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Afternoon Buzz: Markets Recovering, North Korea Complying (We Think)
Tweet Share on Facebook February 28, 2007 Comment (1)Here are the hot stories making headlines this afternoon around the Web:
- U.S. markets are recovering after a big plunge. As of the early afternoon, the Dow was up about 75 points after yesterday's 416-point dip.
- Video: Federal Reserve Chairman Ben Bernanke tells lawmakers that the situation is being monitored and appears to be under control.
- North Korea appears to be complying with a recent agreement to shut down its main nuclear reactor in exchange for an initial load of fuel oil, but U.S. intelligence officials say they're still monitoring the situation closely.
- Australian researchers have discovered 20 new species of sharks and rays in Indonesia, the AP reports.
- Two Picassos--or maybe more--were stolen from the apartment of the artist's granddaughter.
- A report from the U.S. Government Accountability Office says the military is unprepared for chemical or biological attacks.
Etc.: Q&A With U.S. News's Paul J. Lim on the Market, on USNews.com -
Daily Doc: Bankruptcy at the San Diego Diocese
Tweet Share on Facebook February 28, 2007 CommentFrom U.S. News's Jay Tolson:
It wasn't the first Roman Catholic diocese in the United States to file for Chapter 11 protection when faced by a staggering number of sex-abuse lawsuits. But the 1 million-member San Diego diocese is so far the largest to do so. Last night's eleventh-hour filing raises questions about whether this strategy will soon become the rule rather than the exception for other financially strapped dioceses facing suits for alleged child-abuse episodes dating back, in many instances, several decades. And if it does, will it further erode confidence in a church hierarchy that many say still refuses to take responsibility for a scandal that it tried to cover up?
Whatever happens elsewhere, plaintiffs in the San Diego case are already accusing Bishop Robert Brom of bad faith. (See his letter to parishioners here). They say that he took the action after his pretrial settlement offers were rejected as sketchy and unclear. They also charge that the filing only heightens suspicions of a diocese that destroyed records of its criminal priests, the only U.S. diocese known to have done so.
More after the jump.
Etc.: A Pontiff's First Year, on USNews.com
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From Baghdad: A School Goes Up
Tweet Share on Facebook February 28, 2007 CommentU.S. News reporter Alex Kingsbury is currently embedded with U.S. troops in Iraq. He sent us this video from a school where U.S. and Iraqi forces have been working for several months on a reconstruction project.
Stayed tuned for more from Kingsbury later today.
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Today on the Campaign Trail
Tweet Share on Facebook February 28, 2007 CommentNot too much campaign activity to report today. John McCain is in New York City to be honored by the Irish-American Republicans and appear on the Late Show With David Letterman. Meanwhile, Joe Biden continues a trek through New Hampshire.
Stay tuned as candidates gear up for a big push this weekend.
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New on the Political Bulletin
Tweet Share on Facebook February 28, 2007 Comment (1)From today's Political Bulletin:
- Antiwar activists appear dismayed that Democrats in the House are not being more aggressive in curbing the war in Iraq, possibly by cutting funding.
- Bush may veto a bill implementing the recommendations of the 9/11 commission if the legislation grants airport security screeners bargaining rights.
- Yesterday's 416-point plunge in the U.S. stock market has put "the R-word"--recession--back in play.
Those stories and more in today's bulletin.
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Morning Buzz: Feb. 28, 2007
Tweet Share on Facebook February 28, 2007 Comment (21)This morning's top stories:
- Stock markets around the world are feeling the tremors of the U.S. stock market's worst day since the Sept. 11 attacks, while China's stock market bounced back from yesterday's 8.8 percent drop.
- U.S. officials said yesterday that they will hold high-level diplomatic talks with Iran and Syria over the next two months as part of an international summit on Iraq.
- Democratic leaders in the House of Representatives are finishing up their second Iraq measure, one with slightly more teeth than the earlier non-binding resolution the House passed in opposition to the troop increase in Iraq, but would not go so far as to cut off funds.
- The Washington Post has new details on the CIA's network of "black sites," internment facilities around the world for terrorism suspects.
- U.S. News' Jay Tolson has new insights on the documentary titled "The Lost Tomb of Jesus."
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Lott Will Drive the Hand That Feeds Him
Tweet Share on Facebook February 27, 2007 CommentWe'll close out the day with this item from U.S. News' Marianne Lavelle:
Mississippi Republican Senator Trent Lott said this morning he's looking forward to driving a Toyota Highlander SUV. He was just one of a slew of politicians on hand in Tupelo to cheer the automaker's announcement that it will build a $1.3 billion assembly plant in northeast Mississippi.
Lott chuckled at speculation in recent days over the "best kept secret in the country," that Mississippi would win out for the highly sought project over Tennessee and Arkansas. Production is to begin in 2010, with employment of 2,000 expected, and a goal of producing 150,000 of the popular sport utility crossover vehicle each year.
It will be Toyota's eighth manufacturing facility in the United States, and underscores the Japanese automaker's swift growth in contrast to its faltering U.S. rivals in the industry. Lott's fellow Mississippi Senator, Republican Thad Cochran was also on hand, as was Gov. Haley Barbour.
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GOP Insiders Say 2008 Nomination Is Up For Grabs
Tweet Share on Facebook February 27, 2007 CommentU.S. News White House Correspondent Kenneth T. Walsh gives us this item on what senior GOP insiders think of the field of 2008 presidential hopefuls:
Republican insiders are updating their assessment of the strengths and weakness of their presidential front runners. Their verdict: No one has a lock on the nomination and the campaign could last well into next year.
"Rudy Giuliani has had a really good couple of weeks," says a senior GOP strategist with close ties to the White House. The former New York mayor is proving himself a charismatic campaigner, very smart, and fully aware that he needs to address the concerns of conservatives that he is too liberal on social issues such as abortion, gay rights, and gun control. His answer: He would appoint conservative judges to the bench, including the Supreme Court, and won't let his liberal views interfere with that overriding objective.
This is proving to be an effective message to conservative activists, the insiders say, but these activists need further reassurance that Giuliani isn't too liberal.
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Why You Shouldn't Worry About the Stock Market--Yet
Tweet Share on Facebook February 27, 2007 CommentIn the past three hours the Dow Jones has dipped another several hundred points to a drop of more than 400 points today. But Paul J. Lim, the chief financial correspondent for U.S. News, weighs in to say that it isn't time to panic just yet.
"No doubt, today's market sell-off is jarring to investors, especially since market volatility has been rather mild in recent years," Lim writes on USNews.com. "But to a certain extent, this type of sell-off is welcome news on Wall Street. Bull market rallies are usually peppered with minor sell-offs and corrections that give investors time to rest and reenter the market at attractive prices."
The question, Lim says, is whether the market is dropping too rapidly. "Is this a tiny tremor that alleviates market pressure, or could this be the start of the big one? Right now, many believe it's still just a tremor. Of course, all eyes will be on the stock market over the next few days."
Read to Lim's analysis for a full report Lim with details about the three events that contributed to today's dip.
Etc.: Is the Emerging Markets Craze Over? on USNews.com -
Daily Doc: Did These Stone Boxes Contain Jesus' Remains?
Tweet Share on Facebook February 27, 2007 CommentAs we mentioned earlier, a forthcoming documentary called "The Lost Tomb of Jesus" is raising a lot of eyebrows. In this video, you can see the producer, James Cameron (director of "Titanic, among other movies) present the two stones boxes that, evidence suggests, may have contained the remains of Jesus and Mary Magdalene, another Biblical figure.
Critics have been quick to chime in. The existence of Jesus' physical remains would challenge a literal interpretation of the Bible, which states that he rose from the dead and ascended to heaven. Others scholars support a more spiritual interpretation of the resurrection.
In the Bible, Mary Magdalene, who Jesus rid of evil spirits, is present at the crucifixion and witnessed his ascension. She is often associated with a prostitute who anointed Jesus' feet.
Etc.: New: A Revision to the Story of Jesus? on USNews.comEtc.: A bold new take on the historical Jesus, on USNews.com
