Bernanke notes 'stress tests' show stronger banks

WASHINGTON (AP) ? The Federal Reserve's annual "stress tests" of major U.S. banks have become better able to detect risks, Chairman Ben Bernanke said Monday night. He said the tests show that the banking industry has grown much healthier since the financial crisis.

Speaking in Atlanta, Bernanke noted that this year's tests showed that 18 of the biggest banks had collectively doubled the cushions they hold against losses since the first tests were run in 2009. He says the tests are providing vital information to regulators.

The latest test results were released last month. They showed that all but one of the 18 banks were better prepared to withstand a severe U.S. recession and an upheaval in financial markets. The tests are used to determine whether the banks can increase dividends or repurchase shares.

Bernanke's comments came in a speech to a financial markets conference sponsored by the Federal Reserve Bank of Atlanta. He said he viewed the first stress test conducted in 2009, months after the financial crisis struck, as "one of the critical turning points in the crisis."

"It provided anxious investors with something they craved: credible information about prospective losses at banks," he said.

Bernanke said that in the ensuing years, the Fed has worked to improve the stress tests so they could serve as a resource for banking regulators to monitor and detect threats to the financial system.

During a question period after the speech, Bernanke was asked what kept him up at night.

"Let me assure you, there are no major problems you haven't heard about," he said in response. He said his list of concerns include whether the recovery will gain momentum and when the country will get back to full employment.

He said the economic situation in Europe also remains complex, as that region struggles to deal with its debt crisis. He said in the United States, a major issue remains how to deal with high budget deficits without compromising the economic recovery.

Bernanke made no comments during his appearance that suggested he was ready to modify the low-interest rate policies the Fed is pursuing in an effort to boost economic growth and lower unemployment.

The stress tests have been criticized by some banks because the central bank has kept secret the full details of the computer models it is using to evaluate each bank. The Fed has defended this practice. It has argued that it is similar to teachers not giving students specific questions that will appear on a test to guard against students memorizing the answers.

"We hear criticism from bankers that our models are a 'black box' which frustrates their efforts to anticipate our supervisory findings," Bernanke said. He said that over time, the banks should better understand the standards the tests are measuring.

In this year's test, the Fed approved dividend payment plans and stock repurchase plans for 14 of the 18 banks outright.

Two of the banks, JPMorgan Chase and Goldman Sachs, were told by the Fed that they could proceed with their plans but would need to submit new capital plans. Two other banks, Ally Financial and BB&T, were forbidden by the Fed to go through with their dividend increases and share buybacks.

Ally Financial, the former financing arm of General Motors, fared the worst on the stress test. The Fed's data showed that Ally's projected capital level was below the minimum the Fed thinks a bank would need to survive a severe recession. Ally officials said they believed the Fed's testing models were unreasonable.

BB&T, based in Winston-Salem, N.C., said it would resubmit its capital plan and that it believes that it will be able to address the factors which had led to the Fed's objections.

___

Associated Press reporter Ray Henry in Atlanta contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-04-08-Bernanke-Banks/id-4dd694fa9cd9422a996fb4a7694d6e26

sun storm tri international criminal court ios 5.1 apple tv update new ipad release pregnant jessica simpson

Egypt: Clashes outside Copt cathedral leave 1 dead

Egyptian Christian women pray during a funeral service at the Saint Mark Coptic cathedral in Cairo, Egypt, Sunday, April 7, 2013. Several Egyptians including 4 Christians and a Muslim were killed in sectarian clashes before dawn in Qalubiya, just outside of Cairo on Saturday, April 6, 2013. (AP Photo/Amr Nabil)

Egyptian Christian women pray during a funeral service at the Saint Mark Coptic cathedral in Cairo, Egypt, Sunday, April 7, 2013. Several Egyptians including 4 Christians and a Muslim were killed in sectarian clashes before dawn in Qalubiya, just outside of Cairo on Saturday, April 6, 2013. (AP Photo/Amr Nabil)

An Egyptian Christian holds a cross during a funeral service at the Saint Mark Coptic cathedral in Cairo, Egypt, Sunday, April 7, 2013. Several Egyptians including 4 Christians and a Muslim were killed in sectarian clashes before dawn in Qalubiya, just outside of Cairo on Saturday, April 6, 2013. (AP Photo/Amr Nabil)

A tear gas canister is fired by Egyptian riot police into the compound of the Coptic Orthodox Cathedral after the funeral of four Christians killed in sectarian clashes near Cairo over the weekend in Cairo, Egypt, Sunday, April 7, 2013. Attacks against Christians, who make up about 10 percent of Egypt?s estimated 90 million people, have increased since President Morsi?s Muslim Brotherhood came to power last year. (AP Photo/Mostafa El Shemy)

Egyptian Christians grieve during a funeral service at the Saint Mark Coptic cathedral in Cairo, Egypt, Sunday, April 7, 2013. Several Egyptians including 4 Christians and a Muslim were killed in sectarian clashes before dawn in Qalubiya, just outside of Cairo on Saturday, April 6, 2013. (AP Photo/Amr Nabil)

Egyptian Christians chant anti-Muslim Brotherhood slogans following a funeral service at the Saint Mark Coptic cathedral in Cairo, Egypt, Sunday, April 7, 2013. Several Egyptians including 4 Christians and a Muslim were killed in sectarian clashes before dawn in Qalubiya, just outside of Cairo on Saturday, April 6, 2013. (AP Photo/Amr Nabil)

CAIRO (AP) ? Christians angered by the killing of four Christians in weekend sectarian violence clashed Sunday with a mob throwing rocks and firebombs, killing one and turning Cairo's main Coptic cathedral into a battleground.

The clashes raised tempers in an already tense political atmosphere, as workers shut down the country's trains in a strike over wages and a dispute over the nation's chief prosecutor entered a new phase ? all signs of two years of unending turmoil.

Reacting to Sunday's violence, the Muslim Brotherhood's political party blamed "dubious" attempts by unnamed parties to broaden instability in Egypt by igniting sectarian violence and spreading chaos.

A liberal opposition group, the Popular Current, said the clashes were symptomatic of the failure of the state to protect its citizens, calling on Islamist President Mohammed Morsi and his government to resign.

Morsi said in a statement late Sunday that he spoke to Pope Tawadros II by phone. He gave orders to authorities to guard the cathedral and citizens in the area, adding that protecting the lives of Muslims and Christians was a state responsibility.

"I consider any attack on the cathedral as an attack on me, personally," he said, according to the statement from his office.

The clashes at the St. Mark Coptic Orthodox Cathedral began just after hundreds of angry Christians left the complex to stage an anti-government march following the funeral for the four Christians killed in sectarian clashes Saturday.

A mob, described by witnesses as residents of the area, pelted them with rocks and firebombs and fired birdshot, forcing them back inside the complex. Few police were present.

By the time police arrived in larger numbers, the church was the scene of clashes between those locked inside and the mob outside, as the two sides exchanged rocks and firebombs. Police fired tear gas, and gas canisters landing inside church grounds caused a panic among women and children. People outside the church cheered.

Tawadros was not in the cathedral, his headquarters, during the funeral and the violence that followed. In a statement carried by the state news agency, said he was "regretful" of the violence and called for calm.

"There was no security outside the church for such a large funeral," said Emad Thabet, a Coptic Christian who was among those locked up in the church for hours. "There is no such thing as Egyptians in Egypt. There are only Muslims and Christians," he said. Copts have complained for decades that the Christian minority suffers from discrimination.

Coptic Christians make up about 10 percent of Egypt's estimated 90 million people. Attacks against Christians have increased since the ouster two years ago of autocrat Hosni Mubarak.

The clashes took place alongside a development in another of Egypt's many crises ? questions surrounding the legitimacy of the country's top prosecutor. On Sunday, Egypt's highest judicial body urged him to step down less than five months after Morsi appointed him. A few days earlier, a court ruling declared his appointment void.

The statement from the Supreme Judiciary Council urged the chief prosecutor, Talaat Abdullah, "to express a wish" to return to his previous job as a judge for the sake of the unity of the judiciary.

There was no immediate comment from Abdullah. Officials in his office and in the government indicated before that he will appeal the court decision.

Abdullah's appointment in December set off demonstrations and protests by judges and fellow prosecutors. The protests forced him to tender his resignation, but then he withdrew it and stayed in office.

Removing Abdullah has been a key demand of the mostly liberal and secular opposition. Sunday's call by the council of the judiciary appeared aimed at offering him an honorable exit, a step toward ending the long-running crisis within the judiciary over the appointment.

During the past two weeks, Abdullah has issued summons against several media celebrities critical of Morsi, Egypt's first freely elected president. They included popular TV satirist Bassem Youssef, who was accused of insulting Morsi and Islam. The satirist was released on bail.

Alongside the sectarian and legal issues, the overriding economic crisis flared as Egypt's railway services came to a halt Sunday because of a strike by train drivers and conductors demanding better pay. The strike snarled inter-city transit, and thousands of angry passengers crowded train stations.

The most immediate issue was the specter of sectarian violence increasing and spreading to the rest of the country.

Sunday's clashes grew out of Khossous, a town north of Cairo, where five people, including a Muslim, were killed a day earlier. Renewed clashes erupted there later Sunday outside the local church, leaving 12 residents and one police officer injured.

At the cathedral on Sunday, witness Ibrahim Elsherif said the clashes began when angry Coptic protesters tried to stop traffic for an anti-government march. A street brawl turned quickly into an attack by local residents, who pelted the protesters with rocks from the roofs of nearby buildings, throwing firebombs and firing birdshot, he said. Some protesters smashed parked cars.

One Coptic Christian was killed in the violence, and at least 66 people were wounded, the Health Ministry said. Two local journalists were among those injured, one seriously, according to their newspapers.

Video aired live on the private ONTV network showed young men on the roof of a building next to the cathedral firing handguns toward the compound.

Inside the cathedral, several thousand mourners chanted slogans against Morsi, calling on the Egyptian leader to step down. They shouted "Leave!" and "This is our country, we will not leave."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-04-07-ML-Egypt/id-6fd907e8f02b408989b4e3f8b73a5c64

lamar d antoni fashion star andrew bird lizzie borden lizzie borden iona

How Hollywood Is Making Texting Look Dramatic

We all increasingly rely on non-verbal forms of communication—email, IM, texting—to let people know what's going on in our lives. That's great for us, but it's causing headaches in Hollywood when it comes to creating drama. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/hQ6rWhNKCZE/how-hollywood-is-making-texting-look-dramatic

LucasArts Finding Dory Chaz Ebert Mike Rice yu darvish Skylar Diggins kim jong un

Hotel Tonight for iPhone and iPad review

Hotel Tonight is an iPhone and iPad app that offers awesome last-minute deals on hotels in 12 countries and over 80 destinations. It features a gorgeous design that does a great job of showing off the amenities of the hotels.

Instead of a boring list of locations with just text and maybe thumbnails, Hotel Tonight features long strips of beautiful photos to represent each location, and when you tap on a location, the list of available hotels are displayed as little stacks of photos.

When viewing a hotel, a collage of photos of the destination are displayed. You can scroll around indefinitely to view all the photos in different sizes, or tap on an image to view them full screen.

I recommend not browsing through Hotel Tonight unless you're actually in need of a hotel; otherwise, be warned that you may fall prey of the gorgeous presentation and plan a last minute getaway.

The good

• Gorgeous design
• Exclusive low prices on incredible hotels
• Same-day, fast and easy bookings until 2am
• Great deals each night in a growing list of cities
• Book for multiple nights
• Deal selection is limited so they can negotiate with hotels to get you the best rates possible
• 24/7 real-person customer support via phone or email.

The bad

• Crashes often

The bottom line

If you're planning a last minute trip somewhere, Hotel Tonight is a fantastic app for booking your hotel. They have a good range of average to upscale hotels to fit any budget.

• Free - Download now

Source: http://feedproxy.google.com/~r/TheIphoneBlog/~3/7-7YYDFIhEg/story01.htm

Go Daddy Superbowl Commercial 2013 michael oher superbowl score ray lewis alicia keys Harbaugh brothers superbowl commercials

NASA taps the power of zombie stars in two-in-one instrument

Apr. 8, 2013 ? Neutron stars have been called the zombies of the cosmos. They shine even though they're technically dead, occasionally feeding on neighboring stars if they venture too close. Interestingly, these unusual objects, born when a massive star extinguishes its fuel and collapses under its own gravity, also may help future space travelers navigate to Mars and other distant destinations.

NASA recently selected a new mission called the Neutron-star Interior Composition Explorer (NICER) to not only reveal the physics that make neutron stars the densest objects in nature, but also to demonstrate a groundbreaking navigation technology that could revolutionize the agency's ability to travel to the far reaches of the solar system and beyond.

The multi-purpose mission, also known as NICER/SEXTANT (Station Explorer for X-ray Timing and Navigation Technology), consists of 56 X-ray telescopes in a compact bundle, their associated silicon detectors, and a number of other advanced technologies. Both NASA's Science Mission Directorate's Explorers Program and the Space Technology Mission Directorate's Game Changing Program are contributing to the mission's development.

"It's rare that you have an opportunity to fly a cross-cutting experiment," said Principal Investigator Keith Gendreau, a scientist at NASA's Goddard Space Flight Center in Greenbelt, Md., who is leading NICER/SEXTANT's development. "The time is right for this experiment. This is one that we can do now."

In addition to NASA Goddard scientists and engineers, the mission team includes the Massachusetts Institute of Technology and commercial partners, who are providing spaceflight hardware. The Naval Research Laboratory and universities across the United States, as well as in Canada and Mexico, are providing science expertise.

Space Station Bound

Slightly larger than a typical college dormitory refrigerator, NICER/SEXTANT will be deployed on the International Space Station (ISS) in 2017. It will fly as an external attached payload on one of the ISS ExPRESS Logistics Carriers, unpressurized platforms used for experiments and storage.

The X-ray instrument's primary objective is to learn more about the interior composition of neutron stars, the remnants of massive stars that, after exhausting their nuclear fuel, exploded and collapsed into super-dense spheres about the size of New York City. Their intense gravity crushes an astonishing amount of matter -- often more than 1.4 times the content of the sun or at least 460,000 Earths -- into these city-sized balls, creating the densest objects known in the universe. Just one teaspoonful of neutron star matter would weigh a billion tons on Earth.

"A neutron star is right at the threshold of matter as it can exist -- if it were compressed any further, it would collapse completely in on itself and become a black hole," said Zaven Arzoumanian, a NASA Goddard scientist serving as the deputy principal investigator on the mission. "We have no way of creating or studying this matter in any laboratory. There are many theories about what it is and how it behaves, but the only way to test our models and understand what happens to matter under such incredible pressures is to study neutron stars," he added. "The closest we come to simulating these conditions is in particle accelerators that smash atoms together at almost the speed of light. However, these collisions are not an exact substitute -- they only last a split second, and they generate temperatures that are much higher than what's inside neutron stars."

Although the nuclear-fusion fires that sustained their parent stars are extinguished, neutron stars still shine with heat left over from their explosive formation, and from radiation generated by their magnetic fields that became intensely concentrated as the core collapsed.

Although neutron stars emit radiation across the spectrum, observing in the X-ray band offers the greatest insights into their structure, the ultimate stability of their pulses as precise clock "ticks," and the high-energy, dynamic phenomena that they host, including starquakes, thermonuclear explosions, and the most powerful magnetic fields known in the universe.

NICER's 56 telescopes will collect X-rays generated from its tremendously strong magnetic field and from hotspots located at the stars' two magnetic poles. At these locations, the intense magnetic field emerges from the surface. Particles trapped in the magnetic field rain down and generate X-rays when they strike the surface. As the hotspots rotate into and out of our line of sight, we perceive a rise and fall in X-ray brightness.

This subgroup of pulsating neutron stars, called pulsars, rotate rapidly, emitting from their magnetic poles powerful beams of light that sweep around as the star spins, much like a lighthouse. At Earth, these beams are seen as flashes of light, blinking on and off at intervals from seconds down to milliseconds.

Because of their predictable pulsations -- especially millisecond pulsars, which are the target of the navigation demonstration -- "they are extremely reliable celestial clocks" and can provide high-precision timing just like the atomic clock signals supplied through the 26-satellite, military-operated Global Positioning System (GPS), an Earth-centric system that weakens the farther one travels out beyond Earth orbit and into the solar system, Arzoumanian said. "Pulsars, on the other hand, are accessible in virtually every conceivable flight regime, from low-Earth orbit to interplanetary to deepest space," Gendreau added.

As a result, NICER/SEXTANT also will demonstrate the viability of pulsar-based navigation. "The hardware needed for neutron star science is identical to that needed for pulsar-based navigation," Gendreau said. "In fact, the mission's two goals share many of the same targets and the same operational concept. The differences are on the back end in terms of how the data will be used."

To demonstrate the navigation technology's viability, the NICER/SEXTANT payload will use its telescopes to detect X-ray photons within these powerful beams of light to estimate the arrival times of the pulses. With these measurements, the system will use specially developed algorithms to stitch together an on-board navigation solution.

If an interplanetary mission were equipped with such a navigational device, it would be able to calculate its location autonomously, independent of NASA's Deep Space Network (DSN), Gendreau said. DSN, considered the most sensitive telecommunications system in the world, allows NASA to continuously observe and communicate with interplanetary spacecraft. However, like GPS, the system is Earth-centric. DSN-supplied navigational solutions also degrade the farther one travels out into the solar system. Furthermore, missions must share time on the network, Gendreau said.

"We're excited about NICER/SEXTANT's possibilities," Gendreau added. "The experiment meets critical science objectives and is a stepping-stone for technology applications that meet a variety of NASA needs. It's rare that you get an opportunity to do a cross-cutting experiment like this."

Related Links:

Share this story on Facebook, Twitter, and Google:

Other social bookmarking and sharing tools:

---

Story Source:

The above story is reprinted from materials provided by NASA.

Note: Materials may be edited for content and length. For further information, please contact the source cited above.

---

Note: If no author is given, the source is cited instead.

Disclaimer: Views expressed in this article do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_technology/~3/SL-GcAeiWQ8/130408035333.htm

Apple Black Friday how to cook a turkey emma stone Frys tryptophan BestBuy.com Kohls Black Friday

US Lawmakers Seek Details on Beyonce, Jay-Z Cuba Trip (Voice Of America)

Share With Friends: | | Politics - Top Stories News, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/297277269?client_source=feed&format=rss

Marshall Henderson Tubby Smith Elena Delle Donne Marriage Equality opm revolution tiger woods

Google Fiber is officially coming to Austin, Texas

Hear that? It's Austin, being weird enough to add yet another reason to live within its city limits. As rumored, Google Fiber will be rolling down to one of Texas' most esteemed towns in the near future, joining the Kansas City, Kansas and Missouri metro as the only locales (so far) in the US of A offering the outfit's Fiber-based TV, phone and 1Gbps broadband services. Mum's the word on an exact rollout, but we'll update this post as we learn more.

Filed under: Internet, Google

Comments

Source: Gig.U

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/koYnn1P1p6E/

anna paquin warren buffett 2012 nfl schedule dishonored april 18 delonte west vanessa williams