Romney says GOP fight strengthens him for fall (AP)

EAGAN, Minn. ? Barreling out of Florida with money and momentum on his side, Republican presidential front-runner Mitt Romney said Wednesday that the bare-knuckled nomination fight thus far has toughened him up for contests to come. Chief rival Newt Gingrich is regrouping after a significant loss and faces serious disadvantages in the next states to vote.

Romney, who won big in Florida with a barrage of negative ads, predicted the tone of the GOP campaign was "just a precursor to what you'll see" from President Barack Obama in the general election. And he said voters paid more attention to what they heard in the campaign debates than whatever ads were flooding the airwaves.

"Perhaps what we're getting now inoculates us, or at least prepares us, for what will come down the road," Romney said as he made the rounds of morning television shows.

House Speaker John Boehner dismissed any notion that the bitter tone of the race and the prospect of a drawn-out nomination battle are worrisome for Republicans.

"I understand that people are concerned about how long the primary process is dragging out," said Boehner, R-Ohio. "I would remind people that President Obama and Secretary of State Hillary Clinton had a fight that went through June of 2008. I think everybody just needs to realize that this will resolve itself."

Looking ahead, Romney said his campaign is focused squarely on middle-income Americans ? to the exclusion of others at either end of the spectrum.

"I'm not concerned about the very poor," Romney said on CNN. "We have a safety net there. If it needs repair, I'll fix it. I'm not concerned about the very rich. They're doing just fine. I'm concerned about the very heart of America, the 90-95 percent of Americans who are struggling."

Romney took another run at the issue as he flew from Florida to Minnesota and reporters questioned whether he cared about the poor. Romney said he'd been saying throughout the campaign that his prime focus is on middle-income people, and that his latest comments were in that same vein.

"No, no, no, no, no, no, no," he said. "No, no, no. You've got to take the whole sentence, alright, it's mostly the same." He reiterated his previous comments about the safety net for the poor, and said that "if there are people that are falling through the cracks, I want to fix that."

It didn't take long for Obama's campaign to pounce on Romney's comments: "So much for `we're all in this together,'" tweeted Obama campaign manager Jim Messina.

The president's re-election operation also sought to make money off the GOP squabbling with a fundraising appeal Wednesday focused on the millions that Romney and his supporters had spent on negative ads.

"That's ugly, and it tells us a lot about what to expect from Romney if he wins the Republican nomination," Messina wrote. "They're going to try to spend and smear their way to the White House."

Romney said his path ahead "is looking very good" as he headed to Minnesota and Nevada for campaign stops Wednesday. Gingrich worked to convince supporters that the primary is a two-person race.

Vowing to stay the course, Gingrich said Tuesday, "We are going to contest everyplace." He planned one appearance in Reno, Nev., on Wednesday.

Nevada and Maine have caucuses on Saturday. Minnesota and Colorado hold contests on Tuesday. Michigan and Arizona hold primaries on Feb. 28.

Romney begins February with formidable advantages in fundraising and organization. His campaign raised $24 million in the final months of 2011, dwarfing his competitors and leaving him with $20 million to fight a primary battle that's increasingly spread across many states.

The former Massachusetts governor has had staff and volunteers on the ground in upcoming states for months as he's prepared for a drawn-out fight for delegates to the Republican National Convention in August. Gingrich doesn't have a strong ground game as he looks to contests in states that could prove problematic for him. And in a nomination fight so far defined by debates ? typically a strong point for the former House speaker ? he faces a three-week stretch without one. The candidates will next debate in Arizona on Feb. 22.

Romney won Nevada's caucuses in 2008, and a substantial Mormon population there could propel him to victory. Still, Texas Rep. Ron Paul has been organizing in the state for months and could pose a strong challenge. Romney's campaign is working to paint the nomination fight as a four-candidate contest, with Paul and former Pennsylvania Sen. Rick Santorum still in the mix.

Santorum cast his 1-for-4 record in the voting so far as only a hiccup, projecting optimism despite a tough road ahead.

"Only four states have spoken," he said during a news conference Wednesday in Lakewood, Colo. "There are 46 others." Then he upped the number to 53, counting U.S. territories and the District of Columbia.

"This thing is far from over," he insisted, adding that all of Gingrich's votes would come to him if Gingrich left the race.

A super PAC hoping to help keep Santorum's candidacy alive announced it would run a TV ad in Missouri arguing he's the best candidate to put up against Obama. Santorum also picked up an endorsement from former Colorado Rep. Tom Tancredo, a conservative and tea party favorite.

Paul, who celebrated his 55th wedding anniversary campaigning in Las Vegas, discussed immigration at a Hispanic event and said he favors a compassionate policy that doesn't rely on "barbed wire fences and guns on the border."

Romney's Florida win was a smart rebound from an earlier defeat and represented a major step toward the nomination. He'll receive Secret Service protection, beginning Wednesday, requested by his campaign.

Romney had 46 percent of the Florida vote to Gingrich's 32 percent. Santorum had 13 percent and Paul 7 percent; neither mounted a substantial effort in the state.

The winner-take-all primary was worth 50 Republican convention delegates, the most of any primary state so far.

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20120201/ap_on_el_pr/us_gop_campaign

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Basics to P2P

[unable to retrieve full-text content]Now a day, the world has become a computer savvy plus the word P2P seems has spread everywhere within the World Wide Web. However, most of the people don't know the meaning with this word what it symbolizes.

Source: http://articles.drsuggested.com/recreation-and-sports-articles/baseball-and-softball/basics-to-p2p-2/

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Data shows Canada set for subpar growth in fourth quarter (Reuters)

OTTAWA (Reuters) ? Canada's economy unexpectedly shrank in November for the first time since May, setting the stage for lackluster fourth-quarter growth and a sluggish start to 2012.

Oil and gas production slid in the month, outweighing gains in manufacturing and most services industries to trigger a 0.1 percent contraction of gross domestic product, Statistics Canada said on Tuesday. The economy grew 2 percent compared with a year earlier.

Together with stalled GDP in October, the data suggests fourth quarter performance is set to fall well below the Bank of Canada's forecast of 2 percent annualized growth, down from 3.5 percent in the prior quarter.

Economists are now tweaking their forecasts to show quarterly growth of closer to 1 percent, as temporary factors that buoyed growth in the third quarter disappear.

"We will need to see a pretty sizable rebound in December to save the quarter," said David Tulk, chief macro strategist at TD Securities.

"We expect the theme of subdued growth to carry forward into 2012, as a combination of external weakness and fatigued domestic demand will conspire to hold real GDP to an annual average growth rate of just 1.7 percent," he said.

Even with stronger activity, the central bank had signaled interest rates would likely remain on hold for at least the rest of this year. The European debt turmoil and choppy U.S. recovery have forced the bank to keep its overnight target at 1 percent for a record 16 months now.

The median forecast in a Reuters poll was for the next rate hike to come in the first quarter of 2013, but traders are pricing in a small chance of a rate cut.

The evidence of a slowdown comes as the Conservative government prepares a cost-cutting budget aimed at eliminating a relatively small deficit within five years.

But with the economy is set to underperform the United States for the first time in years, Finance Minister Jim Flaherty has ruled out what he called a U.K.-style austerity budget and will focus on job creation even while shrinking the size of the public service.

PRODUCER PRICES SLIDE

More signs of weakness appeared in Statscan's report on producer and raw materials prices, which both fell more than expected in December due to softer demand for oil.

The industrial product price index fell 0.7 percent in the month, the sharpest decline in 18 months. Raw materials prices fell 2.4 percent in the month.

The Canadian dollar weakened against the U.S. currency on Tuesday after the data, sliding to C$0.9992 to the U.S. dollar. Earlier it had firmed to C$0.9966 compared with Monday's finish of C$1.0028, or 99.72 U.S. cents.

Oil and gas production fell 2.5 percent in November, partly due to maintenance shutdowns, and exports of both commodities slid.

The weakness in the energy sector as well as in wholesale trade, finance and construction overshadowed growth in manufacturing, up 0.6 percent, and in other industries such as food and accommodation, real estate and professional services.

Service-producing industries expanded by 0.1 percent for the fourth straight month while goods-producing industries shrank by 0.6 percent, Statscan said.

(Editing by Jeffrey Hodgson)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20120131/bs_nm/us_economy_gdp

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Madonna Unveils Colorful MDNA Cover Art

Funky cover, which features Madge with bright red lips, reflects 'high-energy' vibe of the album.
By Jocelyn Vena


Madonna's <i>MDNA</i>
Photo: Interscope

Madonna may have gone stripped down and black-and-white for her "Give Me All Your Luvin' " single art, but for her MDNA album cover, she's on the other end of the color spectrum.

A nod to her love of all things colorful and disco, the singer is truly expressing herself in the glamorous, deconstructed photograph full of bouncing colors. In the photo, Madge cocks her head up, her curly hair pulled back. She's wearing lots of mascara, bright red lipstick, a choker and a silky bright pink top. The photo has some kind of broken mirror filter over it, giving it a funky, dance-queen vibe. She dropped the art on her Facebook page.

Madonna recently described MDNA as "high-energy" and this particular visual certainly fits that vibe.

Madonna releases "Give Me", the first single off the album, on Friday, along with the video. She's set to take the stage at the Super Bowl on Sunday.

In a photo posted on TMZ.com, Madge's halftime stage features a series of lights that spell out "Vogue" set into the floor. She's rumored to be performing the 1990 song at the show. The stage setup also includes bleachers, which may have something to do with the fact that the performance may have a cheerleader theme.

Madonna is also rumored to be taking the stage with Cee Lo Green and LMFAO as well as her "Give Me" pals, Nicki Minaj and M.I.A., the latter of whom opened up about taking the stage with Madonna in a recent interview.

"I'm gonna be performing with Madonna and Nicki Minaj ... If you're gonna go to the Super Bowl, you might as well go with America's biggest female icons," M.I.A. explained. "As musicians, we're two women and we represent two opposite sides of the world. If we can come together on a piece of music or something like the Super Bowl, I feel like that's actually a cool thing to see this year because it's getting silly out there."

What do you think of Madonna's album cover? Sound off in the comments section below!

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Source: http://www.mtv.com/news/articles/1678197/madonna-mdna-album.jhtml

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Car being hawked as a character in 'The Middle' (AP)

NEW YORK ? Frankie Heck settled into the driver's seat of a new Volkswagen on a recent episode of ABC's "The Middle," caressing the steering wheel as celestial music played. Her face was a mask of such pure pleasure that you almost wanted to avert your eyes.

The gleaming Passat appeared throughout the half hour. Dad Mike found it a comfortable refuge for a nap, daughter Sue studied for driver's ed and the whole family used it as a restaurant by driving around with a bucket of chicken.

Welcome to the world of product "integration" on prime-time television. Advertising within programs has gone beyond the mere placement of soda bottles on the table in front of "American Idol" judges. The Passat didn't just pass by on the street during "The Middle," it was a key part of the comedy's story line.

Public Citizen president Robert Weissman, who has long protested the encroachment of unmarked ads within entertainment programming, called the episode "astounding," and he wasn't being complimentary. Final reviews of consumer attitudes aren't in yet, but ABC and VW considered the placement very effective, illustrating another way to satisfy advertisers who are concerned about the growing number of people watching programs on their DVRs and fast-forwarding through commercials.

Product integration isn't difficult to find. On Thursday's "30 Rock" on NBC, Jenna posed for paparazzi in front of a restaurant, saying, "Make sure you get the `Outback' sign in the picture or I don't get paid."

In "Desperate Housewives" last year, a woman suspected her husband was cheating. She spied on him with his new Sprint phone, checking through it for missed calls, text messages and calendar items.

Even to the experts at ABC, "The Middle" episode that aired Jan. 18 stretched the concept to an unusual extent.

Frankie, played by Patricia Heaton, was asked by neighbors to back their new Passat from the driveway into the garage because they were going to be away for a week. Enthralled by the vehicle, Frankie instead puts it in her own garage and the Heck family secretly finds ways to enjoy it, driving around together by the end of the week. Throughout the episode, family members show off the car's features such as its sound and navigation systems.

Son Brick pops open the trunk, exposing dozens of books. "It can hold my entire library," he says. "Darn this roomy trunk."

By contrast, their own car is dirty, dented and the driver's side door creaks when it opens.

"It's amazing how one nice thing actually made us a better family," Frankie says. "More compassionate, more considerate. We were in better moods."

The Hecks find out with five minutes' warning that their neighbors are returning home early, and rush to clean garbage out of the car.

The episode's other central story involved Frankie volunteering to help at the Super Bowl (the show is set in Indiana and the Super Bowl is being held in Indianapolis this year). That also worked well for Volkswagen, which used a real commercial break for a sneak preview of an ad they plan to run during the game.

ABC and VW began working on the product integration last spring when they were negotiating an overall deal for advertising this TV season. The example is more valuable than a traditional ad, although neither ABC nor Volkswagen would say how much.

"The Middle" seemed like a perfect venue, said Justin Osborne, Volkswagen's general manager for marketing strategy. Its characters are solid middle class from middle America, for whom a new Passat would be nice enough to want but not so expensive that it's out of reach, he said.

Even though VW worked with ABC, writers had some latitude. Osborne said the scene about the trunk came as a surprise and wasn't something the car company requested.

"We're very into authentic and organic integrations that don't seem too heavy-handed or obvious," he said.

ABC discusses potential integrations with show creators and does not force situations upon them, said Jerry Daniello, the network's senior vice president for integrated marketing. More requests are turned down than approved. Regular, big-ticket advertisers are those considered for integration opportunities, as opposed to one-shot clients, he said.

"We like to do things in a very streamlined, very classy, very strategic and very focused way," Daniello said. "It has to make sense. There's really not much value in seeing a product just placed on the counter."

Some advertisers seek a very seamless integration so that it is almost subliminal. In other cases, such as the "30 Rock" riff on "Outback," networks call attention to the pitch by essentially mocking it. That's an approach Volkswagen will take on IFC later this year, with an in-show ad considered so ridiculous it ends with a fiery crash of a VW into the company logo, Osborne said.

For ABC, however, there's less value in characters that are seen primarily as shills. Network programmers help create fictional worlds and hope viewers can get lost in them. They make the characters less real to viewers at their own peril.

The Writers Guild of America, West has publicly supported proposed federal regulations that would make it more explicit to viewers that they are the targets of advertising by, for example, running a printed message on the screen identifying an advertising pitch.

"People are being advertised to when they don't realize it," Weissman said. "One of the core principles of fair advertising laws is you can't be lied to. You have to know when someone is pitching you."

The proposal, however, has been kicking around for several years with no action, and the trend away from live television viewing would seem to make the Volkswagen episode a harbinger of more things to come.

Source: http://us.rd.yahoo.com/dailynews/rss/tv/*http%3A//news.yahoo.com/s/ap/20120130/ap_en_tv/us_tv_integrated_ads

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Man arrested in slayings of SC officer, Ga. woman

(AP) ? A 26-year-old man was arrested Saturday after police say he killed his girlfriend in Georgia, and then fatally shot a South Carolina police officer responding to a report of suspicious activity, authorities said.

Police in South Carolina said Joshua Tremaine Jones faces charges of murder and possession of a firearm during the commission of a crime in the death of Aiken police Master Cpl. Sandra Rogers.

The South Carolina law Enforcement Division said officers were responding Saturday morning to a report of suspicious activity involving two cars, and that Rogers was shot after stopping one of the vehicles.

Jones was arrested hours later at a residence in Batesburg.

Saturday evening, a visibly moved Aiken Public Safety director Charles Barranco told reporters that Rogers had died at an area hospital. The Aiken native had spent a nearly 28-year career with the department; she was 49.

In neighboring Georgia, The Augusta Chronicle reported that Jones also faces murder charges in the death of his girlfriend, 21-year-old Cayce Vice. Police found her body in her apartment Saturday morning after she didn't show up for work at a Five Guys restaurant and coworkers became concerned; she had been shot in the head.

Richmond County sheriff's Capt. Scott Peebles told the newspaper (http://bit.ly/yO5JS7 ) that the agency had obtained warrants for Jones for murder and possession of a firearm by a convicted felon. Peebles confirmed that Vice had sworn out a complaint against Jones for assault earlier this month.

A phone message left late Saturday for the Richmond County Sheriff's Office was not immediately returned.

James Jones, the suspect's father, told reporters that his son had past run-ins with the law and "was going through some mental problems." Jones said his son had run away from home and moved in with Vice. He said his son is from North Augusta and briefly lived in Atlanta.

Jones said that when he returned from work Friday, his son had taken his blue BMW without permission and left. Jones said he and his other son drove around searching but couldn't locate him.

Jones said his heart goes out to the victim' families, and that he's devastated as a father.

"I just went straight to God and said, 'I cannot believe this.' After all that I have taught him, I just never thought that my family would have to deal with something like this," Jones said.

The Aiken public safety department issued a statement Saturday evening praising Rogers as "an invaluable street cop who exemplified the model of a Public Safety Officer," according to WLTX-TV in Columbia, S.C.

"Master Corporal Rogers was a highly skilled investigator and senior patrol officer on her shift," the statement said. "Please keep the Rogers family and Aiken Public Safety in your prayers as once again we deal with this tragic loss."

Last month, hundreds of people gathered to mourn another Aiken police officer killed in the line of duty. Officer Scotty Richardson, 33, died in the early hours of Dec. 21 after being shot in the head during a traffic stop at an apartment complex the night before. Aiken is a city of 30,000 that's located about 20 miles northwest of Augusta.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-01-29-Multi-State%20Slayings/id-8871d000333e45958802f5688b602bdd

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Herman Cain Endorses Newt Gingrich Ahead Of 2012 Florida Republican Primary

WEST PALM BEACH, Fla. ? Former presidential hopeful Herman Cain threw his support behind Newt Gingrich Saturday night, providing the former House speaker with a late boost just days before Florida's primary.

Cain, a tea party favorite, endorsed his fellow Georgian at a GOP fundraiser Saturday calling him "a patriot."

"Speaker Gingrich is not afraid of bold ideas," Cain said.

The former pizza executive, who left the race before the first nominating contests after facing accusations of unwanted sexual advances, suggested the two have both undergone intense scrutiny.

"I know that Speaker Gingrich is running for president and going through this sausage grinder," Cain said. "I know what this sausage grinder is all about."

Cain is set to campaign with Gingrich on Monday in an 11th hour push for support. Gingrich is in a fierce fight for Tuesday's Florida's GOP primary with Mitt Romney.

Gingrich on Saturday night said that, like Cain, he is running a campaign based on big ideas and bold solutions.

The decision was not unexpected but the announcement comes at a make or break moment. .

"I had it in my heart and mind a long time ago," Cain said.

The timing is similar to a Saturday night surprise four years ago, when then-Florida Gov. Charlie Crist endorsed John McCain's presidential bid.

Former Texas Gov. Rick Perry also endorsed Gingrich when he bowed out of the race in South Carolina.

Since exiting the race in December, Cain appeared at a rally in South Carolina with late-night comedian Stephen Colbert.

Cain, the charismatic former head of Godfather's Pizza, briefly led in the polls in the fall. He became known for his signature 9-9-9 tax overhaul plan that would have scrapped the current tax code and replaced it with a 9 percent tax on individual income and corporate taxes as well as a new 9 percent national sales tax.

But his support plummeted after accusations that he sexually harassed women more than a decade ago when he led the National Restaurant Association. An Atlanta-area woman then stepped forward and said she had a lengthy sexual affair with Cain.

He denied the affair and any wrongdoing but withdrew from the race saying the accusations had become distracting and he needed to focus on his family.

Also on HuffPost:

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Source: http://www.huffingtonpost.com/2012/01/28/herman-cain-endorsement_n_1239433.html

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Deficit focus questioned as answer to euro crisis

An illustration of a euro coin is displayed on a bank's advertising billboard as a man stands outside the branch in Athens, on Thursday, Jan. 26, 2012. Europe is getting tough on government debt. After more than two years struggling to rescue financially shaky governments, leaders of the 17 countries that use the euro are putting the finishing touches on a treaty that will force member countries to put tough deficit restrictions into their national laws. (AP Photo/Thanassis Stavrakis)

An illustration of a euro coin is displayed on a bank's advertising billboard as a man stands outside the branch in Athens, on Thursday, Jan. 26, 2012. Europe is getting tough on government debt. After more than two years struggling to rescue financially shaky governments, leaders of the 17 countries that use the euro are putting the finishing touches on a treaty that will force member countries to put tough deficit restrictions into their national laws. (AP Photo/Thanassis Stavrakis)

Italian premier Mario Monti gestures as he reads the government report on European Union policy, at the Senate in Rome Wednesday, Jan. 25, 2012. (AP Photo/Mauro Scrobogna, Lapresse) ITALY OUT

(AP) ? Europe is getting tougher on government debt. After more than two years struggling to rescue financially shaky governments, leaders of the 17 countries that use the euro are ready to agree on a treaty that will force member countries to put deficit limits into their national laws.

At first glance, it seems logical ? after all, the crisis erupted after too many governments spent and borrowed too much for too long.

But a number of economists ? and some politicians ? say the focus on cutting deficits is misplaced and that more fundamental problems are being left unaddressed.

It's how the euro was set up in the first place, they say ? one currency, but multiple government budgets, economies moving at different speeds and no central treasury or borrowing authority to back them up.

Until those institutional flaws are tackled, the economists say, the euro will remain vulnerable. So far, Greece, Ireland and Portugal have turned to other eurozone governments and the International Monetary Fund for emergency funds to avoid defaulting on their debts.

Nonetheless, European leaders are pushing a new anti-debt treaty as the leading edge of their effort to reassure markets. European Union leaders hope to agree on the treaty's text at a meeting starting Monday, and sign it by March.

The proposed treaty pushes countries to limit "structural" deficits ? shortfalls not caused by ups and downs of the business cycle ? to a tight 0.5 percent of gross domestic product or face a fine. That comes on top of other recent EU legislation intended to tighten observance of the eurozone's limits: overall deficits of 3 percent of GDP and national debt of 60 percent of GDP.

European leaders are also urging countries to improve growth by reducing regulation and other barriers to business.

Yet economists like Jean Pisani-Ferry, director of the Bruegel think tank in Brussels, says it's striking that governments are focusing on budget rules, given Europe's earlier experience with them. An earlier set of rules were largely ignored at the behest of France and Germany in the first years after the euro's 1999 launch.

And some of the countries that now are in the deepest trouble ? such as Spain and bailed-out Ireland ? stayed well within the debt limit for years.

"This suggests that the simplistic view ? that a thorough enforcement of the rules would have prevented the crisis ? should be treated with caution," Pisani-Ferry wrote in a recent article for Bruegel.

Some European politicians are also voicing doubts about focusing primarily on deficits. They include new Italian Prime Minister Mario Monti, who has warned that growth is the real answer to shrinking debt in the long term. International Monetary Fund head Christine Lagarde has urged a broader approach. She calls for a willingness to share the burden of supporting banks and other financial risks so troubles in one country don't become a crisis for the entire currency bloc.

Here are four reasons for concern cited by economists ? but not yet on the summit agendas of the eurozone's leaders.

NO COMMON BORROWING: Without a central, pan-European treasury, there's no steady central source of support for eurozone countries that run into economic or financial trouble. Many economists say issuing jointly guaranteed "eurobonds" would make sure no one country would ever default and governments would always be able to borrow. Governments would give up some of their sovereignty, allowing review of their spending and borrowing plans, to get the money.

Pisani-Ferry argues that this would protect governments from the kind of self-fulfilling bond market panic fueled by fears of default, that pushed Greece, Ireland and Portugal over the edge.

Yet the idea of more collective responsibility remains unpopular in prosperous EU countries such as Germany, Finland and the Netherlands. They can borrow cheaply due to their strong finances and would likely pay more to borrow at the rate that includes the shaky ones.

Eurobonds would also likely require a time-consuming change to the European Union's basic treaty ? which currently bans members from assuming each other's debts. There would also have to be a mechanisms in place to stop countries with shoddy finances from borrowing too much.

Opponents say that's unrealistic. "If you have mutual debt responsibility, and freedom of each country to borrow, then each country can drive the eurozone into bankruptcy," said Kai Konrad, managing director of the Max Planck Institute for Tax Law and Public Finance in Munich.

BANK BAILOUTS: Europe currently has no safety mechanism that would stop a country from sinking under the weight of having to bail out banks based in that country.

At the moment, each country bears the brunt of rescuing its own banks. This can create serious problems in a crisis.

For example Ireland's loosely regulated banks borrowed heavily and loaned out money freely for speculative real estate projects. When the real estate market collapsed and the loans were not paid back, the Irish government had to step in to guarantee the bank's bonds ? and quickly went broke. Ireland had a very low debt level of only 25 percent of annual economic output in 2007. As bank losses moved to the government's balance sheet, by 2011 debt hit 106 percent of annual GDP. The country remains on EU-IMF life support.

Simon Tilford of the Centre for European Reform in London draws an analogy with U.S. insurer AIG, which was bailed out by the U.S. federal government in 2008. AIG was incorporated in the U.S. state of Delaware, yet Delaware did not go bankrupt handling the rescue. The central government stepped in.

TRADE IMBALANCES: Economists point out that gaps in how well countries compete and trade with one another have steadily widened since the euro was created.

Greece's current account deficit ? the broadest measure of trade ? is even worse than its budget deficit. It buys and borrows far more than it sells and earns abroad.

Normally trade imbalances are evened out by fluctuating exchange rates ? but that can't happen within the euro. Countries can improve their competitiveness by doing what Germany did in the 2000s ? cut labor costs to business by cutting general unemployment benefits. They can cut red tape and taxes. But that takes years.

Meanwhile, the region is also hampered by an inflexible pan-euro interest rate. Low interest rates ? set by the European Central Bank to see Germany and France through stagnation in the early 2000s ? were too low to control wage inflation and reckless borrowing in places like Greece and Ireland. Wage costs and debt levels rose. Competitiveness and exports declined, weakening the economy and undermining government finances.

CENTRAL BANK POWERS: Yet another structural issue is the limited power of the European Central Bank to support governments.

The bank resisted calls to buy larger amounts of government bonds. That resistance observes the spirit of the EU basic treaty, which forbids the central bank from financing governments.

But it's a constraint that central banks such as the U.S. Federal Reserve and the Bank of England don't have. They can buy up their country's debt, a move that can push down government borrowing costs and reassure markets the state will always pay its debts.

The ECB remains "a limited-purpose central bank," says Tilford.

He notes that Britain has more debt than Spain, 81 percent of GDP versus 67 percent, yet borrows at just over 2 percent annual interest for its 10-year bonds, while Spanish debt for the same period has a 5 percent-plus interest rate. One difference: markets know the Bank of England has the ability to support the government in a crisis by buying bonds and driving down interest rates.

Many of these issue were raised before the currency was launched in 1999, then got less attention.

Tilford says that "the tendency has been to say the currency union needs all these things but in practice it's not necessarily the case" so long as countries obey budget rules and manage their finances well.

"It's become harder to maintain that kind of argumentation now, given how bad things have got."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-28-EU-Fixing-The-Euro/id-4ebc040acb554a9cb43952c869b5b69f

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HTC Titan II works its charm on the FCC with AT&amp;T LTE included

HTC Titan II works its charm on the FCC with AT&T LTE included
What's that? An HTC PI86100 Windows Phone with AT&T-specific LTE (bands 4 and 17) showing up in the hallowed halls of the FCC? Why, this must be the Titan II, announced a tad over a fortnight ago. Docs show that a production unit of the device, sporting the aforementioned LTE bands as well as 850 / 1900 3G (also AT&T compatible), is ready to take on its new Windows Phone competition sometime soon. Is it a guarantee that the phone is nigh at hand? Not quite, but at least it signifies that the 16 megapixel beast is one step closer to showing up in our hands.

HTC Titan II works its charm on the FCC with AT&T LTE included originally appeared on Engadget on Fri, 27 Jan 2012 15:24:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/01/27/htc-titan-ii-fcc/

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