No 18-game season is a victory for the NFL's players

NFL Players Association showed that it at least has some sense of reality, releasing a video of players on the bargaining committee basically thanking the fans for sticking through the lockout and expressing their excitement at getting back to business. It might not be the most original idea, but they certainly deserve credit for being self-aware enough to make the gesture.

How much rebuilding of the fans' faith is required, though? As frustrating and maddening as the lockout was, some credit is deserved for both sides' apparent realization that they needed to get a deal struck before any actual games were missed. The regular season isn't scheduled to start until Sept. 8, meaning teams will have more than six weeks to get themselves together.

oday, the labor impasse has been broken. Peace is at hand. A 10-year contract is in place, camps are opening … and the upcoming season is 16 games. So is next season. Maybe, under extraordinary circumstances, they will re-open talks about expanding to 18 for the 2013 season.

But not now. Check off another box next to Smith and the players.

There was a time, not even a year ago, that Bill Polian, president of the Colts and as influential and respected a member of NFL management as there is, said on a radio show that the 18-game season was a “fait accompli.” A done deal. In April, at the draft in New York, commissioner Roger Goodell – fresh off a round of lusty booing every time he walked onto the stage – said that fans at the site had told him how much they favored the “enhanced” season.

His – and the owners’ – selling point all along was that 20 weeks of football was much better divided up with two preseason and 18 regular-season, because fans didn’t want to spend good money on meaningless football. Oh, and more weeks of meaningful football guaranteed more television money, better attendance, better in-stadium revenue and the like.

Maybe the owners never intended this to go through and be part of the new deal – maybe they were the ones using it for leverage. If so, they sold it well, so well that it’s now utterly unclear what they got out of the deal. Because the union stuck to its guns on the 18-game season. It is off the table, and it’s not going back on, no matter what you say or do.

Goodell kept pushing that line throughout the spring, on his tour of season-ticket holders in the various cities. We keep hearing that the fans want it, he repeated. "We have not abandoned our position on that. We do think it is the right thing for the game,” he told Titans fans in May, according to the Nashville Tennessean.

Yet whenever the question was raised to anyone connected with the union, the answer was always an unequivocal, unshakeable “no.”

Now, the players and league have a contract that eases some of the physical punishment of the year-round job of football, with off-season workout schedules more manageable, hitting curtailed and training camp, full-pad two-a-days eliminated.

The 18-game season, meanwhile, is a distant memory. Not a fait accompli; not even close. Nobody seems to miss it, or even miss talking about it.

The players took their stand and didn’t get what they didn’t want. Contrary to the commissioner’s belief, that is what’s right for the game.

Stocks Trade Mixed Amid Debt Gridlock Fears

NEW YORK-U.S. blue-chip stocks opened mostly lower Tuesday as a mixed earnings picture and a lack of progress on U.S. debt talks hurt investor sentiment.

The Dow Jones Industrial Average fell 69 points, or 0.6%, to 12523, led lower by 3M, which sank 4.2%. The blue-chip conglomerate reported sales growth at most of its businesses, but investors were disappointed with the company's rising operating expenses.

Earnings and economic data are taking a backseat to headlines again,” said Mark Lehmann, president of JMP Securities. “[The debt talks] are very worry worrisome economically and politically…but it’s going to be less apocalyptic than what some people believe.”

President Obama urged a compromise to raise the debt limit and warned that the American people could not become “collateral damage” to Washington’s politics.

In a televised address aimed at rallying public support for a package proposed by Democrats, Obama warned that failure to increase the U.S. borrowing limit would severely hurt the nation.

After the Aug. 2 deadline, Lehmann expects stocks to continue a “see-saw” pattern through year-end as markets struggle to juggle earnings, IPOs and ongoing weakness in the housing and job fronts.

On the earnings front, Ford Motor [F 12.971 -0.199 (-1.51%) ] was flat even after the automaker topped earnings estimates, thanks to higher prices and improved sales in North America.

However, 3M [MMM 90.60 -4.47 (-4.7%) ] slipped after the Dow component reported higher earnings, but said Japan's March earthquake reduced sales and profit margins. Meanwhile, UPS [UPS 70.90 -3.15 (-4.25%) ] also edged lower after the package delivery company only narrowly beat profit estimates.

Meanwhile, AK Steel [AKS 13.1499 -2.3701 (-15.27%) ] plunged almost 10 percent after the steelmaker said it expects a sharp decline in profit, due to weakening steel prices and higher material costs. Earlier this week, rival U.S. Steel [X 40.75 -3.54 (-7.99%) ] also said it forecasts lower profit ahead.

And BP [BP 46.26 -0.51 (-1.09%) ] reported earnings below expectations. CEO Bob Dudley told CNBC that this year is one in which BP will consolidate and get its strength back.

Amazon.com [AMZN 212.07 -1.42 (-0.67%) ] and Electronic Arts [ERTS 23.84 -0.23 (-0.96%) ] are scheduled to report earnings after the closing bell.

Meanwhile, RadioShack [RSH 15.61 2.52 (+19.25%) ] soared after the electronics retailer disconnected an unprofitable partnership with T-Mobile and replaced it with Verizon Wireless [VZ 36.33 0.11 (+0.3%) ]. Verizon will start providing postpaid and prepaid wireless products and services in more than 4,300 RadioShack stores starting Sept. 15.

A handful of companies raise their price targets on Broadcom [BRCM 38.32 3.41 (+9.77%) ] and Baidu [BIDU 164.1716 7.6316 (+4.88%) ] after both tech firms posted earnings that beat estimates.

The S&P/Case Shiller home price index of home prices in 20 metropolitan areas held steady on a seasonally adjusted basis and in line with economists' expectations, according to a Reuters poll.

On the housing front, new home sales fell 1 percent to a seasonally adjusted 312,000-unit annual rate in June, but a sharp rise in prices and declining supply suggested the market for new houses was starting to stabilize, according to the Commerce Department. Economists had expected sales at a 320,000-unit rate, according to a Reuters poll.

Meanwhile, consumer confidence gained slightly to 59.5 in July from a downwardly revised 57.6 in the prior month, according to the Conference Board. Economists had expected a reading of 56.0, according to a Reuters poll.

At least eleven companies are scheduled to start trading this week, marking the biggest IPO week since November 2007. Among notable names, Dunkin' Brands plans to sell 22.3 million shares at a price range of $16 to $18 and will trade under the ticker "DNKN.

David Wu

David Wu, 吳振偉,吴振伟; pinyin: Wú Zhènwěi; born April 8, 1955 is the U.S. Representative for Oregon's 1st congressional district. He is a member of the Democratic Party.

The district includes most of Portland west of the Williamette River, as well as all of Yamhill, Columbia, Clatsop, and Washington Counties. As a child of immigrants from Taiwan, Wu was the first Chinese American to serve in the House of Representatives. In the wake of accusations that he made unwanted sexual advances on the daughter of a campaign donor and friend, Wu announced that he would resign 

Early life, education and career

Wu was born in Hsinchu, Taiwan. His parents were from Suzhou in Jiangsu province in China and settled in Taiwan due to the Chinese Civil War. The family moved to the United States in 1961. Wu spent his first two years in the U.S. in Latham, New York, where his family were the only Asian Americans in town.

Wu received a bachelor of science degree from Stanford University in 1977, and attended Harvard Medical School for a time, sharing an apartment with future-United States Senator Bill Frist. Wu did not complete his medical studies. Instead, he attended Yale Law School where he was awarded a Juris Doctor degree in 1982. Next, he served as a clerk for a federal judge and then co-founded the law firm of Cohen & Wu. The firm focused on representing clients in Oregon's high tech development sector, centered on "Silicon Forest.

Personal life

Wu married Michelle Maxine Wu in 1996 and they have two children. In December 2009, he filed for separation from his wife, citing irreconcilable differences.

Three weeks prior to the 2004 elections, The Oregonian published an article reporting that Wu had been accused of sexually assaulting an ex-girlfriend while attending Stanford. Stanford made Wu attend counseling, and he was disciplined by the university in 1976. Criminal charges were never filed, but the story prompted Wu to hold a press conference apologizing for "inexcusable behavior.

In February 2011, Willamette Week and later The Oregonian reported that in the runup to the November 2010 election, Wu began behaving erratically and that staffers "demanded he enter a hospital for psychiatric treatment. The erratic behavior that triggered the staff's departure was reported to be no single incident but rather a pattern of behavior that included Wu's emailing his staff photos of himself in a tiger suit.

After Wu won re-election, at least six of his staffers left, including his longtime chief of staff and his communications director. In a statement, Wu acknowledged he has sought "professional medical care" and attributed the problems to the stress of being a single father, the death of his father, and his political campaign. The Oregonian has reported that a campaign contributor gave Wu a prescription painkiller, identified by the staffer present as oxycodone to help alleviate an episode of severe neck pain.Willamette Week quoted the donor as saying the pills were ibuprofen. Wu has admitted taking the painkiller, saying that it was an act of bad judgment, but claiming that he did not know what it was.

U.S. House of Representatives

Committee assignments

Committee on Education and Labor

Subcommittee on Higher Education and Workforce Training

Subcommittee on Health, Employment, Labor, and Pensions

Committee on Science, Space and Technology

Subcommittee on Space and Aeronautics

Subcommittee on Technology and Innovation (Ranking Member)

Tenure

Wu is a member of the New Democrat Coalition (NDC), a group of moderate Democrats in the House. In 2009, Wu received a 100 percent rating from NARAL Pro-Choice America. He is also a member of the Executive Board for the Congressional Asian Pacific American Caucus and served as Chair from January 2001 to January 2004.

Elections

Wu was first elected to the U.S. House of Representatives in 1998, succeeding Democrat Elizabeth Furse. He narrowly defeated Republican Molly Bordonaro by a little over 7,100 votes. He won re-election in 2000, defeating state senator Charles Starr in the November election with 58% of the vote to 39% for Starr.Although the 1st has long been thought to be more moderate than the neighboring 3rd District, Wu has usually been reelected without serious difficulty.

Wu won re-election in 2004 over Republican Goli Ameri; in 2006 over Oregon state representative Derrick Kitts and two minor party candidates; and in 2008 with no Republican candidate running, he captured 71% of the vote to win a sixth term over four minor party candidates. He faced his most difficult reelection test in 2010, defeating Republican challenger Rob Cornilles with 54% of the vote.

Resignation

On July 22, 2011, The Oregonian reported that a teenager accused Wu of an aggressive, unwanted sexual encounter. The teenager is the daughter of a longtime friend and campaign donor. Wu admitted the encounter, but said it was consensual. House Minority Leader Nancy Pelosi called for an ethics investigation into the allegations. Wu initially indicated that he would not seek reelection in 2012, but several days later, announced he would resign following resolution of the 2011 US debt ceiling crisis.

Does John Boehner have the leverage in debt-ceiling crisis?

President Barack Obama's Democrats and their Republican rivals on Tuesday headed for a showdown over competing debt plans one week before a deadline for averting a potentially disastrous U.S. default.

With the two sides further apart than ever and the threat of a far-reaching U.S. credit downgrade looming, IMF chief Christine Lagarde urged swift resolution of the impasse, warning that failure to reach an agreement would have serious consequences for the world economy.

"The clock is ticking and clearly the issue needs to be resolved immediately," Lagarde told the Council on Foreign Relations think tank.

But there was no compromise in sight after Obama and Republican House of Representatives Speaker John Boehner delivered dueling televised addresses late on Monday and gave no ground in the bitter debate over how to raise the nation's $13.4 trillion debt ceiling by August 2 to prevent an unprecedented default.

The speaker may still engaged in that same gambit, but Monday, he embraced the banner of “cut, cap” with full-throat — while implying that his own plan, which would raise the federal debt ceiling in two stages and provide for significant spending cuts, comes as close to the principles of that plan as the "tea party" freshmen and other like-minded conservatives are going to get right now.

Reports have Boehner, along with Majority Leader Eric Cantor (R-Va.), trying Tuesday to persuade their unruly caucus of that legislative reality. At the same time, Senate Majority Leader Harry Reid (D-Nev.) is trying to rally Senate Democrats, along with a swath of Republicans, around his competing plan, one that Obama also endorses. The major difference between the two plans largely comes down to how they calculate the trillions in budget savings over the next 10 years.

Both chambers now are rushing to pass their own plans to put pressure on the other side to pass their version of the package as the clock winds down to zero. (National Football League owners did something similar last week in a different context when they voted to approve a settlement with players, forcing the players to be in the sole position of either letting the season open on time or blocking a deal.)

Boehner’s House will likely beat the Senate to the punch if the speaker can corral the votes he needs in the next day or so. Reid, because of Senate procedures, will probably have to overcome a GOP filibuster to get his plan moving — and he may have to alter his plan to make it more closely mirror Boehner's to succeed.

Right now, at least, it doesn’t look any more likely that the Reid plan could pass the House than the Boehner plan could pass the Senate. But the dynamics of the deadline could change that. So, which side might have the advantage?

If Reid’s plan does clear the Senate it might be able to attract enough Democratic votes in the House to overcome GOP defections. (Assuming House leaders would allow a vote on Reid’s plan at all.) But such an outcome could make Boehner appear weak, even endanger his speakership.

At the same time, if Boehner can make it clear that his plan is the only one that can pass the House, it’s possible that will give him enough leverage in the Senate to convince moderate Democrats (especially the several facing tough 2012 reelection fights) to vote for it.

To that end, Boehner has one key ICBM in his arsenal, the very tea party-infused Republicans maligned by Obama and castigated by commentators of all partisan stripes. Of all the respective factions in this long-running fight, it’s the only group that has said time and again that it was willing to risk a federal default. That’s an outcome that Obama and the Democrats cannot afford to let happen, which could shift the balance of power to the speaker.

David Wu announces resignation amid sex scandal

Democratic Rep. David Wu, facing eroding support from his party, plans to resign following allegations that he had a forced sexual encounter with a young woman last year.

The Oregon congressman said Tuesday that he would step down pending "resolution" of the debt-ceiling crisis. The announcement comes after he initially told colleagues he wanted to stay in office until the end of his term in early 2013.

"The time has come to hand on the privilege of high office," Wu said in a statement. "I cannot care for my family the way I wish while serving in Congress and fighting these very serious allegations."

Wu cited the "wellbeing of my children" in announcing his decision. He also said his resignation would "avoid any distraction from the important work at hand in Washington."

Though Wu initially tried to remain in office, House Democratic Leader Nancy Pelosi applied pressure to Wu Monday by formally requesting an ethics committee investigation into his actions.

Wu said that his resignation would be effective upon the resolution of the debt ceiling crisis.

"This is the right decision for my family, the institution of the House, and my colleagues," he said. "It is also the only correct decision to avoid any distraction from the important work at hand in Washington."

National Democratic leaders had stopped short of calling for Wu's resignation, but House Democratic Leader Nancy Pelosi yesterday asked the House Ethics committee to investigate the allegations against the seven-term congressman.

Last week's allegation against Wu is the latest in a series of charges that the congressman has engaged in questionable behavior. Earlier this year, Wu acknowledged that he sent erratic emails to his staffers, including a picture of himself around Halloween in a tiger costume. Several of his staff members resigned following his re-election in November, and Oregon newspapers reported that his campaign staffers had pleaded with Wu to seek psychiatric help the week before the 2010 election. Wu said in February he has sought mental health treatment, including counseling and medication.