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Financial News 7/23/12 - Aurora Shooting, NCAA Sanctions Penn State, Spain bans Shorting

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Published on Jul 23, 2012

In wake of the horrendous crime that happened in a movie theatre in Aurora, Colorado, President Barack Obama has travelled to the site in support of the families of those who lost their lives and those who were injured. Today the 24 year old James Eagan Holmes, is due to appear in court for the first time. 12 people died at his hands, among them a girl who was only 6 years old, 58 people were injured, while trying to enjoy a movie premiere. The neuroscience student had not shown any previous signs of mental illness or tendency towards violence, according to people who knew him, and while we condemn this angry and disturbed man, I would also like to see the officials of the National Rifle Association explain to us, how it is possible, for a 24 year old neuroscience student to get his hands on thousands of rounds of ammunition, four guns, including the a AR-15 semiautomatic rifle, Glock handguns and a shotgun. And why a federal ban on assault weapons, that was declared in 1994, including a restriction on sales of the AR-15, that expired in 2004 and was never renewed. Do we all really need to get ourselves guns and ammunition to feel safe next time we go to watch a movie? It is long overdue to call for tighter laws and restrictions, because James Eagan Holmes is not the only ticking time bomb, waiting to explode on us. Our thoughts are with the victims, their friends and families. Our eyes are on President Obama and Romney, to hopefully start answering calls to bridle the NRA!
The NCAA has spoken. Penn State is to pay a $60 million dollar fine, is banned from the bowl for four years, loses its scholarship program and Paterno's wins from 1998-2011 as well as his statue, are wiped out. Such is the aftermath of a child abuse case, that should never have happened. May justice always prevail. Keep your children safe.
Outside pressure is growing Syria's president Bashar al-Assad, while fear is mounting that chemical weapons may be used against external intervention forces. According to most recent reports, the Syrian army has retaken control of some part of Damascus, but the Arab League is urging president Bashar al-Assad to resign. Stay tuned for more updates.
In the financial world, Spain is shaking the markets again, with fear mounting, that the 4th biggest European economy, may be forced to ask for an official bailout after all, as Spain's 10 year government bond yields rose above 7.5 percent. In a move to bring some stability into the volatile market, Spain has now banned short selling of all stocks for three months. The Dow Jones dropped 202 points. It really doesn't look good for the eurozone. Does it?

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