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Bernanke: Fed will take action if economy falters

Associated Press

Federal Reserve Chairman Ben Bernanke said Friday that the Fed will consider making another large-scale purchase of securities if the slowing economy were to deteriorate significantly and signs of deflation were to flare.

Bernanke acknowledged that the recent pace of growth is "less vigorous than we expected." He described the outlook as uncertain and said the economy "remains vulnerable to unexpected developments."

At the same time, he said growth is likely to pick up next year. He downplayed the odds of another recession, even after a series of dismal reports on housing and manufacturing this week stoked fears that the economy may be on the verge of another downturn.

States Press Workers on Health Care

Wall Street Journal

As state and local governments push to get employees to pick up more health care costs, some employees are pushing back.

On Thursday, a Michigan judge heard arguments in two of three lawsuits filed by public-school unions and retirees who opposed a new law that for the first time required them to contribute toward their health-care benefits.

Michigan is among several states struggling with record budget deficits that want employees to take on a greater share of the burden of ballooning health-benefits costs.

The states' search for financial options come amid a growing awareness of the gap in benefit contributions between public and private employees. A handful of states have made changes this year, including Kentucky, Connecticut and Texas, and they join a growing number of governments that have cut health benefits in recent years without major challenges.

Islamist Leader in Pakistan Says Accepting Flood Relief From U.S. and India Is Like ‘Poison’

CNS News

Accepting emergency aid from the United States or India amounts to taking “poison,” the head of one of Pakistan’s leading Islamist political parties said Tuesday.

The remarks by Syed Munawar Hasan, head of Jamaat-e-Islami (JI), evidently were intended to apply new pressure on a government already walking a tightrope between dealing with the flood crisis and antagonizing radical elements.

He spoke on the same day the United Nations appealed for more helicopters to help reach hundreds of thousands of Pakistanis cut off by the “unprecedented floods.”

U.S. funds restoration of global Islamic sites

Associated Press



This year, the Obama administration will spend nearly $6 million to restore 63 historic and cultural sites, including mosques and minarets, in 55 nations, according to State Department documents.

That includes $76,000 for a 16th century mosque in China, $67,000 for a mosque in Pakistan, $77,000 to restore minarets in Nigeria and Mauritania, and $50,000 for an Islamic Monument in India.

But that's a fraction of the total in the 2010 Ambassadors Fund for Cultural Preservation, which also will fund projects to restore Christian and Buddhist sites as well as museums, forts and palaces.

Secretary of State Hillary Rodham Clinton says the U.S. program to restore Islamic and other cultural sites abroad is money well spent.

Home Sales Plunge 27 Percent to Lowest in 15 Years

Associated Press

Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.

The plunge in home sales also magnified fears about the broader economy.

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