Source: www.marketwatch.com --- Tuesday, October 08, 2013
Shares of Apple, Netflix, and Yahoo are among some of the notable S&P 500 components stuck in negative territory on Tuesday amid a broader market retreat as the political stalemate in Washington, D.C., weighed on investor sentiment. ...
Source: http://feeds.marketwatch.com/~r/marketwatch/financial/~3/v4K0F_NiTCY/story.asp
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By Richard Cowan and Thomas Ferraro
WASHINGTON (Reuters) - Republicans offered a new approach on Tuesday to resolve the U.S. fiscal standoff, proposing creation of a bipartisan panel to work on deficit reduction and find ways to end the government shutdown and make recommendations on a debt-limit increase.
The proposal, which was quickly dismissed by Democrats, came as House of Representatives Speaker John Boehner and President Barack Obama spoke by telephone shortly after Boehner adopted a slightly more conciliatory tone in comments to reporters.
"There are no boundaries here. There's nothing on the table, there's nothing off the table," Boehner said after a meeting with House Republicans, making no mention of his recent demands to delay parts of Obama's healthcare law in return for approving funds to end the government shutdown.
In their phone call, Obama said he would be willing to negotiate with Republicans once the U.S. government is re-opened and the threat of a default is lifted, the White House said.
The events offered rays of hope in a bitter fiscal stalemate that has shut down the federal government for eight days and threatens to prevent the raising of the country's $16.7 trillion borrowing limit before an October 17 deadline.
The possibility the government could default on its debt raised fears of potential global economic havoc, with foreign creditors and the International Monetary Fund's chief economist warning of the potential consequences.
"I think what could be said is if there was a problem lifting the debt ceiling, it could well be that what is now a recovery would turn into a recession or even worse," IMF chief economist Olivier Blanchard said.
Investors remain skeptical the parties are ready to resolve the standoff and are exhibiting increasing anxiety as the deadline for raising the debt ceiling approaches.
One of the stock market's most closely watched measures of investor nervousness, the Chicago Board Options Exchange Volatility Index, on Tuesday surged to its highest level since late June. The Standard & Poor's 500 index was down 0.75 percent in early afternoon trading.
In the U.S. Treasury market, a sale of $30 billion of 1-month bills maturing November 7, not long after the government is estimated to run out of cash to meet its obligations unless the debt ceiling is raised, met with the weakest demand in more than four years.
'FISCAL CRISIS'
Japan's finance minister said a failure by the United States to quickly resolve its political deadlock over government finances could damage the global economy.
"The U.S. must avoid a situation where it cannot pay (for its debt) and its triple-A ranking plunges all of a sudden," Japanese Finance Minister Taro Aso told reporters after a cabinet meeting.
"The U.S. must be fully aware that if that happens, the U.S. would fall into fiscal crisis," he said in the latest sign that Japan and China, the biggest foreign creditors to the United States, are worried the fiscal crisis could harm their trillions of dollars of investments in U.S. Treasury bonds.
But plenty of obstacles remain. U.S. Senate Democrats plan to introduce a bill this week to raise the government's borrowing authority by enough to last through 2014.
The measure, which must be discussed among Senate Democrats at a luncheon meeting on Tuesday, would not contain any of the deficit reductions that Republicans have demanded, a Senate Democratic aide said.
House Republicans emerged from their meeting saying they would insist that deficit-reduction talks with Obama as a condition for raising the federal debt limit.
Republican Representative Tom Cole of Oklahoma said it was important to get negotiations underway with Democrats. "If we have a negotiation and a framework set up, we can probably reach a way to raise the debt ceiling while the negotiation is in progress. But nobody is going to raise it before there is a negotiation," he said.
Republican leaders also unveiled the proposal for a 20-member committee to make recommendations on a debt limit increase and look at ways to rein in the country's deficits.
Under the legislation, the Republican House would name 10 members to the panel while the Democratic-led Senate would name the other 10. The panel would also make recommendations on a measure to fund the government for the 2014 fiscal year, ending the shutdown.
The plan is reminiscent of a failed 2011 "supercommittee" of Republicans and Democrats from the House and Senate that was asked to find trillions of new budget savings.
House Democrats, speaking to reporters, said they would reject the creation of such a panel. They want the government to reopen and the debt limit raised before entering any deficit-reduction negotiations.
Some House Republicans dismissed the prospect of a first-ever default.
"There's no way to default. There is enough money coming into the Treasury to pay interest and roll over principle," said Representative Justin Amash of Michigan, a favorite of the smaller-government Tea Party wing of the Republican Party.
Asked about warnings of catastrophic consequences if the debt limit is not increased, Amash told reporters: "I say it's patently not true what they are saying."
In the Senate, a Democratic aide said Democrats were hopeful they could get the 60 votes needed to overcome procedural hurdles in the 100-member Senate and pass a debt ceiling bill with no strings attached.
The measure would likely run into opposition from Senate Republicans such as Ted Cruz of Texas, who has been leading the drive to make delaying Obama's healthcare law a condition for raising the debt ceiling.
Considering the procedural roadblocks it could face, aides said they need to begin work on the legislation well before October 17, when Treasury Secretary Jack Lew has said the government will run out of borrowing authority.
(Additional reporting by David Lawder and Caren Bohan; Writing by John Whitesides; Editing by Tim Dobbyn)
Source: http://news.yahoo.com/u-still-fiscal-deadlock-glimmers-hope-emerge-004448303--business.html
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Tives Gardner has coached basketball at several levels, winning multiple boys state championships at Grant Middle School.
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Now, the 41-year-old Springfield High School graduate is getting a chance at the high school varsity level. Gardner has been hired as the new boys head coach at Calvary Academy. Brittany Welk, the athletic director at Calvary, confirmed Gardner?s hiring on Monday.
?I knew my time was coming; my patience paid off,? Gardner said Monday. ?Sometimes I wondered why I didn?t get an opportunity earlier.
?But a buddy called me and said Calvary was looking for a coach. So I said, ?Why not?? I?m thankful to get the opportunity.?
Gardner will take over for Josh Heberling, who coached at Calvary the past two seasons. Heberling resigned a month ago in order to become an assistant coach at Blackburn College.
With a high school enrollment of 98, Calvary is Class 1A athletically. Gardner admits the small Christian school will be a contrast from Grant, where he had a successful six-year coaching stint from 2006-11.?
The Generals won three Illinois Elementary School Association state titles under Gardner, who also guided them to one third-place state finish and two second-place finishes. He still works at Grant as a security guard.
It also will be different from Springfield High, where Gardner was an All-City performer and later spent nine years as an assistant coach for the Senators before going over to Grant.?
Gardner also coached a local AAU boys team, Mid-America Elite, for four years. He stepped away from the coaching job at Grant to take care of his mother, Jerrolyn Gardner, who was battling cancer. She died in 2012.
?It?ll be a change, but they know my coaching ability,? he said. ?It?s a small school, but it?s an opportunity for me to do my thing and better my life, too.?
Welk also said Monday that Dallas Whitford is the new girls head basketball coach at the school. Whitford will take over for Welk, who resigned as coach because of family responsibilities.
Whitford also served as Calvary?s head softball coach last spring.
Dave Kane can be reached at 788-1544. Follow him at twitter.com/DaveKaneSJR.
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Source: http://www.sj-r.com/sports/x1868848452/Gardner-named-Calvary-boys-basketball-coach?rssfeed=true
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Source: http://www.therxforum.com/showthread.php?t=968984&goto=newpost
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Source: www.ibtimes.com --- Tuesday, October 08, 2013
Australia and India will take on each other in the bilateral series that will begin on Thursday, 10 October. The series will feature one T20 and seven One Day International (ODI) matches. ...
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Created: Mon, 07 Oct 2013 05:17:17 EST
Updated: Mon, 07 Oct 2013 05:17:17 EST
WASHINGTON (AP) ? Some Catholic priests are being barred from serving as chaplains to the military during the government shutdown. John Schlageter (SHLAG'-ah-tur), general counsel for the Archdiocese for the Military Services, says he knows of at least 15 military posts where priests were unable to minister or celebrate Mass this past Sunday because they're considered non-essential personnel. The lockout affects priests who are not in the military but are under contract to serve as chaplains. Noting that the government found a way for the military academies to play football this past weekend, Schlageter says, "There's no First Amendment right to the free exercise of football. There is a free exercise right to your religious faith." On Saturday, the House voted 400-1 to keep contract chaplains working during the government shutdown. Illinois Democrat William Enyart was the only "no" vote. It's unclear if the Senate will consider the resolution. Sound: UpcomingSource: http://www.wgxa.tv/story/government-shutdown-bars-some-priests-from-military-chapels-20131007
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Bae is the CEO of the Y.K. Bae Corporation, which researches space exploration and green technology with an eye toward applying high-powered photons. While many laser propulsion systems have been proposed, Bae's particular approach centers on firing the laser into a cavity between two mirrors. It started as another project entirely: the photon tether formation flight, seeking a way to move large space structures without contamination from rocket plumes. The lasers would be a smaller part of the system used to inflate other parts. When the results went far better than expected, Bae knew he had something else on his hands.
The concept of a photonic laser thrust system goes something like this: A laser is generated in a cavity between two mirrors, and fired between them continuously. The interaction of the photons between these two plates is then fired out of the launch platform. The platform remains in orbit, controlled by conventional thrusters. However, it fires at a craft, which does the brunt of the actual space travel. By continuously firing a laser at the craft, you can push it and allow it to build up momentum without chemical or nuclear fuel. And by reducing the need for fuel consumption, you also reduce the overall weight of the mission, creating more room for payloads, humans, and creature comforts.
"The initial scope was just inflating a larger structure with very modest photon thrust," Bae said. "That suddenly disappeared, and the wider horizon opened, which is that 'wow, this can be used for moving massive objects.'"
Bae has been working on the concept for years, originally receiving NASA Innovative Advanced Concepts (NIAC) funding in 2007 before that program was discontinued. But with NIAC's recent resurrection, Bae's research is back on track.
His big-picture plan starts with using laser propulsion in the coming decades on near-Earth space missions, journeys to the moon, and visits to near-Earth asteroids. Within 50 years, he hopes for phase two: Mars. After that comes the gas and ice giants in the outer solar system and their intriguing moons. And then, beyond: "We envision that humans can fly to other stars or other planets in other solar systems," he says.
One of the most intriguing parts about using laser propulsion for deep space journeys: There's the potential for in-flight gravity, or something like it. The system would create acceleration similar to 1g, meaning that astronauts would have their feet on the ground. "Once you accelerate, then that acceleration acts like gravity," Bae says. "Your feet will be toward the laser because of the acceleration. That way, I think the Star Trek?type of travel is possible."
What's holding Bae back? For one, you'd need tremendous power to realize such a mission with current technology. For even near-Earth and lunar missions, Bae estimates a requirement of 1 gigawatt of power, requiring a large amount of power to be generated by solar or nuclear power to generate the thrust.
Then there are the lasers themselves. As the distance between the photonic source and the craft increases, the signal spreads wider and wider, decreasing the precision of the guidance and reducing overall thrust. Think of it like shining a flashlight. Up close, the light is easy to narrowly direct to a particular object. But shining it on something farther away spreads the light out more, covering a wider distance but with less luminosity. Now, for a laser that's supposed to be shooting precise guidance lasers, tshis becomes a problem. So while near-Earth and Martian flights will be okay, problems will arise getting farther and farther away. One compensation is the idea of doing smaller platforms to create a "photonic railway," each acting as a sort of refueling station in between to get the craft where it needs to be. But Bae wants to also control the problem of the lasers spreading themselves too thin. Bae has his eye on research into Bessel beams, which don't diffract, and therefore could be fired at a spacecraft from farther away.
Bae isn't worried. He cites Moore's Law frequently, which lays out the way computers exponentially increase in capacity over time. He believes that once the ball is rolling on laser propulsion technology, increasing sophistication will follow, and quickly. "High-power laser technology and high-power optics technology are rapidly evolving," he said.
"Eventually, once we utilize resources in the solar system, then we'll have the power to go to the other stars or planets in other solar systems," he says. "That's stage four, and I'm thinking that will happen in another 100 years or so."
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