It’s actually not ice at all, but crystallized natural gas, and if scientists can figure out how to harvest it cheaply enough, it could become a vast new source of energy available in just about every country in the world.

The big advantage to these crystals, known as methane hydrates, are their abundance. They are found beneath the sea floor off every continent, and under the arctic tundra.

Plus, they’re estimated to hold twice as much carbon as all the known reserves of oil, coal and natural gas combined.

"The potential is enough to power humanity from now until the asteroid hits," said Peter Tertzakian, chief energy economist at ARC Financial, a Calgary-based private equity firm.

But citing cost and the abundance of conventional natural gas, Tertzakian said this resource will likely "remain on the margins" for two or three decades.

Origins

The crystals are formed when methane gas, which results from the natural decomposition of animals and plants, comes into contact with water at just the right temperature and pressure.

Finding that sweet spot is actually much much more common than finding the conditions needed for the formation of conventional gas and oil, which require very specific geology. This is why oil is found in some places but not others.

Crystal gas forms almost any place there’s low temperature, high pressure and water, making the organism-rich continental slopes ideal spots.

The gas crystals are usually found between a few hundred feet to several thousand feet below the ocean floor and require deep drilling to bring them to the surface. They’re most prevalent in water over 1,000 feet deep, and up to about 200 miles offshore.

Although they’ve been known about since the early 1980s, only in the last 10 years has significant work gone into studying them and figuring out how to extract them.

The U.S. government currently runs a multi-agency research project with scientists from the Department of Energy, the U.S. Geological Survey and the Minerals Management Service, among others instant credit report. They’ve partnered with a few corporations, including BP (BP) at a site in Alaska’s North Slope and Chevron (CVX, Fortune 500) in the Gulf of Mexico.

Harvesting

Just because a huge amount of the gas exists doesn’t mean it all can be collected.

No one has figured out how much gas can be recovered using current technology, said Timothy Collett, a research geologist at the USGS.

But at the BP site in Alaska, Collett said using current technology to go after crystal gas would effectively double the known gas reserves there.

"We’re chipping away at the technical issue," he said. "We just have to get at the economics."

And it’s the economics that really hold this up.

There are several ways to bring crystal gas to the surface. But the most efficient seems to be to drill a well, like a conventional oil or natural gas well, then decrease the pressure inside. The decreased pressure will cause the crystals to revert to gas and flow out of the well.

But depressurizing a well requires creating a vacuum by continuously pumping the water out of it. That’s an expensive proposition.

Collett said in the Arctic, the cheapest place to extract this gas, costs vary. It can be just as expensive as it is now to produce conventional natural gas, to twice that amount. Going offshore gets even more expensive.

Furthermore, with all the gas currently coming online in the United States from the vast shale reserves, it’s doubtful crystal gas is going to see much investment in the near term.

"Why would anybody allocate money to gas hydrates, when there’s almost a gas glut emerging," said Tertzakian, the economist at ARC.

Yet once the shale gas begins to run out, or if there’s a significant increase in demand for cleaner burning natural gas plants, it may be nice to know this resource is available.  

Source

“I want to be very clear: if it were necessary, the states of the euro zone would fulfill their commitments,” he said in Paris yesterday after a meeting with Greek Prime Minister George Papandreou. “There can be no doubt in this regard.” While Greece doesn’t need assistance right now, “we have measures, we are ready, we are determined,” he said.

Sarkozy’s comments are among the strongest by an EU leader to signal the bloc would bail out Greece as they try to warn investors off making further bets against the euro and Greek bonds. Papandreou’s government last week passed a further round of austerity measures and sold 5 billion euros ($6.8 billion) in government debt. Europe’s single currency has dropped 8 percent in the past three months.

“Speculators and the markets should know that solidarity means something and that, if there’s a problem, we are there,” said Sarkozy. “The sooner we say that and the more firmly we say that, the more rapidly we settle the problem.”

The spread between the yield on Greek 10-year bonds and their German counterparts fell to the lowest in three weeks on March 3. Papandreou, who meets President Barack Obama in Washington tomorrow, said he wants a “normalization” in Greek market interest rates after the deficit-cutting steps.

Greece faces more than 20 billion euros in debt redemptions in April and May.

Green Light

Sarkozy wouldn’t say what steps the EU would take and German Chancellor Angela Merkel, who runs Europe’s largest economy, has so far refused to give the green light to any aid package. Merkel said after meeting Papandreou on March 5 that the question of a bailout “‘absolutely doesn’t arise.” Her coalition partner, Guido Westerwelle, said he won’t sign a “blank check” for Greece.

“Nobody can doubt how reluctant the Germans are, and I am starting to think that if official money is needed in May, then there may first be a major discussion between the Germans and the French how to do this,” said Erik Nielsen, chief European economist at Goldman Sachs Group Inc. in London, in an e-mailed note. “It really comes down to some very fundamental issues of how the euro-zone will function going forward.”

European Monetary Fund

German Finance Minister Wolfgang Schaeuble indicated that his government is already thinking about how another Greek crisis can be avoided, saying that the euro region should consider creating an institution similar to the International Monetary Fund.

“We shouldn’t rule anything out, including the creation of a European Monetary Fund,” he said in an interview with the Welt am Sonntag newspaper published yesterday.

The comments come after proposals for a European Monetary Fund were put forward last month by Deutsche Bank AG Chief Economist Thomas Mayer and Daniel Gros, director of the Centre for European Policy Studies in Brussels.

The EMF could ease the disruption caused by the failure of a euro member to pay its bills by offering investors new EMF bonds in exchange for the defaulted securities, they said. Investors would be required to take a “haircut.”

“Setting up a European Monetary Fund is superior to the option of either calling in the IMF or muddling through on the basis of ad hoc interventions,” Mayer and Gros wrote in an article in the Economist last month.

Flaws in the euro region’s governance were also indentified by former Federal Reserve Chairman Paul Volcker, who said in an interview on March 6 that the lack of a political union to back up the European Central Bank is a “structural crack.”

“Maybe fortunately it’s tested with a country as small as Greece, which doesn’t present an insuperable financing problem,” he said.

Source

Toyota has recalled millions of vehicles worldwide for problems related to sudden acceleration, which have been blamed for several accidents resulting in injuries and death. The automaker has repeatedly apologized for the lapses in quality control and Toyota technicians are working extended hours to repair the recalled vehicles.

Under new plans to improve quality control, Toyota’s North American operations "will have more autonomy and decision-making power with regard to recall and other safety issues," Yoshimi Inaba, president and chief operating officer of Toyota North America, said in testimony before the Senate Commerce Committee.

Inaba also announced that Rodney Slater, a former U.S. Transportation Secretary, will head a "blue ribbon" panel to review Toyota’s own investigation into its global operations.

Toyota came under fire last week during two separate House hearings for the automaker’s management structure, which some lawmakers said gives Japanese executives too much power over U.S. operations.

"For the future, our U.S. staff will have a clear decision-making role," Shinichi Sasaki, executive vice president at Toyota Motor in charge of quality assurance and customer service, told the committee. "Ultimately, our goal is for the United States to have an even greater voice in decisions on recalls and other safety and satisfaction issues."

In response to questioning, Sasaki acknowledged that Toyota’s North American management were not included in the recall decision-making process in the past. Speaking through a translator, he said that this policy may have caused "some concern or suspicion."

He said Toyota will deploy the new system immediately should the company issue another recall.

Questions unresolved

At the conclusion of the hearing, Sen. Jay Rockefeller, D-W.Va., the committee’s chairman, said key questions remain unanswered about Toyota’s safety record.

"We feel some frustration in trying to communicate or effort to get to the bottom of some of the questions," he said, adding that the frustration was due in part to the language barrier.

"It’s the question of accountability," the senator said. "I think there is more knowledge at the table than has disclosed itself."

Rockefeller also pledged to work on "comprehensive legislation" aimed at improving how the government regulates the auto industry. "The American people deserve a top-to-bottom review, not just on past errors, but on the road ahead," he said.

He said Congress should consider, among other things, making brake override systems mandatory for all automakers and require senior executives to legally certify information submitted to safety regulators.

Since 2000, there have been 43 complaints of fatal incidents that allegedly involve sudden acceleration in Toyota vehicles, according to the National Highway Transportation Safety Administration.

While those complaints have not yet been confirmed, the reported incidents involve 52 fatalities and 38 injuries, NHTSA said.

The sudden acceleration issue has been in the spotlight since it was disclosed last month that an accident involving a Toyota vehicle killed four people in San Diego last August free credit scores.

That accident sparked the recall of millions of Toyota vehicles for problems with floor mats that could cause accelerator pedals to become trapped. Toyota has subsequently recalled millions more cars for "sticky" accelerator pedals.

"It’s clear that somewhere along the way, public safety took a back seat to corporate profits," Rockefeller said.

Akio Toyoda, the company’s president, acknowledged last week that Toyota’s rapid growth over the last few years has contributed to the recent safety problems.

Concern about electronics

However, some lawmakers and outside researchers have suggested that sudden acceleration in Toyota vehicles could also be caused by defects in its electronic throttle control system (ETCS).

Toyota maintains that electronics are not to blame for sudden acceleration.

"As a result of our extensive testing, we do not believe sudden unintended acceleration because of a defect in our ETCS has ever happened," Uchiyamada said. "However, will continue to search for any event in which such a failure could occur."

LaHood said NHTSA is conducting a review of the electronic throttle control system in Toyota vehicles. He also said the Transportation Department may recommend that all cars sold in the United States come equipped with a brake override system.

Lawmakers criticized NHTSA for failing to respond sufficiently to reports of sudden acceleration dating back several years. "The public’s trust has been compromised and the system has broken down," Rockefeller said.

LaHood, who was named Transportation Secretary in January 2009, defended his agency.

"NHTSA has a very aggressive enforcement program," he said. "We stand ready to ensure prompt action on any additional defects that we have reason to believe are present."

Clarence Ditlow, executive director of the Center for Auto Safety, told the committee that regulators need to enact radical reform and that lawmakers should provide additional resources to ensure effective oversight.

"The government has to totally revamp its investigatory system," said the Center for Auto Safety’s Ditlow. "It has to realize that it’s the cop on the beat, not Mr. Nice Guy."

Toyota has also come under fire for a 2009 memo in which staffers boasted of the company saving $100 million by negotiating with U.S. regulators for a limited recall for certain cars.

In response to a question about the 2009 report, David Strickland, NHTSA’s administrator, denied that the agency has shown Toyota any preferential treatment.

"The claims that Toyota made about negotiating or influences are false," he said. "That document has no foundation."

Inaba, whose name appeared on the document, said it was prepared before he rejoined the company and was inconsistent with Toyota’s "guiding principle."  

Source

Bernanke also changed his stance and said he’d be willing to consider supporting some legislation that’s pending before Congress that would make the Fed more accountable.

In testimony about monetary policy before the House Financial Services Committee, Bernanke noted that the recession continues to abate, but not when it comes to the job market, which "has been hit especially hard," he said.

"The job market remains quite weak, with the unemployment rate near 10 percent and job openings scarce," Bernanke said.

The Fed chairman said he’s particularly worried about the long-term impact on workers skills and wages and the increasing incidence of long-term unemployment.

"Indeed, more than 40 percent of the unemployed have been out of work six months or more, nearly double the share of a year ago," he said.

Bernanke also said that he expects inflation to remain in check for some time, as oil prices have flattened out and housing costs have risen very slowly, thanks to high vacancy rates.

"According to most measures, longer-term inflation expectations have remained relatively stable," he said.

Over the past year, Bernanke has faced a mixed reception whenever he’s appeared on Capitol Hill. Lawmakers credit him for pulling the economy out of the greatest recession since the Great Depression. But they also blame him for missing signals of the recession and for overlooking consumer protections.

However, the Senate voted overwhelmingly in January to confirm him for a second term.

Before Bernanke spoke, several Republican lawmakers said they particularly wanted to ask the Fed chairman about why the job market remains weak, even though Congress passed a massive $700 billion stimulus package last year quick payday loans.

House Financial Services Chairman Barney Frank, D-Mass., noted that after the stimulus package passed, fewer jobs were lost.

"It is possible to debate what is the best way to do the stimulus, but no sensible human being can deny that the stimulus had a positive effect," Frank said.

Frank asked Bernanke, specifically, whether stimulus helped stem job losses and Bernanke answered "Yes.""I think most economists would agree that the stimulus created jobs, relative to the baseline," Bernanke said.

Surprising endorsement

Bernanke also said he is prepared to support pendinglegislation authorizing Congress’ Government Accountability Office to audit "the operational integrity, collateral policies, use of third-party contractors, accounting, financial reporting, and internal controls of these special credit and liquidity facilities."

Previously, Bernanke has fought any move by Congress to audit the Fed. But his new support is for a limited audit that would not venture into monetary policy.

He also said he now supports revealing the names of firms who got emergency cheap Fed loans during the financial crisis, "after an appropriate delay." The Fed has, in the past, fought such revelations.

But he drew the line at making immediately available the names of banks coming to the discount window on a short-term basis, saying it could undermine confidence.

– CNN senior producer Scott Spoerry contributed to this report 

Source

Bernanke said in testimony before the House Financial Services Committee that he would support a Government Accountability Office review of the Fed’s emergency lending facilities, and would back legislation identifying the firms taking Fed funding in these programs "after an appropriate delay."

This represents a softening of Bernanke’s opposition to an audit of some Fed operations by the GAO, the investigative arm of Congress.

In November, a congressional subcommittee approved an amendment calling for a full-fledged audit, prompting Bernanke to warn that a "takeover" of monetary policy by Congress could undermine market stability.

But Bernanke hasn’t forgotten about the Fed’s cherished independence. His pledge Wednesday to cooperate with an expanded GAO audit stops well short of giving Congress any oversight of monetary policy — the decisions the Fed makes regarding interest rates and banking reserves that affect the amount of money sloshing around in the economy.

"Clearly he’s trying to offer Congress something of a compromise, so he can keep monetary policy out of the discussion," said Mark Calabria, a former Senate Banking Committee staffer who is now director of financial regulation studies at the libertarian Cato Institute in Washington.

Bernanke’s proposal comes as anger over the financial bailouts of 2008 and 2009 has continued to build. Critics say the Fed has failed to fully explain how it arrived at bailout decisions that cost taxpayers billions of dollars.

Bernanke was expected to win reconfirmation to his four-year post as Fed chief in routine fashion. But the outcome appeared in doubt for much of last month before lobbying by the White House in Congress finally pushed the Senate to a 70-30 vote to reconfirm him.

With the economy struggling through the early stages of a jobless recovery and the government widely perceived to be in the pocket of Wall Street, it behooves Bernanke to meet his less vocal critics in Congress halfway, in hopes of forging a deal to preserve the Fed’s independence to set monetary policy.

"My sense is that he has seen the writing on the wall and realized that they cannot hide behind a veil of secrecy given the public outrage," said University of Oregon economics professor Tim Duy, who follows monetary policy at his Fed Watch blog fast cash without a hassle.

Yet it would be a mistake to make too much of this latest shift, given all the loopholes in the sort of audit Bernanke evidently envisions.

For instance, much of the anger over the bailouts has focused on the Federal Reserve Bank of New York’s handling of its multistage, multibillion-dollar rescue of AIG (AIG, Fortune 500). Documents subpoenaed by Congress this year show the New York Fed pressured the insurer not to disclose the terms of the bailout in securities filings even when the company wanted to.

The key issue there was a list of the securities that had been insured by AIG and the banks that had purchased the derivatives conferring insurance. The New York Fed repeatedly opposed the release of this list, which shows that big banks including Goldman Sachs (GS, Fortune 500) and Deutsche Bank (DB) of Germany received full compensation for securities worth much less in the market.

Duy said Bernanke’s proposal wouldn’t make such a list of securities accepted as collateral or purchased by the Fed available to the public, though "this is what I think most critics really want."

That said, it wasn’t clear what one of the loudest and most persistent foes of the Fed, Rep. Ron Paul, R-Texas, was after Wednesday in his questioning of Bernanke.

Apparently making a case for an audit, Paul rambled on about the Fed’s alleged loans to Saddam Hussein in the 1980s and its purported plans to fund a bailout of Greece.

Bernanke responded that the allegations were "absolutely bizarre" before adding that the Fed has no plans to participate in a bailout of any foreign country.

As wacky as the exchange was, it could actually strengthen the case for a full audit. Regular reports from the GAO can only boost the pitifully low level of economic understanding in Congress, Calabria said.

And with rates already near zero and the Fed having spent more than $1 trillion supporting housing, the Fed may already appear to be bowing to political pressure to make sure the economy doesn’t deteriorate further in a key election year.

"I’m open to the case that we need Fed monetary independence, but I just don’t know that the Fed has made it persuasively," Calabria said. "It’s hard to believe Congress could make policy any looser than it is." 

Source

Rating agencies “want evidence that the plan is implemented on target” and “some time will need to elapse before they can form a better judgment,” Provopoulos, also a European Central Bank council member, said in an interview in Athens on Feb. 19. “I have full confidence” in the government meeting its goals, he said. “They have to succeed. And they will, I’m sure of that.”

Greece’s financial distress could be exacerbated at the end of this year when the ECB is due to revert to old collateral rules that were loosened during the global recession. If Moody’s Investors Service cuts its Greek credit rating to the same level as the other major ratings companies, Greek government bonds would no longer be eligible as collateral at the ECB, making it more difficult for the nation to borrow.

“The government has said already on several occasions that it will take any additional measures required in order to achieve its goal,” Provopoulos said. “This gives me comfort. Even if some risks materialize — like growth — the government is prepared to take immediate corrective action.”

Skeptical Investors

Investors are skeptical that Greece can cut its budget deficit from 12.7 percent of gross domestic product to under 3 percent by 2012. The government’s plan assumes the economy will contract 0.3 percent this year before growing 1.5 percent in 2011. It shrank 2 percent last year, compared with the government’s forecast for a 1.2 percent contraction.

The premium investors charge to hold Greek 10-year bonds instead of the German benchmark soared to 396 basis points on Jan. 28, the most since 1998. The cost of insuring Greek bonds against default jumped to a record high, exceeding the rates in emerging Asian economies such as Vietnam, Indonesia and the Philippines.

Markets are overreacting, Provopoulos said.

“They take advantage of the weak link to make profits,” he said. “It’s clear that there is a certain degree of overshooting. Given the high degree of uncertainty in the markets, one should not expect that the situation will normalize overnight.”

If Greek debt were no longer eligible as ECB collateral, the government would find it harder to find buyers for its bonds and yields would probably rise.

‘Exactly As Promised’

The ECB currently accepts bonds rated BBB- by at least one rating agency as collateral for loans. Under the old rules, due to be reinstated on Jan. 1 next year, A- is the minimum rating required. Standard & Poor’s and Fitch Ratings cut Greece’s credit grade to BBB+ in December.

Moody’s has said it may lower its A2 rating two steps to Baa1 if Greece only partially implements its deficit-cutting plans. That would render Greek bonds ineligible at the ECB.

ECB President Jean-Claude Trichet said on Jan. 14 that the Frankfurt-based central bank won’t make allowances “for the sake of any particular country” and Greece won’t win “any special treatment.”

The ECB will continue its enhanced credit support to the banking system, Provopoulos said, suggesting it may continue lending banks as much cash as they want at its benchmark rate, at least in weekly refinancing operations.

“The ECB never said ‘we have reached the end of the road’,” he said. “Of course there are signs of normalization of the situation, of an improvement. This will be taken into account” when policy makers decide in March on the next steps in the exit from emergency lending measures, Provopoulos said.

Under Pressure

European finance ministers turned up the pressure on Greece last week to rein in the region’s largest budget gap. The country might be asked to raise its value-added tax, introduce a levy on luxury goods and cut capital spending if it fails to show sufficient progress by mid-March, when the European Commission is due to review the government’s progress.

While European leaders on Feb. 11 pledged to take “determined and coordinated” action to support Greece if the need arose, they left open how they would respond to a fresh wave of speculative attacks against Greece or other countries such as Spain and Portugal, which are also struggling to cut their budget deficits.

Provopoulos said he takes the commitment of European governments to stand by Greece “at face value.” The lack of a detailed rescue plan isn’t disappointing, he said.

“Everybody knows how critical the situation is. Of course, an expression of willingness and readiness from the European family, the euro zone, to help in case it’s needed is quite reassuring and understandable.”

Source

Construction of new homes climbed to an annual rate of 591,000 during the month, up 2.8% from December’s revised rate of 575,000, the Commerce Department said. This is an increase of 21.1% from the 488,000 rate in January 2009.

Economists surveyed by Briefing.com expected January housing starts to rise to an annual rate of 580,000.

"We’re continuing to see signs of stabilization," said real estate analyst Mike Larson of Weiss Research. "We had this Olympic ski slope-looking plunge starting in 2005 and 2006, and it looks like we’re almost getting to the bottom of that."

Larson said that housing starts picked up in January as the new home supply dwindled.

"All the excess inventory that had built up has been exhausted, and when the supply gets so lean, builders start constructing homes again," he said.

The number of building permits issued during January fell to a seasonally adjusted annual rate of 621,000. That was 4.9% below the revised December rate of 653,000, but up 16.9% from the January 2009 rate of 531,000.

Economists had expected building permits would fall to 620,000.

The decline in permits and gain in housing starts were each led by activity in the multi-family sector: Multi-family building permits plummetted 26% while starts jumped 17.6%.

Meanwhile, single-family housing starts and building permits were both up last month. Single-family starts climbed 1.5% from December and permits edged up 0.4%.

Larson said that the increase in single-family activity was an encouraging sign of stabilization, but with such a large supply of existing homes, "nothing suggests a vigorous upturn."

"I think we’re going to be treading water in this range for some time," he said. "We’re going to be making small gains or losses throughout 2010, we’re not going to be making new lows or rebounding." 

Source

The White House Council of Economic Advisers, which on Thursday released a 462-page analysis of the president’s economic initiatives, said that the unemployment rate will be at 10% during 2010. It is now at 9.7%.

"With millions of Americans still unemployed, much work remains to restore the American economy to health," the report said. "It will take a prolonged and robust GDP expansion to eliminate the large jobs deficit that has opened up over the course of the recession."

On a call Wednesday with reporters, Council Chairwoman Christina Romer said she expects an average of 95,000 jobs a month to be created this year, and that the nation’s GDP will expand at a 2.5% rate.

The report, which is delivered to Congress, looks at the actions President Obama took to deal with the recession over the past year. It also discusses the economic challenges that lie ahead for the nation, but offers little insight that’s new.

Overall, the analysis enthusiastically supports the administration’s handling of the economic crisis and its proposals to strengthen the country’s fiscal standing in the future.

Romer called the report "a page-turner" and noted that it’s available for download to Kindle and other e-readers.

Placing blame

The report places blame on the Bush administration for running up debts and cutting taxes.

Romer blogged about the study on WhiteHouse.gov. "Largely because of two tax cuts, two wars, and a major new Medicare drug benefit that were not paid for, the budget surpluses of the 1990s had been replaced by substantial actual and projected future deficits long before the recession began at the end of 2007," she wrote.

She also took another whack at Obama’s favorite new target: Wall Street.

"Much of the economic growth that the United States experienced in the past decade was fueled by consumers and the government running up large debts, aided by a financial system better at making short-term profits than managing long-term risks," she wrote business cards.

Republicans were quick to react the report, calling it fluff and noting that the report says that unemployment won’t fall back to its 2008 level for another seven years.

"The Obama Administration’s report is full of blame for the policies of years past, praise for its own failed policies of the past year, and promises about their ideological agenda to grow government, said Rep. Eric Cantor, R-Va., the House GOP whip. "Instead of praising themselves and blaming others, a greater focus on small businesses and smart solutions to reduce uncertainty and create jobs would be welcomed and is long overdue."

Praising policies

The report has kind words for the $862 billion American Recovery and Reinvestment Act, the centerpiece of Obama’s economic policy in his first year. Calling the program the "great unsung hero of the past year," Romer reiterated that the program has funded up to 2 million jobs and helped turn the economy around.

Going forward, the report highlights several areas of financial concerns. These include health care, the deficit, living standards, business investment and trade, climate change and financial regulation. As consumers spend less, the government must foster an atmosphere which allows companies to ramp up their investments and exports.

The report lays out the administration’s proposals to address these issues.

Obama has made job creation his central focus in his second year in office. He has recently traveled the country promoting tax credits for small businesses, the source of many new hires. And on Tuesday, he brought together congressional leaders to push for a bipartisan agreement on legislation to boost hiring. 

Source

The Wall Street Journal, citing unnamed sources, said a loan guarantee plan would be led by Germany but completed along with European Union partners.

The threat of a default in Greece has given investors pause, as the effect would likely ripple to other members of 16-nation euro zone. Other debt-choked nations in the bloc include Portugal, Spain, Ireland and Italy.

European Union officials are set to meet Thursday to discuss the economy, and Greece is expected to be a major topic on the docket.

In December, Greece’s credit rating was downgraded. S&P’s move came after health care companies complained that the country was behind on payments related to its public health system.

Investors across the globe have been trying to digest what impact such a crisis would have on the nascent signs of recovery, and ripple-effect fears have sent worldwide markets lower payday loans.

The WSJ article said Germany’s finance minister, Wolfgang Schaeuble, has discussed the aid idea in with European Central Bank President Jean-Claude Trichet.

But earlier Tuesday, Reuters reported that German government spokesman Ulrich Wilhelm called reports that a decision was already in effect "unfounded."

A bailout of Greece would mark the first time any EU country rescued a euro zone member.

The U.S. stock market was cheered by the reports of possible Greek aid, as the blue-chip Dow index (INDU) added almost 2% with less than 2 hours left in the session. The euro also rose in late trading. 

Source

Miami ranked second, followed by Gainesville at No. 6, Orlando at No. 10 and Tallahassee at No. 18.

Miami was also named the nation’s sexiest city, with the most per capita sales in the sexual wellness category, according to Amazon.

Miami Gardens was on the list of least romantic cities, with the fewest number of overall purchases in that category.

Source