Treasury Will Not Mint $1 Trillion Coin to Raise Debt Ceiling





WASHINGTON — The Treasury Department said Saturday that it will not mint a trillion-dollar platinum coin to head off an imminent battle with Congress over raising the government’s borrowing limit.


“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Anthony Coley, a Treasury spokesman, said in a written statement.


The Obama administration has indicated that the only way for the country to avoid a cash-management crisis as soon as next month is for Congress to raise the “debt ceiling,” which is the statutory limit on government borrowing. The cap is $16.4 trillion.


“There are only two options to deal with the debt limit: Congress can pay its bills, or it can fail to act and put the nation into default,” Jay Carney, the White House press secretary, said in a statement. “Congress needs to do its job.”


In recent weeks, some Republicans have indicated that they would not agree to raise the debt limit unless Democrats agreed to make cuts to entitlement programs like Social Security.


The White House has said it would not negotiate spending cuts in exchange for Congressional authority to borrow more, and it has insisted that Congress raise the ceiling as a matter of course, to cover expenses already authorized by Congress. In broader fiscal negotiations, it has said it would not agree to spending cuts without commensurate tax increases.


The idea of minting a trillion-dollar coin drew wide if puzzling attention recently after some bloggers and economic commentators had suggested it as an alternative to involving Congress.


By virtue of an obscure law meant to apply to commemorative coins, the Treasury secretary could order the production of a high-denomination platinum coin and deposit it at the Federal Reserve, where it would count as a government asset and give the country more breathing room under its debt ceiling. Once Congress raised the debt ceiling, the Treasury secretary could then order the coin destroyed.


Mr. Carney, the press secretary, fielded questions about the theoretical tactic at a news conference last week. But the idea is now formally off the table.


The White House has also rejected the idea that it could mount a challenge to the debt ceiling itself, on the strength of the Fourteenth Amendment to the Constitution, which holds that the “validity of the public debt” of the United States “shall not be questioned.”


The Washington Post earlier published a report that the Obama administration had rejected the platinum-coin idea.


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Detroit Auto Show: GM hopes 2014 Corvette will boost Chevrolet sales









As he prepared to unveil the seventh-generation Corvette this weekend — an event akin to the naming of a new pope in the sports-car world — General Motors executive Mark Reuss told a story familiar to legions of Corvette faithful over six decades of production.


Reuss coveted the car as a teenager, back when the 'Vette versus Porsche debate ignited the same fury as disco versus rock. He bought one in his 20s, a used silver 1969 model with a big-block 427 engine, and took his future wife on their first date. Then he married and sold the two-seater to make room for a family.


Such nostalgia is pervasive among Corvette buyers. The car's heritage means even more to GM as it attempts to rebound from the bailout-and-bankruptcy era.





PHOTOS: Six generations of the Corvette


In a once-a-decade event, Chevrolet will unveil the redesigned 2014 Corvette on Sunday night at a preview to next week's North American International Auto Show in Detroit. As with every 'Vette since 1953, the new model will serve as the standard bearer of the brand's engineering, a laboratory for technology that trickles down to mainstream models. The dynamic extends to marketing, as the Corvette embodies the soul of the brand, the aspirational "halo" car that GM hopes will rub off on perceptions of its entire lineup.


"When you see a Corvette in a showroom, most know that Chevrolet embodies performance, value and is unapologetically American," said Reuss, president of GM's North American operations.


Corvette redesigns have historically boosted sales of the sports cars, often by 50% or more. But some question how much a new Corvette can do to shore up Chevrolet's sagging U.S. market share.


"The negative is that, in the minds of Corvette owners, it is a Corvette before it is a Chevy," said Jeremy Anwyl, vice chairman of Edmunds.com. "It is not like you go look at the Corvette and walk out with a Cruze. If they took the money they spent on Corvette development and spent it on a couple of marketing campaigns, they would get more bang for their buck."


Others aren't so quick to write off the premium sports car's benefit to the larger brand. Larry Dominique, former vice president of product planning at Nissan, saw marketing benefits in play from the Japanese automaker's series of Z sports cars. Consumers believed that Nissan's other vehicles shared the same DNA, which the company underscored in pitching its Maxima as the "four-door sports car."


"There is an awareness and consumer draw," Dominique said. "That's why Chevy dealers put the Corvette on the turntable out front."


Profitable niche


The Corvette has often served as a barometer of the company's fortunes. Many view the mid-1960s Sting Ray version as a golden era of the 'Vette's might and sex appeal, a tangible representation of GM's corporate power.


A decade later — after GM got caught flat-footed by the oil crisis — the Corvette morphed into a sports car for posers, poorly built and agonizingly slow.


As a premium car, the Corvette naturally sells in low volumes, particularly through the battered economy of recent years, when sales plummeted from more than 40,000 in 2007 to less than 12,000 last year.


Even in good years, Corvette sells as many copies in a year as Toyota's Camry sometimes sells in a month.


But the economy is on the mend, and whatever the Corvette does for the larger Chevrolet and GM brands, the car will turn a substantial profit on its own, Reuss assured.


"This makes as much money as any of the top-profit models in our company," Reuss said. "That is why we do it."


Even as GM works to make Chevrolet more of a global brand, the Corvette remains an American affair.


"From a business case, the car is done for North America first," Reuss said. "Anything else that happens because we made a fundamentally sound car is extra benefit."


Reuss also hopes to speed up the timeline for Corvette redesigns, which have averaged nine years and once stretched to 15 years. The current Corvette debuted in 2005. Corvette fans, he said, won't have to wait so long for the next version.





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Lenovo IdeaTab A2107 comes to AT&T for $200 with no contract






AT&T (T) on Friday announced the addition of the Lenovo (LNVGY) IdeaTab A2107 to its line of tablet PCs. The 7-inch slate is equipped with a 1GHz dual-core processor, 1GB of RAM, 16GB of internal storage, 3G connectivity and Android 4.0 Ice Cream Sandwich. The IdeaTab A2107 also includes a 3-megapixel rear camera, a microSD slot, a front-facing camera and a 3550 mAh battery. The tablet’s display isn’t nearly as good as the competition, however, sporting a mere 1024 x 600 resolution with a pixel density of 170 pixels per inch, falling short of Google’s (GOOG) similarly priced Nexus 7.


[More from BGR: Samsung cancels Windows RT plans in U.S.]






“The Lenovo IdeaTab is a great option for those in the market for a compact, multifunctional tablet at an affordable price,” said Chris Penrose, senior vice president of emerging devices at AT&T. “Connecting it to the AT&T network keeps customers connected while on the go to what matters most.”


[More from BGR: ‘Apple is done’ and Surface tablet is cool, according to teens]


The IdeaTab A2107 is available now for $ 200 without a two-year agreement or $ 100 on contract.


This article was originally published on BGR.com


Wireless News Headlines – Yahoo! News





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Destiny’s Child releasing first new song in 8 years






LOS ANGELES (TheWrap.com) – One of the biggest girl groups of the 21st century is making a comeback. Or, at least, some new music.


Destiny’s Child – a bootylicious R&B act consisting of BeyoncĂ© Knowles, Kelly Rowland and Michelle Williams – announced on Thursday that they will be releasing a compilation album later this month, which contains the first new song they’ve recorded since 2004.






“We are so proud to announce the first original Destiny’s Child music in eight years,” a post on the group’s Facebook page read.


If this is a sign of a reunion album or tour to come, the girls are taking baby steps for now.


“Nuclear” will be the only new track on “Love Songs,”a collection of the best-selling group’s most romantic recordings, which include “Cater 2 U,” “Brown Eyes” and one of their biggest hits, “Say My Name.”


The girls called it quits in 2005 after releasing four full-length studio albums, which sold over 60 million copies between 1997 and 2005 to make Destiny’s Child the world’s top-selling female vocal group.


Following the split, BeyoncĂ© became a household name as a solo artist, actress and Jay-Z’s wife, while both Rowland and Williams found some success pursuing independent careers as well.


The 14-track “Love Songs” drops on January 29, but is currently available for pre-order on Amazon.


Music News Headlines – Yahoo! News





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Business Briefing | Retailing: Best Buy Shares Rally on Improved Holiday Sales



The Best Buy Company had better-than-expected holiday sales, setting off a gain of $2, or 16.4 percent, in its stock price, to $14.21 a share on Friday. The holiday quarter accounted for about a third of Best Buy’s revenue last year. The chain said that revenue at stores open at least a year fell 1.4 percent for the nine weeks ended Jan. 5. The company’s performance in the United States was flat. The chief executive, Hubert Joly, said in a statement that the result was better than the last several quarters. A Morningstar analyst, R. J. Hottovy, said the results showed that some of Best Buy’s initiatives, like more employee training and online price matching helped increase sales.


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At Nordstrom Rack hostage scene, mall employees try to go to work

















Near the scene of an overnight hostage situation at the Nordstrom Rack store in Westchester, traffic was picking up Friday morning around the Promenade at Howard Hughes Center mall.


As cars drove by on Sepulveda Boulevard and Center Drive, puzzled mall employees, many of whom were unaware of the hostage situation in which 14 Rack employees were held and later released, gathered at the main entrance to the mall and questioned authorities about what to do.


Jackie Carter, 40, of Redondo Beach, works in technical support in a building on Center Drive. Armed with a thermos of coffee, he said he was supposed to be at work at 6 a.m., but officers told him it was unclear when they would open access to the buildings near the mall.









He said he wasn’t sure what he was going to do because his wife had dropped him off at work.


“I guess there’s no work,” he said.


Meanwhile, Bill Schaeffer of Los Feliz suddenly got a voicemail from his manager around 7:30 a.m. telling him not to come to work at Piccolo’s Books inside the mall.


The message came too late though. Schaeffer had already gotten to work and gone to a nearby coffee shop to pass time. After conferring with officers, Schaeffer, 55, said he was going to go home.

“Now it’s time to run errands,” he said.


One female hostage held at the store was sexually assaulted, another was stabbed in the neck and a third was pistol-whipped, police said Friday.


The ordeal began about 11 p.m. Thursday, when two men took the hostages, leading them into a store room and bathroom, police said.


Police did not say exactly how long the suspects were in the Nordstrom Rack before they fled with an undisclosed amount of money.


Police early Friday were trying to confirm that the getaway car was found at a nearby location.


When the Los Angeles Police Department's SWAT officers arrived Thursday night, they surrounded the store, according to police sources. At one point, one of the suspects left the store, saw police and ran back inside. A second suspect walked out with an unidentified woman, saw police and headed back to the store.


The officers entered the store at 3:30 a.m. and freed 14 people -- employees and possibly customers -- huddled in a storage room. The Promenade at Howard Hughes Center is near the 405 Freeway.


The LAPD had called a tactical alert and closed off the area around the shopping center.



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BlackBerry Z10 shown off in leaked marketing materials









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N. Dakota, Washington win Miss America prelims






LAS VEGAS (AP) — Miss North Dakota and Miss Washington have picked up prizes in the third day of preliminary Miss America competition in Las Vegas.


Miss North Dakota Rosie Sauvageau took top honors Thursday after her piano and vocal rendition of “To Make You Feel My Love.” The 24-year-old from Fargo, N.D., will take a $ 2,000 Amway scholarship home from the competition at Planet Hollywood resort.






Miss Washington Mandy Schendel took the trophy for the third round of the Lifestyle and Fitness category after modeling a strapless white Catalina swimsuit. The 22-year-old from Newcastle, Wash., earned a $ 1,000 Amway scholarship for it.


Contestants are divided into three groups and compete in different categories during three nights of preliminaries. Their scores will factor in the finals that will be broadcast live on Saturday.


Entertainment News Headlines – Yahoo! News





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The New Old Age Blog: Taking a Zen Approach to Caregiving

You try to help your elderly father. Irritated and defensive, he snaps at you instead of going along with your suggestion. And you think “this is so unfair” and feel a rising tide of anger.

How to handle situations like this, which arise often and create so much angst for caregivers?

Jennifer Block finds the answer in what she calls “contemplative caregiving” — the application of Buddhist principles to caregiving and the subject of a year-long course that starts at the San Francisco Zen Center in a few weeks.

This approach aims to cultivate compassion, both for older people and the people they depend on, said Ms. Block, 49, a Buddhist chaplain and the course’s lead instructor. She’s also the former director of education at the Zen Hospice project in San Francisco and founder of the Beyond Measure School for Contemplative Care, which is helping develop a new, Zen-inspired senior living community in the area.

I caught up with Ms. Block recently, and what follows is an edited transcript of our conversation.

Let’s start with your experience. Have you been a caregiver?

My experience in caregiving is as a professional providing spiritual care to individuals and families when they are facing and coping with aging and sickness and loss and dying, particularly in hospital and hospice settings.

What kinds of challenges have you witnessed?

People are for the most part unprepared for caregiving. They’re either untrained or unable to trust their own instincts. They lack confidence as well as knowledge. By confidence, I mean understanding and accepting that we don’t know all the answers – what to do, how to fix things.

This past weekend, I was on the phone with a woman who’d brought her mom to live near her in assisted living. The mom had been to the hospital the day before. My conversation with the daughter was about helping her see the truth that her mother needed more care and that was going to change the daughter’s responsibilities and her life. And also, her mother was frail, elderly, and coming nearer to death.

That’s hard, isn’t it?

Yes, because we live in a death-denying society. Also, we live in a fast-paced, demanding world that says don’t sit still — do something. But people receiving care often need most of all for us to spend time with them. When we do that, their mortality and our grief and our helplessness becomes closer to us and more apparent.

How can contemplative caregiving help?

We teach people to cultivate a relationship with aging, sickness and dying. To turn toward it rather than turning away, and to pay close attention. Most people don’t want to do this.

A person needs training to face what is difficult in oneself and in others. There are spiritual muscles we need to develop, just like we develop physical muscles in a gym. Also, the mind needs to be trained to be responsive instead of reactive.

What does that mean?

Here’s an example. Let’s say you’re trying to help your mother, and she says something off-putting to you like “you’ve always been terrible at keeping house. It’s no wonder you lost my pajamas.”

The first thing is to notice your experience. To become aware of that feeling, almost like being slapped emotionally. To notice your chest tightening.

Then I tell people to take a deep breath. And say something to themselves like “soften” to address that tightness. That’s how you can stay facing something uncomfortable rather than turning away.

If I were in this position, I might say something to myself like “hello unhappiness” or “hello suffering” or “hello aging” to tether myself.

The second step would be curiosity about that experience. Like, wow, where do I feel that anger that rose up in me, or that fear? Oh, it’s in my chest. I’m going to feel that, stay with it, investigate it.

Why is that important?

Because as we investigate something we come to understand it. And, paradoxically, when we pay attention to pain it changes. It softens. It moves. It lessens. It deepens. And we get to know it and learn not to be afraid of it or change it or fix it but just come alongside of it.

Over hours, days, months, years, the mind and heart come to know pain. And the response to pain is compassion — the wish for the alleviation of pain.

Let’s go back to what mother said about your housekeeping and the pajamas. Maybe you leave the room for five minutes so you can pay attention to your reaction and remember your training. Then, you can go back in and have a response rather than a reaction. Maybe something like “Mom, I think you’re right. I may not be the world’s best housekeeper. I’m sorry I lost your pajamas. It seems like you’re having a pretty strong response to that, and I’d like to know why it matters so much to you. What’s happening with you today?”

Are other skills important?

Another skill is to become aware of how much we receive as well as give in caregiving. Caregiving can be really gratifying. It’s an expression of our values and identity: the way we want the world to be. So, I try to teach people how this role benefits them. Such as learning what it’s like to be old. Or having a close, intimate relationship with an older parent for the first time in decades. It isn’t necessarily pleasant or easy. But the alternative is missing someone’s final chapter, and that can be a real loss.

What will you do in your course?

We’ll teach the principles of contemplative care and discuss them. We’ll have homework, such as ‘Bring me three examples of someone you were caring for who was caring toward you in return.’ That’s one way of practicing attention. And people will train in meditation.

We’ll also explore our own relationship to aging, sickness, dying and loss. We’ll tell our stories: this is the situation I was in, this is where I felt myself shut down, this was the edge of my comfort or knowledge. And we’ll teach principles from Buddhism. Equanimity. Compassion. Deep inner connectedness.

What can people do on their own?

Mindfulness training is offered in almost every city. That’s one of the core components of this approach.

I think every caregiver needs to have their own caregiver — a therapist or a colleague or a friend, someone who is there for them and with whom they can unburden themselves. I think of caregiving as drawing water from a well. We need to make sure that we have whatever nurtures us, whatever supplies that well. And often, that’s connecting with others.

Are other groups doing this kind of work?

In New York City, the New York Zen Center for Contemplative Care educates the public and professionals about contemplative care. And in New Mexico, the Upaya Zen Center does similar work, much of it centered around death and dying.

People who want to read about this might want to look at a new book of essays, “The Arts of Contemplative Care: Pioneering Voices in Buddhist Chaplaincy and Pastoral Work” (Wisdom Publications, 2012).

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Common Sense: Economic Experts Give Predictions for 2013


To many politicians, the deal that raised taxes on the wealthy and averted the fiscal cliff was a sellout, a cop-out, a Band-Aid — in short, nothing good. And now the debt ceiling showdown is looming. So why have stock investors cheered, pushing the Standard & Poor’s 500-stock index to five-year highs?


My annual survey suggests that investment experts are cautiously upbeat about the economy and the stock market (but not bonds) for 2013, even though they acknowledge that political dysfunction in Washington poses risks. The tax deal may have upset Tea Party Republicans looking for big cuts in entitlement spending and liberals demanding even bigger tax increases on the wealthy. But investors seem to be taking the long view that the warring factions did in the end reach a deal, and it amounts to a $4 trillion stimulus compared with what would have happened if Congress had done nothing. Stimulus may be a bad word in Washington, but many investors seem to believe that continued deficit spending and only a modest tax increase will be good for the economy and corporate profits, at least this year.


The experts I consulted a year ago — Bill Miller for stocks, Bill Gross for bonds and Karl E. Case for real estate — proved accurate in their predictions for 2012. So I asked them for a return engagement. I also spoke to Byron Wien, vice chairman and a senior adviser at Blackstone. Last year, Mr. Wien was one of the few pundits who was exactly right about the stock market, predicting that the S.& P. 500 would close the year “over 1400.” The index ended the year at 1426, a gain of 13.4 percent for the year.


Bill Miller: ‘The great bond bear market has begun’


Perhaps the biggest comeback of 2012 belongs to Mr. Miller of Legg Mason, who became a mutual fund legend by beating the S.& P. 500 for 15 consecutive years, from 1991 to 2005. Then, during 2008 and the financial panic, he seemingly lost his magic touch. His fund plunged 55 percent. The Wall Street Journal, in its headline about the fund’s dismal returns, spoke of his “defeat.” And after another disappointing year in 2011, he retired as head of the Legg Mason Value Trust, the firm’s flagship fund.


But Mr. Miller kept his hand in the market, managing the much smaller Legg Mason Capital Management Opportunity Trust. When I sought him out a year ago, reasoning that even the most brilliant investors can be expected to have a few bad years, he was bullish on stocks. That proved good advice. Mr. Miller’s fund gained over 40 percent in 2012, and was top-performing mutual fund in Morningstar’s database. How did he do it?


Mr. Miller made big bets on the battered and out-of-favor home building and financial sectors, the kind of contrarian strategy that served Mr. Miller well for so many years. Major holdings like Pulte Homes (which gained 160 percent over the past year) and Bank of America (which nearly doubled) were some his best-performing stocks.


Mr. Miller remains optimistic about stocks for 2013, with an asterisk. When I reached him this week, he offered these predictions: “The great bond bear market has begun, starting with Treasuries, which should see years of losses as interest rates gradually normalize. Equities, which outperformed bonds in 2012, will continue to do well, driven by rising earnings, strong free cash flow, solid profit margins, low inflation and attractive valuation relative to bonds. The path of least resistance for stocks and the economy is higher. The chief risk is the dysfunctional political environment, which could derail what otherwise is a very promising outlook.”


Mr. Wien, whose long career on Wall Street included stints at Morgan Stanley and Pequot Capital, told me he’s “gloomy” about prospects in Washington. “We can’t solve our problems simply by getting the rich to pay more. We have to broaden the tax base, revise the tax code and tackle the structural problems we aren’t facing. We need to deal with entitlements. The latest deal did absolutely nothing to address that. I don’t know if democracy can solve these problems.”


Despite his success at predicting the market last year, Mr. Wien isn’t putting a number on the S.& P. 500 this year, but his expectations are modest. He expects the S.& P. 500 to test 1300 at some point, which would be about a 10 percent decline from current levels, before ending the year about where it is now. “I don’t expect the stock market to do much this year,” he said. “Most analysts are forecasting returns of 10 percent or more, but I think earnings could be down for the year, which would make it hard for the market to gain that much.”


But he’s optimistic about stock markets in some other countries, especially China, where stocks lagged last year, and Japan, which has been in the doldrums for years. He’s forecasting a 20 percent gain this year for Chinese shares.


Bill Gross: ‘Ashes in our stocking’


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