Body of Sen. Dianne Feinstein returns home to San Francisco - NBC News

At the request of Congressional leadership,the Department of Defense provides funeral support for U.S. Congress members.Senator Feinstein was prominent in national security matters as a member of the Senate Intelligence Committee.CIA Director William Burns made a statement on her passing.

Documents:Trump's Inner Circle Was Appalled by Insurrection

On 13 December 2021,the House Committee on January 6 met and voted to submit the name of former White House Chief of Staff Mark Randall Meadows to the Department of Justice for consideration of criminal prosecution for contempt of Congress.Mr.Meadows originally cooperated with the Committee,submitting thousands of pages of documents,including texts and emails,before abruptly changing his mind-presumably because he had angered former President Donald Trump by his submission of the documents and a recent book he wrote about his time serving in the Trump administration.The full House must now vote on the recommendation before the Justice Department can consider the case for submission to a Grand Jury,which can then issue an indictment.* Indeed,at the meeting last night,the Committee shared some of the text messages Mr.Meadows had received on January 6 from many close to the former President,including his son,Donald Trump,Jr. and several Fox News hosts.All of them expressed horror at the insurrection.Fox News host Laura Ingraham,for instance,said: Mark,the President needs to tell the people in the Capitol to go home.This is hurting all of us.He is destroying his legacy.* Her Fox colleagues spoke in the same vein.Sean Hannity inquired: Can he make a statement?Ask people to leave the Capitol.* Brian Kilmeade: Please get him on TV.Destroying everything you have accomplished.* Most interesting was Donald Trump Jr.'s profane response: He's got to condemn this shit ASAP.The Capitol Police tweet is not enough.* Mr.Meadows replied: I'm pushing it hard.I agree.* In another text,Trump,Jr. added: We need an oval office address.He needs to lead now.It has gone too far and gotten out of hand.* After the Committee meeting,former White House Communications Director Alyssa Farrah,a longtime colleague of Mr.Meadows,expressed her surprise at what had become of him.He had always seemed to be a straight-up institutionalist to her,a man who believed in the Constitution and wouldn't strive to overturn a Constitutional process such as the Electoral College vote-counting on 6 January or defy a Congressional subpeona,possibly exposing himself to criminal prosecution.

Asia This Day:Markets Fall on US Shutdown Worry

The MSCI Asia Pacific index fell 1.1% in early Monday trading on fears of a US Government shutdown at midnight because of the budget impasse in Washington.All 10 industry groups in the index retreated.*
Also looming in Washington is the conflict in Congress over raising the debt ceiling,which is necessary for the US Government to continue borrowing the money it needs to sustain itself.The decline in Asian stocks is really a matter of selling into the strength of the Asia Pacific index's 7% gain in September,in light of the impending double fiscal crisis in US Government finances.*
Both Hong Kong and mainland China markets will be closed Tuesday for a holiday,and mainland markets won't reopen till October 8.*
The HSBC-Markit Economics Performance Manufacturing Index for China came in at 50.2 in September versus 50.1 in August,missing the estimate.*
A comment by Gurbat on Bloomberg's website said the BSE Sensex is poised to increase its downward momentum.The only bright hope is the holiday season for the next six weeks.But given current dynamics the best you can hope for is a retest of highs this year.Added faintandfuzzy:Nice to see US politicians acting like children again...taking the rest of the world economy with them.*
About 19.6% of Hong Kong's citizens are now poor,a new report for the territory's Chief Executive said.Home prices there have doubled since 2009.A family of three has a median income of 23,100 Hong Kong/2979 US dollars per month,according to government figures.
Poverty affects Hong Kong's harmony and stability,thus affecting its long term competitiveness,Chief Executive Leung Chun-ying said Saturday.In 2012,the number of millionaires in Hong Kong rose 35.7%,to 114,000,a Cap Gemini-RBC report indicated.

What Investors Should Look For

It's getting very confusing,said Mohamed El-Erian,CEO and co-CIO of PIMCO.What you're having at the Fed fundamentally is,difficult decision-making in uncertainty and changing leadership.1.Not a really good feel for the economy 2.Trying to get the market focused on the journey,but the market is focused on the destination.Put on top of that the change in leadership.*
It's really important to act on what you know for sure.1.You know they can't hike rates;the economy just isn't strong enough.2.You don't know about tapering,and we're stuck in a low level growth equilibrium of 2%,and high unemployment with low inflation.We don't see the demand for the high liqiudity.The transmission mechanism is blocked.*
Look for the safest fixed income,the front end of the curve,up to five years.On the equity side,companies that will continue to take cash out and distribute through dividends and buybacks.*
Our assumption is,Congress will not create yet another self-manufactured crisis,Mr.El-Erian added.He is a long time associate of PIMCO founder Bill Gross,"the Bond King,"and formerly managed the Harvard endowment.

The Russian Proposal:Real or Smokescreen

Even as the entire US Senate was in a classified briefing by the president's national security team,the talk in Washington and the news media swirled around a Russian proposal,welcomed by Syria,that the Assad regime's chemical weapons be placed under international control.It is being taken so seriously that a procedural vote in the Senate on military action against Syria slated for Thursday was postponed while the proposal is checked out.
Experts pointed out that reliably emptying Syria of its vast stockpile of chemical weapons would require a ceasefire in the civil war,and a long period for inspectors to go in and document the weapons and remove them.
Deputy National Security Adviser Tony Blinken said we'll talk to the Russians about it and see where it goes.Former Speaker of the House Newt Gingrich said this is a shaky moment,and a fascinating moment about how this turns out.The challenge for the president is,the American people aren't there.
President Barack Obama himself said we're gonna run this to ground to see if we can arrive at something that is enforceable and serious.We don't want just a stalling and delaying tactic.It may be Assad is under pressure from his allies.If we don't maintain a credible threat,I don't think we will get the type of agreement we want to see,Mr.Obama warned.
Senator Bob Corker,R-Tennessee,said if it's real,and if Syria is willing to make immediate concrete steps,that's certainly worth looking at.But it's very difficult to tell if it's that,or just a way of creating a fog around the whole issue.
That view was echoed by Senator Lindsey Graham,R-South Carolina.
The Russians know that their proposal will at least slow down the decision-making process in Washington,giving Syria extra time to prepare for an attack;they also know that,at the most,it could sap the will of Congress to endorse the president's mililtary action plan;and if the Russian proposal were accepted,the Syrians could drag their feet the whole way,while squirreling away a significant part of their stockpile.

Asia This Day:the New Australian Government-plus Syria

The first new government in six years is taking power in Australia as long time opposition leader Tony Abbott takes the reins of the prime ministership from Kevin Rudd.Mr.Abbott said the strong US relationship has been key in Australia's foreign policy,and would remain that way.Domestically,he wants to be an infrastructure prime minister,with a bulldozer on every street and cranes in the sky.*
Alex Malley,CEO of CPA Australia,said we're reasonably comfortable with the incoming government.We lost an opportunity to balance our economy more and restructuring when mining was at its peak.We've been in Asia for 60 years,but Australia is only in its infancy in understanding the Asian Century.We need government to work with small and medium business.We need to stay relevant at a cost,efficiency and cultural level.*
The awarding of the 2020 Summer Olympics to Tokyo is expected to add a trillion dollars to the Japanese economy over seven years.*
China's August exports were up 7.2%,beating the 5.5% estimate.*
Following Sebastian Vettel's victory at the Italian Grand Prix Sunday,Formula One racing moves back to Asia for the Singapore Grand Prix,a nighttime race,in two weeks' time.*
President Barack Obama faces a hectic week of lobbying for military action against Syria as Congress returns today from its August recess.Military action is not immanent,since France now says it will not participate until the UN weapons inspectors present their report,and Congress is still largely undecided about the president's plan.*
Both the full House and Senate will receive classified briefings from the president's national security team early this week,and the president will address the nation Tuesday at 9pm Eastern.After that,complex legislative maneuvering will determine just when the votes on the president's plan will take place.In sum,it is uncertain at this point when,or even if,there will be military action,or who,apart from France,will participate in it,and in what way,although the White House remains fully committed to this course.

The New Financial Rules

There are 300-500 new rules that enact financial legislation that were written without regulators,points out Robert Albertson,chief strategist at Sandler O'Neill.It's starting to get clearer as implementation begins.There's a lot that has to go on till this is sorted out.By this summer,it will be visible.
In banking,you've got loan growth again.It's meager and sluggish,mirroring the overall recovery.There are still a lot of sick banks.They are small banks,Mr.Albertson explained.
The federal program for encouraging small business lending isn't working well.Bankers say there aren't enough applicants for the loans.As well,they require a lot of paperwork,which means the banks would have to hire additional staff,decreasing the profitability of the program.
Sandler O'Neill is an independent,full service investment banking firm.It has been advising financial companies for more than 20 years.

Boeing Developing Space Capsule

Through its Space Exploration division,Boeing is developing a multiple use space capsule,the Boeing Crew Space Transportation-100.Boeing plans to use the CST-100 to transport crews to the International Space Station and future commercial Low Earth Orbit platforms.
The capsule can carry up to seven people.It can fly on multiple launch vehicles,and is expected to be operational by 2015.
In cooperation with Space Adventures,a Vienna,Virginia firm which has marketed spare seats on the Russian Soyuz spacecraft,Boeing plans to offer safe,affordable transportation to commercial spaceflight customers in the excess seating capacity of the CST-100.
These plans are contingent upon congrssional approval of funds for commercial space flight and Boeing's winning a NASA contract for astronaut transportation.Congress and the Obama administration are still wrangling over the future of NASA's manned spaceflight program.The space shuttle is to be retired next year.
Boeing(BA)

Geithner Exercises His Authority

Treasury Secretary Timothy Geithner invoked his statutory authority last week in a letter to the U.S. Congress.Mr.Geithner notified Capitol Hill that he has extended the Troubled Asset Relief Program,or TARP,until October 3,2010.He does not expect to deploy more than 550 of the 700 billion dollar war chest,and is looking for up to 175 billion in repayments by the end of 2010.Reduced commitments will allow significant resources to pay down the national debt.
Mr.Geithner said the extension will allow continued implementation of housing and small business support programs.He anticipates recovering all but 42 billion of the 364 billion in TARP funds deployed this year.Several banks,such as Bank of America and Goldman Sachs,have already repaid their TARP allotments.Citigroup is planning the repayment of its 20 billion dollar loan from TARP.At 9%,Citi's Tier One capital ratio is the highest in the industry,indicating its ability to repay the debt,in the company's opinion.Citi will sell 17 billion in common shares,plus 3.5 billion in tangible equity units.By 2010,Citi will emerge from the pay restriction regime.

Alaska's Buried Treasure

According to the U.S. Geological Survey,Alaskan waters cover more hydrocarbons than was previously understood.It had been supposed that the Chukchi Sea area held 30 billion cubic feet of natural gas.Now the USGS thinks there is far more natural gas there.They estimate the Chukchi field contains 30% of the world's undiscovered total,or 1.6 trillion cubic feet.As well,some 4% of the world's undiscovered oil is now believed to be under Chukchi-about 83 billion barrels.
The Chukchi Sea is off Alaska's northwest coast,roughly between Point Barrow and the Seward Penninsula.It is bisected by the International Date Line,with Russia being on the other side of the line.The U.S.Congress has yet to approve exploitation of the resource,while Russia is going ahead with the activity.Critics of Congress point out that alternative energy is still in its infancy.It will be at least several decades before it is viable,they contend.Alaska has the energy resources we can use today,Governor Sarah Palin insists.Environmentalists are concerned that development in the area will harm wildlife such as polar bears.

A Question of Balance

Federal Reserve Chairman Ben Bernanke,whose four-year term expires in January,appeared before the House Budget Committee last week,assessing the shape of the economy.The Targeted Asset-backed securities Loan Facility,or TALF,has helped open up lending,Mr.Bernanke said,and he is confident that TALF carries minimal risk.As well,the recovery rate for Troubled Asset Relief Program,or TARP,funds should be excellent.We need to restore ourselves to a more balanced fiscal path,however.
Currency and commodity prices are factors in inflation,Mr.Bernanke pointed out,and will be watched carefully.Most indicators point toward stable inflation.There is no sign of a wage/price spiral.Picking a time to remove accommodation,or Federal Reserve actions,is tricky,but monetary accommodations can be unwound,and the decision can be made with political independence.The increase in federal borrowing has been offset by a decrease in private borrowing.
The fear of deflation has receded somewhat,Mr.Bernanke told the House Budget Committee.Retaining the confidence of the financial markets requires that we as Americans take action now to try and restore the fiscal balance.Financial institutions and markets do remain under some stress,but those banks required to raise new capital have made substantial progress.
We need to be on a path of spending and tax measures to cut debt,Mr.Bernanke feels.The stimulus program will have an effect on jobs for two to three years.When the time comes,we will need to raise interest rates,as the Fed is strongly committed to price stability.Q2 economic growth could be negative as inventories are worked off,but the Fed will not monetize debt.Businesses remain cautious and continue to reduce the work force,as the unemployment report on Friday indicated.Overall,Mr.Bernanke,wearing a gray suit,white shirt and red tie with a gold pattern,was sounding a note of cautious optimism,cognizant of the threat of deficit spending to the economy in the long term.

Status Quo Problems

For Ben Bernanke,the way things are isn't good enough.Current law still hampers bank supervision.The Fed is asking Congress for tools necessary to monitor bank safety and soundness.The market infrastructure for derivatives still lacks adequate transparency and efficiency.There is a need for heightened vigilance and forcefulness on the part of supervisors to make sure standards are being met.Holding companies must serve as a source of strength for their subsidiary banks.We are monitoring the major firms' liquidity positions on a daily basis,the central banker indicated.

The Judgement We Face

Judgement is a summary court in perpetual session,Prime Minister Brown continued.More and more children are being lured to expensively funded madrases,where they are taught to hate us.Our values tell us we cannot be fully comfortable while others go without comfort.When the strong help the weak,it makes us all stronger.These recent events have forced us all to think anew.Let us,for the future,build tomorrow today,the Prime Minister concluded.He received a standing ovation from Congress,and was personally thanked by Representative Patrick Kennedy(D-Rhode Island).Mr.Brown is a parson's son who rose to political leadership in a dramatically troubled era.

What the World Wants

You now have the most pro-American European leadership in over a century,Prime Minister Brown observed.We should seize this moment.Never before have I seen a world that wants to come together so much.How much safer everybody's savings would be if the whole world came together to outlaw shadow banking systems,and to outlaw offshore tax havens.Let us agree at our G20 summit in April rules that apply to every bank,everywhere,all the time.I am confident that this president,this Congress and the peoples of the world can come together in Copenhagen in November and reach agreement to combat global climate change,Gordon Brown told the joint meeting of Congress.

A Crisis of Irony

The very financial instruments that were meant to manage risk,turned into a global contagion,Prime Minister Brown pointed out to Congress.We win our future,not by retreating from the world,but by engaging with it.In these unprecedented times,we must educate,invent and invest our way out of the downturn.We conquer our fear of the future through our faith in the future.The lesson of this crisis must be,we must build for tomorrow today.Now more than ever,the rest of the world wants to work with America.The new frontier is that there is no frontier.Global problems need global solutions,the British leader stated.

The Application of Values

British Prime Minister Gordon Brown recently shared his views on the financial crisis with a joint meeting of the U.S. Congress.For me,Mr.Brown said,this global recession is not just to be measured in statistics.We the representatives of the people have to be the people's last line of defense.We have learned through this global downturn that markets should be free;but markets should never be values-free.The world has learned that what makes for a good society,makes for a good economy,too.These enduring values are the values we need for this time.An economic hurricane has swept the world.We are summoned not just to manage our times,but to transform them,the Prime Minister feels.

A Cybernetic Problem

We need to have open discussions of some of the cyber attacks that have occurred worldwide,DNI Blair continued.This has to be a public-private partnership.The owners of most of the servers and fiber optical cables are private.I'd like to take in some business executives to work on the inside with their knowledge of the outside,the intelligence chief confided to the members of Congress.

Special Access:The National Intelligence Director

President Barack Obama has planned to retire Cold War era military assets in order to save money.In consequence,National Intelligence Director Dennis Blair says we face some tough decisions about electro-optical systems from that era.Today's enemy is hard to find,easy to kill;the Cold War enemy was easy to find,hard to kill.Today's enemy requires a different kind of intelligence system.As well,we have to get the National Security Agency involved in protecting the larger body-in cyber defense,Mr.Blair remarked to the House Intelligence Committee.As DNI,Mr.Blair oversees all 18 U.S. intelligence agencies.The post was created after the 9-11 attacks.John Negroponte,the first DNI,was his predecessor.Mr.Blair has expressed concern that economic developments pose a threat to national security that even exceeds that of terrorism at the present time.

Pandit Defends Citi

Vikram Pandit,Citigroup CEO,says their Tier One ratio is 12%.That's a very,very strong ratio.We feel very well-capitalized as a company.It's well above what regulators consider well-capitalized.We understand that the old model of corporate behavior no longer works,Mr.Pandit explained,and that the old rules no longer apply.I get it,and I will see that Citi gets it,Mr.Pandit promised the U.S. Congress.

Health Uncle:Money for Health Care

The U.S. Congress is about to pass the economic stimulus package,which contains a considerable amount for health care.The 789 billion dollar measure allots 10 billion for medical research and 19 billion for digitizing medical records.It also gives aid to the states for their Medicaid programs,which provide insurance for the indigent.This is happening in the glow of the Lincoln Bicentennial,which began yesterday on the great president's 200th birthday.He was a man who knew many health problems,from his own depression to the illnesses of his boys.Yet his spirit was strong enough to get him to his destiny,the preservation of the Union and his ageless words that define and affirm democracy to this day.President Obama,a great admirer of Lincoln, is expected to sign the stimulus bill into law on Monday,Presidents Day.