Stocks fell following an announcement by the US Federal Reserve concerning an unconventional $400 billion treasuries trading plan that is supposed to boost the economy. Worldwide, many are concerned that their governments are not taking the right actions necessary to fix the job markets, and consequently are not willing to take risks on the trading floor.
President Mahmoud Abbas of the Palestinian Authority has requested full membership in the United Nations and recognition of Palestine as a national state. In response, tens of thousands of Palestinians celebrated at the West Bank as they hope their president’s speech will be enough to grant them formal statehood.
As tensions mount in the West Bank, Jewish settlers in the region are arming themselves and attending training sessions. Women and children are being trained in the use of firearms, in case of a Palestinian march on the Israeli settlements in the West Bank. Palestinian President Mahmoud Abbas has turned down a UN quartet initiative that would renew negotiations between Isreal and Palestine and has called for the Israeli settlers to evacuate the West Bank.
President Obama is allowing states to opt out of the No Child Left Behind law enacted during the Bush presidency. Obama was insistent that this will not mean that states will have no accountability when it comes to the quality of their education. Instead, states will be given the freedom to do what they think is best, but must still meet the national standards.
Manufacturing and Construction in China has begun to slow. Manufacturing slowed for the third consecutive month in China as policies intended to keep inflation down took effect.
Herman Cain, a contender for the GOP nomination, won a straw poll in Florida, gaining 37% of the votes cast by the 3500 delegates. Rick Perry, who was considered the front-runner of the candidates, received 15% of the vote with Mitt Romney netting 14%. Michelle Bachman, who won the Iowa straw poll, received only 1.5%.
Rebels made another major push against Sirte in Libya, Saturday. Sirte is former dictator Muammar Qaddafi’s hometown. The rebels were initially waiting to let civilians out of the town, but leaders fear that families from Misrata were stuck in basements for fear of being shot.
A former climate observation satellite came crashing down to earth Saturday morning. It is unknown exactly where or when it came down, but it is theorized that most of the six-ton satellite’s pieces landed in the Pacific Ocean. No pieces have been found or injuries reported.