Today's Takeaway: Greece on the Brink of Collapse

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Wednesday, November 02, 2011

Bank of America Drops Debit Card Fee Plans; The History of the Motto 'In God We Trust'; Super Committee Comes Up For Air; House to Vote on National Motto 'In God We Trust'; Greece's Government Hangs in the Balance; The Lives of Iraqi Refugees in the US; Obama Continues to Push Infrastructure Bill; Brian Greene on 'The Fabric of the Cosmos'

Top of the Hour: Judge Rejects Assange's Extradition Appeal, Headlines

A judge in London has rejected an appeal by WikiLeaks founder Julian Assange against extradition to Sweden. The judgement clears the way for Assange to be sent to Sweden to face sex crimes charges. Assange maintains his innocence.

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Bank of America Drops Debit Card Fee Plans

Remember the $5 monthly fee Bank of America planned to roll out for all its debit card customers? In a complete reversal, the bank now — one month later — says it's dropping plans to introduce that fee. It’s a big victory for the 200,000 customers who signed a petition on Change.org calling for Bank of America to drop this fee.

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The History of the Motto 'In God We Trust'

"In God We Trust" — that's what it says on our greenbacks. It's the national motto and on Tuesday, the House voted to reaffirm the motto. Virginia Congressman J. Randy Forbes, the man who sponsored the bill, says that this vote is to "directly confront a disturbing trend of inaccuracies and omissions, misunderstandings of church and state, rogue court challenges, and efforts to remove God from the public domain." There are about five Democrats who have challenged the bill, but everyone else seems to be pretty much on board.

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Super Committee Comes Up For Air

The Joint Deficit Reduction "Super Committee," put in charge with finding $4 trillion to cut from the deficit, held their fifth public meeting on Tuesday. But the fate of the Super Committee remains unclear as it is unlikely they will come to consensus any time soon. Todd Zwillich, The Takeaway's Washington correspondent, says the hearing was both a pep talk to the committee but also partly a threat. There is a lot riding on them to succeed and a lot of heads could roll if they fail.

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French Satirical Magazine Attacked

The office of French satirical magazine Charlie Hebdo was firebomed early Wednesday, apparently in retaliation for publishing an issue "guest edited" by the Prophet Muhammad. The magazine, known for its irreverence and skewering of all cultural institutions, had published a special edition earlier in the day to "honor" the victory of the Islamist Ennahda party in Tunisian elections under the name "Charia Hebdo," a reference to Sharia Law. Hugh Schofield, correspondent for the BBC, reports on the latest.

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House Votes to Reaffirm 'In God We Trust' as National Motto

The House of Representatives voted on Tuesday night to reaffirm "In God We Trust" as the national motto of the United States. The resolution, sponsored by Virginia Republican J. Randy Forbes, was overwhelmingly passed by a vote of 396 to 9. At a time when public trust in government and major institutions like the banks is at an all time low, what do Americans trust in? It's a question The Takeaway posed to listeners. Who or what does America trust? God? The almighty dollar? The Federal Reserve?

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Top of the Hour: Greek Cabinet Backs Referendum, Headlines

The Greek cabinet offered its unanimous support this morning to Prime Minister George Papandreou's controversial plan to hold a referendum on a European bailout plan. Papandreou will hold emergency meetings with French President Nicolas Sarkozy and German Chancellor Angela Merkel at the G-20 summit in France.

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Bailout Referendum Brings Greek Government to Brink of Collapse

World markets plunged Tuesday after Greek Prime Minister George Papandreou announced a surprise plan to hold a national referendum on the proposed European bailout package, bringing the Greek government to the brink of collapse. Several members of Parliament's governing Socialist Party have called on Papandreou to resign, and some members of his own party have called for new elections immediately. A no-confidence vote is scheduled for Friday. Early Wednesday, the Greek cabinet backed Papandreou's referendum plan. Some analysts worry the referendum will bring Greece dangerously close to defaulting on its debt.

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European Debt Crisis Shakes World Markets

Greek Prime Minister George Papandreou's surprise announcement that Greece will vote on its planned bailout has sent world markets into a tailspin. Analysts worry the planned referendum will undermine the agreement reached at meeting of European leaders in Brussels last week and bring Greece dangerously close to defaulting on its debt. In the U.S., brokerage firm MF Global filed for bankruptcy on Monday, in part due to bad bets made on European debt. Traders, however, say worries about the euro zone are primarily responsible for the volatility.

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Assange Loses Extradition Appeal

Two appeals judges in London ruled on Wednesday that WikiLeaks founder Julian Assange can be extradited to Sweden to face rape and sexual assault changes. Assange, who has been under house arrest in a country manor for months, maintains his innocence and contends the charges are politically motivated. Assange and his lawyers will have 14 days to seek an appeal on the European Arrest Warrant. Nick Childs, correspondent for the BBC, reports from the High Court in London.

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The Lives of Iraqi Refugees in the US

In the years since the start of the war in Iraq, thousands of Iraqis have fled their homes and sought refuge in neighboring countries like Jordan and Syria, but also here in the United States. San Diego, California is home to one of the largest Iraqi populations in the country, but many of them are facing hardships to create a happy home for themselves and their families. 

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Obama Continues to Push Infrastructure Bill

The Senate is set to vote on a new part of President Obama's $447 billion jobs bill which includes funding for programs to help build roads, bridges and other public works programs. The bill is likely to fail, but that has not stopped the president from continuing to campaign for its passage. Andrea Bernstein, director of the Transportation Nation project and senior correspondent for WNYC, looks at why President Obama continues to push for infrastructure despite it looking like a losing cause.

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Brian Greene on 'The Fabric of the Cosmos'

Have you ever wondered why we see time move forward, but never backward? Are you uncertain about how time and space relate to each other? Do you wonder if there are other universes out there that are similar to our own? If so, you’re not alone. Physicist and bestselling author Brian Greene has been delving into these questions his whole life.

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A Reporter on Covering Famine in Somalia

Sometimes, it is a reporter's personal connection to a place or a person that makes the story a reality to those reading it, though they may be far disconnected from the events on the ground. That is certainly the sense one gets from reading Jeffrey Gettleman's latest piece on the devastating famine that has ravaged the Horn of Africa. In today's paper, The New York Times East Africa bureau chief writes about his struggle to reconcile covering one of the worst humanitarian disasters of all time as a reporter with his desire to help the masses he's watched suffer.

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She Fought the Bank (And She Won)

Earlier this morning, The Takeaway reported on Bank of America's reversal on its plan to charge customers a $5 monthly fee for using debit cards. Public outrage coupled with over 300,000 signatures to a Change.org petition calling for Bank of America to drop the fee led to the reversal. Molly Katchpole, the woman who spearheaded the public effort to get B of A to reverse their position, talks about her victory.

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