Bernanke calls high unemployment rate 'an enormous waste'









WASHINGTON -- Despite the moderate pace of recovery, the Federal Reserve is so worried about the stubbornly high level of unemployment that it promised to extend its unprecedented stimulus steps until there is "substantial improvement," Fed Chairman Ben S. Bernanke said.


"The conditions now prevailing in the jobs market represent an enormous waste of economic and human potential," Bernanke told reporters Wednesday.


The new goal for the Fed is to get the jobless rate down to 6.5%, the first time it has tied interest rates to a specific unemployment target.





Fed policymakers said Wednesday they would keep short-term interest rates near zero until the unemployment rate fell to 6.5% or lower and the long-term outlook for inflation topped 2.5%.


Previously, the Fed used a time-range target, saying it was unlikely to raise its benchmark interest rate until at least mid-2015.


The new targets produce roughly the same timetable, as the Fed doesn't project unemployment would get to 6.5% until mid-2015.


Fed policymakers believed that tying interest rates more explicitly to the state of the economy was better than a vaguer date target, Bernanke said.


The jobs market also is affected by the threat of large tax increases and government spending cuts coming on Jan. 1, he said.

It is crucial for Washington politicians to come together soon on a deal to resolve the so-called fiscal cliff so it doesn't derail the recovery, Bernanke said.


The tax increases and spending cuts would have "very significant adverse effects on the economy and the unemployment rate."


And although the Fed would consider more stimulus if the fiscal cliff was not resolved, there would be little the Fed could do to help, he said.


"We cannot offset the full impact of the fiscal cliff," Bernanke said. "It’s just too big given the tools we have available and the limitations on our policy toolkit at this point."

US Unemployment Rate Chart

US Unemployment Rate data by YCharts


ALSO:


Fed renews stimulus efforts, ties interest rates to jobless rate


Big-company CEOs cautious about growth because of 'fiscal cliff'


More Americans optimistic on economy even as 'fiscal cliff' looms



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'Right-to-work' measure passes in Michigan Legislature









Controversial "right-to-work" legislation covering public-sector employees passed the Michigan House of Representatives on Tuesday, bringing it one step closer to being signed into law.


The House passed the bill, 58 to 51, as union opponents of the measure booed inside the Capitol and an estimated 12,000 people rallied outside. The state's Senate approved the bill last week.


The House is now scheduled to vote on a right-to-work bill for private-sector employees, which would cover Michigan's auto industry. If that measure passes, Michigan would become the 24th right-to-work state, meaning unions cannot require members to pay dues as a condition of employment.








Michigan is the fourth state in the Midwest to become embroiled in labor controversy since 2010, when a slate of Republican governors were swept into statehouses across the nation. The speed with which the right-to-work measure are being passed worries some labor experts, who say that it was once unimaginable that Michigan, where 17.5% of the workforce is unionized, would become a right-to-work state.


"Michigan could prove defining," said Harley Shaiken, a labor expert at UC Berkeley. "What happens here, given the role of unions historically in Michigan, and the larger political implications of right-to-work, will mean a lot."


But even as the Rev. Jesse Jackson rallied protesters on the steps of Lansing City Hall, labor leaders were hurriedly seeking ways to reverse the legislation down the road.


Michigan can't go the way of Ohio, where a referendum last year reversed legislation that would have restricted collective bargaining. Michigan's right-to-work legislation is attached to an appropriations bill, meaning it can't be reversed by referendum. Also, it may be too risky to wait and go the way of Wisconsin, where litigation continues after a judge struck down parts of a collective bargaining law.


However, in Michigan, there is an option of a "statutory initiative," which would be permitted if opponents of the bills can collect enough signatures to equal 8% of the votes cast in the last gubernatorial election, union leaders say. A so-called veto referendum could be triggered by collecting signatures equal to 5% of the votes cast.


A statutory initiative would allow voters to cast a ballot on right-to-work legisation in November 2014, when Gov. Rick Snyder, who has said he would support the legislation, will be up for reelection.


"There are multiple options for a referendum," a senior labor leader said Tuesday. "All options are on the table. This fight is far from over."


It’s unclear whether unions are promoting a referendum now to warn Snyder of the repercussions that signing the legislation would have.


Democrats including Sen. Carl Levin and Rep. John Dingell met with Snyder on Monday to urge him to veto the legislation. The governor promised to "seriously" consider their concerns, but Democrats remained worried that he would sign the bills.

“The governor has a choice: He can put this on the ballot, and let the voters make the determination, or he can jam it through a lame-duck session,” Dingell said Monday.


Snyder, a businessman before he became governor, was elected in 2010 by a landslide, beating his opponent by a nearly 2-to-1 margin. But only 35.5% of respondents said they thought he was doing an "excellent" or "good" job in a Michigan State University survey this fall, and that figure could fall as the controversy continues.


"I think this will pass, and be signed, and there will be a long struggle with the United Auto Workers and other unions,” said Kristin Dziczek, director of the labor and industry group at the Center for Automotive Research. "They’re going to focus their attentions on overturning this. I don’t think the war has even begun."


ALSO:


Obama blasts right-to-work in Michigan


Ohio votes to overturn new collective bargaining law

Protests re-ignite as Michigan right-to-work bill nears final OK








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Obama election tweet most repeated but Olympics tops on Twitter






(Reuters) – An election victory tweet from President Barack Obama — “Four more years” with a picture of him hugging his wife — was the most retweeted ever, but the U.S. election was topped by the Olympics as the most tweeted event this year.


Obama’s tweet was retweeted (repeated) more than 810,000 times, Twitter said as it published a list of the most tweeted events in 2012. (http://2012.twitter.com/)






“Within hours, that Tweet simultaneously became the most retweeted of 2012, and the most retweeted ever. In fact, retweets of that simple message came from people in more than 200 countries around the world,” Twitter spokeswoman Rachael Horwitz said.


Twitter users were busiest during the final vote count for the presidential elections, sending 327,452 tweets per minute on election night on their way to a tally of 31 million election tweets for the day.


The 2012 Olympic Games in London had the most overall tweets of any event, with 150 million sent over the 16 days.


Usain Bolt’s golden win in the 200 meters topped 80,000 tweets per minute but he did not achieve the highest Olympic peak on Twitter. That was seen during the closing ceremony when 115,000 tweets per minute were sent as 1990s British pop band the Spice Girls performed.


Syria, where a bloody civil war still plays out, was the most talked about country in 2012 but sports and pop culture dominated the tally of tweets.


Behind Obama was pop star Justin Bieber. His tweet, “RIP Avalanna. i love you” sent when a six-year-old fan died from a rare form of brain cancer, was retweeted more than 220,000 times.


Third most repeated in 2012 was a profanity-laced tweet from Green Bay Packers NFL player TJ Lang, when he blasted a controversial call by a substitute referee officiating during a referee dispute. That was retweeted 98,000 times.


This was the third year running that the microblogging site published its top Twitter trends, offering a barometer to assess the biggest events in social media.


Superstorm Sandy, which slammed the densely populated U.S. East Coast in late October, killing more than 100 people, flooding wide areas and knocking out power for millions, attracted more than 20 million tweets between October 27 and November 1.


European football made the list of top tweets when Spain’s Juan Mata scored as his side downed Italy 4-0 in the Euro 2012 final — sparking 267,200 tweets a minute.


News of pop star Whitney Houston‘s death in February generated more than 10 million tweets, peaking at 73,662 per minute.


Romantic comedy “Think Like a Man” was the most tweeted movie this year, topping “The Hunger Games”, “The Avengers” and “The Dark Knight Rises.”


Rapper Rick Ross who notched his fourth No. 1 album on the Billboard 200 chart this year, was the most talked about music artist.


(Editing by Rodney Joyce)


Internet News Headlines – Yahoo! News


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Lawsuit claims A&E's 'Storage Wars' show is rigged


LOS ANGELES (AP) — Some of the valuables found hidden in abandoned lockers on A&E's "Storage Wars" have been added by producers to deceive viewers, a former cast member of the show claims in a lawsuit filed Tuesday.


David Hester's suit claims producers have added a BMW Mini and newspapers chronicling Elvis Presley's death to lockers in order to build drama for the show and that his complaints about the practices led to his firing.


Hester is seeking more than $750,000 in his wrongful termination, breach of contract and unfair business practices lawsuit. A&E Television Network declined comment, citing the pending lawsuit.


"Storage Wars" follows buyers who bid for abandoned storage lockers hoping to find valuables tucked inside.


"A&E regularly plants valuable items or memorabilia," the lawsuit states. Hester's suit claims he was fired from participating in the series' fourth season after expressing concerns that manipulating the storage lockers for the sake of the show was illegal.


He claims that producers stopped adding items to his units after his initial complaints but continued the practice for other series participants. The lawsuit alleges entire units have been staged and the practice may violate a federal law intended to prevent viewers from being deceived when watching a show involving intellectual skills.


"Storage Wars" depicts buyers having only a few moments to look into an abandoned unit before deciding on whether to bid on it at auction. The lawsuit claims some of the auction footage on the show is staged.


Hester, known as "The Mogul" on the show, has been buying abandoned storage units and re-selling their contents for 26 years, according to the suit.


Nielsen Co. has ranked "Storage Wars" among cable television's top-ranked shows several times since its 2010 debut.


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Global Update: Hand-Held Device Locates Hot Spots of Lead Contamination





Using a hand-held scanner to map hot spots where the soil is full of lead could protect children in mining towns against brain damage, scientists at Columbia University concluded in a new study.


Touched to the ground, the device, an X-ray fluorescence scanner, can measure the soil’s lead content in less than a minute, said Alexander van Geen, a geochemist at Columbia’s Lamont-Doherty Earth Observatory and an author of the study, which is in the current issue of the Bulletin of the World Health Organization. The “XRF guns,” which are often used by scrap-metal sorters, cost between $15,000 and $40,000.


His team tested the scanners in Cerro de Pasco, Peru, a town in the high Andes with mines dating back 1,400 years. Samples as close as 100 yards apart showed widely variable lead levels, so it is possible to find and mark off the areas most dangerous to young children, who get fine lead dust on their hands while playing and then put their fingers in their mouths.


“People assume the contamination is everywhere, and it’s not,” Dr. van Geen said. “It could be in one backyard and not in another.” Or, he said, in an untested playground, schoolyard, or any place where children gather.


The technology could be useful anywhere families live close to mines or smelters, which is common in Latin America and Africa, he said. Lead is a byproduct not just of lead mines, but of mining for gold, silver, copper and other metals.


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Restaurants 2013: Sales to exceed $660 billion, challenges loom









The American restaurant industry is headed into a year full of obstacles, including health coverage costs related to "Obamacare," employee turnover, rising food costs and weak consumer spending.

Still, the National Restaurant Assn. predicts that the country’s 980,000 eateries will pull in more than $660 billion in sales in 2013 – or 3.8% more than this year’s revenue stream. If the forecast is accurate, restaurants will enjoy four consecutive years of real sales growth.


The industry will employ 13.1 million people in 2013, or 10% of the total American workforce, according to the Tuesday report. That’s a 2.4% rate of employment growth, which is slower than the 3% pace set by restaurants this year but still much higher than the overall 1.4% rate among all employers.





Over the next decade, the association expects restaurants to hire 1.3 million new employees, bringing the total foodservice workforce to 14.4 million by 2023.


QUIZ: How well do you know fast food?


But the surge in workers means a shallower labor pool. Long-running restaurant industry problems, such as the difficulty in recruiting and retaining employees, will likely be exacerbated, according to the association's  forecast.


And many restaurant owners worry that once President Obama’s healthcare reform goes into effect in 2014, their slim margins will be even more squeezed. Major eatery businesses such as Papa John’s and Olive Garden parent Darden have started fretting about the requirement to provide access to coverage for all full-time employees.


And the aftershocks of a severe summer drought will continue inflating wholesale food and beverage costs, already high after several years of increases and responsible for sucking up a third of restaurants’ sales, according to the restaurant group.


The tepid economy and continuing high unemployment still gives consumers second thoughts about their discretionary spending. Nearly half of Americans say they don’t patronize restaurants as often as they’d like.


“To be successful, restaurants need potential patrons to feel good about their economic prospects,” said Jimmy Haber, managing partner of ESquared Hospitality, which owns restaurants such as BLT Steak LA. “The fiscal cliff will bring higher taxes, uncertainty in the workplace and fears of another recession, just to name of few of the effects. The current 'feel good' index will fall, which will undoubtedly create downward pressures in restaurants and in the hospitality business as a whole.”


Eateries will also have to struggle with evolving diner preferences in 2013.


More consumers say they want table-side electronic payment options, mobile ordering systems, self-order kiosks, tablet menus and smartphone apps for reservations. Currently fewer than one in 10 restaurants have such capabilities, but more than half told the restaurant association that they’re investing in new technologies next year.


And more than seven in 10 consumers say they’re looking for more healthful and locally sourced menu items at restaurants -- a trend that even industry giants such as McDonald’s have been hustling to follow.


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Latin music star Jenni Rivera believed dead in plane crash

Fans of Mexican-American singing star Jenni Rivera held a vigil Sunday night in Lynwood









MEXICO CITY — Mexican American singer Jenni Rivera, the "diva de la banda" whose commanding voice burst through the limits of regional Latin music and made her a cross-border sensation and the queen of a business empire, was believed to have died Sunday when the small jet carrying her and members of her entourage crashed in mountainous terrain.


Rivera, a native of Long Beach, was 43. Mexico's ministry of transportation did not confirm her death outright, but it said that she had been aboard the plane and that no one had survived the crash. Six others, including two pilots, also were on board.


"Everything suggests, with the evidence that's been found, that it was the airplane that the singer Jenni Rivera was traveling in," said Gerardo Ruiz Esparza, Mexico's secretary of communications and transportation. Of the crash site, Ruiz said: "Everything is destroyed. Nothing is recognizable."








Word of the accident ricocheted around the entertainment industry, with performer after performer expressing shock and grief. Fans gathered outside Rivera's four-acre estate in Encino.


"She was the Diana Ross of Mexican music," said Gustavo Lopez, an executive vice president at Universal Music Latin Entertainment, an umbrella group that includes Rivera's label. Lopez called Rivera "larger than life" and said that based on ticket sales, she was by far the top-grossing female artist in Mexico.


"Remember her with your heart the way she was," her father, Don Pedro Rivera, told reporters in Spanish on Sunday evening. "She never looked back. She was a beautiful person with the whole world."


Rivera had performed a concert in Monterrey, Mexico, on Saturday night — her standard fare of knee-buckling power ballads, pop-infused interpretations of traditional banda music and dizzying rhinestone costume changes.


At a news conference after the show, Rivera appeared happy and tranquil, pausing at one point to take a call on her cellphone that turned out to be a wrong number. She fielded questions about struggles in her personal life, including her recent separation from husband Esteban Loaiza, a professional baseball player.


"I can't focus on the negative," she said in Spanish. "Because that will defeat you. That will destroy you.... The number of times I have fallen down is the number of times I have gotten up."


Hours later, shortly after 3 a.m., Rivera is believed to have boarded a Learjet 25, which took off under clear skies. The jet headed south, toward Toluca, west of Mexico City; there, Rivera had been scheduled to tape the television show "La Voz" — Mexico's version of "The Voice" — on which she was a judge.


The plane, built in 1969 and registered to a Las Vegas talent management firm, reached 11,000 feet. But 10 minutes and 62 miles into the flight, air traffic controllers lost contact with its pilots, according to Mexican authorities. The jet crashed outside Iturbide, a remote city that straddles one of the few roads bisecting Mexico's Sierra de Arteaga national park.


Wreckage was scattered across several football fields' worth of terrain. An investigation into the cause of the crash was underway, and attempts to identify the remains of the victims had begun.


Rivera, a mother of five and grandmother of two, was believed to have been traveling with her publicist Arturo Rivera, who was not related to her, as well as with her lawyer, hairstylist and makeup artist; reports of their names were not consistent. Their identities were not confirmed by authorities. The pilots were identified as Miguel Perez and Alejandro Torres.


In the world of regional Latin music — norteƱo, cumbia and ranchera are among the popular niches — Rivera was practically royalty.


Her father was a noted singer of the Mexican storytelling ballads known as corridos. In the 1980s he launched the record label Cintas Acuario. It began as a swap-meet booth and grew into an influential and taste-making independent outfit, fueling the careers of artists such as the late Chalino Sanchez. Jenni Rivera's four brothers were associated with the music industry; her brother Lupillo, in particular, is a huge star in his own right.


Born on July 2, 1969, Rivera initially showed little inclination to join the family business. She worked for a time in real estate. But after a pregnancy and a divorce, she went to work for her father's record label and found her voice, literally and figuratively.


She released her first studio album in 2003, when she was 34.


Her path had not been easy, but rather than running from it, she wrote it into her music — domestic violence; struggles with weight; raising her children alone, or "sin capitan," without a captain. She was known for marathon live shows that left audiences exhilarated and exhausted; by the fifth hour of one recent performance, she was drinking straight from a tequila bottle and launching into a cover of "I Will Survive."


In a witty and sometimes baffling stew of Spanish and English, she sang about her three husbands, about drug traffickers, in tribute to her father, in tribute to her gynecologist.


She became, in a most unlikely way, a feminist hero among Latin women in Mexico and the United States and a powerful player in a genre of music dominated by men and machismo. Regional Mexican music styles had long been seen as limiting to artists, but Rivera shrugged off the labels and brought traditional-laced music — some of which sounded perilously close to polka — to a massive pop audience.





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New leaks suggest Microsoft Office for iOS could launch soon






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'Zero Dark Thirty,' 'Lincoln' make AFI top-10 list


LOS ANGELES (AP) — Kathryn Bigelow's Osama bin Laden thriller "Zero Dark Thirty," Steven Spielberg's Civil War epic "Lincoln" and Christopher Nolan's superhero tale "The Dark Knight Rises" are among the American Film Institute's top-10 movies of the year.


Also on the AFI top-10 announced Monday: Ben Affleck's Iran hostage-crisis drama "Argo;" Benh Zeitlin's low-budget hit "Beasts of the Southern Wild;" Quentin Tarantino's slavery saga "Django Unchained;" Tom Hooper's Victor Hugo musical "Les Miserables;" Ang Lee's shipwreck story "Life of Pi;" Wes Anderson's first-love romance "Moonrise Kingdom;" and David O. Russell's misfit love story "Silver Linings Playbook."


The AFI also picked its top-10 television shows for the year: "American Horror Story;" ''Breaking Bad;" ''Game Change;" ''Game of Thrones;" ''Girls;" ''Homeland;" ''Louie;" ''Mad Men;" ''Modern Family;" and "The Walking Dead."


Creative ensembles for the films and TV shows will be honored Jan. 11 at a luncheon in Los Angeles.


___


Online:


http://www.afi.com


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News Analysis: A Debate on Coated Aspirins and Aspirin Resistance





Millions of Americans take low-dose aspirin every day to prevent heart attacks and strokes. But a study published last week challenges some cherished beliefs about the familiar remedy, leaving some consumers to wonder if they should throw out their coated pills and others concerned that they unnecessarily may be taking expensive substitutes.




The study, published in the journal Circulation, by researchers at the University of Pennsylvania, tested 400 healthy people for evidence that aspirin did not work in them, a phenomenon called “aspirin resistance.” Aspirin prevents blood platelets from sticking together, which can lead to heart attacks and strokes. Previous studies have estimated that anywhere from 5 to 40 percent of the population is resistant to aspirin’s effects.


But the study essentially found that the condition doesn’t exist: they could not document a single case of true aspirin resistance in their sample. What had appeared to be aspirin resistance, they said, actually was caused by the coating commonly used on aspirin pills intended to protect the stomach. The coating slowed the drug’s absorption into the body.


The study didn’t evaluate whether coated aspirin was less likely to prevent heart attacks or strokes, said Dr. Garret FitzGerald, one of the authors. And people who took the coated aspirin in his study eventually showed a response to it.


But people who seek out coated aspirin may be doing so unnecessarily, he said, especially since previous studies have not consistently shown that the coating even prevents gastric problems.


“There’s no rationale for you to be on coated aspirin,” said Dr. FitzGerald, who is a cardiologist and chairman of pharmacology at the University of Pennsylvania.


Some cardiologists have begun advising patients to seek out uncoated aspirin because other studies have suggested that the uncoated type may be more effective. But finding it isn’t so easy. Even cheaper store brands, like those sold by CVS and Wal-Mart, come with a so-called enteric coating. One of the few uncoated aspirins on the market is St. Joseph’s chewable variety — the old orange-flavored baby aspirin.


But other experts, like Dr. Steven E. Nissen, a cardiologist at the Cleveland Clinic, see no real harm in taking coated aspirin, which is cheap and readily available. Many major studies of aspirin have been conducted using the coated variety.


The new study also calls into question the very idea of aspirin resistance. Testing for the condition became more widespread in the early 2000s, as expensive prescription alternatives like the blood thinner Plavix (also called clopidogrel) gained popularity. Many cardiologists suspected that the timing was not a coincidence.


“Before clopidogrel, we had never heard of aspirin resistance,” said Dr. Sanjay Kaul, a cardiologist at Cedars-Sinai Medical Center in Los Angeles. “It seemed to be that this was driven mostly by marketing considerations.” The new study raises the possibility that many patients may have been falsely told that aspirin doesn’t work on them, Dr. Kaul and other experts said.


The University of Pennsylvania study was partially financed by Bayer, the world’s largest manufacturer of branded aspirin, much of which is coated. In a statement, Bayer challenged some of the study’s conclusions and methods, and also said there was evidence that the enteric coating can reduce gastric side effects.


Critics of Dr. FitzGerald’s study also argue that he should have studied aspirin resistance in patients with conditions like heart disease, rather than in healthy people.


But even these critics acknowledge that testing for resistance is probably not worthwhile. Dr. Nissen, who is critical of Dr. FitzGerald’s study, doesn’t test his patients for aspirin resistance. But he said he would be reluctant to switch a patient from another drug back to aspirin now if a test had previously shown they were aspirin-resistant. Changing treatments is always risky, he said.


“If the patient is not bleeding, is not having a complication, am I going to take it away?” Dr. Nissen wondered. “That’s the dilemma we face.”


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