually.

Eager for a budget deal that would bolster his legacy and let him address other issues, Obama would cut the growth of Social Security benefits, usually off-limits to Democrats. He also would impose tax increases on a broader swath of people than millionaires ? those with incomes over $400,000. That figure is a retreat from what he campaigned on: a $200,000 income ceiling on individuals and $250,000 on couples.

Those concessions mean that both men have angered lawmakers and staunch supporters of their respective parties. Neither wants to risk his political capital by embracing a deal his own party rejects.

"When you walk into a room and represent a group and you have to give ground to get a deal, you have to stay in that room as long as you can and you have to walk out with blood on your brow," said Joseph Minarik, research director for the Committee for Economic Development and a veteran of grueling budget talks as a former Clinton White House and House Democratic aide. "Otherwise, the people outside the room don't believe you've fought hard for them."

In their talks, Obama has proposed raising taxes by $1.2 trillion over the coming decade by boosting the current top 35 percent rate to 39.6 percent for income over $400,000, plus other increases on the highest-earning Americans.

He also says he's offered about $1.2 trillion in spending cuts over 10 years, including slowing the growth of benefits from Social Security and other programs. His proposed spending cuts also include $400 billion in savings from Medicare and Medicaid, the health care programs for the elderly and poor whose defense Democrats consider precious priorities.

Boehner has offered about $1 trillion in tax increases and roughly the same amount in spending savings. An earlier Boehner offer included $600 billion in Medicare and Medicaid savings ? well more than Obama ? but it's unclear whether the speaker is still seeking that figure.

Because of a dispute over how some savings are classified, Boehner says Obama's offer is really $1.3 trillion in higher taxes and only about $850 billion in spending cuts.

The House speaker says Obama's offer is not balanced because its new taxes and spending cuts are unequal. And he complains it does too little to control fast-growing benefit programs like Medicare, a chief driver of the federal government's mushrooming deficits.

Yet while their offers are relatively close, another obstacle they face is that even slight changes in the numbers could force politically significant policy alterations.

Adding, say, another $100 billion to the tax increase over 10 years could mean that people with incomes well below $1 million a year would get a tax increase, something Boehner wants to limit.

On the other hand, adding $100 billion more in spending cuts could mean a deeper hit than Obama wants to Medicare. The president prefers to limit Medicare cuts to the reimbursements that doctors and other health care providers receive, but ever deeper cuts could mean more doctors would be likely to stop treating Medicare patients ? an outcome Democrats don't want.

___

Associated Press writer Andrew Taylor contributed to this report.

Source: http://news.yahoo.com/cliff-poses-tiny-dollar-gap-wide-political-ravine-080244493.html

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Logitech UE 9000

Logitech's new line of UE headphones includes the powerful, comfortable, and wireless UE 9000. At $399.99 (direct), it's one of the pricier Bluetooth options we've tested, but it doesn't disappoint from a performance standpoint, offering distortion-free audio with deep bass response. It can also be used as a wired pair?a cable is included?and has a built-in remote for controlling iOS devices and handling phone calls. There aren't too many downsides to the UE 9000 other than its price?$400 is significantly more than some of the most comparable competition, like the Beats by Dr. Dre Wireless.

Design
The latest UE designs from Logitech all have a common thread?the color blue that graces the audio cable and the inside of the earcups, and generally futuristic styling, with glossy black-and-metallic color schemes and angular, jagged contours. The UE 9000 features all these things, as well as an exceedingly comfortable circumaural (over-the-ear) fit. Plush earcups are accompanied by a slightly-less plush underside of the headband, but overall the fit is comfortable and ideal for long listening sessions.

There's a Listen Through button on the left earcup?press it to mute music and hear the outside world. The right earcup houses Volume, Playback/Navigation, and Phone controls, as well as the Power Switch, which at least on our model, feels a little poorly designed?loosely fitting in its slide compartment. The Volume controls work independently of the controls on the sound source itself.Logitech UE 9000 inline

Although it is wireless, the UE 9000 can also be used as a wired pair?the 3.5mm cable also connects to the right earcup, along with the USB recharging cable. This would be a big plus even if you had to use the rechargeable headphones in active, powered-up mode in order use the cable, simply because not all sources you can connect cables to will support Bluetooth streaming. But Logitech took the convenience factor one step further here?you can use the UE 9000 as a wired pair with the power off, in passive mode, thus saving battery life. The overall power of the drivers drops off noticeably, but the UE 9000 can get so loud, this is hardly hindrance to enjoying them.

The included detachable cable has an inline microphone and remote for controlling Apple iOS devices and making phone calls. Call clarity is pretty par for the course?you'll be able to hear your call partners and they'll understand you just fine, but since we're dealing with cellular audio fidelity, don't expect to hear a pin drop.

Also included: a USB charging cable that detaches from a wall outlet charger (so you can charge direct from the power adapter or from your computer's USB port), a cleaning shammy cloth, and sturdy zip-up case that the headphones fold down flat into.

The pairing process with a typical mobile device, like the iPhone 4S, is simple and quick, and the headphones use a clever, cool-sounding audio alert, rather than blinking LEDs, to let you know the status of your connection.

Logitech doesn't specify what Bluetooth codecs and versions the UE 9000 supports, but it will work with any iPad, every iPhone since the 3GS, and most iPods that are still made. Battery life will vary with usage, but Logitech estimates a full charge will last roughly 10 hours for wireless listening, 20 hours for powered listening through the audio cable.

Performance
On deep bass tracks at top volumes?on both the source device (in this case, an iPhone 4S) and the headphones, the UE 9000 did not distort. Even at maximum volume, the Knife's "Silent Shout" and Thom Yorke's "Cymbal Rush," both tracks that provide challenging low frequency content in different sub-ranges, were delivered cleanly.

Occasionally, there is some system noise that sneaks into playback, usually between tracks, but at times I heard it during a song?it's a subtle crackling, whirring that can't come close to overpowering the music, and can barely be heard when there is no music playing, but in the interest of being thorough, it's not something I hear with every Bluetooth headphone pair I test.

In passive mode, with the power off, you can still use the UE 9000 with the included cable. The overall output is slightly less intense, but it still includes powerful low frequency response with no distortion, even at top volumes.

Classical tracks, like John Adams' "The Chairman Dances," receive a nice bit of low end boost, adding some body and resonance to the lower register strings and deeper percussion hits, but things never get muddy or too bass-heavy. At times, however, the lower strings can sound slightly unnatural?more amplified than acoustic. Though it's not super-accurate, this isn't necessarily an unpleasant phenomenon, and the low-end is nicely balanced by an edgy high-mid presence that lends itself well to the higher register strings, highlighting the rhythmic bowing in this piece. The high frequencies are not ignored, either, though we've definitely encountered pairs that boost the highs more?the woodblock hits on this track are audible, but stand out less than they might on a brighter pair.

On Jay-Z and Kanye West's "No Church in the Wild," the kick drum loop is delivered with a healthy thump, but there's less emphasis on the treble-heavy attack of the kick than we're used to hearing on this track. Again, things don't ever sound muddy, but the low-end takes center stage over the highs. The high-mids are sufficiently tweaked, however, so that the vocals are delivered clearly over the rumble of the drum loop and bass synth hits.

If you're looking for a solid wireless Bluetooth stereo headphone pair, but $400 is more than you want to spend, the good news is you have a multitude of options?but they won't all be as powerful as the UE 9000. In the big-bass-for-less-money department, the aforementioned Beats by Dr. Dre Wireless has a more exaggerated sound signature and isn't as comfortable, but it costs significantly less. The Sennheiser MM 550-X costs $100 more than the UE 9000 and delivers excellent sound quality, but its ineffective noise cancellation and even higher price give us pause.

For far less, there are still plenty of quality Bluetooth headphone options, like the exercise-friendly Sennheiser MM 100 and the super-affordable Outdoor Technology DJ Slims. There are also solid in-ear wireless choices, like the Denon Globe Cruiser AH-W200. The Logitech UE 9000 is a powerful, comfortable, distortion-free wireless option, but even with its solid performance and wired versatility, the price feels a bit high. Despite this fact, the UE 9000 is unlikely to disappoint.

More Headphone Reviews:
??? Logitech UE 9000
??? Logitech UE 4000
??? Polk Audio UltraFocus 8000
??? RHA MA450i
??? Motorola S11-Flex HD
?? more

Source: http://feedproxy.google.com/~r/ziffdavis/pcmag/~3/H9OzTM-IDhI/0,2817,2413381,00.asp

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