Facebook shares fall as lock-up period expires

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Crippled NYC subways could hamper storm recovery

A man uses his mobile phone to photograph a closed and flooded subway station in lower Manhattan, in New York, Tuesday, Oct. 30, 2012. New York City awakened Tuesday to a flooded subway system, shuttered financial markets and hundreds of thousands of people without power a day after a wall of seawater and high winds slammed into the city, destroying buildings and flooding tunnels. (AP Photo/Richard Drew)

A man uses his mobile phone to photograph a closed and flooded subway station in lower Manhattan, in New York, Tuesday, Oct. 30, 2012. New York City awakened Tuesday to a flooded subway system, shuttered financial markets and hundreds of thousands of people without power a day after a wall of seawater and high winds slammed into the city, destroying buildings and flooding tunnels. (AP Photo/Richard Drew)

Sandbags block the entrance to the closed South Ferry/Whitehall Street subway station in Battery Park, Tuesday, Oct. 30, 2012, in New York. Sandy arrived along the East Coast and morphed into a huge and problematic system, putting more than 7.5 million homes and businesses in the dark and causing a number of deaths. (AP Photo/Louis Lanzano)

A man peers into the closed Bowling Green subway station, in New York, Tuesday, Oct. 30, 2012. New York City awakened Tuesday to a flooded subway system, shuttered financial markets and hundreds of thousands of people without power a day after a wall of seawater and high winds slammed into the city, destroying buildings and flooding tunnels. (AP Photo/Richard Drew)

NEW YORK (AP) ? The floodwaters that poured into New York's deepest subway tunnels may pose the biggest obstacle to the city's recovery from the worst natural disaster in the transit system's 108-year history.

Critical electrical equipment could be ruined. Track beds could be covered with debris. Corrosive salt water could have destroyed essential switches, lights, turnstiles and the power-conducting third rail.

Several of the tunnels that carry cars and subway trains beneath New York City's East River remained flooded Tuesday. The head of the Metropolitan Transportation Authority said it was too early to tell how long it would take to pump them dry and make repairs.

There has always been flooding in the tunnels, which collect storm water constantly, even in the lightest of rains. But authorities said there has never been anything like the damage inflicted by Hurricane Sandy. The South Ferry subway station, at Manhattan's southern tip, had water up to its ceiling.

The high water meant inspectors weren't immediately able to assess how badly the water had damaged key equipment, raising the possibility that the nation's largest city could be forced to endure an extended shutdown of the system that shuttles more than 5 million riders to work and home every day.

Mayor Michael Bloomberg guessed it could take four days for train service to resume. And even then it was unclear how much of the nation's largest public transit system would be operational.

"If there are parts of the subway system we can get up, we will get them up," MTA Chairman Joseph Lhota said. But he suggested that, for a time, the system would be a patchwork, with buses filling in many of the gaps. Buses resumed operations Tuesday evening. Fares were being waived through Wednesday.

Experts suggested that the cost of repairs could be staggering.

A report released last year by the New York State Energy Research and Development Authority estimated that a flood roughly comparable to the one that hit the city Monday night would do $10 billion in damage to the transportation infrastructure and cause another $40 billion in economic losses due to the paralyzing effects of a crippled transit system.

Klaus Jacob, an environmental disaster expert at Columbia University who oversaw the portion of the report dealing with transit disruptions, said the study estimated that it would take four weeks to get the subway system back to 90 percent of normal capacity.

"I'm not saying that this is definitely what is going to happen here," he cautioned.

But he said the transit authority's challenges are severe.

"In the tunnels under the East River, all the signal-and-control systems are underwater. And it is salt water," he said. "It's not just that it doesn't work right now. It all has to be cleaned, dried, reassembled and tested. And we are not sure what the long-term corrosion effect might be."

At the time of the study, he said, the MTA also had only a fraction of the large pumps it would need to get major floodwaters out of train and vehicle tunnels quickly.

The study looked at the kind of flood that the Federal Emergency Management Agency estimates would only strike the city every 100 years.

This week's storm, he said, illustrates the pressing need for better defenses against the higher water levels that will come with a warmer planet.

"I think we have come to the end of studies. What we need now is action," he said.

Some authorities were contemplating the same ideas.

"We have to start thinking about how we redesign the system so this doesn't happen again," Gov. Andrew Cuomo said. "I don't think anyone can sit back anymore and say, 'I'm shocked at this weather pattern.' There is no weather pattern that can shock me anymore."

Seven subway tunnels and two vehicular tunnels took on massive amounts of water during the night as the rivers that surround Manhattan rose to record levels. Nearly 4,000 feet of the Brooklyn-Battery Tunnel remained heavily flooded Tuesday morning. Water also poured into the Queens-Midtown Tunnel across the East River. Floodwaters also inundated parts of the PATH system that brings commuters from New Jersey to the World Trade Center site and midtown Manhattan.

The subway system has built-in pumps that typically remove 13 million gallons of water from the tubes across the city. Special pump trains were being deployed to handle the extra load.

The MTA cut power to tracks before the flood, hoping to minimize damage, but until the tunnels and stations are dry, inspectors won't know if the precautions worked.

"We'll find out. But right now, we just don't know," said Charles Seaton, an MTA spokesman.

Water in the two vehicle tunnels receded slightly as the tide fell Tuesday morning, but the massive pumps that will eventually empty the tubes were unable to immediately make headway because the places where they normally send water ? the river and sewer system ? remained so high, the outflow pipes in the pumping system were still submerged.

"Our pumps are working. It's just that the water has no place to go," MTA spokeswoman Judy Glave said. "We pump it out and it just comes back in."

Pasquale DiFulco, a spokesman for the Port Authority of New York and New Jersey, offered no estimate on how long it might be before the PATH commuter rail lines reopen.

"We're still trying to assess what happened," he said.

Most of the city's bridges did well during the storm and reopened Tuesday when the wind died down. Two, leading out to the ravaged Rockaway barrier islands, remained closed because of flood damage in the surrounding neighborhoods. A train causeway to the Rockaways also remained closed because of flooding.

There were other problems in the transportation system. Some rail yards and bus garages took on water. Sludge and debris covered some tracks. Trees blocked bus routes. Workers will need to walk hundreds of miles of track on foot to search for damage. At least 40 Long Island Rail Road power stations lost electricity, and the overhead power lines that allow Metro-North trains to operate were damaged in several areas.

One diesel-powered patrol train inspecting the Metro-North's Hudson line, which runs north along the Hudson River, found a 40-foot boat blocking the tracks in Ossining, N.Y., officials said.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-10-30-Superstorm-NYC%20Subways/id-87852c5d79154330bf55d421ba00a8ff

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Scientists attack planned British badger cull

LONDON (Reuters) - A controversial British plan to cull thousands of wild badgers to control the spread of bovine tuberculosis is a "costly distraction" that risks increasing incidences of the disease, wildlife experts said on Saturday.

The mass killing of the furry black and white nocturnal creatures, which have been found to help spread tuberculosis (TB) in cattle, has raised the threat of action by militant animal rights activists.

The move also is opposed by celebrities including Queen guitarist Brian May and veteran nature show presenter David Attenborough.

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"We believe the complexities of TB transmission mean that licensed culling risks increasing cattle TB rather than reducing it," Patrick Bateson, president of the Zoological Society of London, said in a letter to Britain's Observer newspaper signed by 30 other wildlife experts.

"Even if such increases do not materialize, the government predicts only limited benefits ... We are concerned that badger culling risks becoming a costly distraction from nationwide TB control," Bateson said.

The disease in England has cost the taxpayer some 500 million pounds ($804 million) in the past decade, and the government says 1 billion pounds will be needed in the next decade to control the disease if no action is taken now.

Britain's forestry commission says there are about 250,000 adult badgers in the United Kingdom. Their plan calls for culling only in certain areas of England - the counties of Gloucestershire and Somerset - to reduce the badger population there by 70 percent.

Marksmen are set to start the cull soon but details are being kept secret for fear of clashes between farmers determined to protect their livestock and animal rights activists.

(Reporting by Mohammed Abbas; Editing by Bill Trott)

(c) Copyright Thomson Reuters 2012. Check for restrictions at: http://about.reuters.com/fulllegal.asp

Source: http://www.msnbc.msn.com/id/49403074/ns/technology_and_science-science/

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Blasts in southern Afghanistan kill 5

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Romney and Obama focus on debate preparations

Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., right, speaks as Republican presidential candidate, former Massachusetts Gov. Mitt Romney, listens during a campaign rally in Lancaster, Ohio, Friday, Oct. 12, 2012. (AP Photo/Paul Vernon)

Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., right, speaks as Republican presidential candidate, former Massachusetts Gov. Mitt Romney, listens during a campaign rally in Lancaster, Ohio, Friday, Oct. 12, 2012. (AP Photo/Paul Vernon)

President Barack Obama meets with Mario Orosa, left, of North Canton, Ohio, and other winners of the "Dinner With Barack" campaign fundraising contest at Smith Commons Dining Room and Public House in Washington, on Friday, Oct. 12, 2012. (AP Photo/Jacquelyn Martin)

Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks during a campaign rally in Lancaster, Ohio, Friday, Oct. 12, 2012. (AP Photo/Paul Vernon)

Vice President Joe Biden speaks at the University of Wisconsin La Crosse in La Crosse, Wis., Friday, Oct. 12, 2012. (AP Photo/Tom Lynn)

COLUMBUS, Ohio (AP) ? Republican presidential candidate Mitt Romney is preparing for his second debate with President Barack Obama but taking time to tell voters in Ohio that enthusiasm for him is surging both in this critical state and across the country.

Obama is prepping for their matchup by hunkering down Saturday in another battleground state, Virginia.

Romney is concluding a week of campaign rallies that saw him drawing larger, more excited crowds than he has through the fall campaign. More than 10,000 people turned out to several rallies, with the campaign saying that more people were signing up to attend events since Romney's strong debate performance last week in Nevada.

"I've had the fun of going back and forth across Ohio, and this week I was also in Florida and Iowa, I was in North Carolina and Virginia. And you know what? There is a growing crescendo of enthusiasm," Romney told a crowd of thousands at a sunset rally Friday in Lancaster, south of Columbus, where he and running mate Paul Ryan appeared together. "There's more energy and passion. People are getting behind this campaign. We are taking back this country."

Saturday will be the fourth of the last five days Romney will spend campaigning in this industrial, Midwestern state ? with 18 electoral votes, it's critical to his hopes of winning the White House. His campaign swing comes as he and Republicans criticize Obama for the handling of the terrorist attack on the U.S. Consulate in Benghazi, Libya.

Romney accused Vice President Joe Biden of "doubling down on denial" concerning security at the diplomatic post where the U.S. ambassador and three other Americans were killed. During the vice presidential debate Thursday, Biden said "we weren't told" about the Benghazi consulate's requests for additional security. Although a State Department official told Congress on Wednesday about the requests, the White House said Friday that Biden was speaking just for himself and for the president.

"The vice president directly contradicted the sworn testimony of State Department officials," said Romney, who was eager to stoke a controversy that has flared periodically since the attack. "American citizens have a right to know just what's going on. And we're going to find out."

Romney plans to spend Saturday morning at a hotel outside Columbus, where he'll meet with top advisers and get ready for his showdown with Obama in Hempstead, N.Y., on Tuesday. He returns to Massachusetts in the evening but first makes two campaign stops in Ohio.

After his widely panned performance in the first presidential debate, polls show Obama still holds a slim edge in Ohio. The state is crucial for Romney because his path to winning the 270 electoral college votes he needs is far narrower if he can't win Ohio. Losing here would mean he'd have to win almost all of the other up-for-grabs battleground states.

Obama was in Ohio this week, too, but he was spending the weekend in Williamsburg, Va., preparing for the debate. The president has acknowledged he needs to turn in a stronger performance when the two meet again.

Obama and top aides plan hours of practice sessions ahead of the town hall-style event, including some mock exchanges with Sen. John Kerry, D-Mass., who is playing the role of Romney.

Campaign officials sought to keep details of Obama's preparations secret. But they said the president was working on being more aggressive in responding to Romney and calling the Republican out on issues as well as pointing out what they maintain are Romney's true positions.

While Obama has no public events planned in Virginia over the next three days, his mere presence in the state will drive some local news coverage. And he may make unscheduled visits in the Williamsburg area.

The president practiced for the first debate in Nevada, another battleground state.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-10-13-Presidential%20Campaign/id-240f1c28fd6148749e6181ad2b568847

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Two points about Martin Lewis's recent posts on student loans ...

Martin Lewis is head of the Independent Student Finance Taskforce and has put together a ?mythbuster? about student loans on his website. He has recently dealt with two issues which I believe require a bit more comment and detail.

The first relates to the government?s ability to change the terms on repayment; the second to whether we should replace reference to ?loans? and ?debt? with ?contribution?. I?ll offer my thoughts on each in turn.

The ?Mythbuster? has changed recently to add a final question, Question 23: ?Can the system be changed once I?ve started??

The early days of this blog I covered a discussion between Martin and myself on whether this question needed to be addressed. I?m glad to see that this question is now treated explicitly.

The government can change the terms for existing borrowers and this is something that I have spent the last year writing about.

The ?mythbuster? website states:

It?s important to understand Parliament is omnicompetent. In other words, it?s completely free to make and change rules made in the past. This means there is no 100% guarantee the system will remain unchanged for the 30 years until you?re clear. It?s worth being aware this is a risk factor.

This point is further developed on a blog post entitled, ?Once I?ve got a student loan can the government change the terms??

?There is no way to bind a future parliament. So the best we can do, and indeed what NUS is calling for, is to ensure that this must be done via legislation (ie, parliamentary vote) rather than delegated legislation (ie, a minister allowed to make decision with authority of parliament, without? a vote).

If this were in place it would certainly slow down changes and make it more difficult, and that wouldn?t be a bad thing.

Now I agree with both these points but we need to be clear.

Changes to terms and conditions on loans do not require Parliament to implement new legislation. Such amendments are executive matters ? the government of the day, in most cases the relevant Secretary of State, has been granted the powers to set these terms and conditions using secondary legislation. (This distinction depends on differentiating Parliament and its legislative function, from the government and its powers to make operational or executive decisions).?

That is, the relevant point is not that Parliament is ?omni-competent? as per the first quote from Lewis, but rather that power has, as he puts it in the second, been ?delegated?.

In fact, the coalition government used its current parliamentary majority to pass the 2011 Education Act. This primary legislation removed the clauses fixing low interest rates on student loans and replaced them with clauses that gave the executive the power to set rates up to commercial, ?market rates? (or higher in certain circumstances): where rates are exactly set within those parameters is now an administrative matter. The same executive powers extend to the repayment threshold, the repayment rate above that threshold and the write-off of outstanding loan balances.

Clauses in the individual Student Loan Agreements provide no protection.

??You must agree to repay your loan in line with the regulations that apply at the time the repayments are due?and as they are amended. The regulations may be replaced by later regulations.? (p. 8)

The key word there being ?regulations? as opposed to ?legislation?.

I do not believe this current situation is acceptable and,one way or another, borrowers need more protection. The point being, as Lewis seems to suggest, to put impediments and checks in the way of executive decisions so as to insist on ?scrutiny and the possibility of contestation, whether legal or parliamentary.

Now, with regards to what we call ?income contingent repayment loans?, I think we should stick with loans. They do have features that make them ?like a tax? but they are loans, and, for example, will be pursued as such if you move abroad.

I do not believe it is the terminology that is putting people off. Potential applicants and those who have turned down offers are more likely to be assessing whether a 30-year ?contribution? is worth it and likely have to mind one huge issue that seems to escape most commentators, including Lewis here.

Student loans are not the only debts that graduates have.

They also have bank loans, credit cards and overdrafts: the latter in particular may have far less generous repayment terms, sometimes requiring balances of thousands of pounds to be cleared within a year of graduation.

It is important to note that maintenance loans are not designed to cover annual costs of living. As the government confirmed in July:

?It has been a longstanding principle of student support that maintenance grants and loans are generally paid as a contribution towards living costs rather than to cover them in their entirety.?

Student accommodation in London is now extremely expensive and on its own will almost entirely erode the maximum loan available.

An entirely rational aversion pertains to the conditions subtending full-time study.

This needs to be addressed first, before we quibble about what the scheme is called.

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Source: http://andrewmcgettigan.org/2012/10/13/two-points-about-martin-lewiss-recent-posts-on-student-loans/

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