Tuesday, July 2, 2013

Chuck Schumer: House Will Pass Senate Immigration Bill

WASHINGTON -- Sen. Chuck Schumer (D-N.Y.) predicted on Sunday that the House would pass the Senate's immigration bill, despite Speaker John Boehner's (R-Ohio) repeated insistence that his chamber would pass a reform bill of its own.

"By the end of this year, the House will pass the Senate bill," Schumer said on Fox News Sunday.

Boehner has consistently stressed his plan to stick to the so-called "Hastert rule," which would require support of a majority of his own party caucus, in order to pass immigration. That could produce a much harsher bill than the Senate's legislation.

But Schumer said that dissensions within Boehner's own caucus would leave him with little choice other than to work with Democrats and pass the Senate bill, especially with outside pressure coming down on him.

"He's got a whole lot of Republican members, I'm sure a majority of the caucus, saying they will vote no," Schumer said. "I believe over the next several months that dynamic will change."

But Rep. Trey Gowdy (R-S.C.), who sits on the House Judiciary's Subcommittee on Immigration Policy and Enforcement, laughed off Schumer's suggestion when he appeared later on Fox News Sunday.

"I was moved almost to the point of tears by Sen. Schumer's concern for the future prospects of the Republican party. But we're going to not take his advice," he said. "The Senate bill is not going to pass in the House, it's not going to pass for myriad reasons."

Gowdy said the House will pass its own bill in pieces, and that it would be much tougher on enforcement and border security than the Senate bill.

"We're making progress and we will continue to do so," he said. "I'm more interested in getting it right than doing it on Sen. Schumer's schedule."

Also on HuffPost:

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Source: http://www.huffingtonpost.com/2013/06/30/chuck-schumer-house-immigration_n_3525163.html

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Egypt erupts with protests demanding Morsi ouster

CAIRO (AP) ? Hundreds of thousands thronged the streets of Cairo and cities around the country Sunday and marched on the presidential palace, filling a broad avenue for blocks, in an attempt to force out the Islamist president with the most massive protests Egypt has seen in 2? years of turmoil.

In a sign of the explosive volatility of the country's divisions, a hard core of young opponents broke away from the rallies and attacked the main headquarters of President Mohammed Morsi's Muslim Brotherhood, pelting it with stones and firebombs until a raging fire erupted in the walled villa. During clashes, Brotherhood supporters opened fire with birdshot on the attackers, who swelled to a crowd of hundreds.

Fears were widespread that the two sides could be heading to a violent collision in coming days. Morsi made clear through a spokesman that he would not step down and his Islamist supporters vowed not to allow protesters to remove one of their own, brought to office in a legitimate vote. Thousands of Islamists massed not far from the presidential palace in support of Morsi, some of them prepared for a fight with makeshift armor and sticks.

At least four people were killed Sunday in shootings at anti-Morsi protesters in southern Egypt.

The protesters aimed to show by sheer numbers that the country has irrevocably turned against Morsi, a year to the day after he was inaugurated as Egypt's first freely elected president. But throughout the day and even up to midnight at the main rallying sites, fears of rampant violence did not materialize.

Instead the mood was largely festive as protesters at giant anti-Morsi rallies in Cairo's central Tahrir Square and outside the Ittihadiya palace spilled into side streets and across boulevards, waving flags, blowing whistles and chanting.

Fireworks went off overhead. Men and women, some with small children on their shoulders, beat drums, danced and sang, "By hook or by crook, we will bring Morsi down." Residents in nearby homes showered water on marchers below ? some carrying tents in preparation to camp outside the palace ? to cool them in the summer heat, and blew whistles and waved flags in support.

"Mubarak took only 18 days although he had behind him the security, intelligence and a large sector of Egyptians," said Amr Tawfeeq, an oil company employee marching toward Ittihadiya with a Christian friend. Morsi "won't take long. We want him out and we are ready to pay the price."

The massive outpouring against Morsi, culminating a year of growing polarization, raises the question of what is next. Protesters have vowed to stay on the streets until he steps down, and organizers called for widespread labor strikes starting Monday. The president, in turn, appears to be hoping protests wane.

For weeks, Morsi's supporters have depicted the planned protest as a plot by Mubarak loyalists. But their claims were undermined by the extent of Sunday's rallies. In Cairo and a string of cities in the Nile Delta and on the Mediterranean coast, the protests topped even the biggest protests of the 2011's 18-day uprising, including the day Mubarak quit, Feb. 11, when giant crowds marched on Ittihadiya.

It is unclear now whether the opposition, which for months has demanded Morsi form a national unity government, would now accept any concessions short of his removal. The anticipated deadlock raises the question of whether the army, already deployed on the outskirts of cities, will intervene. Protesters believe the military would throw its significant weight behind them, tipping the balance against Morsi. The country's police, meanwhile, were hardly to be seen Sunday.

"If the Brothers think that we will give up and leave, they are mistaken," said lawyer Hossam Muhareb as he sat with a friend on a sidewalk near the presidential palace. "They will give up and leave after seeing our numbers."

Violence could send the situation spinning into explosive directions.

In a potentially volatile confrontation after nightfall, several dozen youths attacked the Muslim Brotherhood's headquarters on a plateau overlooking the capital. They threw rocks and firebombs at the walled villa, and people inside fired at the attackers with birdshot, according to an Associated Press Television News cameraman at the scene.

Southern Egypt saw deadly attacks on anti-Morsi protests, and four people were killed. A protester was shot to death in Beni Suef outside the offices of the Brotherhood's Freedom and Justice Party. In the city of Assiut, gunmen on a motorcycle opened fire on a protest, killing one person and wounding four others.

The enraged protesters then marched on the nearby Freedom and Justice offices, where gunmen inside opened fire, killing two more, security officials said, speaking on condition of anonymity because they weren't authorized to talk to the press. Clashes erupted, with protesters and security forces fighting side by side against Morsi's supporters.

At least 400 people were injured nationwide, the Health Ministry said.

Morsi, who has three years left in his term, said street protests cannot be used to overturn the results of a free election.

"There is no room for any talk against this constitutional legitimacy," he told Britain's The Guardian newspaper in an interview published Sunday, rejecting early elections.

If an elected president is forced out, "there will (be) people or opponents opposing the new president too, and a week or a month later, they will ask him to step down," he said.

Morsi was not at Ittihadiya as Sunday's rally took place ? he had moved to another nearby palace.

As the crowds massed, Morsi's spokesman Ihab Fahmi repeated the president's longstanding offer of dialogue with the opposition to resolve the nation's political crisis, calling it "the only framework through which we can reach understandings."

The opposition has repeatedly turned down his offers for dialogue, arguing that they were for show.

Near Ittihadiya palace, thousands of Islamists gathered in a show of support for Morsi outside the Rabia al-Adawiya mosque. Some Morsi backers wore homemade body armor and construction helmets and carried shields and clubs ? precautions, they said, against possible violence.

The demonstrations are the culmination of polarization and instability that have been building since Morsi's June 30, 2012, inauguration. The past year has seen multiple political crises, bouts of bloody clashes and a steadily worsening economy, with power outages, fuel shortages, rising prices and persistent lawlessness and crime.

In one camp are the president and his Islamist allies, including the Muslim Brotherhood and more hard-line groups. Morsi supporters accuse Mubarak loyalists of being behind the protests, aiming to overturn last year's election results, just as they argue that remnants of the old regime have sabotaged Morsi's attempts to deal with the nation's woes and bring reforms.

Hard-liners among them have also given the confrontation a sharply religious tone, denouncing Morsi's opponents as "enemies of God" and infidels.

On the other side is an array of secular and liberal Egyptians, moderate Muslims, Christians ? and what the opposition says is a broad sector of the general public that has turned against the Islamists. They say the Islamists have negated their election mandate by trying to monopolize power, infusing government with their supporters, forcing through a constitution they largely wrote and giving religious extremists a free hand, all while failing to manage the country.

"The country is only going backward. He's embarrassing us and making people hate Islam," said Donia Rashad, a 24-year-old unemployed woman who wears the conservative Islamic headscarf. "We need someone who can feel the people and is agreeable to the majority."

As they marched toward the presidential palace, some chanted, "You lied to us in the name of religion," and others raised a banner proclaiming, "Morsi=Mubarak. Early presidential elections." The crowds, including women, children and elderly people, hoisted long banners in the colors of the Egyptian flag and raised red cards ? a sign of expulsion in soccer.

In Tahrir, chants of "erhal!", or "leave!" thundered around the square. The crowd, which appeared to number some 300,000, waved Egyptian flags and posters of Morsi with a red X over his face. They whistled and waved when military helicopters swooped close overhead, reflecting their belief that the army favors them over Morsi.

A week ago, with the public sense of worry growing over the upcoming confrontation, Defense Minister Gen. Abdel-Fattah el-Sissi demanded the president and his opponents reach a compromise. He warned that the military would intervene to prevent the nation from entering a "dark tunnel."

Army troops backed by armored vehicles were deployed Sunday in some of Cairo's suburbs, with soldiers at traffic lights and major intersections. In the evening, they deployed near the international airport, state TV said.

Similarly sized crowds turned out in the Mediterranean city of Alexandria and the Nile Delta cities of Mansoura, Tanta and Damanhour, with sizeable rallies in cities nationwide.

"Today is the Brotherhood's last day in power," Suliman Mohammed, a manager of a seafood company, said in Tahrir.

The opposition protests emerge from a petition campaign by a youth activist group known as Tamarod, Arabic for "Rebel." For several months, the group has been collecting signatures on a call for Morsi to step down.

On Saturday, the group announced it had more than 22 million signatures ? proof, it claims, that a broad sector of the public no longer wants Morsi in office.

It was not possible to verify the claim. If true, it would be nearly twice the some 13 million people who voted for Morsi in last year's presidential run-off election, which he won with around 52 percent of the vote. Tamarod organizers said they discarded about 100,000 signed forms because they were duplicates.

Morsi's supporters have questioned the authenticity and validity of the signatures, but have produced no evidence of fraud.

At the pro-Morsi rally at the Rabia al-Adawiya mosque, the crowd chanted, "God is great," and some held up copies of Islam's holy book, the Quran.

"The people hold the legitimacy and we support Dr. Mohamed Morsi," said Ahmed Ramadan, one of the rally participants. "We would like to tell him not to be affected by the opponents' protests and not to give up his rights. We are here to support and protect him."

One of the world's most prominent Muslim clerics, Sheik Yousef El-Qaradawi, who is close to the Brotherhood, appealed to Egyptians to give Morsi a chance, saying if Morsi goes, "someone who's worse than Morsi" would replace him.

"It's not easy to change a president with another one, but it's better to correct him," el-Qaradawi, an Egyptian who has lived in Qatar for many years, said on Al-Jazeera Mubasher Misr TV.

Ibrahim Ahmed, a 59-year-old retired civil servant who was at Tahrir with his 5-year-old grandson, Yassin, snorted at the idea.

"He wants us to be patient with Morsi? No, thank you. Look at what happened in one year. The Egyptian pound is going down and the country is being Brotherhood-ized," he said.

____

AP reporters Tony G. Gabriel and Mariam Rizk contributed to this report.

Source: http://news.yahoo.com/egypt-erupts-protests-demanding-morsi-ouster-215829657.html

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Monday, July 1, 2013

There?s something about Proud Mary (Powerlineblog)

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Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/316217021?client_source=feed&format=rss

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Analysis - After selloff, some dip toes back in emerging markets

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - The threat of less central bank stimulus and higher interest rates has crushed emerging markets more than most assets in the past two months, in some cases slashing the value of stocks and bonds in developing countries to levels not seen since the last financial crisis.

The slump after U.S. Federal Reserve Chairman Ben Bernanke signaled in May that the Fed expects to curb and then end its bond-buying program in the next year if the economy improves has pushed prices to levels that would have looked very appealing only a few weeks ago. And some emerging market investors are buying, even with the understanding that there is a big risk markets have further to drop.

"We're starting to selectively increase our exposure to emerging markets," said Andres Calderon, portfolio manager and vice president for research at Hansberger Global Investors in Fort Lauderdale, Florida. "But the key word is selective. We're not rushing in."

There is every reason to be cautious: Many fund managers expect lower growth in emerging markets. Some markets have suffered recently from steep capital outflows, and the slowdown in China has affected other emerging economies, particularly commodity producers. Still, emerging markets are expected to continue to grow faster than developed countries.

Northern Trust Asset Management, for one, has remained overweight in emerging market stocks through the slide. The Chicago-based firm manages $810 billion in assets.

"If you're worried about performance in the next one or two quarters, then it's hard to make a case about a visible catalyst for emerging markets," said Jim McDonald, Northern Trust's chief investment strategist. "But if you have a 12- to 18-month outlook, then this group will work."

He said emerging-market stocks are trading at around 10 times this year's earnings, or a 32 percent discount relative to the Standard & Poor's 500-stock index. The asset class's historic low is about eight times earnings.

Emerging markets have typically traded at a 20 percent discount to the S&P 500 since 2005.

The price-to-book ratio of emerging market stocks on the MSCI stock index is also showing sharp undervaluation at 1.45, not far from the low of 1.36 hit during the depths of the financial crisis, according to Morgan Stanley data. That is still far higher than the 0.93 reached during the Asian crisis of 1997-98. The price-to-book multiple measures the company's value if it goes bankrupt.

"I wouldn't be surprised, though, if EM stocks come down further because there would still be continued outflows from the sector," said Calderon of Hansberger, which is a long-term investor in emerging market equities, with assets of around $6.2 billion.

There is plenty of wreckage to survey for possible bargains.

The benchmark MSCI emerging market stock index is down about 11.3 percent this year, with much of the decline coming in the past six weeks. By contrast, the MSCI's all-country world equity index is still up 4.8 percent this year, while the S&P 500 sports a sizable 12.8 percent gain for 2013.

In the debt market, the emerging market bond yield spread on dollar-denominated bonds, a gauge of perceived risk over safe-haven U.S. Treasuries, was at 342 basis points on Thursday on the benchmark JP Morgan Emerging Markets USD Bond Index (EMBI+) . On Tuesday, the spread was its widest in more than a year.

This index has fallen about 6 percent in June and is down more than 10.7 percent this year, after gains of more than 18 percent in 2012.

SLOWER EMERGING MARKET GROWTH

Emerging markets are experiencing a slowdown in demand for exports because of the weakness of the world's major economies. China's downturn has had a severe impact on many developing economies.

"China is likely to be far less effective as an engine for global recovery than in previous episodes such as 2009," said Bhanu Baweja, an investment strategist at UBS in London.

J.P. Morgan has reduced its growth forecast for emerging markets as a group in 2013 to 4.8 percent from its previous estimate of 5.1 percent. The U.S. investment bank expects emerging market growth of 5.4 percent in 2014.

Still those growth numbers are way above estimates in developed markets, which are forecast to grow just 1 percent this year and 1.8 percent in 2014, J.P. Morgan data show.

VALUE IN BONDS

Brazilian government bonds maturing in 2021 have fallen by 245 basis points since May, while Mexican bond prices have declined by 144 basis points, according to Morgan Stanley. The firm's latest emerging market bond models suggest those markets are now undervalued.

"The selloff in Mexico is not justified," said Nicholas Jacquiere, emerging market debt economist at Standard Life Investments in London, which manages assets of $272.6 billion.

"Growth in Mexico has come down a little bit and it's going through a soft patch, but that is good for bond investors because that means the central bank could cut rates again this year if growth continues to soften."

Standish Asset Management, a $170 billion fixed-income investment firm in Boston, has bought local Mexican and Brazilian bonds as yields have fallen. The average yield on emerging market local bonds is about 6.2 percent, Standish said, or about 100 basis points higher before the selloff in May.

"Many investors are comfortable with the currency volatility attached to these local bonds, and the expectation is that in the medium term, emerging market currencies will appreciate," said Alexander Kozhemiakin, managing director and emerging markets debt team leader at Standish.

Near-term risks in emerging market currencies have declined, since many of the aggressive bets in favor of these assets have been reduced. For instance, net longs - bets a currency will rise - in the Mexican peso, the most liquid emerging market currency, tumbled to around $812 million, the latest data from the Commodity Futures Trading Commission show. That is down sharply from roughly $6 billion in April.

Long positions in the Brazilian real and Chilean peso have also substantially fallen, according to Morgan Stanley data.

There is still a risk of further outflows from the local currency debt sector, fund managers say. Morgan Stanley data shows emerging market institutional investors are still overweight on local debt relative to their benchmark, suggesting more room to pare positions should markets remain scary.

"When you see that exposure indicator going down, that's a sign that the market is starting to clear their positions and therefore there would be a sense of calm," said Rashique Rahman, global head of emerging market strategy at Morgan Stanley in New York.

Analysts at Bank of America/Merrill Lynch said in a Thursday note that institutions they surveyed are raising cash in expectation of outflows, as investors respond to the volatility. Once that is alleviated, the case for long-term bets becomes clearer, fund managers said.

(Editing by David Gaffen, Martin Howell and Douglas Royalty)

Source: http://news.yahoo.com/analysis-selloff-dip-toes-back-emerging-markets-110933111.html

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Sunday, June 30, 2013

Woman Auctions Off Virginity to Pay For School

Source: http://www.thehollywoodgossip.com/2013/06/woman-auctions-off-virginity-to-pay-for-school/

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Survival of the Galapagos sea lion

June 29, 2013 ? Immune systems of endangered Galapagos sea lions are in overdrive because of harmful activity by people, reveal scientists from the Zoological Society of London (ZSL).

The study shows that Galapagos sea lions (Zalophus wollebaeki) are more prone to starvation because of exposure to human influences like pets and pollution. These can impair the level of their immunity, making them less able to hunt and more likely to go hungry when food is scarce.

This research is published June 28 in the journal PLOS ONE.

Conservationists spent more than eighteen months on the Islands of San Cristobal, which is inhabited by humans, and Santa Fe, where there are no humans, dogs, cats, mice or rats. They tagged 60 Galapagos sea lions from each island and monitored their behaviour and physiology.

ZSL's Institute of Zoology Director, Professor Tim Blackburn says: "We are increasingly aware of the threats of infectious diseases to wildlife around the world, from amphibians in the tropics to the birds in British gardens. It is worrying that we are now potentially seeing such threats to sea lions in the supposedly pristine wilderness of the Galapagos Islands."

ZSL's Dr. Paddy Brock, author on the paper, says: "A tell-tale sign of an unhealthy sea lion is a thinner than normal layer of blubber, which is what we saw in the sea lions on San Cristobal. This was all the more notable as we didn't notice these patterns in sea lions on Santa Fe, where they live without the presence of people or pets.

""The immune systems of San Cristobel sea lions were more active, perhaps indicating a threat of infectious disease, which could mean human activity is increasing the chance of potentially dangerous diseases emerging in the Galapagos sea lion," Dr Brock added.

Despite laws designed to protect the unique wildlife found on the Galapagos, pets are regularly imported to the islands, which increases the risk of new diseases arriving and spreading to local species. In addition, dumping of sewage into the bay on San Cristobal where the sea lions live may be increasing their exposure to germs and bacteria associated with humans.

ZSL, together with collaborators, will continue to address the threats faced by the Galapagos sea lion by carrying out further research into the methods driving the described patterns, such as the role that genetics plays in shaping them.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_science/~3/UgP0hAd2l9E/130629164735.htm

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2 WA refineries ready for N. Dakota oil

More Washington oil refineries are preparing to accept crude oil shipments from North Dakota.

Published: June 29, 2013 at 2:08 p.m. PDT Updated: June 29, 2013 at 2:08 p.m. PDT

More Washington oil refineries are preparing to accept crude oil shipments from North Dakota.

The Bellingham Herald reported that BP?s refinery at Cherry Point and the Phillips 66 refinery in Ferndale, both in the northwestern corner of the state, want to diversify their supply, with oil production in Alaska falling from historic levels.

The Tesoro refinery in Anacortes is already taking delivery of crude from North Dakota?s fracking boom, and the Shell refinery in Anacortes has announced plans to do so.

The BP refinery is building an almost 2-mile-long rail loop to handle the shipments, and Phillips 66 is planning its own rail terminal.

Phillips reported to Whatcom County that it expects to handle one oil train every two days, on average.

Source: http://www.thenewstribune.com/2013/06/29/2659002/2-wa-refineries-ready-for-n-dakota.html?storylink=rss

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