Will media stay on gun story?

STORY HIGHLIGHTS

• Howard Kurtz: Conventional wisdom is that media will lose interest in guns


• He says that's been the pattern of media behavior after Columbine, other shootings


• This time seems like it might be different, he says


• Kurtz: Reporters profoundly shaken by story, should stay on it

Editor's note: Howard Kurtz is the host of CNN's "Reliable Sources" and is Newsweek's Washington bureau chief. He is also a contributor to the website Daily Download.

(CNN) -- The conventional wisdom is that Newtown has just a few more days to run as a major media story.

The reporters are pulling out of the grief-stricken Connecticut town, which means no more live shots every hour. The White House press corps responded to President Obama's announcement Wednesday of a task force on gun control with the first three reporters asking about the impending fiscal cliff. And after every previous mass shooting, from Columbine to Aurora, the media's attention has soon drifted away.

But I believe this time will be different.

Howard Kurtz

I believe the horror of 20 young children being gunned down has pricked the conscience of those in the news business, along with the rest of America.

I could be wrong, of course. The press is notorious for suffering from ADD.

But every conversation I've had with journalists has quickly drifted to this subject and just as quickly turned intense. Most have talked about how their thoughts have centered on their children, and grandchildren, and the unspeakable fear of anything happening to them. All have spoken about how hard it is to watch the coverage, and many have recalled crying as they watch interviews with the victims' families, or even when Obama teared up while addressing the nation.

Watch: Blaming Jon Stewart for the Newtown Shootings?

I've watched Fox's Megyn Kelly choke back tears on the air after watching an interview from Newtown. I've heard CNN's Don Lemon admit that he is on the verge of crying all the time. I've seen MSNBC's Joe Scarborough, a former Republican congressman, say that day in Connecticut "changed everything" and prompted him to rethink his longstanding opposition to gun control, which earned him top ratings from the NRA.

Maybe Newtown will be the 9/11 of school safety.

Watch: Media Fantasy: Touting Ben Affleck (Uh Huh) for the Senate

The media paid scant attention to gun control in the past, in part because of a conviction that the NRA would block any reform on Capitol Hill. At the same time, they took their cue from the fact that officeholders in both parties were avoiding the issue at all costs—Republicans because they mainly support the status quo, Democrats because they mostly deem it political poison.

But since when is it our job solely to take dictation from pols? When it comes to subjects like climate change and same-sex marriage, the press has been out ahead of the political establishment. Given the carnage in Newtown as the latest example, journalists should demand whether we can do better. The fact that Obama now promises to submit gun legislation to Congress will help the narrative, but it shouldn't be a mandatory requirement for coverage.

Watch: From Joe Scarborough to Rush Limbaugh, the conservative media meltdown

This is not a plea for a press-driven crusade for gun control. In fact, it's imperative that journalists be seen as honest brokers who are fair to all sides. MSNBC anchor Thomas Roberts, in an interview with Republican Rep. Jack Kingston of Georgia, who opposes gun restrictions, said: "So we need to just be complacent in the fact that we can send our children to school to be assassinated." That is demonization, just as some conservative pundits are unfairly accusing liberal commentators who push for gun control of "politicizing" a tragedy or of pushing God out of the public schools.

The question of school safety extends beyond guns to mental illness and societal influences. With even some NRA supporters asking why law-abiding hunters need automatic rifles with high-capacity magazines, it's time for a nuanced debate that goes beyond the usual finger-pointing. Bob Costas got hammered for using an NFL murder-suicide to raise the gun issue during a halftime commentary, but he was right to broach the subject.

Here is where the media have not just an opportunity but a responsibility. The news business has no problem giving saturation coverage to such salacious stories as David Petraeus' dalliance with Paula Broadwell. Isn't keeping our children safe from lunatics far more important by an order of magnitude?

I think the press is up to the challenge. Based on what I've heard in the voices of people in the profession, they will not soon forget what happened in Newtown. And they shouldn't let the rest of us forget either.

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The opinions expressed in this commentary are solely those of Howard Kurtz.

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Hundreds pay tribute to legendary Indian sitarist Ravi Shankar

ENCINITAS, California (Reuters) – Ravi Shankar‘s daughters, Norah Jones and Anoushka Shankar, along with the wife of late Beatle George Harrison said their final goodbyes to the Indian sitar virtuoso on Thursday at a public memorial service in Encinitas, California.

The legendary musician and composer, who helped introduce the sitar to the Western world through his collaboration with The Beatles, died on December 11 in Southern California. He was 92.

About 700 people joined Shankar’s wife, Sukanya, and family at the service held at a spiritual center in the coastal town about 25 miles north of San Diego.

Olivia Harrison, the widow of Beatles guitarist George Harrison, told Reuters the three-time Grammy winner who formed a musical and spiritual bond with The Beatle “expressed music at its deepest level.”

“As a person he was just sweet and seemed to know everything,” she added. “He was a true citizen of the world.”

Shankar is credited with popularizing Indian music through his work with violinist Yehudi Menuhin and The Beatles beginning in the mid-1960s, inspiring George Harrison to learn the sitar and the British band to record songs like “Norwegian Wood” (1965) and “Within You, Without You” (1967).

“He completely transformed (George’s) musical sensibilities,” a tearful Harrison told the crowd. “They exchanged ideas and melodies until their hearts and minds were intertwined like a double helix.”

‘LITTLE CRUMB’

His friendship with Harrison led him to appearances at the Monterey and Woodstock pop festivals in the late 1960s and the 1972 Concert for Bangladesh. He became one of the first Indian musicians to become a household name in the West.

His influence in classical music, including on composer Philip Glass, was just as large. His work with Menuhin on their “West Meets East” albums in the 1960s and 1970s earned them a Grammy, and he wrote concertos for sitar and orchestra for both the London Symphony Orchestra and the New York Philharmonic.

“I always felt like a little crumb in his presence,” Zubin Mehta, a former music director of the New York Philharmonic and collaborator with Shankar, said at the service.

Jazz pianist Herbie Hancock also attended the service along with “Anna Karenina” director Joe Wright, the husband of Shankar’s daughter Anoushka.

Shankar, who had lived in Encinitas for the past 20 years, had suffered from upper respiratory and heart issues over the past year and underwent heart-valve replacement surgery last week at a hospital in San Diego.

The surgery was successful but he was unable to recover.

Shankar’s final concert was on November 4 in Long Beach, California, with his Grammy-winning sitarist daughter Anoushka, who spoke giving thanks to those who came. Jones, the third Grammy-winner in the family, did not speak at the service.

(Writing by Eric Kelsey; editing by Philip Barbara)

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Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.

A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.

Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.

Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.

"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.

"The markets still basically believe that something will be done," he said.

If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.

For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.

Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.

IT COULD GET A LITTLE CRAZY

Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.

If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.

"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.

"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."

Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.

Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.

"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.

"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."

Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.

The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.

Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.

U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.

(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)

(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Can Nepal’s Republic Be Saved?

If you were a politician in Nepal during the past two years, there’s some chance you may have been slapped. In January 2011—as well as in May and November of this year—three citizens who were fed up with chronic government inaction physically attacked three senior politicians.

Nepal’s citizens survived 10 years of a bloody Maoist insurrection that killed an estimated 16,000 people but also brought about the end of a centuries-old monarchy in 2008. Since then, however, the country has been hampered by chronic political and economic crises that have created a severe legitimacy crisis for the ruling elites. Can this nascent republic be saved?

It seems to be an impossible challenge in the near term. The current political crisis is so dire that there has been no parliament since May. In November, hints surfaced of a presidential coup to oust the Maoist-led caretaker government of Prime Minister Baburam Bhattarai. President Ram Baran Yadav heard advice from the military chief and the Indian ambassador about the best way out of the crisis, but he ultimately took no action. Weeks later, the political crisis persists.

On Nov. 29, Prime Minister Bhatterai and various political factions failed to meet the president’s deadline to form a national unity government that would lead to parliamentary elections for April or May. On Dec. 6, the factions failed again to meet the extended deadline. A day later, on Dec. 7, President Yadav offered yet another six-day extension. But the ruling alliance of the Unified Communist Party of Nepal (Maoist) and United Democratic Joint Madhesi Front, as well as the opposition Nepali Congress and Communist Party of Nepal, failed to select a prime ministerial candidate, missing the latest deadline. Amid such political deadlock, there has been no progress on a new constitution—a critical component of the peace deal that ended the Maoist civil war in the first place.

This political crisis has amplified the economic weaknesses of the aid-dependent country, a quarter of whose population lives below the poverty line. Youth unemployment is over 40 percent and job creation is a struggle, especially with growth expected to drop to 3.8 percent in 2012-13, from 4.5 percent the previous year, according to the International Monetary Fund. The approval of the government’s budget on Nov. 21 averted a major financial crisis that would have left half a million civil servants, soldiers, and police without pay. This was a rare spot of good news for the dysfunctional country.

Though India and China already have significant stakes in their neighbor, the political crisis puts further foreign investment in jeopardy. One report suggests that Nepal’s diplomats have secured additional investment abroad, but this is contingent on the establishment of a constitution and the return of political stability. Other potential investors, including many businessmen from Saudi Arabia, have admitted losing interest in Nepal because of the political impasse. The country’s dismal ranking of 141 (out of 176 countries) on Transparency International’s Corruption Perceptions Index, the recurring power crisis, and additional structural limitations are not helping matters.

If the political and economic situation continues to stagnate, and no constitution is finalized to unite the people, it is likely that ethnic and religious differences—as well as the frustrations of historically marginalized groups from lower castes—will serve as significant sources of conflict.

It’s clear that the ruling elites are rapidly losing domestic legitimacy. Unfortunately, this has not motivated them to resolve the political crisis with dispatch. Perhaps it’s time for foreign donors to apply overt pressure on Nepal by making future aid conditional on a resolution to the political deadlock.

Even if a political consensus emerges as to how to move forward, it will take time before Nepal’s rulers regain the legitimacy needed to allow the government to ease the economic crisis. If no consensus is reached in 2013, mass street protests—which in the past brought down the monarchy—are likely to resurface. The way things are going, another Nepali politician could get slapped.

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Effect of looming ‘fiscal cliff’ tax increases

A big package of tax cuts first enacted a decade ago are set to expire at the end the year, unless Congress and the White House reach a deal to extend them. How the looming tax increases would affect households at different income levels.

___

Annual income: $ 20,000 to $ 30,000.

Average tax increase: $ 1,064.

___

Annual income: $ 40,000 to $ 50,000.

Average tax increase: $ 1,729.

___

Annual income: $ 50,000 to $ 75,000.

Average tax increase: $ 2,399.

___

Annual income: $ 75,000 to $ 100,000.

Average tax increase: $ 3,688.

___

Annual income: $ 100,000 to $ 200,000.

Average tax increase: $ 6,662.

___

Annual income: $ 200,000 to $ 500,000.

Average tax increase: $ 14,643.

___

Annual income: $ 500,000 to $ 1 million.

Average tax increase: $ 38,969.

___

Annual income: More than $ 1 million.

Average tax increase: $ 254,637.

___

Source: Tax Policy Center

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Douglas wins AP female athlete of the year honors

When Gabby Douglas allowed herself to dream of being the Olympic champion, she imagined having a nice little dinner with family and friends to celebrate. Maybe she'd make an appearance here and there.

"I didn't think it was going to be crazy," Douglas said, laughing. "I love it. But I realized my perspective was going to have to change."

Just a bit.

The teenager has become a worldwide star since winning the Olympic all-around title in London, the first African-American gymnast to claim gymnastics' biggest prize. And now she has earned another honor. Douglas was selected The Associated Press' female athlete of the year, edging out swimmer Missy Franklin in a vote by U.S. editors and news directors that was announced Friday.

"I didn't realize how much of an impact I made," said Douglas, who turns 17 on Dec. 31. "My mom and everyone said, 'You really won't know the full impact until you're 30 or 40 years old.' But it's starting to sink in."

In a year filled with standout performances by female athletes, those of the pint-sized gymnast shined brightest. Douglas received 48 of 157 votes, seven more than Franklin, who won four gold medals and a bronze in London. Serena Williams, who won Wimbledon and the U.S. Open two years after her career was nearly derailed by a series of health problems, was third (24).

Britney Griner, who led Baylor to a 40-0 record and the NCAA title, and skier Lindsey Vonn each got 18 votes. Sprinter Allyson Felix, who won three gold medals in London, and Carli Lloyd, who scored both U.S. goals in the Americans' 2-1 victory over Japan in the gold-medal game, also received votes.

"One of the few years the women's (Athlete of the Year) choices are more compelling than the men's," said Julie Jag, sports editor of the Santa Cruz Sentinel.

Douglas is the fourth gymnast to win one of the AP's annual awards, which began in 1931, and first since Mary Lou Retton in 1984. She also finished 15th in voting for the AP sports story of the year.

Douglas wasn't even in the conversation for the Olympic title at the beginning of the year. That all changed in March when she upstaged reigning world champion and teammate Jordyn Wieber at the American Cup in New York, showing off a new vault, an ungraded uneven bars routine and a dazzling personality that would be a hit on Broadway and Madison Avenue.

She finished a close second to Wieber at the U.S. championships, then beat her two weeks later at the Olympic trials. With each competition, her confidence grew. So did that smile.

By the time the Americans got to London, Douglas had emerged as the most consistent gymnast on what was arguably the best team the U.S. has ever had.

She posted the team's highest score on all but one event in qualifying. She was the only gymnast to compete in all four events during team finals, when the Americans beat the Russians in a rout for their second Olympic title, and first since 1996. Two nights later, Douglas claimed the grandest prize of all, joining Retton, Carly Patterson and Nastia Liukin as what Bela Karolyi likes to call the "Queen of Gymnastics."

But while plenty of other athletes won gold medals in London, none captivated the public quite like Gabby.

Fans ask for hugs in addition to photographs and autographs, and people have left restaurants and cars upon spotting her. She made Barbara Walters' list of "10 Most Fascinating People," and Forbes recently named her one of its "30 Under 30." She has deals with Nike, Kellogg Co. and AT&T, and agent Sheryl Shade said Douglas has drawn interest from companies that don't traditionally partner with Olympians or athletes.

"She touched so many people of all generations, all diversities," Shade said. "It's her smile, it's her youth, it's her excitement for life. ... She transcends sport."

Douglas' story is both heartwarming and inspiring, its message applicable those young or old, male or female, active or couch potato. She was just 14 when she convinced her mother to let her leave their Virginia Beach, Va., home and move to West Des Moines, Iowa, to train with Liang Chow, Shawn Johnson's coach. Though her host parents, Travis and Missy Parton, treated Douglas as if she was their fifth daughter, Douglas was so homesick she considered quitting gymnastics.

She's also been open about her family's financial struggles, hoping she can be a role model for lower income children.

"I want people to think, 'Gabby can do it, I can do it,'" Douglas said. "Set that bar. If you're going through struggles or injuries, don't let it stop you from what you want to accomplish."

The grace she showed under pressure — both on and off the floor — added to her appeal. When some fans criticized the way she wore her hair during the Olympics, Douglas simply laughed it off.

"They can say whatever they want. We all have a voice," she said. "I'm not going to focus on it. I'm not really going to focus on the negative."

Besides, she's having far too much fun.

Her autobiography, "Grace, Gold and Glory," is No. 4 on the New York Times' young adult list. She, Wieber and Fierce Five teammates Aly Raisman and McKayla Maroney recently wrapped up a 40-city gymnastics tour. She met President Barack Obama last month with the rest of the Fierce Five, and left the White House with a souvenir.

"We got a sugar cookie that they were making for the holidays," Douglas said. "I took a picture of it."

Though her busy schedule hasn't left time to train, Douglas insists she still intends to compete through the Rio de Janeiro Olympics in 2016.

No female Olympic champion has gone on to compete at the next Summer Games since Nadia Comaneci. But Douglas is still a relative newcomer to the elite scene — she'd done all of four international events before the Olympics — and Chow has said she hasn't come close to reaching her full potential. She keeps up with Chow through email and text messages, and plans to return to Iowa after her schedule clears up in the spring.

Of course, plenty of other athletes have said similar things and never made it back to the gym. But Douglas is determined, and she gets giddy just talking about getting a new floor routine.

"I think there's even higher bars to set," she said.

Because while being an Olympic champion may have changed her life, it hasn't changed her.

"I may be meeting cool celebrities and I'm getting amazing opportunities," she said. "But I'm still the same Gabby."

___

AP Projects Editor Brooke Lansdale contributed to this report.

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Goodbye, U.S. Postal Service?

This Christmas could be the Post Office's last, says John Avlon.

STORY HIGHLIGHTS

• The U.S. Postal Service is bleeding money and heading toward insolvency


• John Avlon: Congress can save the postal service in deal on the fiscal cliff


• He says the urgency is clear, let's hope for a Christmas miracle


• Avlon: But be prepared that Washington dysfunction can doom the postal service

Editor's note: John Avlon is a CNN contributor and senior political columnist for Newsweek and The Daily Beast. He is co-editor of the book "Deadline Artists: America's Greatest Newspaper Columns." He is a regular contributor to "Erin Burnett OutFront" and is a member of the OutFront Political Strike Team. For more political analysis, tune in to "Erin Burnett OutFront" at 7 ET weeknights.

(CNN) -- It's the time of year for dashing through the snow to the crowded post office, with arms full of holiday gifts for family and friends.

Not to break the atmosphere of holiday cheer, but this Christmas could be the last for the U.S. Postal Service. It is losing $25 million dollars a day and staring down insolvency -- unless Congress steps in to pass a reform package that reduces its costs.

With just a few days left in the congressional calendar, there is still some small hope for a Christmas miracle -- maybe the Postal Service can be saved as part of a deal on the fiscal cliff. But with even Hurricane Sandy relief stalled, skepticism is growing.

John Avlon

The real question is, what's taken them so long? After all, back in April the Senate passed an imperfect but bipartisan bill by 62-37. It would have saved some $20 billion, cut some 100 distribution centers, and reduced head count by an additional 100,000 through incentives for early retirement, while reducing red tape to encourage entrepreneurialism and keeping Saturday delivery in place for at least another two years. At the time, Sen. Tom Carper of Delaware said, "The situation is not hopeless; the situation is dire. My hope is that our friends over in the U.S. House, given the bipartisan steps we took this week, will feel a sense of urgency."

To which the House might as well have replied, "Not so much."

In August, the Postal Service defaulted for the first time, unable to make a $5.5 billion payment to fund future retirees' health benefits. The headline in Government Executive magazine said it all: "Postal Service defaults, Congress does nothing."

The usual suspects were at fault -- hyperpartisan politics and the ideological arrogance that always makes the perfect the enemy of the good.

House Oversight Committee Chairman Darrell Issa greeted the news of the Senate bill by calling it a "taxpayer-funded bailout." His primary complaint was that the Senate bill did not go far enough. He was not alone -- Postmaster General Patrick Donahoe also expressed disappointment at the scope of the Senate bill, saying that it fell "far short of the Postal Service's plan."

But Issa's alternative couldn't even get to a vote in the Republican-controlled House. And so nothing happened. Even after the USPS defaulted on a second $5.5 billion payment, the response was crickets.

Washington insiders said that action would be taken after the election, when lawmakers would be free to make potentially unpopular decisions. But despite a series of closed-door meetings, nothing has been done.

It's possible that the nearly $20 billion in savings could be part of a fiscal cliff deal. Sen. Joseph Lieberman has suggested that ending Saturday delivery, except for packages, could be part of a compromise that could save big bucks down the road. Another aspect of a savings plan could be suspending the USPS' onerous obligation to fully fund its pension costs upfront, a requirement that would push many businesses into bankruptcy. And last fiscal year, the post office posted a record $15.9 billion loss.

"As the nation creeps toward the 'fiscal cliff,' the U.S. Postal Service is clearly marching toward a financial collapse of its own," says Carper. "The Postal Service's financial crisis is growing worse, not better. It is imperative that Congress get to work on this issue and find a solution immediately. ... Recently key House and Senate leaders on postal reform have had productive discussions on a path forward, and while there may be some differences of opinion in some of the policy approaches needed to save the Postal Service, there is broad agreement that reform needs to happen -- the sooner the better."

The urgency couldn't be clearer -- but even at this yuletide 11th hour, signs of progress are slim to none. If Congress fails to pass a bill, we'll be back to square one in the new year, with the Senate needing to pass a new bill which will then have to be ratified by the House. There is just no rational reason to think that lift will be any easier in the next Congress than in the current lame duck Congress, where our elected officials are supposedly more free to do the right thing, freed from electoral consequences.

So as you crowd your local post office this holiday season, look around and realize that the clock is ticking. The Postal Service is fighting for its life. And Congress seems determined to ignore its cries for help.

"Neither rain nor snow nor sleet nor gloom of night" can stop the U.S. Postal Service from making its appointed rounds -- but congressional division and dysfunction apparently can.

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The opinions expressed in this commentary are solely those of John Avlon.

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Moroccan road film subverts Hollywood stereotypes

DUBAI (Reuters) – When director John Slattery first visited Morocco, the familiarity was jarring – and as removed from the images of an exotic Orient conjured up by Hollywood as possible.

That dichotomy between the representation and the reality of Morocco drives Slattery‘s charming paean to a country he clearly loves and makes “Casablanca, Mon Amour” a thoughtful rejoinder to U.S. popular culture.

Two young Moroccans spend three weeks travelling their native country, filming what they see on a digital camera while passing by studios and locations that have formed the backdrop for many Hollywood blockbusters, an industry Morocco has cultivated.

The film is spliced with shots of endearingly bemused or nervous ordinary people giving their thoughts to the camera about Hollywood and its global stars, as well as clips from classics such as “Casablanca” featuring off-the-cuff anti-Arab slurs like “you can’t trust them” and “they all look alike”.

“We had the idea of going on this trip and to be this stupid American film crew going to make this traditional movie using Morocco, but we wanted to subvert that,” Slattery said after a screening at the Dubai international film festival this week.

“There was not really a script but the trip was their trip and so wherever they went we followed them. So that way they were really directing the film.”

Shot by Hassan, who narrates the road trip in French, the images shift from scenes of daily life caught on camera, to his comically testy relationship with his travelling companion Abdel, to a troupe they stumble upon in Meknes that plays traditional Moroccan “malhoun” music.

Hassan, a real-life film school student at the time, is using the road trip for a class project, while Abdel wants to visit a dying uncle on the other side of the country.

Slattery includes footage from Moroccan television from the Marrakech film festival in which comic actor Bashar Skeirej declares that “a country without its own art will never have a history”.

It’s a subtle suggestion that the government should do more to promote domestic film rather than just rent out landscapes for Hollywood misrepresentation.

Morocco has formed the backdrop for a fictionalized Orient in “Ishtar”, doubled as Abu Dhabi in the “Sex in the City 2″ and been various distant planets in Star Wars films.

“National cinemas in many countries are being destroyed or have been destroyed because of this massive power of marketing that is Hollywood,” said Slattery, a California-based American of Irish origin. “They destroy little films, they destroy the possibility for little stories.”

The film, a labor of love that took Slattery seven years to complete, borrows from the book “Reel Bad Arabs”, author Jack Shaheen’s study of Hollywood’s anti-Arab stereotypes. Its title references Alain Resnais’s 1959 French New Wave classic “Hiroshima, Mon Amour”.

“(When) I would say ‘Morocco’, people would say ‘were you scared’, or a polite ‘what was that like?’,” Slattery said, recounting reactions in the United States when he would talk about his first experiences as a peace corps volunteer.

“There was that whole category of fear in the responses, or ‘Morocco, you must have seen Lawrence of Arabia’, or ‘Blackhawk Down’! – all these film titles. That stuck with me, this fear and movies were the two references for Morocco.”

Yet Slattery‘s first day in the North African country could not have been more mundane, he said.

A colleague whisked him off to a rural home near Rabat where he met farmers who reminded him of Ireland.

“This guy opens (his door) in a tweed jacket that was all torn up. This is how these old farmers dress in Ireland, and his hands were all calloused and dirty. It just felt very familiar to me,” Slattery said.

“His grandmother had a television hooked up to a car battery for electricity. I spent the weekend there, hanging out with these people, cutting hay and stuff, and I just thought ‘this is Ireland’.”

(Editing by Paul Casciato)

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Wall Street slides as fiscal deal unlikely before 2013

NEW YORK (Reuters) - Stocks lost more than 1 percent on Friday after a Republican proposal for averting the "fiscal cliff" failed to pass, diminishing hopes that a deal would be reached soon in Washington.

Trading is expected to be volatile as investors view a fiscal agreement between the White House and Republicans before the end of the year as increasingly unlikely. Lower volume heading into next week's Christmas holiday could increase volatility. The CBOE Volatility Index, or VIX, <.vix> was up 10 percent.

Late on Thursday, Republican House Speaker John Boehner conceded there were insufficient votes from his party to pass a tax bill, dubbed "Plan B," to help avert the so-called fiscal cliff - $600 billion of tax hikes and spending cuts due to start in January. The fear is that failure to come up with a solution to avoid the cliff could tip the U.S. economy into recession.

Plan B had called for tax increases on those who earn $1 million or more a year, and the bill's failure suggested it would be difficult to get Republican support for the more expansive tax increases that Obama has urged, making it less likely an agreement will be reached between the White House and Republicans before the end of the year.

While Friday's slide reflected investors' anxiety, it was not a large enough drop to suggest they believed a deal would be reached too late to avoid damage to the economy, said Mark Lehmann, president of JMP Securities, in San Francisco.

"You could have easily woken up today and seen the market down 300 or 400 points, and everyone would have said, 'That's telling you this is really dire,'" Lehmann said.

"I think you get into mid-January and (the talks) keep going like this, you get worried, but I don't think we're going to get there."

Banking shares, which outperform in times of economic expansion and have led the market on signs of progress with resolving the fiscal impasse, were among the laggards. Citigroup Inc sank 2.7 percent to $39.10, while Bank of America slid 2.5 percent to $11.22. The KBW Banks index <.bkx> lost 1.7 percent.

The Dow Jones industrial average <.dji> dropped 185.38 points, or 1.39 percent, to 13,126.34. The Standard & Poor's 500 Index <.spx> tumbled 20.88 points, or 1.45 percent, to 1,422.81. The Nasdaq Composite Index <.ixic> lost 46.64 points, or 1.53 percent, to 3,003.74.

Even with the declines, the S&P 500 is up nearly 1 percent for the week and about 13 percent for the year, though uncertainty over the cliff may prompt many traders to lock in gains as the year draws to a close.

The day's round of data indicated that the economy showed surprising signs of resilience in November as consumer spending rose by the most in three years and a gauge of business investment jumped.

But separate data showed consumer sentiment slumped in December. The S&P Retail Index <.spxrt> fell 1.5 percent.

U.S.-listed shares of Research in Motion sank 17 percent to $11.72 after the Canadian company, which makes the BlackBerry, reported its first-ever decline in its subscriber numbers late on Thursday.

(Reporting by Leah Schnurr; Editing by Jan Paschal)

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US budget negotiations setback drives stocks down

PARIS (AP) — A failed attempt find a compromise in U.S. budget negotiations sent global stock markets plummeting Friday, as investors feared the world’s largest economy could teeter into recession if no deal is found.

Without an agreement, the U.S. economy will fall off the so-called “fiscal cliff” on Jan. 1 when Bush-era tax cuts expire and spending cuts kick in automatically. The measures were designed to have a negative effect on the U.S. economy, in the hopes that the feared outcome would push lawmakers and President Barack Obama to find a deal.

“We’ve seen Europe’s politicians repeatedly flirt lemming-like with cliff-diving in 2012, and now it’s the turn of U.S. ‘leaders,’” said Kit Juckes, an analyst with Societe Generale. “The nagging fear is always there that someone, on one side of the Atlantic or the other, will forget to let rational thought take over at the last second.”

Amid the uncertainty, European shares fell. France’s CAC dropped 0.15 percent to 3,661, while the DAX in Germany dropped 0.6 percent at 7,626. The FTSE index of leading British shares retreated 0.6 percent to 5,929.

The euro also fell sharply, dropping 0.3 percent to $ 1.3182.

In Asia, Japan’s Nikkei 225 index closed 1 percent lower at 9,940.06. Hong Kong’s Hang Seng lost 0.7 percent to 22,506.29. South Korea’s Kospi shed 1 percent at 1,980.42. Australia’s S&P/ASX 200 fell 0.2 percent to 4,623.60. Mainland Chinese stocks were mixed.

U.S. stock futures tumbled after rank-and-file Republican lawmakers failed to support an alternative tax plan by House Speaker John Boehner late Thursday in Washington. That plan would have allowed tax rates to rise on households earning $ 1 million and up. Obama wants the level to be $ 400,000.

In early trading in New York, the Dow Jones industrial average dropped 1 percent to 13,183, while the broader Standard & Poor’s index fell 1.1 percent at 1,427.

“The fiscal cliff is a real threat not just for U.S. growth next year but for the outlook for global growth,” said Jane Foley, currency analyst with Rabobank.

When growth slows, energy demand does, too, and oil prices fell in anticipation.

Benchmark crude for February delivery fell $ 1.92 to $ 88.19 per barrel in electronic trading on the New York Mercantile Exchange.

___

Pamela Sampson in Bangkok and Fu Ting in Shanghai contributed to this report.

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Yuletide Payday Loan Application Service for Fast Extra Cash this Christmas

MONTGOMERY, Alabama, December 21, 2012 /PRNewswire/ –

PaydayLoan-Lenders.com announces the launch of a new expedited Yuletide loan application service to maximize time and money for the holiday, in the shortest time possible from a computer.

Payday loans are indispensable to many consumers at this time of year, as Christmas preparations are in full swing. As the days count down, the need for last minute gift purchases, holiday treats and festive food is reaching fever pitch across the United States.

Online delivery is not an option for those who need gifts delivered on time for the 25^th, so sufficient time needs to be set aside for shopping in brick-and-mortar stores, where prices can be higher in the run-up to Christmas Day. The NPD Group Inc. calculated that, between December 20^th and December 26^th 2011, 70% of all consumers shopped at brick-and-mortar stores. By applying for a payday loan online and potentially receiving instant approval and payout within 1 – 24 hours, there is more than ample time to spend hitting the stores and shopping up a storm.

The time taken to complete the PaydayLoan-Lenders application form is on average 2 minutes, which is substantially faster than other available payday loan application and comparison methods. The added benefit of completing the free online form is that it acts both as an application and comparison service, detailing each payday loan lender that instantly approves a loan and allowing the consumer the opportunity to make an informed decision on which to accept. Given the swiftness of the procedure, consumers will be relieved by the refreshing lack of bureaucracy involved. No credit scoring is utilized in the process of assessing eligibility for cash loans.

PaydayLoan-Lenders.com released the following statement announcing the launch of the service:

“PaydayLoan-Lenders.com is excited to announce our Yuletide loan service is up and running and ready to connect individuals with some of the fastest short term borrowing options available online, without needing to spend hours searching or waiting. Our aim is to provide access to quick extra money for those essential Christmas expenses until next payday and we invite consumers to apply for free.”

To apply, go to: http://paydayloan-lenders.com/payday-loans-lenders/

Contact:
Sam MILO
+1-786-319-9951
[email protected]

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Douglas wins AP female athlete of the year honors

When Gabby Douglas allowed herself to dream of being the Olympic champion, she imagined having a nice little dinner with family and friends to celebrate. Maybe she'd make an appearance here and there.

"I didn't think it was going to be crazy," Douglas said, laughing. "I love it. But I realized my perspective was going to have to change."

Just a bit.

The teenager has become a worldwide star since winning the Olympic all-around title in London, the first African-American gymnast to claim gymnastics' biggest prize. And now she has earned another honor. Douglas was selected The Associated Press' female athlete of the year, edging out swimmer Missy Franklin in a vote by U.S. editors and news directors that was announced Friday.

"I didn't realize how much of an impact I made," said Douglas, who turns 17 on Dec. 31. "My mom and everyone said, 'You really won't know the full impact until you're 30 or 40 years old.' But it's starting to sink in."

In a year filled with standout performances by female athletes, those of the pint-sized gymnast shined brightest. Douglas received 48 of 157 votes, seven more than Franklin, who won four gold medals and a bronze in London. Serena Williams, who won Wimbledon and the U.S. Open two years after her career was nearly derailed by a series of health problems, was third (24).

Britney Griner, who led Baylor to a 40-0 record and the NCAA title, and skier Lindsey Vonn each got 18 votes. Sprinter Allyson Felix, who won three gold medals in London, and Carli Lloyd, who scored both U.S. goals in the Americans' 2-1 victory over Japan in the gold-medal game, also received votes.

"One of the few years the women's (Athlete of the Year) choices are more compelling than the men's," said Julie Jag, sports editor of the Santa Cruz Sentinel.

Douglas is the fourth gymnast to win one of the AP's annual awards, which began in 1931, and first since Mary Lou Retton in 1984. She also finished 15th in voting for the AP sports story of the year.

Douglas wasn't even in the conversation for the Olympic title at the beginning of the year. That all changed in March when she upstaged reigning world champion and teammate Jordyn Wieber at the American Cup in New York, showing off a new vault, an ungraded uneven bars routine and a dazzling personality that would be a hit on Broadway and Madison Avenue.

She finished a close second to Wieber at the U.S. championships, then beat her two weeks later at the Olympic trials. With each competition, her confidence grew. So did that smile.

By the time the Americans got to London, Douglas had emerged as the most consistent gymnast on what was arguably the best team the U.S. has ever had.

She posted the team's highest score on all but one event in qualifying. She was the only gymnast to compete in all four events during team finals, when the Americans beat the Russians in a rout for their second Olympic title, and first since 1996. Two nights later, Douglas claimed the grandest prize of all, joining Retton, Carly Patterson and Nastia Liukin as what Bela Karolyi likes to call the "Queen of Gymnastics."

But while plenty of other athletes won gold medals in London, none captivated the public quite like Gabby.

Fans ask for hugs in addition to photographs and autographs, and people have left restaurants and cars upon spotting her. She made Barbara Walters' list of "10 Most Fascinating People," and Forbes recently named her one of its "30 Under 30." She has deals with Nike, Kellogg Co. and AT&T, and agent Sheryl Shade said Douglas has drawn interest from companies that don't traditionally partner with Olympians or athletes.

"She touched so many people of all generations, all diversities," Shade said. "It's her smile, it's her youth, it's her excitement for life. ... She transcends sport."

Douglas' story is both heartwarming and inspiring, its message applicable those young or old, male or female, active or couch potato. She was just 14 when she convinced her mother to let her leave their Virginia Beach, Va., home and move to West Des Moines, Iowa, to train with Liang Chow, Shawn Johnson's coach. Though her host parents, Travis and Missy Parton, treated Douglas as if she was their fifth daughter, Douglas was so homesick she considered quitting gymnastics.

She's also been open about her family's financial struggles, hoping she can be a role model for lower income children.

"I want people to think, 'Gabby can do it, I can do it,'" Douglas said. "Set that bar. If you're going through struggles or injuries, don't let it stop you from what you want to accomplish."

The grace she showed under pressure — both on and off the floor — added to her appeal. When some fans criticized the way she wore her hair during the Olympics, Douglas simply laughed it off.

"They can say whatever they want. We all have a voice," she said. "I'm not going to focus on it. I'm not really going to focus on the negative."

Besides, she's having far too much fun.

Her autobiography, "Grace, Gold and Glory," is No. 4 on the New York Times' young adult list. She, Wieber and Fierce Five teammates Aly Raisman and McKayla Maroney recently wrapped up a 40-city gymnastics tour. She met President Barack Obama last month with the rest of the Fierce Five, and left the White House with a souvenir.

"We got a sugar cookie that they were making for the holidays," Douglas said. "I took a picture of it."

Though her busy schedule hasn't left time to train, Douglas insists she still intends to compete through the Rio de Janeiro Olympics in 2016.

No Olympic champion has gone on to compete at the next Summer Games, but Douglas is still a relative newcomer to the elite scene — she'd done all of four international events before the Olympics — and Chow has said she hasn't come close to reaching her full potential. She keeps up with Chow through email and text messages, and plans to return to Iowa after her schedule clears up in the spring.

Of course, plenty of other athletes have said similar things and never made it back to the gym. But Douglas is determined, and she gets giddy just talking about getting a new floor routine.

"I think there's even higher bars to set," she said.

Because while being an Olympic champion may have changed her life, it hasn't changed her.

"I may be meeting cool celebrities and I'm getting amazing opportunities," she said. "But I'm still the same Gabby."

___

AP Projects Editor Brooke Lansdale contributed to this report.

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Is Newtown tipping point for change?

By Piers Morgan, CNN

December 20, 2012 -- Updated 1627 GMT (0027 HKT)

STORY HIGHLIGHTS

• Piers Morgan: Past gun-related tragedies haven't led to any action


• He says that must change, and he hosted a debate on the issue


• Morgan: Laws must be changed to limit weapons, ammunition and enforce background checks


• Rights of Americans who use guns for hunting and sport must be respected, he says

(CNN) -- On Wednesday night, I hosted a town hall-style debate on guns in America, talking to lawmakers, mass shooting survivors, lawyers, gun lobbyists -- anyone, basically, who has a strong opinion about what I consider to be the single biggest issue facing America today.

Since I joined CNN two years ago, there have been a series of gun-related tragedies, including the attack on U.S. Rep. Gabrielle Giffords and the Aurora, Colorado, movie theater massacre.

Each sparked a short-term debate about guns. Yet each debate fizzled out with zero action being taken to try and curb the use of deadly weapons on the streets of America.

Piers Morgan

Now, following the grotesque slaughter of 20 innocent young children at Sandy Hook Elementary School in Newtown, Connecticut, I sense that the mood has changed.

We have reached a crucial moment in this debate, and I intend to use my platform to continue this conversation on Wednesday night and going forward. The media have previously been quick to move on to other stories after these tragic acts of gun violence. That must change.

Opinion: Don't let this moment pass without acting on gun control

I've made my own views clear on my show -- the senseless killing has to stop. High-powered assault rifles of the type used at Aurora and Newtown belong in the military and police, not in civilian hands. High-capacity magazines, too, should be banned. And background checks on anyone buying guns in America should be comprehensive and stringently enforced.

As President Barack Obama said, doing nothing is no longer an option.

But, at the same time, law-abiding Americans who want to protect themselves under the Second Amendment right to bear arms must be respected. As should the rights of Americans to use guns for hunting and sport.

This is a vital debate for the country. Some 12,000 people are murdered in the United States with guns every year, compared with just 35 in Britain, where there are strong gun laws.

Analysis: Guns and the law

Sandy Hook should, and must, be a tipping point for real action to bring this number down.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Piers Morgan.

Watch Piers Morgan Tonight weeknights 9 p.m. ET. For the latest from Piers Morgan click here.

Part of complete coverage on

December 20, 2012 -- Updated 1441 GMT (2241 HKT)

Howard Kurtz says reporters should stay on the story and the issues it raises.

December 20, 2012 -- Updated 1313 GMT (2113 HKT)

Douglas Rushkoff says our first instinct is to protest Instagram's new terms of service, but we should realize that Facebook paid a billion dollars for the site and needs to earn money in return.

December 19, 2012 -- Updated 2057 GMT (0457 HKT)

LZ Granderson says allowing concealed weapons in places like schools and churches would just result in more tragedy, not less.

December 19, 2012 -- Updated 2054 GMT (0454 HKT)

William Bennett says having armed and trained people could help protect schools and other vulnerable places from gun violence

Get the latest opinion and analysis from CNN's columnists and contributors.

December 19, 2012 -- Updated 1544 GMT (2344 HKT)

Rebecca Buckwalter-Poza says the vice president, who shepherded the 1994 Violent Crime Control and Law Enforcement Act through the Senate, is the right man to lead new gun control efforts.

December 19, 2012 -- Updated 1711 GMT (0111 HKT)

Ruben Navarrette says with their many demands, many of the young undocumented immigrants brought here as kids are turning people against them, hurting the chances for broad immigration reform

December 19, 2012 -- Updated 1406 GMT (2206 HKT)

Van Jones says artists have gotten together to expose the fiscal cliff as a crisis manufactured to justify cuts in essential programs.

December 19, 2012 -- Updated 1933 GMT (0333 HKT)

James Garbarino says troubled, lonely boys view the world as hostile, and think their culture condones the use of violence to solve problems

December 19, 2012 -- Updated 1438 GMT (2238 HKT)

Lori Haas says our elected leaders have abandoned all sense of right and wrong despite epidemic deaths from guns.

December 18, 2012 -- Updated 1635 GMT (0035 HKT)

Edward Mulvey says we cannot tell which one of the thousands and thousands of young men who are quiet or withdrawn will be a killer.

December 18, 2012 -- Updated 1757 GMT (0157 HKT)

Deepak Chopra says if we stay glued to the media and relive Newtown over and over in our minds, we work against the healing process.

December 19, 2012 -- Updated 1423 GMT (2223 HKT)

Peter Bergen says gun violence claims proportionately more civilian lives in some U.S. cities than the civilian toll of the Afghan war.

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Thousands mourn U.S.-Mexican singer Jenni Rivera

LOS ANGELES (Reuters) – Thousands of mourners on Wednesday packed a Los Angeles theater to pay their final respects to Mexican-American singer Jenni Rivera more than a week after her death in a plane crash.

Rivera, 43, best known for her work in the Mexican folk Nortena and Banda genres, died after the small jet she was traveling in crashed in northern Mexico on December 9.

Rivera’s family, dressed in white, led the memorial service eulogizing the singer. A bank of white roses was displayed in front of Rivera’s bright red coffin and a brass band performed musical interludes.

More than 6,000 people crowded into the theater about 30 miles north of her childhood home in Long Beach, California. Tickets for the service at the Gibson Amphitheatre sold out within minutes, organizers said.

The daughter of Mexican immigrants, Rivera was called the “Diva de la Banda.” She sold about 15 million albums and earned a slew of Latin Grammy nominations during her 17-year career.

“Jenni made it OK for women to be who they are,” her manager Pete Salgado said at the service. “Jenni also made it OK to be from nothing, with the hopes of being something.”

Rivera had five children, the first at age 15, and was married three times. Her third husband was baseball pitcher Esteban Loaiza. Rivera’s private life influenced her songs, which often referenced living through hardship.

“She’s a fighter and she knows it’s in all of us,” Rivera’s son Michael said between video tributes.

In recent years, Rivera branched out into television, appearing on a reality television show and serving as a judge on the Mexican version of the singing competition “The Voice.” Television broadcaster ABC was reported to be developing a comedy pilot for the singer.

Rivera’s plane crashed in mountains south of Monterrey killing all seven on board.

The singer was to perform in the city of Toluca, 40 miles southwest of Mexico City, in central Mexico after a concert in Monterrey. It is not clear what caused the crash.

(Reporting by Eric Kelsey; Editing by Stacey Joyce)

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Wall Street flat amid stalemate in fiscal talks

NEW YORK (Reuters) - Stocks were little changed on Thursday as investors fretted that a deal on the U.S. budget wouldn't come as soon as they had hoped after President Barack Obama threatened to veto a controversial Republican plan.

NYSE Euronext was the star of the day, surging more than 30 percent as the S&P 500's top percentage gainer, after IntercontinentalExchange Inc said it would buy the operator of the New York Stock Exchange for $8.2 billion.

NYSE was up 31.9 percent at $31.72, while ICE shares gave up earlier gains to fall 2 percent to $125.77.

The market barely reacted to a round of strong data, including an upward revision of gross domestic product growth and stronger-than-expected home sales, suggesting talks to avert the "fiscal cliff," steep tax hikes and spending cuts due in 2013, remain the primary focus for markets.

Republicans in the U.S. House of Representatives pushed ahead with their own fiscal plan in a move that muddles negotiations with the White House. Obama has vowed to veto the plan.

While investors have hoped for an agreement to come soon between policy makers, this seems unlikely as wrangling continues over the details.

"At least in the posturing it looks as if there are ultimatums put on the table, which tends to box either side in," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

Still, the absence of a significant sell-off shows "the market still believes that there will be an announcement of some sort. But as the clock is ticking, the most you're going to get is a stop-gap measure," said Krosby.

The Dow Jones industrial average <.dji> slipped 13.70 points, or 0.10 percent, to 13,238.27. The Standard & Poor's 500 Index <.spx> edged up 0.15 points, or 0.01 percent, at 1,435.96. The Nasdaq Composite Index <.ixic> eased 6.17 points, or 0.20 percent, to 3,038.20.

Stocks rallied earlier in the week on signs of progress in the negotiations, led by banking and energy shares, which tend to outperform in times of economic expansion. On signs of complications, however, many have turned to hedging their bets through options and exchange-traded funds.

The U.S. economy grew 3.1 percent in the third quarter, faster than previously estimated, while the number of Americans filing new claims for jobless benefits rose more than expected in the latest week.

"It is great to see this kind of growth, but investors know it could all disappear if there's no deal on the cliff," said Todd Schoenberger, managing partner at LandColt Capital in New York. "Macro data may be on the back burner for a while."

Existing home sales jumped 5.9 percent in November, more than expected, and by the fastest monthly place in three years. Housing shares <.hgx> gained 0.5 percent.

Herbalife fell 4.2 percent to $35.78 in the wake of news that hedge fund manager Bill Ackman was betting against the company as part of his big end-of-the-year short.

(Additional reporting by Ryan Vlastelica; Editing by Bernadette Baum)

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Wall Street ticks lower on “fiscal cliff” stalemate

NEW YORK (Reuters) – Stocks edged slightly lower on Thursday as investors fretted that a deal on the U.S. budget wouldn’t come as soon as they had hoped after President Barack Obama threatened to veto a controversial Republican plan.

The market barely reacted to a round of strong data, including on gross domestic product growth and housing, suggesting talks to avert the “fiscal cliff,” steep tax hikes and spending cuts due to take effect in 2013, remain the primary focus for markets.

Republican Speaker of the House John Boehner said Wednesday his chamber would pass a proposal that spares many wealthy Americans from tax hikes needed to balance the budget. Obama has threatened to veto the plan if it passes, while some Republicans oppose any deal featuring tax increases.

“The closer we get to the end of the year without a deal, the more optimism is going to evaporate,” said Todd Schoenberger, managing partner at LandColt Capital in New York. “Volatility is going to be extreme until there’s a deal, and the probability of being caught on the downside is much greater than being on the upside.”

While investors have hoped for an agreement soon between policy makers over the fiscal cliff, this seems unlikely as wrangling continues over the details.

The Dow Jones industrial average <.dji> was down 18.74 points, or 0.14 percent, at 13,233.23. The Standard & Poor’s 500 Index <.spx> was down 0.84 points, or 0.06 percent, at 1,434.97. The Nasdaq Composite Index <.ixic> was down 4.18 points, or 0.14 percent, at 3,040.18.</.ixic></.spx></.dji>

NYSE Euronext was the S&P 500′s top percentage gainer, surging 35 percent to $ 32.56 after IntercontinentalExchange Inc said it would buy the operator of the New York Stock Exchange for $ 8.2 billion. ICE shares rose 1.3 percent to $ 130.06.

Stocks rallied earlier in the week on signs of progress in the negotiations, led by banking and energy shares, which tend to outperform in times of economic expansion. On signs of complications, however, many have turned to hedging their bets through options and exchange-traded funds.

The U.S. economy grew 3.1 percent in the third quarter, faster than previously estimated, while the number of Americans filing new claims for jobless benefits rose more than expected in the latest week.

“It is great to see this kind of growth, but investors know it could all disappear if there’s no deal on the cliff,” Schoenberger said. “Macro data may be on the back burner for a while.”

Existing home sales jumped 5.9 percent in November, more than expected, and by the fastest monthly place in three years. And the Federal Reserve Bank of Philadelphia’s December index of business conditions in the U.S. Mid-Atlantic region rose to 8.1 from -10.7 in November. Analysts were looking for a read of -3.

Google Inc agreed to sell set-top TV box maker Motorola Home to Arris Group Inc for $ 2.35 billion in cash and stock. Arris rose 6.6 percent to $ 15.51 while Google was little changed.

(Editing by Bernadette Baum)

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Walter Investment Management Corp. Responds To FHA’s Actions In Its Reverse Mortgage Program

TAMPA, Fla., Dec. 20, 2012 /PRNewswire/ — Walter Investment Management Corp. (NYSE MKT: WAC) (“Walter Investment” or the “Company”) today responded to the FHA’s announced moratorium on its Full-draw HECM Reverse Mortgage product.

Mark J. O’Brien, Chairman and CEO of Walter Investment said, “We had anticipated this week’s announced moratorium on the Full-draw HECM Reverse Mortgage product and have already begun moving customers towards other FHA HECM products. We applaud Commissioner Galante and the FHA for taking actions to reduce risk to both the FHA and borrowers and believe these actions will, in fact, help improve and sustain what is a very important mortgage product. We believe the reverse mortgage sector remains a very attractive growth opportunity for Walter Investment.”

The Company indicated that while approximately 90% of 2012 originations at its Reverse Mortgage Solutions subsidiary were in the Full-draw HECM Reverse Mortgage product, it expects to be able to redirect most of the expected demand for that product into other reverse mortgage products after the Full-draw product is discontinued. While the Company expects the transition of borrowers to the HECM Variable Rate Standard and HECM Fixed Rate and Variable Saver products will likely result in a reduction to the average size of the initial draws for these borrowers, it anticipates that the impact to Reverse Mortgage Solutions’ overall origination volume will not be significant, as demand for the reverse mortgage product is largely needs-based and less driven by the product’s interest features.

The Company also strongly supports other changes being considered by FHA for the program, including establishing formal guidelines for conducting financial assessments of borrowers and the creation of set-asides for the payment of taxes and insurance, which the Company believes will enhance the long-term attractiveness and viability of the reverse mortgage product.  

About Walter Investment Management Corp.

Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Fla., the Company has over 2,600 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company’s website at www.walterinvestment.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Walter Investment’s plans, beliefs, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on Walter Investment’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Walter Investment’s results to differ materially from current expectations include, but are not limited to: the Company’s ability to shift potential customers to other HECM reverse mortgage products, continued support of the reverse mortgage sector from GSEs, other changes, of which we are not aware, that FHA and the other GSEs may make to the reverse mortgage product; and other factors relating to our business in general as detailed in Walter Investment’s 2011 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Walter Investment that the projections will prove to be correct. This press release speaks only as of this date. Walter Investment disclaims any duty to update the information herein.

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Michael Phelps voted AP male athlete of year

Now that he's away from the pool, Michael Phelps can reflect — really reflect — on what he accomplished.

Pretty amazing stuff.

"It's kind of nuts to think about everything I've gone through," Phelps said. "I've finally had time to myself, to sit back and say, '... that really happened?' It's kind of shocking at times."

Not that his career needed a capper, but Phelps added one more honor to his staggering list of accomplishments Thursday — The Associated Press male athlete of the year.

Phelps edged out LeBron James to win the award for the second time, not only a fitting payoff for another brilliant Olympics (four gold medals and two silvers in swimming at the London Games) but recognition for one of the greatest careers in any sport.

Phelps finished with 40 votes in balloting by U.S. editors and broadcasters, while James was next with 37. Track star Usain Bolt, who won three gold medals in London, was third with 23.

Carl Lewis is the only other Olympic-related star to be named AP male athlete of the year more than once, taking the award for his track and field exploits in 1983 and '84. The only men honored more than twice are golf's Tiger Woods and cyclist Lance Armstrong (four times each), and basketball's Michael Jordan (three times).

"Obviously, it's a big accomplishment," Phelps said. "There's so many amazing male athletes all over the world and all over our country. To be able to win this is something that just sort of tops off my career."

Phelps retired at age 27 as soon as he finished his final race in London, having won more gold medals (18) and overall medals (22) than any other Olympian.

No one else is even close.

"That's what I wanted to do," Phelps said. "Now that it's over, it's something I can look back on and say, 'That was a pretty amazing ride.'"

The current ride isn't so bad either.

Set for life financially, he has turned his fierce competitive drive to golf, working on his links game with renowned coach Hank Haney as part of a television series on the Golf Channel. In fact, after being informed of winning the AP award, Phelps called in from the famed El Dorado Golf & Beach Club in Los Cabos, Mexico, where he was heading out with Haney to play a few more holes before nightfall.

"I can't really complain," Phelps quipped over the phone.

Certainly, he has no complaints about his swimming career, which helped turn a sport that most Americans only paid attention to every four years into more of a mainstream pursuit.

More kids took up swimming. More advertisers jumped on board. More viewers tuned in to watch.

While swimming is unlikely to ever match the appeal of football or baseball, it has carved out a nice little niche for itself amid all the other athletic options in the United States — largely due to Phelps' amazing accomplishments and aw-shucks appeal.

Just the fact that he won over James shows just how much pull Phelps still has. James had an amazing year by any measure: The league MVP won his first NBA title with the Miami Heat, picking up finals MVP honors along the way, and then starred on the gold medal-winning U.S. basketball team in London.

Phelps already had won the AP award in 2008 after his eight gold medals in Beijing, which broke Mark Spitz's record. Phelps got it again with a performance that didn't quite match up to the Great Haul of China, but was amazing in its own right.

After the embarrassment of being photographed taking a hit from a marijuana pipe and questioning whether he still had the desire to go on, Phelps returned with a vengeance as the London Games approached. Never mind that he was already the winningest Olympian ever. Never mind that he could've eclipsed the record for overall medals just by swimming on the relays.

He wanted to be one of those rare athletes who went out on top.

"That's just who he is," said Bob Bowman, his longtime coach. "He just couldn't live with himself if knew he didn't go out there and give it good shot and really know he's competitive. He doesn't know anything else but to give that kind of effort and have those kind of expectations."

Phelps got off to a rocky start in London, finishing fourth in the 400-meter individual medley, blown out of the water by his friend and rival, Ryan Lochte. It was only the second time that Phelps had not at least finished in the top three of an Olympic race, the first coming way back in 2000 when he was fifth in his only event of the Sydney Games as a 15-year-old.

To everyone looking in, Lochte seemed poised to become the new Phelps — while the real Phelps appeared all washed up.

But he wasn't going out like that.

No way.

Phelps rebounded to become the biggest star at the pool, edging Lochte in the 200 IM, contributing to a pair of relay victories, and winning his final individual race, the 100 butterfly. There were two silvers, as well, leaving Phelps with a staggering resume that will be awfully difficult for anyone to eclipse.

His 18 golds are twice as many as anyone else in Olympic history. His 22 medals are four clear of Larisa Latynina, a Soviet-era gymnast, and seven more than the next athlete on the list. Heck, if Phelps was a nation, he'd be 58th in the medal standings, just one behind India (population: 1.2 billion).

"When I'm flying all over the place, I write a lot in my journal," Phelps said. "I kind of relive all the memories, all the moments I had throughout my career. That's pretty special. I've never done that before. It's amazing when you see it all on paper."

Four months into retirement, Phelps has no desire to get back in the pool. Oh, he'll swim every now and then for relaxation, using the water to unwind rather than putting in one of his famously grueling practices. Golf is his passion at the moment, but he's also found time to cheer on his hometown NFL team, the Baltimore Ravens, and start looking around for a racehorse that he and Bowman can buy together.

Phelps hasn't turned his back on swimming, either. He's got his name attached to a line of schools that he wants to take worldwide. He's also devoting more time to his foundation, which is dedicated to teaching kids to swim and funding programs that will grow the sport even more.

He's already done so much.

"His contribution to the way the world thinks about swimming is so powerful," Bowman said. "I don't think any other athlete has transformed his sport the way he's transformed swimming."

Phelps still receives regular texts from old friends and teammates, asking when he's going to give up on this retirement thing and come back the pool as a competitor.

He scoffs at the notion, sounding more sure of himself now than he did in London.

And if there's anything we've learned: Don't doubt Michael Phelps when he sets his mind on something.

"Sure, I could come back in another four years. But why?" he asked, not waiting for an answer. "I've done everything I wanted to do. There's no point in coming back."

___

Follow Paul Newberry on Twitter at www.twitter.com/pnewberry1963

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Arming teachers would halt massacres

William Bennett argues that schools would be safer with at least one armed person there who is well-trained in firearms use.

STORY HIGHLIGHTS

• William Bennett: Arming, training one person in a school could help prevent shootings


• He says armed people have stopped instances of mass killing


• Killers may target places where they know they can't be shot down, Bennett says


• Bennett: Guns help prevent crime and improve public safety

Editor's note: William J. Bennett, a CNN contributor, is the author of "The Book of Man: Readings on the Path to Manhood." He was U.S. secretary of education from 1985 to 1988 and director of the Office of National Drug Control Policy under President George H.W. Bush.

(CNN) -- On NBC's "Meet the Press" this past Sunday, I was asked how we can make our schools safer and prevent another massacre like Sandy Hook from happening again. I suggested that if one person in the school had been armed and trained to handle a firearm, it might have prevented or minimized the massacre.

"And I'm not so sure -- and I'm sure I'll get mail for this -- I'm not so sure I wouldn't want one person in a school armed, ready for this kind of thing," I said. "The principal lunged at this guy. The school psychologist lunged at the guy. Has to be someone who's trained. Has to be someone who's responsible."

William Bennett

Well, I sure did get mail. Many people agreed with me and sent me examples of their son or daughter's school that had armed security guards, police officers or school employees on the premises. Many others vehemently disagreed with me, and one dissenter even wrote that the blood of the Connecticut victims was ultimately on the hands of pro-gun rights advocates.

To that person I would ask: Suppose the principal at Sandy Hook Elementary who was killed lunging at the gunman was instead holding a firearm and was well trained to use it. Would the result have been different? Or suppose you had been in that school when the killer entered, would you have preferred to be armed?

Evidence and common sense suggest yes.

In 2007, a gunman entered New Life Church in Colorado Springs and shot and killed two girls. Jeanne Assam, a former police officer stationed as a volunteer security guard at the church, drew her firearm, shot and wounded the gunman before he could kill anyone else. The gunman then killed himself.

In 1997, high school student Luke Woodham stabbed his mother to death and then drove to Pearl High School in Pearl, Mississippi, and shot and killed two people. He then got back in his car to drive to Pearl Junior High to continue his killings, but Joel Myrick, the assistant principal, ran to his truck and grabbed his pistol, aimed it at Woodham and made him surrender.

These are but a few of many examples that the best deterrent of crime when it is occurring is effective self-defense. And the best self-defense against a gunman has proved to be a firearm.

LZ Granderson: Teachers with guns is a crazy idea

And yet, there is a near impenetrable belief among anti-gun activists that guns are the cause of violence and crime. Like Frodo's ring in "The Lord of The Rings," they believe that guns are agencies of corruption and corrupt the souls of whoever touches them. Therefore, more guns must lead to more crime.

But the evidence simply doesn't support that. Take the controversial concealed-carry permit issue, for example.

In a recent article for The Atlantic magazine, Jeffrey Goldberg, by no means an avowed gun-rights advocate, declared, "There is no proof to support the idea that concealed-carry permit holders create more violence in society than would otherwise occur; they may, in fact, reduce it."

Goldberg cites evidence from Adam Winkler, a law professor at UCLA, that concealed-carry permit holders actually commit crimes at a lower rate than the general population.

The General Accountability Office recently found that the number of concealed weapon permits in America has surged to approximately 8 million.

According to anti-gun advocates, such an increase in guns would cause a cause a corresponding increase in gun-related violence or crime. In fact, the opposite is true. The FBI reported this year that violent crime rates in the U.S. are reaching historic lows.

This comes in spite of the fact that the federal assault weapons ban expired in 2004. Supporters of the ban (not including anti-gun groups who thought it didn't go far enough in the first place) claimed that gun crime would skyrocket when the ban was lifted. That wasn't true at all.

In fact, after the expiration of the ban, The New York Times, whose editorial pages are now awash with calls for more gun restrictions, wrote in early 2005, "Despite dire predictions that America's streets would be awash in military-style guns, the expiration of the decade-long assault weapons ban in September has not set off a sustained surge in the weapons' sales, gun makers and sellers say. It also has not caused any noticeable increase in gun crime in the past seven months, according to several city police departments."

But let's take the issue one step further and examine places where all guns, regardless of make or type, are outlawed: gun-free zones. Are gun-free zones truly safe from guns?

John Lott, economist and gun-rights advocate, has extensively studied mass shootings and reports that, with just one exception, the attack on U.S. Rep. Gabrielle Giffords in Tucson, Arizona, in 2011, every public shooting since 1950 in the U.S. in which more than three people have been killed has taken place where citizens are not allowed to carry guns. The massacres at Sandy Hook Elementary, Columbine, Virginia Tech and the Century 16 movie theater in Aurora, Colorado, all took place in gun-free zones.

Do you own a gun that fell under the now-expired federal weapons ban?

These murderers, while deranged and deeply disturbed, are not dumb. They shoot up schools, universities, malls and public places where their victims cannot shoot back. Perhaps "gun-free zones" would be better named "defenseless victim zones."

To illustrate the absurdity of gun-free zones, Goldberg dug up the advice that gun-free universities offer to its students should a gunman open fire on campus. West Virginia University tells students to "act with physical aggression and throw items at the active shooter." These items could include "student desks, keys, shoes, belts, books, cell phones, iPods, book bags, laptops, pens, pencils, etc." Such "higher education" would be laughable if it weren't true and funded by taxpayer dollars.

Eliminating or restricting firearms for public self-defense doesn't make our citizens safer; it makes them targets. If we're going to have a national debate about guns, it should be acknowledged that guns, in the hands of qualified and trained individuals subject to background checks, prevent crime and improve public safety.

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The opinions expressed in this commentary are solely those of William J. Bennett.

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