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I was interested to see the AP describe the Presiding Bishop’s remarks as “a rare comment on a local issue.”

For months, they were the best of neighbors: the slapdash champions of economic equality, putting down stakes in an outdoor plaza, and the venerable Episcopal parish next door, whose munificence helped sustain the growing protest.

But in the weeks since Occupy Wall Street was evicted from Zuccotti Park in Lower Manhattan, relations between the demonstrators and Trinity Wall Street, a church barely one block from the New York Stock Exchange, have reached a crossroads.

The displaced occupiers had asked the church, one of the city’s largest landholders, to hand over a gravel lot, near Canal Street and Avenue of the Americas, for use as an alternate campsite and organizing hub. The church declined, calling the proposed encampment “wrong, unsafe, unhealthy and potentially injurious.”

And now the Occupy movement, after weeks of targeting big banks and large corporations, has chosen Trinity, one of the nation’s most prominent Episcopal parishes, as its latest antagonist.

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The Obama administration will give states broad latitude to define the minimum benefits that many health insurance policies will be required to offer under the 2010 health-care law, officials announced Friday.

The plan sparked criticism from interest groups on all sides of the issue. Consumer advocates worried that millions of Americans could end up with insurance substantially less comprehensive than the law’s drafters intended. Representatives of employers and insurers warned of an opposite scenario: A state could make the benefits package so comprehensive that the resulting plans would be prohibitively expensive.

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Continuing the region’s recent streak of national recognition, greater Charleston has been tagged as one of the economically healthiest metropolitan statistical areas in the country.

The Charleston-North Charleston MSA ranked 11th in the nonpartisan Milken Institute’s “Best-Performing Cities 2011,” up from 19th last year and from 30th in 2009….

Charleston climbed to just outside the top 10 on the strength of its “vibrant aerospace sector,” “stable military presence” and other high-tech, high-skill employers, according to the report.

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Dioceses will be better placed to meet financial challenges in 2012 after the Archbishops’ Council cut its request for funding next year by £0.5 million. The Council has decided to request the same overall level of funding for its work in 2012 as in 2011, rather than the 1.8 per cent increase approved by the General Synod in July.

Although dioceses have already set their 2012 budgets, the resulting saving of £0.5 million will help dioceses meet other financial challenges whilst enabling the Council to meet all the commitments made when its budget was approved by General Synod in July….

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One wishes that financial investors were made of the same stuff as German Chancellor Angela Merkel. With virtually the entire world convinced that the euro zone has not done enough to save the common currency, Merkel remains stoic in the face of demands to erect a gigantic firewall. On Thursday, she ruled out increasing the size of the permanent euro backstop fund, the European Stability Mechanism, beyond the currently planned €500 billion ($648.5 billion).

“The German government has always made it clear that the European debt crisis is not to be solved with a single blow,” she told German parliamentarians one day earlier. She said that overcoming the debt crisis would take years and made a plea for patience and endurance.

It would appear, however, that not many are listening. This week has seen several indications that financial markets are by no means impressed with the results of last week’s European Union summit….

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Paul Klingler likes his job as a mold-maker for a Rochester plastics manufacturer.

But the 54-year-old Parma resident also liked his last mold-making job, which he held for four years before being laid off early this year. And when he didn’t get a call back regarding an open position at another company, Klingler chalked it up to his lack of a college degree. “I know I have all the other skills they’re looking for,” he says.

That’s why Klingler is working with Monroe Community College here to figure out what coursework he needs to earn an associate’s degree in its machine trades apprentice training program. He plans to start this spring.

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Google’s annual run-down of Britain’s most popular and fastest rising searches always makes for a revealing list ”“ the internet search engine calls the study “Zeitgeist” because it aims to capture the spirit of our age.

This year the royal wedding was fastest-rising but, tellingly, it doesn’t even make the top 10 most popular UK searches. That’s dominated by functional queries for Facebook, eBay, YouTube, Hotmail and, oddly, Google itself. When it comes to individuals, the same is true: Kim Kardashian, Victoria Beckham and Emma Watson are most popular, untouched by the fastest-rising people such as the late American TV star Ryan Dunn or singers Adele and Ed Sheeran.

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The world’s financial system showed new signs of strain on Wednesday as banks and investors clamored for U.S. dollars and two European banks took emergency measures to address the deepening crisis.

Stresses rippled through debt and stock markets despite measures taken by European leaders last week to help restore investor confidence. Reflecting the tension, rates that banks charge each other for short-term borrowing in dollars continued to climb, hitting their highest level since July 2009. Long-term Italian government bond yields jumped back above 7%, a level that would crimp Italy’s ability to borrow in the future. Amid the rush for dollars, the euro dropped below $1.30 for the first time since January….

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A majority of chief executives of U.S. firms expect their hiring to slow in the next six months as anxiety remains high over the European debt crisis and continued slow economic growth here.

Business Roundtable’s fourth quarter CEO survey released Wednesday shows that expectations for sales, capital spending and hiring were steady in comparison to the third-quarter report, with growth expected at around 2 percent for 2012, which doesn’t translate into job growth.

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One of the German Social Democrat opposition leaders, Frank-Walter Steinmeier, also told the Bundestag that the summit had been a failure. “The fiscal pact is only an illusory giant ”” from far away it looks very big but if you come close, the breakthrough is really very small,” he said. “We used to have a debt crisis but after the summit we added a veritable constitutional crisis. What we have now is more instability and a further complicated structure in Europe.”Adding to signs of the economic damage, the respected Ifo Institute cut its forecast for German growth in 2012 by half to 0.4 per cent and warned Europe’s biggest economy could slide into recession if the debt turmoil is not quelled.

In theory the incipient rescue plan is supported by 26 European nations, with Britain the only exception. But other countries outside the eurozone have also cast doubts, saying they do not yet know if they can fully sign up. Earlier this week Petr Necas, the Prime Minister of the Czech Republic, said that the deal was “not much more than a blank sheet of paper”.

Michael Noonan, Ireland’s Finance Minister, said on a visit to London yesterday that Ireland may need to hold a referendum on the EU treaty, pointing to barriers within the euro area itself.

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Allowing a counterculture to develop is vital to creating companies that will revolutionise an industry, according to Steve Wozniak, the co-founder of Apple.
Speaking to Evan Davis for a BBC 2 programme about his former business partner Steve Jobs, he said that allowing creativity in the early days of Apple was far more important than how you dressed or the length of your hair.

Listen to it all (just under 5 minutes).

The Bishop of Ripon and Leeds and a Conservative MP have exchanged sharp words over a letter criticizing the government’s welfare reforms.

The member for Skipton and Ripon, Julian Smith, told the Ripon Gazette that Bishop John Packer was ignorant of economic reality and out of touch with ordinary people. Bishops should stay out of politics, Mr Smith said, and focus on topics with which they were familiar.

On 20 November 2011 the Observer printed a letter signed by Bishop Packer and 17 other bishops calling for amendments to the welfare reform bill before Parliament that would cut aid to families with children….

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A Republican payroll tax cut bill that sailed through the House despite a White House veto threat is dead on arrival in the Senate, and it will soon be time for talks on a final package, the Senate’s top Democrat says….

Reid says he will schedule a vote shortly on the House-passed bill to underscore its irrelevance ”” a vote that should start the clock ticking on what stands as the year’s final, high-stakes partisan faceoff.

“It was dead before it got to the Senate,” Reid said of the House legislation. “The Senate will not pass it. The sooner we demonstrate that, the sooner we can begin serious discussions on how to keep taxes from going up on middle-class Americans.”

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The federal government is understating the liability for its employee pension plans by $80-billion because it does not use “real world” investment returns in its calculation, a new report says.

A C.D. Howe Institute study has concluded the federal liability for pension plans now totals $227-billion, which is $80-billion more than the government reports in its Public Accounts.

“Ottawa’s calculations do not reflect investment returns available in the real world,” says co-author William Robson, who is CEO of the C.D. Howe Institute.

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One in 45 children in the USA — 1.6 million children — were living on the street, in homeless shelters or motels, or doubled up with other families last year, according to the National Center on Family Homelessness.

The numbers represent a 33% increase from 2007, when there were 1.2 million homeless children, according to a report the center is releasing today.

“This is an absurdly high number,” says Ellen Bassuk, president of the center. “What we have new in 2010 is the effects of a man-made disaster caused by the economic recession. ”¦ We are seeing extreme budget cuts, foreclosures and a lack of affordable housing.”

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Two new ethical investment policies have been adopted by the Church of England national investing bodies following advice from the Church’s Ethical Investment Advisory Group (EIAG).

The national investing bodies’ new policy maintains the toughest possible exclusion of companies involved in the production or distribution of pornography that their ethical investment research provider is able to implement….

The new policy on high interest rate lending builds on the previous policy under which companies involved in weekly collected home credit (‘doorstep lending’) were excluded from investment.

The new policy extends the investment exclusion to cover other forms of specialised high interest rate lending, in particular payday and pawnbroker loans.

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Another week and yet another attack on social policy by the Archbishop of Canterbury on the summer riots and why, in his opinion, there will be “more outbreaks of future anarchy” unless the Government reaches out to the young.

I know the primary function of the Church of England’s senior cleric is to criticise the government of the day ”“ Robert Runcie and George Carey were no different ”“ but such interventions are becoming futile when the CoE has so little positive to say.

According to Rowan Williams, the disorder was linked to “massive economic hopelessness” and rising levels of youth unemployment will only inflame tensions still further.

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It would be Europe’s worst nightmare: after weeks of rumors, the Greek prime minister announces late on a Saturday night that the country will abandon the euro currency and return to the drachma.

Instead of business as usual on Monday morning, lines of angry Greeks form at the shuttered doors of the country’s banks, trying to get at their frozen deposits. The drachma’s value plummets more than 60 percent against the euro, and prices soar at the few shops willing to open.
Soon, the country’s international credit lines are cut after Greece, as part of the prime minister’s move, defaults on its debt.

As the country descends into chaos, the military seizes control of the government.

This scary chain of events might never come to pass. But the danger that Greece or some other deeply damaged country in the euro zone could leave the single-currency union can no longer be ruled out.

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Amid enormous pressure to cut costs, improve care and prepare for changes tied to the federal health-care overhaul, major players in the industry are staking out new ground, often blurring the lines between businesses that have traditionally been separate.

Hospitals are bulking up into huge systems, merging with one another and building extensive new doctor work forces. They are exploring insurance-like setups, including direct approaches to employers that cut out the health-plan middleman.

On the other side, insurers are buying health-care providers, or seeking to work with them on new cooperative deals and payment models that share the risks of health coverage. And employers are starting to take a far more active role in their workers’ care….

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There is a fascinating new study coming out of the Levy Economics Institute of Bard College. Its titled “$29,000,000,000,000: A Detailed Look at the Fed’s Bail-out by Funding Facility and Recipient” by James Felkerson. The study looks at the lending, guarantees, facilities and spending of the Federal Reserve.

The researchers took all of the individual transactions across all facilities created to deal with the crisis, to figure out how much the Fed committed as a response to the crisis. This includes direct lending, asset purchases and all other assistance. (It does not include indirect costs such as rising price of goods due to inflation, weak dollar, etc.)

The net total? As of November 10, 2011, it was $29,616.4 billion dollars ”” (or 29 and a half trillion, if you prefer that nomenclature). Three facilities””CBLS, PDCF, and TAF”” are responsible for the lion’s share ”” 71.1% of all Federal Reserve assistance ($22,826.8 billion).

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James A. Roberts was watching an ABC News Nightline episode on basketball legend Shaquille O’Neal recently when he heard about the size of the retired player’s Florida home: 70,000 square feet.
Even for a man who spends his time studying consumer behavior as a marketing professor at Baylor University, Roberts was stunned.

His latest book, “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can’t Buy,” tells the story of the American Dream gone awry by profligate materialism. The size of O’Neal’s home offered further proof.

To Roberts’ mind, what began as “Keeping up with the Joneses” has morphed into “Keeping up with the Gateses” (or, perhaps, the O’Neals).

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We Jjouranlists are probably too bleary-eyed after a sleepless night to understand the full significance of what has just happened in Brussels. What is clear is that after a long, hard and rancorous negotiation, at about 5am this… [past Friday] the European Union split in a fundamental way.

In an effort to stabilise the euro zone, France, Germany and 21 other countries have decided to draft their own treaty to impose more central control over national budgets. Britain and three others have decided to stay out. In the coming weeks, Britain may find itself even more isolated. Sweden, the Czech Republic and Hungary want time to consult their parliaments and political parties before deciding on whether to join the new union-within-the-union.

So two decades to the day after the Maastricht Treaty was concluded, launching the process towards the single European currency, the EU’s tectonic plates have slipped momentously along same the fault line that has always divided it””the English Channel.

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The positive reactions appeared to be driven by relief that leaders had reached an agreement at all, rather than enthusiasm for the deal itself. If recent history is any guide, the glow could fade fast as investors focus on the details, or on a continued lack of clarity over what role the European Central Bank will play.

“The summit was the first step toward fiscal integration, which is a problem we need to solve, but it will be a long, drawn-out process,” said Mohit Kumar, head of European rates strategy at Deutsche Bank in London….

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“Businesses, are, in reality, quasi-religious sects. When you go to work in one, you embrace A New Faith. And if they are really big businesses, you progress from faith to a kind of mystique. Belief in the product, preaching the product, in the end the product becomes the focus of a transcendental experience. Through ‘the product’ one communes with the vast forces of life, nature, and history that are expressed in business.”

–Thomas Merton, Conjectures of a Guilty Bystander (New York, Doubleday, 1965), p. 232

European leaders say 26 out of 27 EU member states have backed a tax and budget pact to tackle the eurozone debt crisis.

Only the UK has said it will not join. Prime Minister David Cameron said he had to protect key British interests, including its financial markets.

The 17 countries that use the euro have all agreed to the deal.

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What counts as a church? Chuck and Stephanie Fromm recently found out.

After hosting several periodic Bible studies for up to 50 people in their home in San Juan Capistrano, Calif., the Fromms were fined $300 for violating a city ordinance that prohibits groups of three or more people from gathering without a permit. The couple appealed and city officials agreed last month to reimburse them and re-examine the ordinance, but the case created a stir in religious circles.

“It struck a deep nerve. Bible studies in people’s homes have been a long part of American culture and heritage,” says Brad Dacus of the Pacific Research Institute, which took on the Fromms’ case. “We’re concerned that other cities will try to get away with the same thing.”

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The European Union suffered the most damaging split in its 54 year history after David Cameron used the British veto to block eurozone treaty change after France and Germany opposed “safeguards” to protect Britain’s economy….

The Prime Minister insisted that he had been prepared to support treaty change among all 27 of the EU’s members to allow the 17-strong eurozone to take measures to tackle its debt crisis and to enforce tough new fiscal rules for the single currency.

But after 11 hours of bad-tempered talks, Mr Cameron said that he had blocked the changes because France and Germany and refused to agree to a “protocol” giving the City of London protection from a wave of EU financial service regulations related to the eurozone crisis.

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The Obama White House, in its own version of the New Year’s Eve countdown in Times Square, has added a banner to its website ”“ a clock ticking down the seconds to when taxes on the middle class will rise “if Congress doesn’t act.”

That tax hit is the 2 percent payroll tax cut now set to expire at midnight, Dec. 31. If Congress fails to at least extend that tax cut, the Social Security tax rate for employees jumps back to 6.2 percent, up from 4.2 percent. If that happens, the average American taxpayer stands to lose about $1,000 in 2012.

Leaders on both sides of the political aisle in Congress offer assurances that by year’s end the tax break will be extended. As lawmakers head into an election year, the stakes are simply too high to kick that can down the road. But GOP leaders, especially, are running up against strong opposition from the rank-and-file on anything that looks like caving on pledges to reduce deficits, dramatically cut spending, and reject all tax increases (which are an issue in this case because Democrats propose to pay for extending the payroll tax by a tax hike on millionaires.

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Health and Human Services Secretary Kathleen Sebelius on Wednesday overruled the Food and Drug Administration’s decision that emergency contraceptives be sold freely over the counter, including to teenagers 16 years old and younger.

The pill, called Plan B One-Step, has been available without a prescription to women 17 and older, but those 16 and younger have needed a prescription ”” and still will because of Ms. Sebelius’s decision. In some states, pharmacists can write the prescription on the spot for teenagers. But the restrictions have meant the pills were only dispensed from behind the counter ”” making them more difficult for everyone to get. The pill, if taken after unprotected sex, halves the risk of a pregnancy.

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