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Senator Rand Paul Has Been Detained By The TSA After Refusing A Pat-Down - (www.businessinsider.com) Showdown at the Nashville airport. On the list of stupid things the Transportation Security Administration could do for their public image: detaining Kentucky Senator Rand Paul, the politician most anxious to abolish them, is probably right near the top. But that's exactly what just happened, his Communications Director, Moira Bagley has confirmed it in a tweet. Kelly O'Donnell is reporting that aides say Paul was detained when he refused a full-body pat-down, after the scanner went off. Paul lifted his pant-leg to show he had no metal, and asked to be re-screened. He was denied this request. O'Donnell further reports that U.S. officials say that they didn't 'detain' him, though that is the word Paul's office is using. Bagley has now told Politico, “I spoke with him five minutes ago and he was being detained indefinitely... The image scan went off, he refused patdown.”
Soros: Collapsing US Economy to Spark Street Violence - (www.newsmax.com) As the U.S. economy worsens, protests such as those carried out by the Occupy Wall Street movement will turn ugly, breaking down into waves of violent unrest across the nation, says billionaire financier George Soros. "It will be an excuse for cracking down and using strong-arm tactics to maintain law and order, which, carried to an extreme, could bring about a repressive political system, a society where individual liberty is much more constrained, which would be a break with the tradition of the United States," Soros tells Newsweek. Unrest in the United States will serve as one of many symptoms of a worsening global economy, which makes wealth preservation a priority over getting rich.
Spanish central bank predicts big drop in economy - (finance.yahoo.com) Spain faces more unemployment misery and needs serious labor market reforms, the country's central bank warned Monday as it slashed its economic forecasts for this year. The Bank of Spain predicted the country's economy will contract 1.5 percent this year, rather than expand by that same amount as per its forecast until now. In a report, the bank said that since last summer the eurozone debt crisis has sapped business confidence and choked off bank credit. This has caused a major drop in domestic demand, only partially offset by strong exports. In 2012, household spending will contract because of euro15 billion ($19 billion) in tax hikes and spending cuts already enacted by the new conservative government to chip away at the budget deficit, it said.
Strikes Paralyze Transport in Italy - (www.bloomberg.com) Striking truckers and cab drivers disrupted traffic and commerce across Italy in protests against Prime Minister Mario Monti’s policies as he presents a plan to spur competition and growth to European Union allies today. Truck drivers parked their vehicles across highways throughout the country in a wildcat strike that is backing up traffic for miles. Cab drivers are also striking, choking traffic in cities from Milan to Rome and leaving thousands of travelers stranded at airports and train stations. Pharmacists and gas-station operators threaten to protest in the next week. “The resistance to these reforms at a time when the economy is contracting is likely to be fierce,” said Nicholas Spiro, managing director of Spiro Sovereign Strategy in London. “Opposition to structural reform in Italy is legendary. Mr. Monti knows these measures will be fiercely resisted, but is under enormous pressure to present an agenda for growth.”
US GEOLOGICAL CHIEF: The White House Gave Misleading Info About The BP Spill Size - (www.businessinsider.com) Part of a major whitewash campaign. The White House gave misleading information about the BP oil spill and pressured scientists to do the same, according to a new report from Public Employees for Environmental Responsibility (via Kate Sheppard at Mother Jones). PEER tracked down an email from US Geological Survey director Marcia McNutt, who said the White House repeatedly misinterpreted her data: I cannot tell you what a nightmare the past two days have been dealing with the communications people at the White House, DOI, and the NIC who seem incapable of understanding the concept of a lower bound. The press release that went out on our results was misleading and was not reviewed by a scientist for accuracy. It was based on a brief report that Bill, Vic, and I had prepared, and the communications people "thought" that it reflected our results, but it didn't because they don't understand what a lower bound is. PEER also accused NOAA scientist William Lehr, who lead a team that analyzed the plume flow rate, of downplaying divisions within his team. Lehr was leader of one of the most important FRTG teams, the “Plume Team” which analyzed videos of the oil leaks to produce the first estimates. Three of the 13 Plume Team experts used a technique called Particle Image Velocimetry (PIV) to estimate a leak rate in the range of 25,000 bpd. But three other experts on the Plume Team reported that PIV was underestimating the size of the leak by more than 50%. Those three experts used a different technology to correctly peg the leak rate at 50,000 to 60,000 bpd.
Freddie Mac draws Republicans' attention - (money.cnn.com) The one thing Mitt Romney and Newt Gingrich seem to agree on about Freddie Mac is that it played a significant role in the housing bubble -- and the subsequent financial meltdown that followed when it burst. But many experts in the field question that view, saying Freddie Mac and fellow mortgage financer Fannie Mae were relatively small players in the rapid growth of subprime and other risky home loans while the housing bubble inflated -- and were relatively late to the game at that. "An easy way to sum it all up is if Fannie and Freddie never existed we still would have had the housing bubble, the subprime crisis and the collapse of the housing market," said Guy Cecala, CEO of Inside Mortgage Finance, which publishes trade publications following the different part of the mortgage market. "That being said, as the two single largest players in financing of mortgages, it's hard to say they (Fannie and Freddie) had no involvement because, of course, they did," he added.
Euro Leaders Seek Crisis Fix as Greek Talks Drag On - (www.bloomberg.com)
EU Banks May Deepen Dependence on ECB - (www.bloomberg.com)
Fed Forecasts Could Awaken Treasurys - (online.wsj.com)
RIM Replaces CEOs as BlackBerry Maker Struggles to Answer Apple Challenge - (www.bloomberg.com)
Fewer U.S. Companies Plan to Boost Hiring in 2012, Survey Shows - (www.bloomberg.com)
Fed Begins an Effort to Remove All Doubt on What It’s Doing - (www.nytimes.com)
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