Presbyterians in favor of divestment said that their church could not in good conscience hold stock in companies that they said perpetuate an unjust occupation and undermine the search for peace between Israel and the Palestinians. But opponents said that divestment would unfairly vilify Israel, and accomplish little but further polarization.

Arthur Shippee, a delegate from southern New England, said: “What divestment will achieve is this: We will add a whisper soon lost in the storm, but we will further the divisions in our church when we have our own serious problems to address, and we will precipitate divisions with the synagogues within our communities whom we work with frequently on a variety of issues. This will be perceived as picking on Israel, and how could it not?”

Speaking in favor of divestment and against the pro-investment resolution, Tim Simpson, a delegate from the Presbytery of St. Augustine in Jacksonville, Fla., said: “The Palestinians aren’t asking us for a check, sisters and brothers. The Palestinians are asking us for justice. They’re asking us for dignity. How can you write a check to a people who don’t control their own water?”

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Angela Merkel took a tough stance ahead of the EU summit, insisting she would not make concessions. But Italy and Spain broke the will of the iron chancellor by out-negotiating her in the early hours of Friday morning. Germany caved in to demands for less stringent bailouts and direct aid to banks.

Mario Monti was so relieved that he even spoke about football. He is proud and happy that the Italian national team defeated Germany in the semi-finals of the European Football Championship, the Italian prime minister said in the early hours of Friday morning after the marathon night of European Union summit meetings. Given that Monti isn’t much of a soccer fan, Italian journalists saw his comments as a veritable emotional outburst.

With good reason. Monti emerged from the late-night negotiations as a clear victor, having broken Chancellor Angela Merkel’s resistance just as Italian striker Mario Balotelli cracked the German defense on the pitch in Warsaw earlier in the evening. In 15 hours of negotiations in Brussels, Monti together with Spanish Prime Minister Mariano Rajoy secured easier access to the permanent euro-zone bailout fund, the European Stability Mechanism (ESM)….

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For the roughly 50 million uninsured Americans, the court’s ruling has the biggest implications. For the majority of citizens who currently have insurance, the ruling could mean some important changes as well, such as to their health plans or their personal tax rates.

Many less affluent Americans who do not qualify for Medicaid may now gain health coverage as the program is expanded.

For others among the ranks of some 50 million uninsured Americans, the law creates a system of tax subsidies ”“ designed to help more Americans afford health coverage ”“ plus the mandate to buy insurance or pay a fine.

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Announcements of a housing recovery have become a wrongheaded rite of summer, but after several years of false hopes, evidence is accumulating that the optimists may finally be right.

The housing market is starting to recover. Prices are rising. Sales are increasing. Home builders are clearing lots and raising frames.

Joe Niece, a real estate agent in the Minneapolis suburb of Eden Prairie, said he recently concluded a streak of 13 consecutive bidding wars over homes that his clients wanted to buy. Each sold above the asking price.

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Stockton, California–This Gold Rush-era port city, an epicenter of California’s agricultural exports, will become the nation’s largest city to seek protection under the U.S. bankruptcy code after its City Council on Tuesday stopped bond payments, slashed employee health and retirement benefits and adopted a day-to-day survival budget.

City Manager Bob Deis likened the process to cutting off an arm to save the body. He is expected to file bankruptcy papers immediately…..

Stockton..[had] been in negotiations with its creditors since late March under AB 506, a new California law requiring mediation before a municipality can file for reorganization of debt. It was the first use of the law, and policy analysts who watched its torturous and tedious progress have titled their report on it “Death by a Thousand Meetings.” Mediations ended Monday at midnight.

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Ambitious plans to be put before this week’s EU summit ”“ yes indeed, yet another crisis summit ”“ to turn the eurozone into something much closer to a fiscal union make for easy analysis. On almost any level you care to take, they won’t work.
Here’s the plan. In return for debt pooling, Brussels would be given far reaching powers to rewrite national budgets for member states that breach debt and deficit rules.
Under the previously agreed fiscal compact, Brussels already has the powers to vet budgets before they are submitted to national parliaments, but this goes much further, allowing the EU in effect to over-rule national governments and impose its own diktats on member states….

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European authorities have unveiled their vision for the future of monetary union.

It includes the creation of a European treasury, which would have powers over national budgets.

The document, released ahead of Thursday’s EU summit, says such fiscal union could lead to common debt being issued by eurozone countries.

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Investment experts at Deutsche Bank now feel that a collapse of the common currency is “a very likely scenario.” German companies are preparing themselves for the possibility that their business contacts in Madrid and Barcelona could soon be paying with pesetas again. And in Italy, former Prime Minister Silvio Berlusconi is thinking of running a new election campaign, possibly this year, on a return-to-the-lira platform.

Nothing seems impossible anymore, not even a scenario in which all members of the currency zone dust off their old coins and bills — bidding farewell to the euro, and instead welcoming back the guilder, deutsche mark and drachma.

It would be a dream for nationalist politicians, and a nightmare for the economy. Everything that has grown together in two decades of euro history would have to be painstakingly torn apart. Millions of contracts, business relationships and partnerships would have to be reassessed, while thousands of companies would need protection from bankruptcy. All of Europe would plunge into a deep recession

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Nearly four years after a borrowing binge gave way to financial crisis, have households slashed enough debt to take on new credit and start spending again?

Yes, says a growing chorus of economists, with some evidence to back them up. The Federal Reserve’s ratio of debt service payments to disposable income is at its lowest level since 1994.

But that traditional measure is a poor guide today, as credit-hungry adults under 45 bear the brunt of the jobs, housing and student loan crises.

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The Church of England has today published its latest information both about parish income and expenditure and about trends in ministry numbers in Church Statistics 2010/11.

The attendance statistics included were published in January 2012. This year’s financial statistics show that parish giving remained resilient in 2010 despite the general economic situation. With investment income still at the reduced level experienced in recent years overall parish income was marginally ahead of the previous year.

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Definitions of class are hard to come by ”” so much so that the U.S. Department of Commerce, on behalf of Vice President Joe Biden’s White House Task Force on the Middle Class, emphasized descriptive language rather than statistics, finding that “middle-class families are defined by their aspirations more than their income. [We assume] that middle-class families aspire to homeownership, a car, college education for their children, health and retirement security and occasional family vacations.”

The government’s verdict: “It is more difficult now than in the past for many people to achieve middle-class status because prices for certain key goods ”” health care, college and housing ”” have gone up faster than income.”
Median household income has also remained stagnant for more than a decade; when the figures are adjusted for inflation, Americans are making less now than they were when Bill Clinton was in the White House.

There, in brief, is the crisis of our time. The American Dream may be slipping away. We have overcome such challenges before. To recover the Dream requires knowing where it came from, how it lasted so long and why it matters so much.

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In a continuing study, an all-star group of researchers following Ms. [Wendy] Parris and tens of thousands of other Oregonians has found that gaining insurance makes people feel healthier, happier and more financially stable. The insured also spend more on health care, dashing some hopes of preventive-medicine advocates who have argued that coverage can save money ”” by keeping people out of emergency rooms, for instance. In Oregon, the newly insured spent an average of $778 a year, or 25 percent, more on health care than those who did not win insurance.

For the nation, the lesson appears to be mixed. Expanded coverage brings large benefits to many people, but it is also more likely to increase a stretched federal government’s long-term budget responsibilities.

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By this point in his life, Keith Daniel thought he would be saving for retirement, helping his daughter through college and slugging his way to glory in his local softball league.

Instead, the 52-year-old is burning through his savings and working odd jobs to make ends meet. He hasn’t held a full-time job in over three years.

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When Paul Williams began his career, he could find no black architects to be his role models or mentors. Born in downtown Los Angeles in 1894, Williams became orphaned before he turned 4 when his parents, Chester and Lila, died of tuberculosis. A family friend raised him and told him he was so bright, he could do anything he wanted. And what he wanted was to design homes for families ”” perhaps because he lost his own so early in his life. Despite warnings from those who thought he was being impractical (“Your own people can’t afford you, and white clients won’t hire you,” was one such warning), Williams became an architect.

His work has come to signify glamorous Southern California to the rest of the country ”” and to the world. One of his hallmarks ”” a luxuriantly curving staircase ”” has captivated many a potential owner. Retired financial services magnate Peter Mullin remembers how he felt when he saw his 1925 Colonial, the first one Williams built in L.A.’s posh Brentwood neighborhood.

“The first time I saw it, I didn’t think I could afford the house, but if I could afford the staircase, I wanted to take it with me!” Mullin laughs. He bought the house ”” once inhabited by producer Ingwald Preminger, brother of director Otto ”” and has enjoyed it for 35 years.

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For most Europeans, almost nothing is more prized than their four to six weeks of guaranteed annual vacation leave. But it was not clear just how sacrosanct that time off was until Thursday, when Europe’s highest court ruled that workers who happened to get sick on vacation were legally entitled to take another vacation.

“The purpose of entitlement to paid annual leave is to enable the worker to rest and enjoy a period of relaxation and leisure,” the Court of Justice of the European Union, based in Luxembourg, ruled in a case involving department store workers in Spain. “The purpose of entitlement to sick leave is different, since it enables a worker to recover from an illness that has caused him to be unfit for work.”

With much of Europe mired in recession, governments struggling to reduce budget deficits and officials trying to combat high unemployment, the ruling is a reminder of just how hard it is to shake up long-established and legally protected labor practices that make it hard to put more people to work and revive sinking economies.

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The new rules could hit pension plans in states like Illinois and New Jersey particularly hard, and even raise borrowing costs for certain municipalities, analysts say. “This could be the event that incites a bigger policy response than what we’ve seen so far,” says Matt Fabian, managing director at Municipal Market Advisors, a research firm.

The exact impact of the new rules by the Governmental Accounting Standards Board isn’t clear. According to researchers at Boston College, pension liabilities at 126 state and municipal pension plans would jump by roughly $600 billion, or about 18%. The estimate is based on 2010 financial data and doesn’t reflect the stock market’s recent rebound or moves by many U.S. states to rein in pension costs.

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Crude’s down 28% since its February high. Corn’s down about 17%. Gold’s down 12%.

This slide in commodities, though, is a reaction to slowing economies, which makes for a curious leap of logic when one tries to argue that falling commodity prices will help boost those same economies.

“It makes little sense to expect a fall in the oil price to kick-start global growth if it is weak demand which pushed prices down in the first place,” Capital Economics economist Andrew Kenningham wrote. While cheaper gas prices do act as a transfer of income from oil producers ”“ think Exxon, Chevron, ConocoPhillips ”“ to consumers, it’s likely to have only a small effect on global GDP, “depending on the propensities to spend and save among producers and consumers.”

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Post-recession America is beginning to open its wallet to charities again, but is not giving as generously to religious institutions.

While charitable donations from individuals rose nearly four percent overall in 2011, according to the annual “Giving USA” report, donations to houses of worship and other religious bodies dropped by 1.7 percent — a decrease for the second year in a row, Religion News Service reports.

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When asked by Episcopal News Service, the Rev. Canon Gregory Straub, General Convention secretary and the church’s executive officer, said that to his knowledge this was the first time a presiding bishop had proposed a budget after Executive Council had sent its draft budget to the Joint Standing Committee on Program, Budget and Finance.

“I didn’t know that Bishop Katharine was preparing her own budget,” House of Deputies President Bonnie Anderson said via email June 21.

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As financial markets slide toward disaster, scarcely pausing to celebrate the “success” of the Greek election or the deal to recapitalize Spanish banks, the euro project is finally revealing its fatal flaw. One country poses an existential threat to Europe ”“ and it is not Greece, Italy or Spain. Every serious proposal to resolve the euro crisis since 2009 ”“ haircuts for bank bondholders, more realistic fiscal consolidation targets, jointly guaranteed eurobonds, a pan-European bailout fund, quantitative easing by the European Central Bank ”“ has been vetoed by Germany, and this pattern looks likely to be repeated next week.

Nobody should be surprised that Germany has become the greatest threat to Europe. After all, this has happened twice before since 1914. To state this unmentionable fact is not to impugn Germans with original sin, but merely to note Germany’s unusual geopolitical situation….

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The Federal Reserve announced Wednesday a modest increase in its efforts to reduce borrowing costs for businesses and consumers by extending its existing “Operation Twist” asset-purchase program through the end of the year.

The decision reflects growing concern that the economy once again is stumbling into the summer months after the false promise of a relatively strong winter. The Fed now expects the unemployment rate to fall no lower than 8 percent this year, and inflation to rise no higher than 1.7 percent, both signs of an ailing economy.

Fed officials also have indicated a desire to insure against a pair of looming risks, that events in Europe will freeze global financial markets and that the political stalemate in Washington over fiscal policy will undermine the domestic recovery.

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State and local governments are keeping the tightest lid on spending in three decades, even though tax revenue is rising again and powerful interest groups are asking for more money.

he tight budget controls represent a sharp reversal from several years ago when states struggled to control spending, despite a drop in tax collections, and got a $250 billion bailout from the federal government. Today, both Republicans and Democrats are rejecting spending requests even from traditional allies — police, businesses, teachers, doctors and others — and keeping budgets balanced as federal aid recedes.

“We’re seeing some incredibly significant examples of groups not getting what they want,” says Scott Pattison, head of the National Association of State Budget Officers. “There doesn’t appear to be that much pushback. Maybe there’s an acceptance that cuts have to occur.”

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David Cameron’s historic European Union veto made Britain look “unreliable” and “without credibility” among fellow nations, the Church of England has said.

In an unusual intervention, the Church urged Britain’s leaders to take a more “constructive and positive” attitude towards Brussels because splitting from the EU would be a “travesty”.

It warns that the UK is heading for an exit from the EU unless the Government “finds friends in Europe” and makes more effort to win round eurosceptics.

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The U.S. recovery is hobbled by an economic divide that separates Americans not by income or wealth but by their access to credit….

Last year, nearly 90% of all new mortgages originated went to households with high credit scores; before the financial crisis, it was about half, according to Moody’s Analytics and Equifax Inc., a credit monitoring service.

Shrunken access among credit have-nots is triggering more than personal plight. It has weakened the influence of the Fed””one of the best hopes for spurring stronger economic growth””and raised doubts within the central bank about whether it is doing much to reduce unemployment.

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The children of white middle-class, college-educated parents, Hugh Green and Turner Jenkins are just the kind of kids everyone would expect to be stepping out into the world one sunny June day, bachelor’s degrees in hand. But they both veered from the traditional American educational route.

One decided that a bachelor’s was never going to be enough, while the other concluded it was unnecessary….

Once the hallmark of an educated and readily employable adult, the bachelor’s degree is losing its edge. Quicker, cheaper programs offer attractive career route alternatives while the more prestigious master’s is trumping it, making it a mere steppingstone.

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These are anxious days for American workers. Many, like Ms. [Sherry] Woods, are underemployed. Others find pay that is simply not keeping up with their expenses: adjusted for inflation, the median hourly wage was lower in 2011 than it was a decade earlier, according to data from a forthcoming book by the Economic Policy Institute, “The State of Working America, 12th Edition.” Good benefits are harder to come by, and people are staying longer in jobs that they want to leave, afraid that they will not be able to find something better. Only 2.1 million people quit their jobs in March, down from the 2.9 million people who quit in December 2007, the first month of the recession.

“Unfortunately, the wage problems brought on by the recession pile on top of a three-decade stagnation of wages for low- and middle-wage workers,” said Lawrence Mishel, the president of the Economic Policy Institute, a research group in Washington that studies the labor market. “In the aftermath of the financial crisis, there has been persistent high unemployment as households reduced debt and scaled back purchases. The consequence for wages has been substantially slower growth across the board, including white-collar and college-educated workers.”

Now, with the economy shaping up as the central issue of the presidential election, both President Obama and Mitt Romney have been relentlessly trying to make the case that their policies would bring prosperity back. The unease of voters is striking: in a New York Times/CBS News poll in April, half of the respondents said they thought the next generation of Americans would be worse off, while only about a quarter said it would have a better future.

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Group of 20 leaders focused their response to Europe’s financial crisis on stabilizing the region’s banks, raising pressure on German Chancellor Angela Merkel to expand rescue measures as contagion engulfed Spain.

As U.S. President Barack Obama called after-dinner talks with euro-area leaders at the G-20 summit in Mexico, the Treasury department’s top international negotiator, Lael Brainard, said Europe is making an effort to “break the feedback loop” between banks and government debt, the link that is worsening Spain’s woes.

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The Eurogroup takes note of the provisional results of the Greek elections on 17th June, which should allow for the formation of a government that will carry the support of the electorate to bring Greece back on a path of sustainable growth.

The Eurogroup acknowledges the considerable efforts already made by the Greek citizens and is convinced that continued fiscal and structural reforms are Greece’s best guarantee to overcome the current economic and social challenges and for a more prosperous future of Greece in the euro area.

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