Fed considered more clarity on rate policy

AP Economics Writer?? U.S. Federal Reserve policymakers this month discussed how they could give businesses and investors more information about what might trigger an increase in interest rates. But the Fed held off making any changes, according to minutes of the Nov. 1-2 meeting.

A panel headed by Vice Chairman Janet Yellen is exploring ways to provide more information on future central bank moves. More clarity on interest rate policy could help reassure investors and businesses that rates will stay low.

At its August meeting, the Fed said it planned to keep short-term rates near zero until at least mid-2013, as long as economic growth remained weak.

The Fed has kept its key short-term interest at a record low since December 2008. That is the rate that banks charge on overnight loans, and it serves as the benchmark for millions of business and consumer loans.

After its November meeting, the Fed sketched a bleaker outlook for the U.S. economy, which it predicted would grow much more slowly and face higher unemployment than it had estimated in June.

The Fed announced no new policy actions after the meeting. But the gloomier forecast increased the likelihood that it would take new steps soon.

Economic growth over summer revised down

Some economists think the Fed could announce after its Dec. 13 meeting a plan to buy mortgage-backed securities, which could directly support the depressed U.S. housing market by lowering loan rates. Another option would be launching a third round of Treasury bond purchases, similar to the $600 billion program that the Fed brought to a close in June.

The decision to leave policy unchanged in November was approved on a 9-1 vote. Charles Evans, the president of the Chicago Federal Reserve Bank, dissented after pushing for stronger efforts to try to boost the economy.

The vote was a shift from the previous two Fed meetings when three members had dissented for the opposite reason. They opposed the Fed's decisions to make changes in an effort to bolster growth. They argued those moves would increase the risks of future inflation.

After the September meeting, the central bank announced that it would shuffle its holdings of Treasury securities to try to further lower long-term interest rates.

In November, the Fed downgraded its outlook for the economy. It predicted growth of no more than 1.7 percent this year and 2.7 percent in 2012. Both are below what's needed to lower the unemployment rate, which has been stuck near 9 percent since the recession officially ended.

The Fed doesn't see that changing much. It predicts the unemployment rate will average 8.6 percent at the end of next year.

At a news conference after the meeting, Bernanke said the pace of economic growth is "frustratingly slow" and said that the central bank remained "prepared to take action as appropriate to make sure the recovery continues.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.msnbc.msn.com/id/45404674/ns/business-stocks_and_economy/

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Keli Goff: Would Herman Cain Still Be a Contender If His Accusers Were Black?

Every campaign a candidate says something that he or she ends up regretting, usually because an opponent or critic manages to prove the statement wrong in some factual or philosophical way. But rarely does a candidate prove one of his own statements wrong in the extraordinary manner that Herman Cain has managed to do in recent weeks.

Six weeks ago Cain said, "I don't believe racism in this country today holds anybody back in a big way." In the last month he's learned firsthand just how laughable that statement really is. To those who have decided that based on the previous sentence, this blog post is laughable -- I ask you to first consider two questions.

Question number 1: If Cain's Libya gaffe -- and without a doubt it was a doozy -- renders him unqualified and unelectable for the presidency, then how do we explain the election of George W. Bush? His foreign affairs pop quiz failure during the 2000 presidential campaign makes Cain's mishap look mild and yet somehow he didn't become campaign roadkill. (Click here to see a list of some of the most embarrassing campaign flubs.)

Question number 2: What if Cain's sexual harassment accusers were black? (Let the eye rolls, hate mail and angry comments commence.)

As I mentioned on MSNBC's The Dylan Ratigan Show, shortly after the Herman Cain harassment story broke, the first question I asked a fellow writer is, "Do we know the race of the accusers?" I asked not because I care, but because I knew that some voters would -- namely many of the voters Mr. Cain needed to win a GOP primary. How do we know that some of them care? A 2010 Pew Research poll found that while nearly 85% of millenials of all races support interracial marriage, only 52% of white Baby Boomers do and only 36% of whites over age 65 do. Pew data also shows the average age of registered Republicans rising to 48 and the party's greatest bloc of support remaining overwhelmingly white and in the South. This means that the voters least likely to approve of sexual contact between members of different races are the very voters Cain's political survival has depended on. Therefore it was a given that his survival would become tougher if the number of attractive white women accusing him of not so attractive behavior increased.

What's ironic is that despite his earlier declaration that racism doesn't hold any of us back in any meaningful way, Cain later asserted that being a black conservative played a role in the allegations against him -- specifically making him an attractive target of both liberals and the media. He was at least partially right.

The fact that Cain is black and his accusers (so far) are reasonably attractive blondes did impact coverage of this story regardless of whether we in the media wish to acknowledge it. Though we don't like to admit it there are countless factors that determine which stories we cover and how we cover them, including factors that should not, such as race. The disproportionate coverage media outlets extend to cases of attractive white women who go missing in comparison to the coverage extended to missing minorities, is so well documented that it enjoys a permanent catchphrase among media critics: "Missing White Woman Syndrome." (Fingers crossed I don't go missing anytime soon because the odds are not in my favor in terms of coverage.) When it comes to allegations of sexual impropriety the same calculations that lead some reporters, producers, and editors to determine that a missing poor, overweight African-American woman may not be as newsworthy as a missing attractive, wealthy white woman can also come into play.

So what does this mean for Herman Cain? For starters, as long as his accusers were white, reasonably attractive and not completely incoherent, they were going to be extended a measure of coverage -- and credibility -- they may not otherwise. As such, they, unfairly or not, saddled Cain with the very albatross he has tried desperately to avoid. Herman Cain spent a lifetime defying racial stereotypes, both professionally and politically. Now he has cartoonishly morphed into the embodiment of one of America's most unflattering, yet enduring, racial stereotypes: that of the black man that despite seeming to have it all, still sexually wants a white woman more than anything.

Though his supporters were quick to hearken back to Clarence Thomas as a model for how a black conservative could survive similar allegations, they seemed to forget one key fact: Anita Hill, Thomas's accuser, is black. This fact still matters, even 20 years later, and if you are a black man running in a GOP primary the race of your accuser matters even more.

Don't get me wrong. When it's all said and done Cain's candidacy will ultimately have been done in by his own hand; his poor early response to the harassment crisis that engulfed his campaign, his bumbling response to the question on Libya. But that doesn't change the fact that the bar has always been set higher for African-Americans (apologies Mr. Cain. I know you hate that term) seeking to break barriers, with less room for errors. There is not a black person on the planet that believes President Obama could survive an impeachment scandal like President Clinton did. Just as we all accept the fact that no black candidate as inarticulate as President George W. Bush would have ever been considered a viable contender.

At the end of the day I guess Mr. Cain and I don't disagree all that much. He believes that race may have played some role in his demise, as do I. I guess the only real difference between us, is I always knew it was a possibility that his race could hold him back in some meaningful way. But it took a losing campaign, and abandonment by his fellow conservatives to teach Mr. Cain that lesson.

Keli Goff is the author of The GQ Candidate and a Contributing Editor for Loop21.com where this piece originally appeared. Check out her website here.

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Source: http://www.huffingtonpost.com/keli-goff/herman-cain-racism_b_1106539.html

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?Heaven?, Not Scott Brown?s Description of Elizabeth Warren (Balloon Juice)

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Lawmakers seek Social Security check protections

WASHINGTON (AP) ? Fourteen Republicans on the House Ways and Means Committee want more scrutiny of how the Social Security Administration oversees benefit checks sent to disabled adults and minors to make sure the money does not fall into the hands of predators.

A recent Philadelphia case found that a woman accused of locking mentally disabled people in a squalid basement was able to cash their benefit checks without being discovered by authorities.

For years, paroled murderer Linda Ann Weston brought several mentally challenged adults into Social Security offices to sign off as their representative payee, someone who helps manage their monthly benefits of about $600 to $900, authorities have said.

Advocates have said the case showed how vulnerable people with mental and physical impairments can be if they don't have family or friends protecting them from predators attracted by their Social Security checks.

The lawmakers, in a letter on Friday, cited the "horrific example" of the Philadelphia case and asked the Government Accountability Office, which is Congress' investigative arm, to evaluate the effectiveness of the Social Security Administration's representative payee program for those who are legally incompetent or under the age of 15.

"The SSA's oversight of representative payees remains a clear challenge," wrote the lawmakers, including Rep. Sam Johnson, R-Texas, who is chairman of the Subcommittee on Social Security.

There are about 5.6 million representative payees managing about $61 billion annually for about 7.6 million beneficiaries in 2011, the lawmakers said.

Weston and three others were charged with kidnapping, false imprisonment and other offenses after her landlord stumbled onto the four victims in a foul-smelling boiler room last month.

Weston and her daughter, Jean McIntosh, 32; Weston's boyfriend, Gregory Thomas; and Eddie "the Rev. Ed" Wright, are accused of preying on mentally disabled adults, locking them in the basement's boiler room and wresting control of their disability checks.

Investigators say they are still working to discover the extent of the alleged scheme after finding more than 50 Social Security cards, power of attorney documents and other forms of identification.

There are rules governing representative payees, such as the requirement that they pledge to use the money only on the individual's care and upkeep, and a requirement that they file yearly reports on how the money is spent.

But some of the rules lack enforcement. For example, people who have served more than a year in prison are ineligible to be representative payees, but the reporting is voluntary, and the Social Security Administration does not make use of independent background checks.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2011-11-21-Locked%20In%20Basement-Congress/id-353a9446187445988ca68e97eb701a55

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Cops: Woman kills 2, injures 4, then kills self (AP)

GREENSBORO, N.C. ? Mary Ann Holder wanted to see her married former flame one last time as their bitter love triangle threatened to open a new and potentially costly chapter in court.

The meeting ended with Randall Lamb, 40, getting shot and Holder, 36, taking her own life Sunday. Later, police found that Holder gunned down four children living in her home, including her two sons, and the older boy's girlfriend. Two are dead. Three of the children survived and were in critical condition Monday.

Investigators were trying to unravel the violent chain of events and understand why Holder took out her rage on children. Holder left notes taking responsibility for the shootings and apologizing for the pain she was causing, Guilford County Sheriff BJ Barnes said. The notes also indicate Holder was angry about how her relationship with Lamb came to an end.

"They were obviously shot for the purpose of killing them. You can call it an execution, you can call it a shooting, you can call it whatever you want. The result is the same," he said. "We may never know exactly what her thoughts were and why."

Investigators said Holder and Lamb had been having an affair for almost four years and it was grinding to an acrimonious end.

In February, Lamb's wife, Jennifer, sought a court order to keep Holder away from her and her husband. Jennifer Lamb stated in the complaint that Holder would constantly call and text their cell phones and that Holder also sent nude pictures of herself. In June, Holder filed restraining orders against Lamb and his wife, saying they stalked and harassed her and that Lamb constantly drove past her house.

Authorities said Lamb agreed to meet Holder at a community college parking lot around 9 a.m. Sunday. His wife was about to file an alienation of affection lawsuit against Holder. North Carolina law allows a married person to sue the person with whom his or her spouse had an affair.

Holder shot at him multiple times and hit him once in the shoulder, the sheriff said. Lamb called his wife, who reported the shooting to 911 dispatchers. He was in stable condition on Monday.

Holder then drove off to pick up her 14-year-old son. Phone records indicate that about 45 minutes later, Zachary Smith was sending a text message thanking his hosts for letting him stay over the previous night.

Nearly half an hour later, a sheriff's deputy on the lookout for Holder's black SUV drove past it and turned around after seeing what he thought was a puff of smoke inside the vehicle. Holder was found dead inside with a gunshot to the head, and Zachary critically wounded was in the SUV's back seat. Deputies recovered two handguns inside the vehicle, one in Holder's lap, the sheriff said.

The officers then went into Holder's home in the Pleasant Garden community south of Greensboro and found Holder's son, 17-year-old Robert Dylan Smith, dead. Smith's girlfriend, Makayla Woods, 15, and Holder's nephew, Richard Suttles, 17, were also shot inside the home and were in critical condition Monday. Holder's niece, Hannaleigh Suttles. 8, died Monday.

The victims appeared to have been shot while they slept in a bedroom and the home's living room, said Barnes's chief deputy, Col. Randy Powers.

Holder's decision to take in her dead sister's children appeared to add to the pressures of what appeared to be a life in turmoil, neighbor Teresa Scott said.

"Why would you take them children, keep them children, when your life's rocky, up and down?" said Scott, who said Holder began renting the home across the street about four years ago.

Holder's children were kind and vigilant towards the elderly couple across the road, Teresa Scott said. They volunteered to help with yard maintenance and enquired about the health of her husband Joe, who has had recent health problems.

In the past, Lamb also appeared to like Holder's children, Teresa Scott said. "They'd pack up things and go places together," she said.

But it was also clear the affair between Holder and Lamb had become acrimonious, Teresa Scott said. Robert Smith posted no-tresspassing signs on trees in the front yard this year in response to the rising level of tension between Holder and Lamb, Scott said.

No one answered the door at Lamb's home or at the homes of neighbors at the end of long driveways.

The multiple shootings stunned law officers, Barnes said.

"We've got death. We've got drama. We've got a situation basically no one could ever imagine," Barnes said.

Source: http://us.rd.yahoo.com/dailynews/rss/crime/*http%3A//news.yahoo.com/s/ap/20111121/ap_on_re_us/us_greensboro_shootings

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Miami will not play in a bowl game (AP)

CORAL GABLES, Fla. ? Miami is not going to a bowl this season, self-imposing a ban that school officials say was "necessary" in response to an ongoing NCAA investigation into the university's compliance practices.

Players were informed Sunday that Friday's game against Boston College will be the last this season, even though the Hurricanes have enough wins to qualify for a postseason appearance. By self-imposing a ban, Miami is trying to lessen the impact of whatever sanctions the NCAA hands down once its investigation ends.

"I'm clearly disappointed," said Miami coach Al Golden, who university officials said was not involved in the choice to go forward with the ban. "I believe it's the right decision and I'm 100 percent behind the decision. ... We're one step closer to putting these issues behind us."

Golden said athletic director Shawn Eichorst and university president Donna Shalala made the decision, although a statement from the university said it was done through consultation with "university leaders, athletic administrators and outside counsel." The NCAA and the Atlantic Coast Conference were informed.

"It is a necessary step for our university," read Miami's statement.

Miami is not self-imposing any other penalties, including a reduction in scholarships, at this time. Golden said he is not "privy to" any information that Shalala and Eichorst used during the process of trying to decide whether or not going to a bowl would be a wise move.

"Based on what I know, which is very little, I'm very positive about the direction we're going in," Golden said.

When players were told of the decision, they took the news rather hard, Golden said. Miami became bowl eligible on Saturday, beating South Florida 6-3 for its sixth win of the season, and afterward players like quarterback Jacory Harris and center Tyler Horn both spoke about how excited they were to have a chance to reach a bowl.

"I'm a senior and that extends my season 30 days more. It's a sigh of relief," Horn said Saturday.

A day later, that relief was gone.

Miami still may receive a bowl payout from the ACC, which pools revenue from postseason games and distributes to all 12 conference members whether they play in a bowl or not. The ACC has eight bowl contracts it hopes to fill, and Miami almost certainly would have been one of the league's postseason teams.

The university was first rocked in August by allegations made by former booster Nevin Shapiro, who told Yahoo Sports that he gave 72 Miami football players and recruits so-called "extra benefits" like money, cars, yacht rides, nightclub and strip-club access and even prostitutes from 2002 through 2010. Earlier this season, 12 Miami players were sanctioned by the NCAA for dealings with Shapiro, with penalties ranging from small restitution in four cases, a one-game ban for five others and bans of four to six games for three more.

Golden said Sunday that the NCAA moving so swiftly to reinstate the eligibility of those players ? plus one other, who was not sanctioned in any way ? back in August was a good sign that "we are headed in a positive direction."

Shapiro is serving a 20-year prison sentence for masterminding a Ponzi scheme. His attorney, Maria Elena Perez, told The Associated Press on Sunday that Miami's move was no surprise.

"I think it's a smart pre-emptive move," Perez said. "It sets a good example for the kids, and it's probably a smart thing that they did that."

Perez said she has been in contact with the NCAA throughout its Miami investigation, adding she was told the probe has been slowed by the scandal at Penn State ? Golden's alma mater ? in recent weeks.

"And in my view, that one is more significant," Perez said.

The decision means many members of the school's heralded signing class of 2008, including Harris and linebacker Sean Spence, will leave the program without a postseason victory.

It may also add to speculation that Golden, who has said he was unaware of the looming scandal when he was hired by Miami last December, may look to leave the Hurricanes after this season.

"I don't have any decisions to make," Golden said. "I'm just coaching the Miami Hurricanes and getting the team ready to go against Boston College and moving the program forward, as I've said a million times. We really enjoy living here, my family and I. I know just from speaking with the staff, they're enjoying it. And we have a great group of young kids."

Miami student body president Brandon Mitchell told the AP that the move is disappointing, but understandable.

"Obviously the team, students, and fans are disappointed ? myself included," Mitchell said. "But it's the best step for the university moving forward. The students will always support the team, bowl game or no bowl game."

Golden said he plans on adding about 30 recruits before next season.

He met with Miami's seniors after Eichorst addressed the team Sunday, and emerged from that meeting convinced the Hurricanes will be ready for Friday's finale.

"Anybody would be disappointed and saddened," Golden said. "But I really think that our seniors are going to take the approach that they can take this game, but they're not going to take our spirit, they're not going to take our unity and they're not going to take our toughness. I think our guys are going to look at this as an opportunity to show the country our unity, our character and how much we've changed."

___

Follow Tim Reynolds on Twitter at http://www.twitter.com/ByTimReynolds

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20111120/ap_on_sp_co_ne/fbc_miami_ncaa_investigation

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Man City maintains title charge

Jon Super / AP

Manchester City's Mario Balotelli, top center, celebrates with teammates after scoring from the penalty spot against Newcastle United during their English Premier League soccer match at The Etihad Stadium, Manchester, England, Saturday Nov. 19, 2011. (AP Photo/Jon Super)

updated 5:08 p.m. ET Nov. 19, 2011

LONDON - Manchester City stands as the last unbeaten team in the Premier League after a 3-1 victory over Newcastle on Saturday handed the Magpies their first loss of the season.

Mario Balotelli's first-half penalty was followed by a goal from Micah Richards three minutes later, both the result of errors from defender Ryan Taylor.

Sergio Aguero slotted in another penalty to put the Premier League leaders 3-0 ahead before Dan Gosling's late consolation for a Newcastle side that started the day in third place.

The victory leaves City with a record of 11 wins and one draw from their opening 12 games, the day after the club announced a record loss of 194.9 million pounds for its previous fiscal year.

That marks the best start to a season in Premier League history, with City also having scored 42 goals so far.

"I hope we continue like this," City manager Roberto Mancini said. "But I think in the 26 games we have left, we will reach a time when we lose a game, I'm sure of it.

"As players, as a team, we are very strong now but the season is long and there will be difficult moments ahead. For this reason, it's important we know we can score goals and win games in a row."

City was required to withstand a couple of bright moments from Newcastle, who had arrived in Manchester with the best defensive record in the top division, but effectively killed off the game with two goals in four minutes just before the interval.

Hatem Ben Arfa's decisive 33rd minute pass played Demba Ba through on goal but the Newcastle forward succeeded only in drawing a fine reaction save from the City goalkeeper Joe Hart.

That miss looked costly after 40 minutes when Balotelli's goalbound shot struck the arm of Ryan Taylor. Balotelli showed great composure in rolling a nonchalant penalty kick into the bottom right-hand corner of the Newcastle net, his sixth goal of the season.

Four minutes later, Ryan Taylor was again culpable when he failed to control Samir Nasri's pass, laying the ball into the path of Richards who delivered an impressive left-foot finish that doubled City's lead.

Nasri and Aguero continued to create major problems for the visitors but Newcastle should have reduced the deficit on the hour when a mistake by Joleon Lescott let in Ben Arfa whose tremendous shot beat Hart but not the left-hand post, the ball rebounding to safety.

Aguero continued to be in the thick of the action, forcing goalkeeper Tim Krul into one brave block and Hart did likewise in keeping out a shot from Danny Guthrie who had been allowed too much space in the City area.

But the outcome of the game was put beyond all doubt in the 71st minute when David Silva's pass sent Richards sprinting into the area only for the impressive full-back to be hauled down by Ben Arfa.

With Balotelli having been replaced by Silva, the task of penalty taker passed to Aguero who beat Krul with another calm and collected spot kick.

Newcastle continued to show self-belief, however, and claimed a deserved last-minute consolation goal when James Perch's pass was deflected into the path of Ba by Lescott. After Hart blocked the initial attempt, Gosling rolled the ball into the vacant goal.

"City are the best side we have played by some distance, they are very very powerful," Newcastle manager Alan Pardew said. "We're a good side and how we are going to evolve, how we are going to deal with the disappointment of this is still unknown."

City now turn their attentions to Tuesday's important Champions League group qualifying game against Napoli in his homeland.

"My feeling is good about the Napoli game because I think our team has improved a lot in the Champions League," Mancini said. "But I know what we will find in Naples and Napoli this season are playing very, very well at home.

"If we want to win in Naples we will have to play better than this, in the Premier League."

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Beckham looks for fantastic?finish

David Beckham will play for his first MLS championship on Sunday with the Los Angeles Galaxy, hoping to lift the Cup in vindication of his groundbreaking American experiment.

Harold Cunningham / Getty Images

Blatter?'sorry'

FIFA President Sepp Blatter apologizes, sort of, for offending people with his racism remarks but refuses to resign.

Source: http://nbcsports.msnbc.com/id/45360770/ns/sports-soccer/

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