Italian PM briefs politicians on austerity plan (AP)

ROME ? Premier Mario Monti briefed political leaders Saturday on his package of austerity and economic growth measures ahead of a critical week of Italian and European decision-making to confront the continent's debt crisis.

Politicians gave few details about the individual measures Monti outlined, but described them as "severe" but necessary since Italy had put off tough economic reforms for too long.

"Let's be clear: Doctors rarely prescribe medicine that tastes good," said Pierferdinando Casini, head of a small but influential Christian Democrat party. "Medicine is always bitter, but sometimes it's necessary to prevent the patient from dying."

Monti is under enormous pressure to reassure markets that he can push the package of reforms through Parliament to heal Italy's broken public finances: Italy's euro1.9 trillion ($2.5 trillion) in debt is 120 percent of its gross domestic product.

Unlike Greece, Portugal and Ireland, which got bailouts after their borrowing rates skyrocketed, the eurozone's third-largest economy is considered to be too big to be bailed out. An Italian default would be disastrous for the 17-member eurozone and reverberate throughout the global economy.

Monti was installed Nov. 26 after markets lost confidence that then-Premier Silvio Berlusconi ? battered by sex scandals, legal problems and defections from his party ? had the political wherewithal to push through the reforms needed to rein in the debt.

Monti hasn't disclosed details of his rescue plan, but he has said it includes both austerity cuts and measures to boost growth in Italy's anemic economy. He has promised it would be socially equitable, and that it would go after those who hadn't paid their share of taxes before.

Politicians, union and business leaders have said the package likely includes reinstating an unpopular home property tax abolished by Berlusconi, raising the sales tax and the income tax at the highest brackets by a few percentage points, and requiring Italians to work two or three years more than the 40 years now needed for eligibility to draw a pension.

The minimum retirement age of women in the private sector is expected to be raised from 60 to 62 or 63 starting next year, building on a Berlusconi government strategy.

Officials of Italy's powerful unions and some center-left parties have voiced concern over pension reforms. Berlusconi's party has opposed restoring the property tax and a rumored wealth tax.

Monti met with Angelino Alfano, secretary of Berlusconi's party, as well as Casini and other members of centrist parties Saturday. Later Saturday he meets with the center-left politicians, and on Sunday he briefs unions, business groups and consumer lobbies.

The consultations come ahead of a critical Cabinet meeting Monday during which the measures are to be approved. Monday afternoon he introduces them to Parliament, where the Senate has pledged to vote on them by Christmas.

At the same time, Monti is gearing up for the critical summit meeting this week of eurozone leaders aimed at saving the euro.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20111203/ap_on_bi_ge/eu_italy_financial_crisis

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Michele Bachmann-Donald Trump Ticket in 2012?

GOP Presidential candidate Michele Bachmann will not be her party's nominee.

Sorry, hardcore believers out there. It's not personal, it's just not happening. But why let that stop her from speculating on who she'd pick as her Vice President in 2012?

"I have just the highest respect for Rick Santorum. He's a very sharp guy, and I could easily see making him attorney general," Bachmann tells the Des Moines Register.

Another name on the Minnesota Congresswoman's short list: The Donald!

Who are three Republicans who will not be the next President?

"We've got a lot of wonderful candidates who would fit that bill. Easily comes to mind I think would be Jim DeMint of South Carolina. Marco Rubio of Florida," she told CNN.

"There's a lot of great people out there. And Donald Trump is someone that I think a lot of people would be intrigued with, too," added Bachmann, hilariously.

Trump, of course, toyed with the idea of running for U.S. President himself this year, then backed down, implying he could've won if he tried, but wasn't up for it.

He's the best.

Source: http://www.thehollywoodgossip.com/2011/12/michele-bachmann-donald-trump-ticket-in-2012/

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Rate on 30-year fixed mortgage hovers at 4 pct. (AP)

WASHINGTON ? The average rate on the 30-year fixed mortgage hovered above its record low for a fifth straight week. Despite the great opportunity, few have the means or stomach to buy or refinance in the depressed housing market.

Freddie Mac said Thursday the rate on the 30-year home loan rose slightly to 4 percent from 3.98 percent the week before. Eight weeks ago, it dropped to a record low of 3.94, according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage was unchanged at 3.30 percent. Eight weeks ago, it too hit a record low of 3.26 percent.

Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.

Mortgage rates track the yield on 10-year Treasury note. The yield rose this week after investors, encouraged by central banks' joint effort to ease lending standards, shifted their money into stocks. Treasury yields rise when buying activity decreases.

Low mortgage rates haven't translated into higher home sales. Mortgage applications have dropped over the past few weeks, according to the Mortgage Bankers Association.

High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don't want to sink money into a home that could lose value over the next three to four years. And most homeowners who can afford to refinance already have.

The low rates have caused a modest boom in refinancing, but that benefit might be wearing off. Most people who can afford to refinance have already locked in rates below 5 percent.

The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year was unchanged at 0.7 and 15-year fixed mortgages rose from 0.7 to 0.8.

The average rate on the five-year adjustable loan ticked down to 2.90 percent from 2.91 percent. The average rate on the one-year adjustable loan also fell, declining to 2.78 percent from 2.79 percent.

The average fees on the five-year and one-year adjustable loans were unchanged from 0.6.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/ap/20111201/ap_on_bi_ge/us_mortgage_rates

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Chavez: New regional group revives Bolivar's dream (AP)

CARACAS, Venezuela ? South American independence hero Simon Bolivar once dreamed of unifying several nations as a counterweight to their powerful hemispheric neighbor, the United States.

Two centuries later, Venezuelan President Hugo Chavez is tapping into that legacy at a two-day summit of the Americas starting Friday. Chavez describes the new regional bloc that excludes the U.S. as a tribute to his idol, saying the time has come to put an end to U.S. hegemony.

"This is the achievement after 200 years of battle," Chavez said Thursday. "The Monroe Doctrine was imposed here: America for Americans, the Yankees. They imposed their will during 200 years, but that's enough."

Nicaraguan President Daniel Ortega echoed Chavez's statements, saying it's time for Latin American and Caribbean countries to ensure the policy of U.S. intervention to protect hemispheric nations, declared by President James Monroe in 1823, is never revived.

"We are sentencing the Monroe Doctrine to death," said Ortega, speaking before joining fellow presidents for the summit's opening ceremony on Friday.

Chavez also sees the nascent Community of Latin American and Caribbean States as a tool to strengthen regional integration.

"We must march toward what Bolivar called a great political body," Chavez said.

The 33-nation bloc, known by its Spanish initials CELAC, includes every country in Latin America and the Caribbean. Unlike the Washington-based Organization of American States, or OAS, it will have Cuba as a full member and will exclude the U.S. and Canada.

Cuban President Raul Castro also supported Chavez's stance as he arrived Friday, saying the creation of the new bloc is "the biggest event in 200 years."

Many Latin American leaders, however, say they see CELAC as a forum to build closer economic and political relations across the region rather than a platform for challenging U.S. policies.

Visiting Brazilian President Dilma Rousseff also referred to Bolivar as an inspiration, but did not cast Washington as the region's unwelcome neighbor.

"Our countries are demonstrating this vocation for a common future," Rousseff said at a meeting with Chavez on Thursday. "Two hundred years ago, Caracas stood out like a light for the independence struggle. ... I believe in Bolivar's dream."

Plans for the new organization, which grew out of the 24-nation Rio Group, have been in the works since a 2008 summit hosted by Brazilian President Luiz Inacio Lula da Silva.

Chavez's closest allies share his hopes of a region increasingly free of U.S. influence.

"With the creation of CELAC, Chavez is realizing his Bolivarian vision and dream for the region. Other CELAC participants will recognize Chavez for that and give him due credit," said Michael Shifter, president of the Washington-based Inter-American Dialogue. "There is a strong strain of regionalism throughout Latin America and the Caribbean."

Chavez has long sought inspiration in the legacy of Bolivar, who in the early 1800s served as president of Gran Colombia, a republic made up of much of northern South America and modern-day Panama until it broke up into individual states following years of dissent and political upheaval.

Chavez calls his political movement the Bolivarian Revolution and has changed the country's name to the Bolivarian Republic of Venezuela. Last year, Chavez even oversaw the opening of Bolivar's coffin to re-examine the cause of his death, and the Venezuelan government is building a new mausoleum to house Bolivar's remains.

Bolivar was an admirer of the American Revolution, although he warned the unrivaled power of the United States could eventually pose a threat to the young nations of Latin America that had won independence from Spain.

Ecuador's president, Rafael Correa, hailed the CELAC as an alternative to the OAS.

"It's time to have a more a forum that's more of our own, closer to our reality, without the bias in favor of North America," Correa said.

___

Associated Press writers Ian James and Jorge Rueda in Caracas contributed to this report.

___

Christopher Toothaker on Twitter: http://twitter.com/ctoothaker

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/ap/20111202/ap_on_re_la_am_ca/lt_venezuela_summit

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3 Broadway shows hum happily after Grammy nods (AP)

NEW YORK ? Move over Adele, Kanye West and Bon Iver. One of the livelier contests at next year's Grammy Awards will pit Harry Potter, Cole Porter and a pair of Mormon missionaries.

The cast recordings of "The Book of Mormon," "Anything Goes" and "How to Succeed in Business Without Really Trying" ? an eclectic group of shows still going strong on Broadway ? each earned Grammy nominations Wednesday night.

"We're in very rarified company," said Kathleen Marshall, who directed and choreographed the Porter-driven "Anything Goes," which stars Sutton Foster and Joel Grey and features such songs as "I Get a Kick Out of You" and "You're the Top."

Robert Lopez, who together with "South Park" creators Trey Parker and Matt Stone created "The Book of Mormon," was generous in his praise for his rivals. "I've seen them both and I thought they were great," he said. "They're two big classics and they did a really good job casting and remounting them."

"The Book of Mormon" goes into the Grammy contest as the favorite, having already captured the best musical Tony Award among its haul of nine awards. Its cast album also hit the top 10 on Billboard's pop charts, which hasn't happened in decades.

But Lopez, who was last nominated for "Avenue Q," isn't predicting victory quite yet.

"I don't make any assumptions," he said. "I thought we were in good shape going in with `Avenue Q' and we got smoked by `Wicked.'"

Only three shows were nominated this year, a quirk of the process.

Only 25 cast albums were submitted, meaning only three nominations were allowed. If 24 were submitted, the whole category would have been passed over. If 26 albums were turned in, five nomination slots would have been created. In one of the biggest shocks, "Spider-Man: Turn Off the Dark," with songs by U2's Bono and The Edge, did not get a Grammy nod.

For Robert Sher, the record producer who put together the cast album for "How to Succeed," getting a Grammy nomination is familiar territory. He's earned six over his career and has now gotten one four years in a row.

When recording the album featuring John Larroquette and former wizard Daniel Radcliffe, Sher said he wanted to avoid having a studio sound to his CD, which he finds cold and impersonal.

"When I do a show, I think about the period it's set in and I try to get that feeling of period on the album because you don't have the visuals," said Sher, who hopes this year will mark his first Grammy victory. "The idea is to inject the theatricality of the proceedings in a dynamic way."

One funny twist this year is that "The Book of Mormon" CD comes with warning stickers on the cover due to expletives and vulgarity. Marshall laughs that one its songwriting rivals, Cole Porter, hardly needs any parental cautions.

"He's naughty but in a much more innocent way," she said. "He relies on the double entendre and lets us use our imagination."

Source: http://us.rd.yahoo.com/dailynews/rss/music/*http%3A//news.yahoo.com/s/ap/20111201/ap_en_mu/us_grammy_nominations_theater

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Scientists propose new names for elements 114 and 116

ScienceDaily (Dec. 1, 2011) ? The International Union of Pure and Applied Chemistry (IUPAC) have recommended new proposed names for elements 114 and 116, the latest heavy elements to be added to the periodic table.

Scientists of the Lawrence Livermore National Laboratory (LLNL)-Dubna collaboration proposed the names as Flerovium for element 114 and Livermorium for element 116.

In June 2011, the IUPAC officially accepted elements 114 and 116 as the heaviest elements, more than 10 years after scientists from the Joint Institute for Nuclear Research in Dubna and Lawrence Livermore chemists discovered them.

Flerovium (atomic symbol Fl) was chosen to honor Flerov Laboratory of Nuclear Reactions, where superheavy elements, including element 114, were synthesized. Georgiy N. Flerov (1913-1990) was a renowned physicist who discovered the spontaneous fission of uranium and was a pioneer in heavy-ion physics. He is the founder of the Joint Institute for Nuclear Research. In 1991, the laboratory was named after Flerov -- Flerov Laboratory of Nuclear Reactions (FLNR).

Livermorium (atomic symbol Lv) was chosen to honor Lawrence Livermore National Laboratory (LLNL) and the city of Livermore, Calif. A group of researchers from the Laboratory, along with scientists at the Flerov Laboratory of Nuclear Reactions, participated in the work carried out in Dubna on the synthesis of superheavy elements, including element 116. (Lawrencium -- Element 103 -- was already named for LLNL's founder E.O. Lawrence.)

In 1989, Flerov and Ken Hulet (1926-2010) of LLNL established collaboration between scientists at LLNL and scientists at FLNR; one of the results of this long-standing collaboration was the synthesis of elements 114 and 116.

"Proposing these names for the elements honors not only the individual contributions of scientists from these laboratories to the fields of nuclear science, heavy element research, and superheavy element research, but also the phenomenal cooperation and collaboration that has occurred between scientists at these two locations," said Bill Goldstein, associate director of LLNL's Physical and Life Sciences Directorate.

LLNL scientists Ken Moody, Dawn Shaughnessy, Jackie Kenneally and Mark Stoyer were critical members of the team along with a team of retired LLNL scientists including John Wild, Ron Lougheed and Jerry Landrum. Former LLNL scientists Nancy Stoyer, Carola Gregorich, Jerry Landrum, Joshua Patin and Philip Wilk also were on the team. The research was supported by LLNL Laboratory Research and Development funds (LDRD).

Scientists at LLNL have been involved in heavy element research since the Laboratory's inception in 1952 and have been collaborators in the discovery of six elements -- 113,114,115,116,117 and 118.

Livermore also has been at the forefront of investigations into other areas related to nuclear science such as cross-section measurements, nuclear theory, radiochemical diagnostics of laser-induced reactions, separations chemistry including rapid automated aqueous separations, actinide chemistry, heavy-element target fabrication, and nuclear forensics.

The creation of elements 116 and 114 involved smashing calcium ions (with 20 protons each) into a curium target (96 protons) to create element 116. Element 116 decayed almost immediately into element 114. The scientists also created element 114 separately by replacing curium with a plutonium target (94 protons).

The creation of elements 114 and 116 generate hope that the team is on its way to the "island of stability," an area of the periodic table in which new heavy elements would be stable or last long enough for applications to be found.

The new names were submitted to the IUPAC in late October and now remain in the public domain. The new names will not be official until about five months from now when the public comment period is over.

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Source: http://feeds.sciencedaily.com/~r/sciencedaily/~3/FAnZ-edST1k/111201125400.htm

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Middle class jobs gone forever, but ... - Fortune Finance - CNN.com

FORTUNE -- The Occupy Wall Street movement has brought a new focus to an issue that many Americans have long seen as a problem: The growing gap between the haves and have nots. The nation's richest households are getting richer while everyone else seems to languish behind. There's obviously something wrong with that. But while it's easy to blame corporate greed and the evil banks, it might make more sense to look at what's happening to the jobs that once supported America's growing middle class. They're shrinking. Fast.

In a recent report, the Federal Reserve Bank of New York highlighted the erosion of what it calls "middle-skill jobs." These were relatively comfy jobs that didn't demand a lot of schooling -- folks in sales, office and administrative workers, production workers and the like. The Americans that held these jobs earned a decent living, which meant buying a home and retiring comfortably, all without a college degree.

Those days are long over (since around 1980, actually). The Fed crunches some pretty disturbing numbers that imply America's jobless problems today will probably not go away even when the economy fully recovers.

Between 1980 and 2009, demand for high-skilled workers from engineers to architects grew steadily. So did their wages. For instance, the median wage for jobs related to computers and math was roughly $49,000 in 1980 and it rose to $67,000 in 2009. Demand for lower-skilled workers from waitresses to construction workers also grew (and to some extent, so did their wages), leaving the middle class floundering with few options and declining or stagnant pay.

So how bad off is the middle class? The Fed offers a distressing glimpse: In 1980, three quarters of all U.S. workers were employed in middle-skill jobs. By 2009, that figure plunged to two-thirds. Whereas machine operators accounted for 10% of the nation's jobs more than three decades ago and administrative jobs comprised 18%, their shares spiraled to about 4% and 14%, respectively, by 2009.

It's not just a trend in the U.S., but also in many of the world's advanced economies. And while it has been happening for more than three decades, middle-skill jobs suffered more than most others during the Great Recession.

Economists have offered several reasons explaining the trend, from the sophistication of machines that replace routine work to international trade and offshoring. Indeed, rising demand for skilled workers seems almost irreversible. But Massachusetts Institute of Technology economist David Autor suggests that perhaps it's not entirely out of our control.

The vanishing of middle-skill jobs has hurt America's less educated white males most. It's certainly surprising, given that men typically earn more than women in corporate America. But if you look at the nation's college campuses, it's easy to see why.

In a study published last year, Autor pointed out that the rate of women getting college degrees has by far outpaced men. Since higher-skilled jobs requiring college degrees tend to pay significantly more, this slowing growth for men doesn't bode well. Between 1970 and 2008, four-year college degree attainment among white men ages 25 to 34 rose only modestly, from 20% in 1970 to 26% in 2008. By contrast, college attainment among white females remarkably tripled to 34% from 12%.

There's been little in the way of filling the jobs gap. And while Autor doesn't offer any specific solutions, it's hard not to wonder if America's inequalities perhaps have more to do with its education system than the big bonuses on Wall Street.

Source: http://finance.fortune.cnn.com/2011/11/28/middle-class-jobs-decline/

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