Federal accident investigators Tuesday called for a nationwide ban on the use of cell phones and text messaging devices while driving.

The recommendation is the most far-reaching yet by the National Transportation Safety Board, which in the past 10 years has increasingly sought to limit the use of portable electronic devices. It has recommended such bans for novice drivers, school bus drivers and commercial truckers.

The new recommendation, if adopted by states, would outlaw non-emergency phone calls and texting by operators of every vehicle on the road.

It would not apply to hand-free devices or to passengers.

SOURCE 

Fine whisky has been part of Scotland’s heritage for over 500 years, but it is only recently that the investment opportunities for its most famous export have become clear. With global demand for luxury whisky on the rise, putting your money in Scottish single malt could make you some pretty neat returns.

Jonnie Miles | Getty Images

“Over the last 10 to 15 years, the demand for whisky has just increased,” said director ofThe Whisky Exchange, Sukhinder Singh.

“My feeling is that the risk in whisky is quite low,” he said. “I can just feel the demand globally; even very recently I’m watching prices go wild over the past six months.”

While the US remains the top Scotch whisky importer, with more than $400 million sold there this year, Asia has seen the largest increase. Demand from Singapore rose 64 percent, making it the third largest importer, and in Taiwan demand was up 45 percent.

Whisky writer Jonny McCormick explained global interest to CNBC: “Just in the last couple of years we’ve seen new auctions open up by Bonhams in New York and in Hong Kong, and these sales are extremely popular. We’ve seen nearly 100 percent sales by lot and by value and the American collecting market is extremely lively. The Chinese and Japanese market is very popular.”

The Macallan distillery is one of Scotland’s most famous brands, and has become a strong name in whisky investment.

David Cox, director of fine & rare whiskies at the Macallan, told CNBC, “We were one of the early pioneers if you like, in the release and availability of very rare and old whiskies. As we released these onto the market, that, together with the reputation of the Macallan, attracted collectors and connoisseurs around the world.”

Cox also highlighted the increasing importance of less traditional markets.

“Russia has become a very, very important market for us,” he said. “There’s still many collectors in Europe and certainly North America as well, who are on the lookout for special Macallan bottlings. But as a proportion of the ones that we are releasing these days, certainly we are seeing a higher and higher percentage going to Asia-Pacific and to Russia.”

For the potential investor, names like the Macallan are a great bet; a 64-year-old Macallan auctioned last year for charity achieved a world-record price of $460,000. While of course not all bottles are fetching these kinds of prices, Singh says investors have a budget in mind—and enough space to house a collection—then getting into this market is easier than it used to be, and specialist shops and auctions are the places to be.

“It’s much easier now that it was a number of years ago,” he said. “As the demand for whisky has increased, more and more specialist whisky shops have cropped up.

“There are a number of auction houses.  I remember when I started there was only one, and there was only one auction a year. I think today there are three or four auction houses doing whisky and each of them are having maybe anywhere between three to four sales a year, which is quite a lot.”

“A collection of about 120-150 bottles … is a nice size collection. You’ll have a balance of some really standard stuff, you’ll have some very rare stuff which is quite expensive, but it’s a controllable size.”

READ THE REST AT CNBC 

Tough times for some cities

Hope is building for our nations job creators.

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(From Savage’s web site)

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Bond purchases looking strong

Bonds outperform stocks in 2010

Are the wrong people being rewarded while the government spends inappropriately ?

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TheSupreme Court said on Monday that it would decide whether Arizona’s tough law cracking down on illegal immigrants can take effect, a case arising from the fierce national debate on immigration policy ahead of next year’s presidential election.

The high court agreed to review a ruling that put on hold the key parts of the law signed by Republican Governor Jan Brewer in April 2010. The case has been closely watched because several other states have adopted similar laws.

The law requires police to check the immigration status of anyone they detained and suspected of being in the nation illegally. Other parts require immigrants to carry their papers at all times and ban people without proper documents from soliciting for work in public places.

The justices are likely to hear arguments in the case in April, with a ruling due by July. It could produce another contentious election-year ruling for the court, which also will decide President Barack Obama’s healthcare overhaul law.

About 11 million illegal immigrants are believed to be in the United States. Immigration has become a major political issue, especially in states such as Arizona that border Mexico, ahead of the presidential and other elections in November 2012.

Obama and other opponents, including many Democrats and civil rights groups, have criticized the law and said it could lead to harassment of Hispanic-Americans.

The Obama administration challenged the law on the grounds the federal government has exclusive control over immigration enforcement. A federal judge and an appeals courts agreed, putting on hold the disputed provisions.

The law’s supporters, including many Republicans, said states need to take aggressive action because the federal government has failed to do enough to stop the flow of illegal immigrants into the country.

SOURCE 

Al one can say is DAMN !

The Dems want a balanced approach that does not include budget cuts that they claim exempt the wealthy.

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Remember all those gloomy predictions by Celente, Rogers, Henry, Rubini, Krugman, etc. ? Well how is it the consumer keeps on keeping on ?

Furthermore, every recession was supposed to see this “dead consumer” and it seems the sales numbers show the biggest black Friday ever along with  cyber sales continuing to bowl on naysayers.

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President Obama’s popularity is plummeting, with more U.S. voters disapproving of his job than approve it, according to a recent poll.

More than half of U.S. voters believe he is performing badly in his role as the country’s leader compared to 48 per cent last month.

And although Obama has predicted unemployment will continue to drop, nearly all voters – 94 per cent – say the economy is in bad shape.

Unpopular: Obama, pictured speaking about jobs during a tour of a building renovation near the White House earlier this month, is losing favour among voters

He announced during a television interview that the number of people out of jobs could drop to eight per cent by next year’s election – the lowest since he moved into the White House in 2008.

‘I think it’s possible,” Obama told CBS’s 60 Minutes in an interview set to air on Sunday.

Read more: http://trade.cc/oxt

By Carl Levin in The Daily Caller

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Unless the bastards come after me again, this is my last column on a national disgrace.

So let me be absolutely clear about who the bastards are: The New York Times, Senator Carl Levin and their 40 Democratic allies in the House of Representatives. The disgrace in question: The Times’s April 2008 “exposé” alleging conflicts of interest and wrongdoing by the retired military analysts often featured on television newscasts before and during the Iraq War.

I was one of those analysts. In fact, I wrote a first-person history of the Pentagon briefing program in a 2006 book, Warheads. After the Times article was published, I repeatedly argued that the story was perversely unfair, misleading and badly slanted. Among other defects, it omitted the “small detail” that Warheads had even been published, immediately raising fundamental questions of inaccuracy, even plagiarism.

What was far worse: Solely on the basis of The Times’s article, Senator Levin and 40 House Democrats promptly demanded investigations: by the Pentagon inspector general, the Federal Communications Commission and the General Accounting Office. None found any of the wrongdoing alleged by The Times in the article for which it was subsequently awarded the Pulitzer Prize.

This ignominy finally came full circle last week in a Washington Times article by Rowan Scarborough, one of the only journalists courageous enough to follow this story through to its wildly improbable conclusion. Scarborough had watched in 2009 while Senator Levin leveraged his powerful position as chairman of the Senate Armed Services Committee to press the Pentagon IG for a re-investigation. Surely the IG must have overlooked wrongdoing by the previous administration, the chairman’s reasoning went, but with Barack Obama now in power, go back and look even harder!

Pentagon inspectors general follow orders but don’t compromise their integrity. In September 2011, Scarborough reported that, its two-year re-investigation complete, the DOD IG was about to report that Pentagon officials and retired military analysts had complied with all laws and regulations. Having provided lengthy sworn statements to each of those investigations, I kept asking DOD IG public affairs officers when the final report would be released, receiving increasingly evasive replies.

Scarborough eventually uncovered and reported the shocking truth: Senator Levin directly intervened in the investigation in order to influence the wording of the final IG report. This was the political equivalent of jury-tampering but, for a while, it seemed like Senator Levin’s misconduct would go un-noticed. But then, Congressman Darrell Issa, chairman of the House Oversight and Government Reform Committee, announced his intention to examine Senator Levin’s meddling. The DOD IG’s final report was issued last week, reported appropriately enough by Rowan Scarborough.

Read more: http://trade.cc/ost

Defense Secretary Leon E. Panetta has warned that the federal budget cuts could be “devastating” for the Pentagon. (Jonathan Ernst – Reuters)

With deeper budget cuts looming, the Pentagon is starting to cut back by trimming the Defense Department’s civilian workforce.

The Army said Thursday it is moving forward with plans announced in July to cut about 8,700 positions, using a mix of early retirement offers, buyouts and attrition to trim the jobs by the end of the fiscal year in late September.

“Army commands and agencies are continuing to take necessary actions to reduce their civilian on-board strength to meet funded targets established by the secretary of defense and reflected in the President’s budget,” Thomas R. Lamont, assistant secretary of the Army for manpower and reserve affairs, said in a statement. “To the maximum extent possible, the Army will rely on voluntary departures to achieve these manpower reductions.”

The cuts will come in 37 states at 70 different locations across eight commands and agencies with nearly 90 percent of the cuts taking place within the Installation Management Command, Army Materiel Command and the Training and Doctrine Command. Most of the cuts are likely to occur in Virginia and Texas, where most of the DOD’s civilian workers are located.

In addition to eligible workers who retire, commanders will be able to use voluntary early retirement offers and buyouts to cut jobs, the Army said.

The failure of the bipartisan debt supercommittee means the Pentagon budget could be cut by a total of $1 trillion over the next decade — what defense leaders warn is a “huge” cut that would amount to a 23 percent reduction in the defense budget, resulting in furloughs and layoffs of “many” civilians and a reduction in the size of the military. Defense Secretary Leon E. Panetta has warned that the cuts could be “devastating” for the Pentagon, creating a “substantial risk” that the country’s defense needs might not be met.

SOURCE 

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BREAKING: Va. Tech: Police officer has been shot; potential 2nd victim reported at parking lot -ldh

Virginia Tech says gunshots have been reported on campus, and authorities are seeking a suspect.

The campus-wide alert at 12:36 p.m. said: “Gun shots reported- Coliseum Parking lot. Stay Inside. Secure doors. Emergency personnel responding. Call 911 for help.”

The suspect is described as white male wearing gray sweat pants, gray hat with neon green brim, maroon hoodie and backpack.

A message left with the university wasn’t immediately returned. Campus police referred all questions to the university.

A student gunman killed 32 students and faculty and then shot himself on the campus in 2007.

SOURCE: AP

In one of the gloomiest predictions about the fallout from a breakup of the euro, Citigroup’s chief economist on Thursday warned a collapse of the currency will result in years of a global depression that could send unemployment spiking above 20% in the West.

The comments, from Citigroup chief economist Willem Buiter, underscore the growing concern that policymakers won’t be able to forge a credible solution that will keep the currency union intact.

Buiter, previously a professor at the London School of Economics, said the ensuing chaos caused by the unlikely event of a disorderly sovereign default and exit by all five periphery nations would trigger a financial catastrophe and global depression. The disaster, he said, would send GDP plummeting more than 10% and unemployment in the West surging to 20% or more.

“If Spain and Italy were to exit, there would be a collapse of systemically important financial institutions throughout the European Union and North America and years of global depression,” Buiter wrote.

Thankfully, Buiter sees little chance of these worst-case scenarios actually coming to fruition. He forecasts a 5% or lower chance of a disorderly default and exit by all five periphery states.

Likewise, Buiter believes the likelihood of an exit by Germany and other fiscally strong countries is even less likely, attributing a less than 3% probability of such an event. That’s a good thing because he believes this outcome would perhaps be even more disastrous and extremely messy from a legal standpoint.

Still, the financial markets appear to be bracing for at least the possibility that the eurozone will no longer have 17 nations.

Hurt by comments from the ECB, the euro slumped nearly 1% against the dollar and fell below $1.33 on Thursday. Individual European bank stocks like Deutsche Bank (DB: 28.25, -1.28, -4.32%) and Barclays (BCS: 11.36, -0.67, -5.57%) suffered steep selloffs as well.

According to The Wall Street Journal even some central banks are take precautionary steps to prepare for life without the euro, including central banks in Ireland, Greece, England and Switzerland.

If the only nation to leave the currency and suffer a disorderly sovereign default was Greece, Buiter said it would be “manageable” because it accounts for just 2.2% of euro-area GDP.

Ultimately, Buiter said the potential for economic ruin should present a compelling argument for keeping the eurozone intact as much as possible.

“The case for keeping the Euro Area show on the road would seem to be a strong one: financially, economically, and politically, including geopolitically,” he wrote.
Read more: http://www.foxbusiness.com/economy/2011/12/08/citi-euro-collapse-would-cause-global-depression-send-unemployment-above-20/#ixzz1fy0fqlhN

Fucking justice system is a joke.

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