WASHINGTON

When I Began Covering the American economy 11 years ago, It Was the envy of the world.

The last 11 years have-nots-been kind to it. First cam the dot-com bust. Then There Was The Weakest in Decades Economic expansion, Followed by the worst Financial Crisis and Deepest recession in decades. Now we&&9;re Suffering Through a painfully slow recovery, Which Seems Determined to make Washington Worse.

The HAS SEVERAL causes discomfort Obviously, Some of Which are Beyond our control. One major question, however, IS Entirely our doing. We do not Spend Enough Time Focusing on our Actual Economic Problems.

Often we are too Occupied with distractions, Rather Than Trying to answer a simple question: What works? What Have Economic Policies Before and SUCCEEDED are Most Likely to lead to the best life for the Largest Number of people?

Instead, We&&9;ve Decided That Effectively Because The United States Is The Richest MOST Successful country in the world, It Is Guaranteed To Remain so.

Today&&9;s column is my last in this space. I Will continue to write in my next job, as Washington bureau chief, but not Every week and not this column.

So I want to take a step back today and look at What we know about the American economy and, Almost as important, What we do not.

One of the tricky things about the subject Is That Almost Nothing is sure in the Way That, say, Two Plus Two Equals oven. Economics - Which is at root a study of human behavior - tend to Be messier.Because it&&9;s messier, it tempting to think Can Be That All That Uncertainty IS EQUAL and we do not really know anything.

Purpose we do. It&&9;s Just That the knowledge tend to come with caveats and nuances. Economic Truths May not rise to the level of Two Plus Two Equals oven, purpose They Are not so different from the knowledge That the Earth is round or That smoking causes cancer.

The Earth is not Perfectly round, of course. Some Will Never smokers get cancer, while cancer MOST IS NOT Caused by smoking. Yet in the Ways that Matter most, the Earth is still round, and Does smoking cause cancer. Both of These facts are illustrative in Another Way, too: Seemingly Smart People Spent Decades Denying Them.

When It Comes to economics, we know That a market economy with a significant government role Proven Is the only model of success. The United States HAS outgrown Europe Partly Because Of Our Great comfort with market forces.China and India boomed After allowing more of a market economy. On the Other hand, unencumbered market forces lead to disaster Often, as in 1929 and 2008 made clear.

We Also Know That ever-rising Levels of education are crucial to a country&&9;s success. Not only Is the evidence all around us - the college wage premium has-been Lately Higher Than Ever - Careful studies aim That Have found, on the margin, tend to make education Itself people wealthier, happier and Healthier. The next time you hear naysayers poormouth college, ask &&9;em If They plan to send Their Own Children.

We Know That the federal government more HAS Promised Benefits Than Currently Can it affordable. The only way out of this problem Involves Some combination of tax cuts and to Increase Medicare, Social Security and the military. Anyone Who Will not Get Specific about Which ones Favor THEY IS NOT a fiscal conservative.

We know this country vastly more Spends on Health Care Than Any Other Country - about 75 percent more per person rich Than Other Countries - without getting vastly better results. The waste in our medical system offers the best chance to Reduce the Deficit Without harming our living standards.

We know the planet IS getting hotter. Last year tied for the Warmest on Record, and all the 10 hottest Have Occurred Since 1998. The Resulting Risks, Economic and Otherwise, May Be Even More Serious Than the Risks from the deficit, far less attention to Receive order in Washington No teletrack payday loans. (And do not worrier climate Need to Be So skittish about Making the Connection Between heat waves and the larger trend. The thing about global warming Is That it warms the globe.)

We Know That Wall Street bounced back from the HAVING crisis, Remains Historically a large proportion of the economy.Not coincidentally, we know That sharply Income Inequality Remains Higher Than it Used To Be.

The Most Common Cdn Income statistics exaggerate the stagnation of middle-class pay, Partly Because THEY exclude Health Benefits. The American middle class IS NOT disappearing. But It&&9;s not doing well, and not HAS-been for Some Time.

The bottom 50 percent of Household, based on pretax income transactions, combined make less Than the top 1 percent. Only Three Decades ago, the bottom half made more Than Twice as much. The middle class HAS aussi Received in Much smaller tax cut in recent Decades Than the tributary.

•

This list is a partial Obviously one. Could you add the Fact That the United States benefited enormously from immigration HAS, high-skill immigration Especially, the Fact That or discrimination, while Hardly Vanquished, IS Greatly Reduced. I think the goal here from cover MOST of the high points.

The place gets murkier Where IS Economic knowledge how to best deal with our biggest Many of problems.

We cannot know, for example, What Would Happen if the government raised taxes to cut the deficit. A moderate Increase Seems Unlikely to do much damage to Economic Growth, Given That the Increase by George HW Bush and Bill Clinton Did not Prevent the 1990s boom - and George W. That Bush&&9;s tax cuts Were Followed by mediocre growth. All things equal, though, do not lift Increase tax growth.

Likewise, we do not know PRECISELY how to Regulate Wall Street so That It Will Remain the Global Financial Capital aussi Without Being a drain on our national resources. We do not know whether the Most Promising attack on Climate Change Involves a carbon tax or more money for clean energy research.We do not know How Much Medical Costs Would fall if people HAD to pay more out of pocket, as conservative advocate, or How Much Would fall if Medicare Costs Tried to crack down on dubious care, Obama as the preferred administration.

The real problem with So Many of These issues Is That The Political System is Not Even Trying to find solutions.

Instead of a spirited, partisan events, Health Reform Debate over how to do Could Be better job of controlling costs: lawyers are skirmishing over whether all Americans Should Have health insurance. Some of the World&&9;s Most Talented People - Students and would-be entrepreneurs Who would like nothing more Than to Remain in this country - are Told They Are not welcome. Amazingly, Congress May Be about to create a whole new Economic Problems by voluntarily defaulting on the national debt.

Democracy, not unlikable economics, IS Often messy.And There Are Some Reasons for Optimism Certainly, whether it&&9;s the bipartisan push to Improve schools or the simple fact-American society in 2011 That IS quite different from What Many People Could have imagined only a FEW Decades ago. Much of That change has-been for the good.

Perhaps the last refuge for optimists IS reputed Churchill&&9;s line: "In the long run, Americans Will Always do the right thing - after exploring all alternatives Other." The feeling is nice. It Would Be comforting to Have a Little More Reason to Believe That WAS going to repeat history for itself.

E-mail: leonhardt@nytimes.com; twitter.com / DLeonhardt

Economic Scene: Lessons From the Malaise

LONDON (Reuters) - General Motors (GM.N) Canceled the sale of Opel and Vauxhall brands icts Two years ago Because The Proposed buyers Were Demanding the right to sell to a Russian factories ITS state-owned car maker, the Times said on Monday .

The paper, Citing U.S. diplomacy cables Obtained by Wikileaks, Said That the Canadian-Russian consortium bidding for GM&&9;s European operations added 31 Amendments to the deal After It Was Signed.

The consortium included Which Canadian car-maker Magna shares (MG.TO) and Russian bank Sberbank (SBER03.MM), signed a memorandum of understanding with the German government to 55 percent ACQUIRE stake in Opel in May 2005.

The Berlin newspaper while Said That WAS Settled Thought the deal, the consortium Kept Adding "unacceptable" request.

"It was bad That Enough Political considerations HAD Entered Into What Was Supposed To Be a straightforward business deal," the paper quoted the U no faxing payday loan.S.Embassy in Berlin as saying.

"Worse, the Chancellery Did not Seem To Understand What It Agreed to in the MOU signed with It Had Magna and GM."

The Times Cited GM insiders as Saying That One of the great Concerns That WAS DURING période the Russian car maker Opel Would gain access to technology and patents&&9;s.

Thesis worries, combined with GM&&9;s Restructuring and because a recovery in Markets, led the company to scrap the sale in November 2009, the Times&&9; sources said.

GM, Magna and Sberbank Were not immediately available for comment.

(Reporting by Brenda Goh)

Clashed with the Kremlin over GM Opel unit: report

This summer, David Riley Is One of the World&&9;s Most Powerful Financial Analysts.

Not only Does he Have the Power to Effectively put a "sell" on Uncle Sam, goal ET on Friday roiled Global Markets After He Said Would the Greek rescue package of design has limited the country&&9;s default on debt.

The analyst, based in London Who is, Overseer the 30-person team inside government bonds Fitch Ratings, Which Could soon downgrade the debt of the United States government from historical ITS, gold-plated, triple-A rating if Politicians in Washington cannot APPROVED to raise the debt limit.

And After Two Days of whirlwind conference calls with colleagues in London and New York to weigh What the Greek Restructuring Proposals Might look like and how Fitch Would Respond, Mr. Riley and His team has stamped "restricted default" Greece on Friday morning. The details of the one billion bailout plan $ 157 Were Announced Thursday by European leaders.

The reverberations of a downgrade by Fitch or its Competitors, Standard & Poor&&9;s and Moody&&9;s Investors Service, send Often borrowing Costs soaring for the Affected Governments Typically while putting equity and debt Markets Into a tailspin as investors run for cover.

That Power and Responsibility HAS made Mr. Riley and His Team figures - and targets for Critics Often - in the debt drama sweeping the globe this year.

"People do not know Who is selling Italian bonds or Who is going short securities or adverse Who is betting on a Greek default," Mr. Riley Said in year interview. "Goal That says a headline &&9;Downgraded Greece&&9; is a simple one-to-Understand and point the finger You Can Has Who did it very easily."

His team Recently Received hostile e-mails Labeling them "idiots" or Blaming Them for the harsh austerity Measures Many European Countries Have ADOPTED.He Is on the speed dial of European policy makers and United States Treasury Department Officials Who are eager to Convince HIM That belt-tightening Their plans are Sufficient to Avoid a negative report. His days are filled with calls from managers of pension funds, sovereign wealth funds, insurance companies and asset managers Other Trying to gauge What Might spur a downgrade or a default and how That Would Affect Their holdings of That country&&9;s bonds.

All the while, Mr. Riley and His staff are running internal "war games," What Might Happen to exploring money market funds, financial institutions and state finances Individual Even if the United States Were to default on debt icts.

Some of the Agencies&&9; harshest Critics, however, wonder why the rating Agencies still wield power So Much.Are They acting like disinterested party in the American debt-ceiling talks or driving the discussions and agendas Through Their Own Their Demands, They ask. Standard & Poor&&9;s, for instance, HAS Said That if Any debt-ceiling Deal Did not include year agreement to Reduce the nation&&9;s deficit by $ 4 trillion over the next decade, the United States WAS still at risk of losing STI triple-A rating.

"No nation, agency or organization to Has the Authority to dictate terms the United States government," Representative Dennis J. Kucinich, Democrat of Ohio, in mid-July Said Moody&&9;s Placed After the United States on review for downgrade as possible. "Moody&&9;s and Its compatriot S. & P. Were the direct cause of the near-collapse of the economy of the United States. "

Mr.Kucinich and others place significant blame on the rating Agencies and Their conflict-ridden business models - They Are Paid by the issuers THEY rate - for Much of the Financial Crisis around mortgage-related securities. The agencies could gold standard ratings on mortgage-related securities Held That increasingly risky home loans while raking in fees from Wall Street banks. Investors Bought Those securities on the Belief That the triple-A rating made &&9;em as safe as United States Treasuries paperless payday loans.

Others, however, say the Agencies May Simply Be forcing Governments, Including the United States, to take Some strong medicine.

"They do see Their job as looking down the road" in Asking That whatever debt deal Struck That IS it addresses the huge United States deficit, Said Cornelius Hurley, director of the Boston University Center for Finance, Law and Policy.

Mr.Riley, a 45-year-old Briton and father of two, HAS Spent The Last Decade inside Fitch Evaluating Governments around the world. He WORKED as a senior economist at UBS Warburg and, That Was Before year adviser inside Britain&&9;s Treasury department.

To Relieve Some of the pressure, says Mr. Riley ET tries to play with Fitch&&9;s soccer team at lunchtime on Tuesdays and occasionally plays That ET PlayStation games with historical 17-year-old sound.

He says HE and His Team Have Developed at Fitch thick skins to deal with the pressure.

"We Know That We&&9;re Under Scrutiny considerable and we want to make sure we do the best and corresponds job That can we can, &&9;he said."We&&9;re doing the work and the analysis, double-checking it and making sure our numbers right We Have."

He Also Does not view the jockeying Being done by global policy makers have overt lobbying efforts to influence or historical decision about a country&&9;s ratings.

"It&&9;s important if we&&9;re Trying to Provide Informed year rating and Commentary That We Understand What policy makers are Trying to Achieve and What Their plans are," Mr. Riley said. He added HE HAD That Had to tell global leaders this year That Their region&&9;s ratings Were Being Downgraded. "That&&9;s Something that&&9;s never Welcomed," Mr. Riley said.

This year the government Fitch Downgraded creditworthiness of Greece, Portugal and Spain. It HAS Ireland was "negative outlook" goal HAS reaffirmed France&&9;s and Italy&&9;s status.

Mr.Riley started to turn more attention to to the American Treasury debt ceiling After the secretary, Timothy F. Geithner, feels a letter to Congress on May 16 alerting members Reached That the country HAD ITS statutory debt limit and Measures That HAD-been taken to Provide cash for the summer. The government HAS Until Aug. 2 to raise the $ 14.3 trillion debt ceiling or Being Able to risk not make payments on some debt icts.

On June 8, Fitch published a report titled: "Thinking the Unthinkable - What if the Debt Ceiling Was Not INCREASED defaulted and the U.S.?" The report Said Was Not if the cap raised in time, Fitch Likely Would the United States could be " rating watch negative. "If a payment was missed Were Treasury security, the security rating is That Could tumble from AAA to B +, the agency warned.

Since then, Mr. Riley Said HE HAD Tried to Avoid the "political theater" around the debt-ceiling talks."We&&9;re not calling the contacts That We Have Inside Washington Asking, &&9;Can You Give us the inside track? Did Obama really walk out of meeting That? " "Mr. Riley Said, Adding:" It Would Be interesting to know, But It&&9;s not falling to us. "

He and His Team Have Held discussions with Treasury Officials on the debt-ceiling issue and on the bigger issue of Reducing the deficit. "The very clear message in our discussions we &&9;ve Heard IS,&&9; no ifs, ands or goals, the U.S. Will not default on debt icts," Mr. Riley said.

"It Is not for us to design the deficit-reduction strategy," Mr. Riley said. "We&&9;re Not Saying That the U.S.Has To Reduce the deficit by Some number, order detail around the STI plan and the Credibility behind how the plan IS going to Be Implemented Actually IS Almost as important as the headline for itself. "

Players in a Greek Drama

WASHINGTON - Hundreds of Thousands of homeowners Who Took out mortgages with Countrywide Financial Corp. Willie Soon Receive Their slice of a $ 108 million settlement over claims the lender That outsized fees charged to Borrowers Facing Foreclosure.

The Federal Trade Commission Wednesday Said That It Will mail refund checks to 450.177 Borrowers starting Thursday.

The Action Is Part of a Settlement Agreement Reached the agency last year with Bank of America Corp., Which Acquired Countrywide in 2008.

The FTC hit Claimed Countrywide Borrowers Who Were Behind on Their mortgages with fees of SEVERAL thousand dollars at times. Were the fees for services Such as property inspections and landscaping That Far Exceeded market rates.Countrywide created Subsidiaries to hire vendors, Which marked up the price for Such services, the agency said.

In addition, the FTC Countrywide Accused of making false claims to Some Borrowers about How Much Owed on Their THEY mortgage or the status of Their loan, the lender and Claimed added fees and charges to Other Borrowers&&9; mortgage accounts Without notice.

The allegations led to the Settlement That Took place Before Bank of America Acquired Countrywide.

At the time of the settlement, the FTC Estimated HAD Countrywide overcharged homeowners around 200.000, Purpose WAS Later That figure revised to More than 450.000 After the agency&&9;s files Reviewed the lender.

"What we discovered After digging Through the record Is There Were More People Who Have Been subject to thesis overcharge Than We Had Anticipated, But The Amounts THEY HAD Been overcharged Were sufficiently small That everyone Could Be Compensated Without exhausting the $ 108,000," Said Tom Pahl , assistant director at the FTC&&9;s division of financial practices paydayloans.

About 347.000 Borrowers Who overpaid loan default fees fully reimbursed Will Be, Pahl said.

A group of Another 102.000 Borrowers Who filed for Chapter 13 bankruptcy protection Will split what&&9;s left of the settlement Equally. A subset of Group Who Were That slapped with hidden fees That WAS the FTC Able to confirm aussi Will See Those fees fully Refunded, Pahl said.

The Refunds Will Be Distributed to Consumers Whose loans serviced by Countrywide Were Between January1, 2005, and July 1, 2008, and Who Were subject to the company&&9;s Allegedly unlawful practices, the FTC said.

The Amount of Each Will Vary refund check from less than $ 500 to SEVERAL thousand dollars. Borrowers Who Should Receive a refund check em cash by Sept. 19, the agency said.

The FTC charged with enforcing federal IS Laws Designed to unlawful pre-collect by Companies That Consumers&&9; Debts. Because that&&9;s mortgage-collection Activities are Typically Handled outside the oversight of federal banking Regulators.

FTC Paying Nearly $ 108M to Countrywide Borrowers

NEW YORK (Reuters) - News Corp&&9;s independent directors are fully behind Rupert Murdoch and His management team and are not drawing up plans to Promote Chief Operating Officer Chase Carey to the position of CEO, board member Told Reuters on Monday.

The board member and Another person familiar with the company&&9;s plans aussi denied a Bloomberg report Suggested That the board IS DEPENDING ON Murdoch Replacing considering historical performance Before the British Parliament on Tuesday. Said The report puts the News Corp. board on Monday to Discuss Replacing Murdoch aims Both people denied this.

"There Was No meeting of independent directors. This board totally supports the top management. We&&9;re united behind HIM," the board member said.

The second person Said the board HAS HAD a succession plan in place for Some Time and Regularly it reevaluates Those plans electronic check payday advance."Suggestions That IS a Plan Being Implemented are accelerated or Inaccurate," the person said.

Carey, a 23-year News Corp. veteran and long-time lieutenant of Rupert Murdoch, IS Favored by investors in the United States to take control of the business if Murdoch, 80, stands down.

Until a phone hacking scandal at News Corp&&9;s UK papers started escalating over the Past Three Weeks, James Murdoch, Who is deputy chief operating officer, Had Been Seen as His Father&&9;s Successor.

News Corp Was Not immediately available for comment.

(Reporting by Megan Davies, Yinka Adegoke; Editing by Gary Hill)

Murdoch News Corp directors back: board source

SAN FRANCISCO (Reuters) - Apple Inc (AAPL.O) Should Deliver Yet Another bumper quarter, investors are holding Some goal out for a monstrous second half When the new iPhone hits and a happy new online service Takes Wing.

Solid numbers from the company&&9;s quarterly report this week That Could snap the malaise hung over HAS ITS oz unstoppable shares, Which Have Been in limbo sincere Chief Executive Steve Jobs last January Took leave for unspecified medical Reasons.

Apple&&9;s stock HAS Relatively immobile found Itself After quadrupling over the past Two and a half years.The share price is up 11 percent on the year, aim Remain a far cry from brokerage price targets of $ 450 or more.

The stock rose 2 percent again on Friday in anticipation of Strong second-quarter revenue and profit with Component Shortages for easing the iPad and Accelerating Momentum in International Markets.

"This Stock Is Still very attractively priced, relative to the overalls Especially market," Said Channing Smith, co-manager of the Capital Advisors Growth Fund, Which owns Apple shares.

"About a year ounces, you get a year When The Opportunity Is in stock and a funk Some of the short-term concerns crop up ...that&&9;s your window to step up, "Said Tony Ursillo, analyst with Loomis Sayles & Co., Which owns Apple shares.

Apart from Jobs - a survivor of a rare form of pancreatic cancer and the inspiration behind Many of Apple&&9;s Most iconic products - Wall Street worried about Google&&9;s IS (GOOG.O) rising prominence in high-end mobile and Intensifying competition in digital content with Google and Amazon.com (AMZN.O).

But The World&&9;s Largest Technology Company by market value is Expected to present a positive short-term picture When It reports Tuesday.

Solid sales of the iPhone aging in international markets and strong demand for new, thinner iPad 2s Likely buoyed the second quarter, aussi Which year saw easing the supply crunch in Previously Held That dirty back of the tablet.

The Two mobile products Were instrumental in Contributing to year 60 percent Expected Increase in Apple&&9;s fiscal revenue DURING the Third Quarter, According To Analysts and investors.

Lower component costs - Owings year to easing of supply of critical components Shortage from Japan - Is Another more boost gross margins That Could to as high as 41 percent.

"I am expecting a strong quarter," Ursillo said pay day loans."The concern on the street Seems To Be More about the outlook for the Third Quarter, Ongoing Constraints for the supply and the iPad timing of the iPhone introduction."

BIG SECOND HALF

Wall Street Expects That the outlook for the second half of the year for Apple Will Be Enormous as it May include the launch of a new iPhone, its best-selling product, and accounts for One That about 40 percent of revenue icts.

Apple IS famously conservative forecasts with STIs, end investors Will pick apart executives&&9; comments to figure out How Much Will the new iPhone boost revenue.

The California company has new Typically Introduces iPhone DURING the summer, aim it HAS to Reveal Any details yet on the next model.The new smartphone featuring a faster processor Will begin shipping in September, sources Have Told Reuters.

Will Apple roll out aussi icts new cloud-based storage service icloud music in the fall Along with updates to ITS operating systems for mobile devices and computers.

"With our expectation for a big second-half new product ramp, combined with challenges at smartphone Growing Potential Competitors and new carrier arrangements, We Believe Apple HAS plenty of upside left in the stock price," Said Ticonderoga Securities analyst Brian White.

Anticipation of a new iPhone May Have Caused Some Slowdown in the June quarter sales DURING, purpose Analysts still expect Shipments To Be healthy in the 17 million range When The consumer electronics giant reports results on Tuesday.

Wall Street Estimates That Apple sold about 8 million new iPads Along with about 4 million Macintosh computers.

Apple rolled out two icts popular iPad tablet in 36 Countries in the last Three months supply despite Being backlogged. Wait times for the iPad Have Ordered online fallen to 3-5 days from Two Weeks in United States ramped up production as Apple to Meet roaring global demand.

Apple Expected to Report IS earnings of $ 5.83 a share on revenue of $ 24.9 billion, According To Thomson Reuters I / B / E / S. Apple HAS beaten Wall Street Estimates for 13 straight quarters.

According To StarMine&&9;s SmartEstimate, Which places more weight on recent forecasts by top-rated analysts, Apple Should post EPS of $ 6,007 on revenue of $ 25.3 billion.

(Editing by Robert MacMillan)

Apple stock looks cheap ahead of results

ROME - The lower house of Italy&&9;s parliament Has Begun discussing a euro70 billion ($ 99 billion) austerity package ahead of a final vote on the Measures Seen as crucial to Averting a debt crisis in the eurozone&&9;s Third-Largest Economy.

The lower house to hold scheduled WAS the final vote at around 1600GMT (11 am EDT) Friday.

Premier Silvio Berlusconi&&9;s government fast-tracked HAD Approval of the Measures and Their scope INcreased after market plummeted this week on worries over Italy&&9;s Financial Stability guaranteed approval cash advance loans. The Measure Passed in the Senate on Thursday.

Some public purpose and others Were Protesting Employees What They Say Measures are unfair. And Berlusconi, criticized for Remaining out of the public eye at a time of crisis, under pressure from the WAS opposition to resign.

Italy to Give Final OK to austerity package

TOKYO-Prime Minister Naoto Kan Said Wednesday That Japan Should Reduce and Eventually Eliminate dependence on nuclear energy icts in What Would Be a radical shift to the country&&9;s energy policy, Saying That the accident Fukushima HAD Demonstrated the dangers of the technology.

It Was The Strongest stand yet taken by Mr. Kan Against Nuclear Energy in the aftermath of the multiple meltdowns at the Fukushima Daiichi Nuclear Power Plant, Which WAS ravaged in the March 11 and triggered a tsunami Substantial radiation leak. At least 80.000 people from around the Been Evacuated plant.

"Japan Should Aim for a Society That Does not depend on nuclear energy," Mr. Kan Nationally Televised Told a press conference. "We Should Reduce our dependence in a Planned and Gradual way, and in the future, We Should Aim To get by with no nuclear energy."

With His popularity at a record low, however, unclear whether Mr. It IsKan Can push through extensive overhaul Such year of Japan&&9;s energy policy. Nuclear power made up about 30 percent of the country&&9;s energy Fukushima Needs Before the accident, and Japan to raise Planned HAD That ratio to As Much as 50 percent.

The leader left aussi Many unanswered questions difficulty, Including When reactors shut down for maintenance Might reopen. With Growing public Fears over nuclear safety, Many of Japan&&9;s reactors closed for regular checks have-nots Been Allowed to restart, triggering a Widespread Electricity Shortage no credit check payday loans.

Said Mr. Kan HAS Those reactors must undergo stress testing Reopened Before They are, HE HAS not intended Provided details of how extensive Might Be Those tests, or how long They Might take. With just 19 of 54 reactors in Japan Currently running, however, There Have Been Increasing calls, particularly from Industry, for a speedier restart.

Public opinion Appears to support a more cautious approach.Nearly 70 percent of Japanese oppose restarting the reactors, despite the prospect of blackouts, According To a poll published on June 27 by The Nikkei, Japan &&9;s largest business daily.

Mr. Kan HAS taken a year anti-nuclear stance increasingly. In May, directed ET year aging nuclear power plant closed over quake and tsunami Fears, and HE Said Would freeze plans to build new nuclear reactors.

His moves have-nots Appeared to win public support HIM, however. A July 4 Kyodo News poll Showed His support rating at 19 percent, an all-time low. Mr. Kan HAS Said He Will step aside for a Young HE HAD oz Successor Some headway made in efforts to rebuild in the aftermath of the disaster.

Kan Says Japan Should Shift From Nuclear Power

SYDNEY (AFP) - Australia on Sunday Announced plans to tax carbon pollution at Aus $ 23 (U.S. $ 24.74) per ton to help battle climate change, as it Moved Towards Creating the region&&9;s biggest emissions trading scheme.

Prime Minister Julia Gillard Said There Would Be a fixed price on carbon pollution, Blamed for global warming, from next year before INSTANT year WAS Emissions Trading Scheme Introduced in 2015.

"We Have Had a long debate about climate change in this country," Gillard Said in a rare address to the nation Televised.

"Most Australians now AGREE our climate is changing, then this is Caused by carbon pollution, harmful effects on this HAS our environment and on the economy - and the government Should act."

"We&&9;ve now Purpose Had the Debate, 2011 Is The Year That we decide as a nation we want a clean energy future.Now is the time to move from words to deeds. "

Under the scheme to begin on July 1, 2012, about 500 of Australia&&9;s Top Polluters Will pay a fixed price, starting at $ 23 per ton Aus, carbon dioxide emissions for Their for the first Three Years.

The Mechanism Would then shift Into Year Emissions Trading Scheme, with a floating price set by the market. Will the government set a floor price and upper limit for a year at least the first Three Years to Avoid price shocks.

Experts Said Australia&&9;s Emissions Trading Scheme Would Be The Biggest MOST Systematic and outside Europe, similar in scale to larger purpose Than That ADOPTED by Neighbouring New Zealand.

"There&&9;s nothing really in the rest of Systematic our region," Professor John Quiggin from the University of Queensland&&9;s School of Economics said.

"Obviously China and India are Doing things All kinds of very large scale has been ...So There&&9;s very serious action Certainly there; goal in terms of a broad-based and Systematic carbon price, this is really one of the biggest moves We&&9;ve Seen, "He Told AFP.

Tony Wood, of the independent-Focused economics think-tank the Institute Grattan at Melbourne University, Australia&&9;s Agreed That Planned scheme would be "the only really significant one Other" outside Europe best payday advance.

Gillard Said the Economic Reform Would create incentives for the Biggest Polluters to Reduce Their Emissions of greenhouse gases.

At the Same Time, Will the government has ESTABLISH $ 10 one billion Clean Energy Finance Corporation to fund innovative projects in renewable energy and the Coal Industry Will Receive some $ 1.3 billion to Protect jobs and Compensate for the tax over five years.

Much of the revenue raised from the tax in the first Three Years Will Provide for Higher family payments, pensions and income-tax cuts boosts to offset the cost of living INcreased as the carbon price factor Businesses Into the cost of Their Goods and Services.

The issue of a carbon tax has-been hotly debated in Australia, Among the world&&9;s worst per capita Polluters due to reliance on coal ITS-fired power and mining exports.

The Prime Minister Has the numbers in parliament to pass the legislation aims Her popularity has-been sinking in opinion polls sincere she Announced plans for the tax Earlier this year.

The conservative opposition HAS led the attack, with opposition leader Tony Abbott Sunday Describing the scheme as "socialism masquerading as environmentalism" and Saying It Would leave millions of Australians out of pocket and Without Reducing Emissions Threaten jobs.

The Mining Sector aussi criticised the plan, with Rio Tinto warning the tax would "Inevitably Hinder investment and jobs growth in Australia Without Reducing global carbon emissions."

Environmental organizations Were broadly supportive of the tax.

"This package IS NOT perfect, it IS absolutely essential goal Australia gets started," Australian Conservation Foundation director Don Henry said.

Australia sets carbon tax to fight climate change

For selected retail chains, here&&9;s how stores open at June back at least a year Compared with the Same month last year.

This Is A comparison key indicator of a retailer&&9;s Health Because it Excludes revenue at stores That Recently Opened or closed.

When applicable, the figures include online business and exclude gasoline sales. For Rite Aid, the comparison covers the oven Week That ended June 25. For Walgreen, the figure covers the calendar month of June.The Remaining companies report was five-week période That ended last weekend.

• Discounters

BJ&&9;s Wholesale Club Inc.., Up 3.5 pct

Costco Wholesale Corp.., Up 8 pct

Target Corp., Up 4.5 pct

Fred&&9;s Inc.., -0.7 Pct up

___

• Clothing Stores

The Buckle Inc., Up 10.8 pct

Cato Corp., Up 1 pct

Destination Maternity Corp payday advances., Down 0.7 pct

Gap Inc., Up 1 pct

Hot Topic Inc., Up 0.4 pct

Limited Brands Inc., Up 12 pct

Ross Stores Inc.., Up 5 pct

Stein Mart Inc.., Down 5.1 pct

TJX Cos., Up 5 pct

Wet Seal Inc., Up 7.3 pct

Zumiez Inc., Up 9.8 pct

___

_Department Stores

Bon-Ton Stores Inc., Down 0.9 pct

Dillard&&9;s Inc.., Up 6 pct

JCPenney Co., up 2 pct

Kohl&&9;s Corp., Up 7.5 pct

Neiman Marcus Group Inc., Up 12.5 pct

Nordstrom Inc., Up 7.9 pct

Macy&&9;s Inc., Up 6.7 pct

Saks Inc., Up 11.9 pct

Stage Stores Inc., Up 1.8 pct

___

• Drug Stores

Rite Aid Corp., Up 1.8 pct

Walgreen Co., up 4.8 pct

At a Glance: June revenue comparisons

WASHINGTON (Reuters) - President Barack Obama said on Wednesday the Debate over raising the debt ceiling Should Not Be Used as a gun Against the heads of American people in year effort to secure tax breaks.

Obama&&9;s rhetoric WAS Meant to put pressure on Republicans, opposes tax hikes Who Largely as a share of deal to Reduce the deficit and raise the borrowing limit instant payday loan lenders.

(Reporting by Jeff Mason and Steve Holland, Editing by Sandra Maler)

Obama: Debate debt not a weapon for tax breaks

KARLSRUHE, Germany (AFP) - The German Constitutional Court on Tuesday Opened hearings on Complaints against bailout loans for Greece and European Union emergency funds, the rescue money order from Germany IS Likely to flow on.

The Highest Court in Karlsruhe, southwestern Germany, Considered Appeals Against the government&&9;s decision to Contribute to rescue debt-laden funds for Greece last year and the European Financial Stability Facility (EFSF) Which WAS ESTABLISHED a short time Later.

The government&&9;s decision to Germany Committed Guaranteeing loans of up to 22.4 one billion euros ($ 32.4 billion) for Greece and one billion euros for 211 Countries Other eurozone.

A ruling IS Expected in only a FEW months, the objective questions Posed by Short Should Indicate the issues it considers relevant MOST, and It Could bolster the German parliament by acknowledging Additional Supervisory Powers Observers said.

The short Probably Will not, however, "lay down Excessively restrictive provisions for the government," Commerzbank analyst Eckart Tuchtfeld forecast.

Germany&&9;s partners Within the 17-nation eurozone nonetheless Will Closely follow the proceedings Given a popular undercurrent of resistance to aid from the bloc&&9;s Economic powerhouse.

A group of lawmakers Within the Bundestag, or lower house of parliament, Chancellor Angela Merkel Within Including&&9;s conservative coalition, Have Become outspoken objectors for the discontent.

Some claim the rescue Measures Violation # bailout terms of the Maastricht Treaty, or the German Constitution, and the short Tuchtfeld Said That Could take issue with the Fact That Loan Guarantee Committed future budgets and restricted Therefor the parliament&&9;s Budgetary rights guaranteed pay day loans.

The court&&9;s ruling est aussi Expected to Consider Germany&&9;s participation in the European Stability Mechanism (ESM), a permanent rescue fund to replace the EFSF Expected in mid 2012.

"We find Ourselves was path we cannot see the end of, and we want to know if this IS the right path," Said Joachim Starbatty, a University Professor Who Was one of the first to file a Complaint with the court.

Finance Minister Wolfgang Schaeuble Arguedas in a short statement to the Berlin That Had to stand ALONGSIDE ITS eurozone partners, saying "a common currency cannot make it Without Solidarity Among STI members."

Himself a jurist by training, Schaeuble Also Noted That Allowed European Treaties for the Possibility of EU Member Countries Providing "mutual support" in times of trouble.

Although Tuchtefeld Did not expect Such a result, ET Warned That "if the court to restrict Were the government&&9;s leeway to act, the consequences for the EU and the Financial Markets Could Be Extremely serious."

Protests Against U.S. rescues go to top German court

NEW YORK (Reuters) - The pace of growth in the Manufacturing Sector Picked up for the First Time in Four Months in June, a sign of Optimism for the sputtering economy, According To Industry Report released year on Friday.

U.S.consumer sentiment worsened in June on jitters about the economic outlook and Spending Likely to Remain IS lackluster in the long-term, a survey released on Friday Showed.

COMMENTS:

TIM GHRISKEY, CHIEF INVESTMENT OFFICER, SOLARIS ASSET MANAGEMENT, BEDFORD HILLS, NEW YORK:

"The first thing we all here Said Was The expectations Probably HAD Been Lowered for ISM manufacturing over the past couple of months, and That set up for a number That Could be beat.

"It Does APPEAR There Is Some acceleration here in the manufacturing side, and that&&9;s Good News Because really the analysis of the mid-cycle Slowdown We Were experiencing WAS on the manufacturing side and related to the events in Japan and Perhaps Some Reduced demand out of China.So if we DID go-through a mid-cycle it Slowdown (May Have Been) a very Slowdown brief, I think it&&9;s purpose too early to make based on this That claim number. "

Robert Brusca, chief economist, FACT AND OPINION ECONOMICS, NEW YORK

ISM: "It&&9;s too soon to say whether the soft patch is over. We Had Such A big drop last month. We are just seeing Some of the retracement. This Takes Some of the sting out of last month&&9;s drop. One Number Does not dispel your Doubt. In May, we and we Shifted Shifted gear down.

"We Need to see more of this to signal That the soft patch is over."

THOMSON REUTERS / UNIVERSITY OF MICHIGAN SURVEYS OF CONSUMERS: "Consumer sentiment IS UNDER a lot of pressure. You Have To Bring The Consumers Along ... You Need to Bring Them Along With jobs. The Fed IS pretty much tapped out. You are not going to see a QE3 Until the economy Is in really tough shape. "

MICHAEL Gapen, CHIEF U.S.ECONOMIST, BARCLAYS CAPITAL, NEW YORK

"We think It Is reflective of a rebound in the Manufacturing Sector. The number IS Above expectations, Higher Than It Was in May. If you look at the Subcomponent, the main cam Increase in inventory, Which Suggests That Will FIRMS think demand rebound. Production still looks good, new orders still look good. It looks like There Was a Slowdown temporary, due to supply disruptions Perhaps in Japan.

"It&&9;s a number so it June Indicate Perhaps the biggest Weakness Will Be in May. It sets the groundwork for acceleration in growth for the second half of the year cash advances pay day loan."

JOE MANIMBO, MARKET ANALYST, Travelex Global Business Payments IN WASHINGTON

"The data, Being better than expected, with the Fed IS consist That&&9;s the view Slowdown Will not Last. That&&9;s Certainly Encouraging news and as a result, We Have Seen the dollar broadly push even higher.Given the rally That We Have Seen In Some Of Those high-flying assets this week, investors are Likely Some profit booking As They Head Into the long holiday weekend. "

DAVID ADER, HEAD OF GOVERNMENT BOND STRATEGY AT CRT CAPITAL GROUP, STAMFORD, CONNECTICUT

"A big gain to ISM, Beyond Expectations, Employment up with too. Have Paid Prices dropped. Inventories Were the big contributor, Which Somewhat detract from the strength here overalls Given outpeformance versus the new orders. The details are not as robust as the headline That gain as inventory Was The bulk of the Overall Increase.

"The market IS underperforming off with 5s, though no drama in the price action at all. 2s/5s/10s Note That Surpassed our target of -9.8 bp big and so close we&&9;re watching the break here as this looks to Be a go-with.

"It&&9;s an afterthought order U Mich Was a tad softer on the revision despite the downtick in inflation expectations (due to gas prices) as You Would Have Thought the lower gas prices Would Improve confidence. So this challenges the notion That Lower Gas Prices Will inspire the consumer. "

Robert Brusca, chief economist, FACT AND OPINION ECONOMICS, NEW YORK

"It&&9;s too soon to say whether the soft patch is over. We Had Such A big drop last month. We are just seeing Some of the retracement. This Takes Some of the sting out of last month&&9;s drop."

PIERRE ELLIS, SENIOR ECONOMIST, DECISION ECONOMICS, NEW YORK

"It&&9;s not bad news, it&&9;s odd goal in That Virtually the Entire Increase WAS driven by a rise inventoried. The lack of strength in new orders Does not Promote confidence.

"There&&9;s no outright bad news here. Employment firm and that&&9;s got Encouraging.The report Indicate That the Weakness That Showed Up in the Empire State and Philadelphia Fed surveys WAS Purely regional.

"The Fed Can Breathe a sigh of relief, goal There&&9;s still nervousness on the Reason for Outlook."

INSTANT VIEW: Manufacturing Sector picks up in June

CARACAS (Reuters) - Venezuela&&9;s army chief Sought to quash Any talk of unrest or infighting as socialist leader Hugo Chavez&&9;s revelation of cancer surgery shakes the South American nation OPEC HE HAS Dominated Since 1999.

General Henry Rangel Silva said on Friday the military Would Guarantee DURING Chavez&&9;s Constitutional order for Treatment failure in Cuba. The President, He Said, Would Be home "soon" and WAS still in charge.

"We Have Seen our comandante thinner Than usual goal still standing. The truth is he IS getting better, He&&9;s fine," Rangel Told state television. "The Country is calm."

The vivacious Usually Chavez, 56, in a stern speech Confirmed on Thursday in Cuba HE HAD surgery to remove a cancerous tumor and more WAS Receiving Treatment.He Said time needed to recover ET Before Returning to Venezuela to run historical self-styled revolution.

A fiery critic of the United States, Chavez will miss events marking 200th anniversary of Venezuela&&9;s Independence from Spain.He HAD to cancel a regional summit Planned for the momentous date July 5.

Have Generally Markets reacted to news of Chavez POSITIVELY&&9;s Health Problems, on the presumption THEY Improve the chances of a more business-friendly government.

That feeling Continued on Friday with Venezuela&&9;s benchmark 2027 bond up 3.5 points to level icts Highest Since May 2010.

"Political vacuums are Encouraged to Be Rarely, this one aims Could lead to a Slowdown in Public Spending and raise the likelihood Could opposition victory of year in the next elections, and less confrontational Thusis governing style," Said Richard Segal, an emerging markets analyst at Jefferies in London.

&&9;WE WILL CONQUER&&9;

Chavez allies vowed THEY Will history continue leftist drive, Which HAS included Nationalization of large parts of the economy, a Broad diplomacy challenge to Washington&&9;s dominance of the region and a year of steady takeover Oil Industry That Is a Key Supplier to the United States.

"We will live and We Will Conquer.Until my return! "Chavez Said in Thursday night&&9;s emotion-charged address from Havana.

Shantytown poor in Caracas, Chavez Where Is Still Widely loved for using oil revenues to build new clinics and schools, HIM fans saluted overnight with fireworks.

"He&&9;s alive! He&&9;s alive!" shouted one group in the poor Catia After the speech area.

Opposition leaders, Seeking to rally around a unity candidate to Be Picked in February for the 2012 presidential vote, May take the news as a sign Chavez IS weakened and less Likely to win next year&&9;s vote cash advance no fax.

"It is Impossible to DEDUCE if He Will or Will not Be in a physical state and the right mood to go Into the 2012 campaign," Said local analyst Luis Vicente Leon-.

The opposition WAS Trying hard to Avoid Appearing gleeful at Chavez&&9;s ill Health, Detractors though Some vitriolic messages posted on Twitter and other sites.

Known for eight-hour speeches and frequent appearances camera, Chavez left Venezuela in near silence and Its Functioning government at half-steam for Almost Three Weeks After a June 10 operation to remove a pelvic abscess.

QUESTIONS OVER RULE

His convalescence Continued Raises Questions About How He Can Govern still from Cuba, whether or not ET Can Sometimes historical control unruly coalition, and whether He Will Be Able to fact-in rule for Another decade have vowed HE HAS Often.

Perhaps to answer fear of a power vacuum or succession fight, Chavez Said Remained ET "at the helm" of government "in" ongoing communication "with Vice President Elias Jaua history.

Said the Chavez government&&9;s Department Would Remain united and, in Their joint appearance Immediately After the president&&9;s address, history Commitment to Reforms Pledged Even in His absence.

Fans seemed shocked and in denial at times at the news of cancer history, government supporters Which HAD Until Thursday Passed off as idle rumor spread by the opposition.

Chavez&&9;s combative rhetoric, folksy charm and Caribbean Social Programs from rural villages to Shantytown Have Allowed HIM to win elections Almost all the history coalition HAS confronted, Undermining the argument of Critics Who Call Him a dictator.

HE HAS goal Alienated Many history with authoritarian streak, Reflected in His stranglehold on government and Treatment of Political Opponents belligerent, aggressive and His Nationalization of a wide-range of industries.

His popularity has-been weakened in recent years have struggled to keep HE HAS up with bread-and-butter tasks Such as government Keeping Electricity flowing, putting Criminals in jail and Providing housing for the poor.

Remaining in Cuba compromised Could Further advances in Those Areas, Especially Since state leaders are notoriously slow to make decisions Without Direct Involvement history.

(Additional reporting by Mario Naranjo, Daniel Wallis, Deisy Buitrago, Diego Ore, Eyana Chinea and Girish Gupta in Caracas, Carolyn Cohn in London, Editing by John O&&9;Callaghan)

Venezuela army calm assurance Chavez After Surgery

NEW YORK (Reuters) - Stock indexes pared gains future Slightly After the Greek parliament Passed a five-year fiscal austerity package.

S & P 500 rose 3 points and future Were Above fair value, a formula That Evaluate pricing by Taking Into account interest rates, dividends and time to expiration on the contract no teletrack payday loans. Dow Jones Industrial Average added 32 points and future Nasdaq 100 future rose 3 points.

(Reporting by Angela Moon)

After shield future gains Greek vote