Saturday, July 16, 2011
Friday, July 15, 2011
Pelosi: Markets might have to plummet before GOP acts on debt limit
House Minority Leader Nancy Pelosi (D-Calif.) warned Thursday that it might require financial turmoil before Republican leaders agree to raise the nation’s debt ceiling.
“I don’t need to see markets drop 400 points [to be convinced],” Pelosi said during a press conference at the Capitol, “but Republicans may need to see markets drop 400 points.”Pelosi noted that it took a stock market free-fall, in late 2008, to convince House lawmakers to rally behind the Troubled Asset Relief Program (TARP), which President George W. Bush had championed to stabilize a teetering Wall Street.
When the House shot down the initial TARP bill, the Dow fell 777 points. Four days later, the House passed the bill, with 57 members switching their votes to yes.
“We voted for the TARP, not because we approved of how we got there, or the cost that it would be, but because it had to be done,” Pelosi said. “And here we are again, so we’ll see what sense of responsibility people have about doing [the debt-ceiling].”
Adding to the urgency, Moody’s Investors Service, the powerful credit-rating agency, warned Wednesday that it might downgrade the United States’s triple-A rating if Congress doesn’t raise the debt ceiling within the “coming weeks.”
The Hill
More:http://thehill.com/homenews/house/171507-pelosi-markets-may-have-to-plummet-before-gop-acts-on-debt
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Pentagon admits suffering major cyber attack in March
The Pentagon has admitted it suffered a major cyber attack in which thousands of files were taken by foreign hackers.
Deputy Defence Secretary William Lynn said that in a March attack and other breaches, hackers had taken information on "our most sensitive systems".
The admission came as the Pentagon rolled out a strategy for strengthening US cyber capabilities and addressing threats and attacks in cyberspace.
The plan would treat cyberspace in a similar manner to land, air and sea.
"In the 21st Century, bits and bytes can be as threatening as bullets and bombs," Mr Lynn said, unveiling the plan.
In a speech at National Defense University in Washington, Mr Lynn said about 24,000 files containing Pentagon data were stolen from a defence industry computer network in March, marking one of the largest cyber attacks in US history.Extracting files
He said at least one attack - a previously revealed 2008 penetration of classified computer systems - had come from a foreign intelligence service, and in an interview ahead of the speech said the Pentagon believed the March attack had been perpetrated by a foreign government.
Previous cyber attacks have been blamed on China or Russia.
Keystrokes originating in one country can impact the other side of the globe in the blink of an eye”William LynnDeputy Defense Secretary
"We have a pretty good idea" who did it, he told the Associated Press news agency.
In his speech, he said some of the stolen data was "mundane, like the specifications for small parts of tanks, airplanes, and submarines.
"But a great deal of it concerns our most sensitive systems, including aircraft avionics, surveillance technologies, satellite communications systems, and network security protocols," he said.
Mr Lynn said cyber attacks in the future would not only focus on stealing data but also damaging US defences or even causing deaths.
He added that virtual intruders have previously tried to extract files related to missile tracking systems and the Joint Strike Fighter.
Though nations like China and Russia have been blamed for many previous cyber attacks, the Pentagon fears terrorist groups could eventually strike American computer networks and steal data.
"Keystrokes originating in one country can impact the other side of the globe in the blink of an eye," Mr Lynn said.
BBC
More:
http://www.bbc.co.uk/news/world-us-canada-14157975
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'Massive heat wave' on way; Oklahomans urged to pray
While much of the U.S. was cooler Thursday ahead of another heat wave, temperatures were still around triple digits in Oklahoma and Texas — where ways to beat the heat included dumping 2,400 pounds of ice into a pool with hundreds of people.
"The stage is being set for a massive heat wave to develop into next week as a large area of high pressure is anticipated to circulate hot and humid air over much of the central and eastern U.S.," the National Weather Service warned. "Maximum heat index values of at least 100°F are likely across much of this area by the middle of next week, with heat index values in excess of 110°F possible over portions of these areas."
"The big story for the coming weekend will be the building heat," added Jim Keeney, a National Weather Service meteorologist. "It looks like it's going to be a long-term heat wave."
In the thick of the heat wave is Oklahoma where Gov. Mary Fallin asked Oklahomans to pray for rain this Sunday.
"The power of prayer is a wonderful thing, and I would ask every Oklahoman to look to a greater power this weekend and ask for rain," Fallin said in a news release on Thursday.
msnbc
More:
http://www.msnbc.msn.com/id/43755391/ns/weather/
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‘Iran outdoes N. Korea's long-range missile development'
Uzi Rubin says Tehran's new ballistic missile Fateh-110 that has been converted to be used against ships is "a significant breakthrough."
Iran has overtaken North Korea in the development of long-range sophisticated missiles, as demonstrated by the recent launch of a number of new missiles during military maneuvers in Iran, Uzi Rubin, the former head of Israel’s Homa Missile Defense Agency, said on Thursday.
According to Rubin, during the Great Prophet War Games held earlier this month, Iran displayed a new ballistic missile that has been converted to be used against ships. This is considered a significant breakthrough since most anti-ship missiles are cruise missiles that fly parallel to the water’s surface while this missile takes a ballistic course toward its target.
Jerusalem Post
More:
http://www.jpost.com/IranianThreat/News/Article.aspx?ID=229486&R=R1
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Italy money supply plunge flashes red warning signals
Real M1 deposits in Italy have fallen at an annual rate of 7pc over the last six months, faster than during the build-up to the great recession in 2008," said Simon Ward from Henderson Global Investors.
Such a dramatic contraction of M1 cash and overnight deposits typically heralds a slump six to 12 months later. Italy's economy is already vulnerable – industrial output fell 0.6pc in May, and the forward looking PMI surveys have dropped below the recession line.
"What is disturbing is that the numbers in the core eurozone have started to deteriorate sharply as well. Central banks normally back-pedal or reverse policy when M1 starts to fall, so it is amazing that the European Central Bank went ahead with a rate rise this month," Mr Ward said.
Italy is not a high-debt nation. Italian households are frugal by Spanish and UK standards. However, Italy has a toxic trifecta of problems that affect long-term debt dynamics: a public debt stock of €1.8 trillion or 120pc of GDP; rising interest rates; and economic stagnation. It is the interplay of these elements that has set off flight from Italian bonds.
Italy has to roll over or raise €1 trillion over the next five years, with a big spike as soon as August. "Any new issuance will be above the average rate. That is the real cause of the destructive market action," said Paul Schofield from Cititgroup.
The Telegraph
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