Stock index futures signal lower Wall Street open

LONDON (Reuters) - Stock futures pointed to a slightly lower open on Wall Street on Wednesday after gains in the previous session, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 falling 0.1 to 0.2 percent.


A measure to extend the U.S. debt limit for nearly four months moved closer to a vote and the White House said the president would sign the bill if it cleared Congress, easing uncertainty that could have threatened the U.S. economy.


Focus will be on Apple results. Analysts on average estimate Apple's fiscal first-quarter earnings per share at $13.41, down slightly from $13.87 in the year-earlier quarter. Revenue is seen up 18 percent at $54.7 billion, according to Thomson Reuters I/B/E/S.


Other major companies announcing results include Well point , McDonald's and Abbott .


Revenue from Google Inc's core Internet business outpaced many analysts' expectations during the crucial holiday quarter and advertising rates fell less than in previous periods, pushing its shares up roughly 5 percent. Google shares in Frankfurt were up 4.7 percent on Wednesday.


IBM , the world's largest technology services company, gave a better than expected 2013 outlook after a solid fourth quarter that analysts say has more to do with Big Blue's smooth execution than a vibrant tech spending environment. IBM's shares in Frankfurt were 4 percent higher on Wednesday.


The Mortgage Bankers Association releases Weekly Mortgage Market Index for the week ended January 18 at 1200 GMT. The index read 836.5 and the refinancing index was 4,563.7 in the previous week.


JPMorgan Chase & Co Chief Executive Jamie Dimon apologized to shareholders for the $6 billion loss caused by the so-called "whale" trade, calling it a "terrible mistake," but said the bank has moved on and is still highly profitable.


British Prime Minister David Cameron said on Wednesday he would hold a referendum before the end of 2017 to decide whether Britain remains a member of the European Union, provided he wins the next election.


ICSC/Goldman Sachs release chain store sales for the week ended January 18 at 1245 GMT. In the previous week, sales fell 0.6 percent.


Redbook releases its index of department and chain store sales for January at 1355 GMT. In December, sales fell 0.3 percent.


At 1455 GMT, the Institute for Supply Management Chicago releases annual revisions to its index of manufacturing activity. In December, the index read 51.6.


European shares <.fteu3> were flat in early trading on Wednesday, with encouraging earnings reports from some companies underpinning the market.


Bank and commodity shares led the benchmark Standard & Poor's 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend.


The Dow Jones industrial average <.dji> rose 62.51 points, or 0.46 percent, to 13,712.21 at the close on Tuesday. The S&P 500 <.spx> gained 6.58 points, or 0.44 percent, to 1,492.56. The Nasdaq Composite <.ixic> added 8.47 points or 0.27 percent, to 3,143.18.


(Reporting by Atul Prakash/editing by Chris Pizzey, London MPG Desk, +44 (0)207 542-4441)



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Williams loses Stephens; Azarenka into semis


MELBOURNE, Australia (AP) — Serena Williams was only thinking out loud when she muttered that this Australian Open had been "the worst two weeks."


Not long after a courtside microphone picked up those comments during her quarterfinal with 19-year-old American Sloane Stephens, things got a whole lot worse.


Stephens outplayed Williams, whose movement and serves had been slowed by a back injury, and beat the 15-time Grand Slam champion 3-6, 7-5, 6-4. It was Williams' first loss since Aug. 17, and her first defeat at a Grand Slam tournament since last year's French Open.


Williams' downer of a Grand Slam Down Under started badly when she turned her right ankle in her opening match at Melbourne Park.


"I've had a tough two weeks between the ankle ... and my back, which started hurting," Williams said. "A lot of stuff."


While Williams packed for home — she and sister Venus have also lost in doubles — Stephens advanced to a semifinal Thursday against defending champion Victoria Azarenka.


The top-seeded Azarenka beat Svetlana Kuznetsova 7-5, 6-1 in the early quarterfinal at Rod Laver Arena. Maria Sharapova, who has lost only nine games in five matches, plays Li Na in the other semifinal Thursday.


On the men's side, Andy Murray advanced to the semis with a 6-4, 6-1, 6-2 victory over Jeremy Chardy. Murray, the U.S. Open champion, will play the winner of Wednesday's late quarterfinal between No. 2 Roger Federer and No. 7 Jo-Wilfried Tsonga.


The other semifinal has defending champion Novak Djokovic taking on No. David Ferrer on Thursday.


Williams hurt her back in the eighth game of the second set and things got progressively worse. She yelled at herself on several occasions, and smashed a racket into the court, earning a $1,500 fine from tournament officials.


"I was running to the net for a drop shot," Williams said, describing the lead up to her injury. "As I went to hit it, it was on the backhand. I even screamed on the court. I totally locked up after that."


She reiterated after the match that her injuries had made this Australian Open difficult for her.


"Absolutely, I'm almost relieved that it's over because there's only so much I felt I could do," she said. "I've been thrown a lot of (curve) balls these two weeks."


Stephens has been, too, but has coped well, and the magnitude of her accomplishment only hit her while she was warming down after the match.


"I was stretching, and I was like, 'I'm in the semis of a Grand Slam.' I was like, 'Whoa. It wasn't as hard as I thought,'" she said. "To be in the semis of a Grand Slam is definitely a good accomplishment. A lot of hard work."


The No. 29-seeded Stephens hadn't been given much of a chance of beating Williams, who lost only four matches in 2012 and was in contention to regain the No. 1 ranking at the age of 31.


Williams' latest winning streak included a straight-set win over Stephens at the Brisbane International this month.


Stephens wasn't even sure that she could beat Williams until she woke up Wednesday.


"When I got up, I was like, 'Look, Dude, like, you can do this.' Like, 'Go out and play and do your best," she said.


Williams walked around the net to congratulate Stephens, who then clapped her hand on her racket and waved to the crowd, a look of disbelief on her face.


Stephens has said she had a photo of Williams in her room when she was a child, and had long admired the Williams sisters.


"This is so crazy. Oh my goodness," Stephens said, wiping away tears in her post-match TV interview. "I think I'll put a poster of myself (up) now."


Azarenka, with her most famous fan sitting in the crowd wearing a shirt reminding her to keep calm, overcame some early jitters to beat Kuznetsova.


After dropping serve in a long fourth game that went to deuce 10 times, Azarenka recovered to dominate the rest of the match against Kuznetsova, a two-time major winner who was floating dangerously in the draw with a No. 75 ranking as she recovers from a knee injury.


Azarenka's American rapper friend, Redfoo, returned from a concert in Malaysia to attend Wednesday's quarterfinal match.


Wearing a red sleeveless T-shirt that read "Keep Calm and Bring Out the Bottles," the name of his next single, Redfoo stood, clapped and yelled "Come on, Vika!" during the tight first set.


Williams' loss was a boost for Azarenka, who lost all five head-to-heads against the American in 2012 and is 1-11 in their career meetings.


The 25-year-old Murray had his service broken for only the second time while serving for the match. But he broke back immediately to clinch a quarterfinal victory.


Murray discounted comments in the British media that he was upset with an almost full schedule of day matches while Federer was given featured cooler night slots on Rod Laver Arena.


"The scheduling for me is part and parcel of playing in really any tennis tournament," Murray said. "It's tough to make the schedule perfect for every single player."


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The Citizen Science of Climate Change: We are not bystanders






Superstorm Sandy prior to the 2012 Presidential election put climate change on the mind of many voters. Earlier this month, a Federal Advisory Committee of 13 collaborating agencies released a Draft Climate Assessment Report for public review. The data show the climate is already changing: rising sea-level, ocean acidification, damage to infrastructure, and impacts on human health, water resources, and agriculture. Because the data make it hard to remain optimistic, many were thankful to hear Obama say at his inauguration, “We’ll respond to the threat of climate change, knowing that the failure to do so would betray our children and future generations.”One overlooked aspect of the data, however, can also give us reason for optimism. Although credit for the report is given to 240+ scientists and engineers who compiled the evidence about global climate change, the backbone of the knowledge presented arises from efforts of unsung (and unwitting) heroes: people who collect weather data. The coordinated, cross-generational, collective nature of the public data-collection efforts reveals an unexploited strength in our society that should give us hope.It’s often unclear where climate change data come from; like many others, I had assumed it’s all generated by satellites circling the earth and buoys floating in the ocean. While those technologies play a role, data on the key variables of temperature and precipitation have been, and still are, collected by otherwise ordinary people. Thus, evidence for climate change is not because “scientists say so”, but rather because the collective observations of people show we have shorter, warmer winters, and longer, hotter summers, periods of extreme heat lasting longer than any living American can recall, and rain in extremes: either heavier downpours or droughts. Separately, people across the country have noted these observations in their backyards. Scientists have pooled the observations to reveal widespread patterns.The new assessment is an impressive synthesis of the most up-to-date studies in the peer-reviewed literature about climate change. It details negative impacts in a wide array of economic sectors, from maple syrup in Vermont to oysters in Washington. Each study that involved rain, snow, and temperature measurements drew those data from the U.S. Cooperative Weather Observer Program: a citizen science network.The Program is not often referred to as citizen science, probably in part because it started generations before the term was coined, but that’s what it is.Public contributions of weather measurements date as far back as the availability of instruments to measure weather. When founding our nation, Thomas Jefferson wanted to deputize one person in every county in Virginia to collect temperature and wind data twice a day. The Revolutionary War pre-empted these plans.The concept kept recurring. In the late 1840s, Matthew Maury wanted farmers to collect weather data and share them via the telegraph so that his naval office could aggregate reports and make forecasts. He adapted the idea from a maritime system he coordinated, whereby weather information crowdsourced from merchant ships was turned into wind and current maps that quickened ocean travel. The Civil War pre-empted his land-based weather plans.In 1870, President Grant formed an agency to coordinate a volunteer weather observer program. The program eventually became the U.S. Cooperative Weather Observer Program of the National Weather Service. Since then, gathering standardized weather data has been a tradition in many families at 12,000 sites in the U.S. Take a look at the National Weather Service newsletters honoring long-term service and you’ll see Terrell Phillips of Douglas, Georgia, who took over observations after his father passed away so that their weather station has operated for a continuous 50 years. You’ll see Sara Waddell of Woodruff, South Carolina, who received a 25-year length of service award, following in her parents’ footsteps. Her mother had observed since 1956 and her father since 1987. And we can thank Robert Hoppe of Broadwater County, Montana, for 40 years of service; he comes from a farming family that has recorded since 1939. Together, people contribute about one million volunteer hours annually. A core of about 1,200 of these sites has continuous history ideal for climate change research.It would be nearly impossible for me to accept the burden of the report’s conclusions – climate change is not only real, but accelerating – if it weren’t for the one glimmer of hope that I see in all knowledge coproduced via citizen science: the power of the coordinated, collective efforts of curious, dedicated people. The discovery and understanding of global climate change, which has been so hotly debated, was possible because we are not a country of bystanders. We are participators. When the weather service asked for help, people helped. Because of participation, we have an inkling of the threats that we face.I don’t know the solutions to global climate change. You probably don’t either. But any solutions will certainly involve collective action. It was our uncoordinated collective action, in the form of burning fossil fuels, that has made the climate change problem. And it was our coordinated collected action that informed us of the problem. We all will be forced to deal with climate change, so the question is: which type of collective action do we prefer? The coordinated, dedicated, collective efforts embedded in family traditions and daily practices as seen in citizen science illustrate the attributes and possibilities we need to find the best path forward. As President Obama said, we won’t let down our children or future generations–indeed, we’ll teach them to participate.Images: NOAA Photo Library.


Follow Scientific American on Twitter @SciAm and @SciamBlogs.Visit ScientificAmerican.com for the latest in science, health and technology news.
© 2013 ScientificAmerican.com. All rights reserved.
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2013 could be 'climate game-changer'




An ice sculpture entitled 'Minimum Monument' by Brazilian artist Nele Azevedo outside Berlin's Concert Hall, September 2, 2009.




STORY HIGHLIGHTS


  • The "neglected" risk of climate change seems to be rising to the top of leaders' agendas

  • Extreme weather events are costing the global economy billions of dollars each year

  • Gas can be an important bridge to a lower carbon future but it's not the answer

  • More investment in renewable energy is needed, with fewer risks




Editor's note: Andrew Steer is President and CEO of the World Resources Institute, a think tank that works with governments, businesses and civil society to find sustainable solutions to environmental and development challenges.


(CNN) -- As leaders gather for the World Economic Forum in Davos, signs of economic hope are upon us. The global economy is on the mend. Worldwide, the middle class is expanding by an estimated 100 million per year. And the quality of life for millions in Asia and Africa is growing at an unprecedented pace.


Threats abound, of course. One neglected risk -- climate change -- appears to at last be rising to the top of agendas in business and political circles. When the World Economic Forum recently asked 1,000 leaders from industry, government, academia, and civil society to rank risks over the coming decade for the Global Risks 2013 report, climate change was in the top three. And in his second inaugural address, President Obama identified climate change as a major priority for his Administration.



Andrew Steer

Andrew Steer



For good reason: last year was the hottest year on record for the continental United States, and records for extreme weather events were broken around the world. We are seeing more droughts, wildfires, and rising seas. The current U.S. drought will wipe out approximately 1% of the U.S. GDP and is on course to be the costliest natural disaster in U.S. history. Damage from Hurricane Sandy will cost another 0.5% of GDP. And a recent study found that the cost of climate change is about $1.2 trillion per year globally, or 1.6% of global GDP.


Shifting to low-carbon energy sources is critical to mitigating climate change's impacts. Today's global energy mix is changing rapidly, but is it heading in the right direction?


Coal is the greatest driver of carbon dioxide emissions from energy, accounting for more than 40% of the total worldwide. Although coal demand is falling in the United States -- with 55 coal-powered plants closed in the past year -- it's growing globally. The World Resources Institute (WRI) recently identified 1,200 proposed new coal plants around the world. And last year, the United States hit a record-high level of coal exports—arguably transferring U.S. emissions abroad.










Meanwhile, shale gas is booming. Production in the United States has increased nearly tenfold since 2005, and China, India, Argentina, and many others have huge potential reserves. This development can be an economic blessing in many regions, and, because carbon emissions of shale gas are roughly half those of coal, it can help us get onto a lower carbon growth path.


However, while gas is an important bridge to a low carbon future—and can be a component of such a future—it can't get us fully to where we need to be. Greenhouse gas emissions in industrial countries need to fall by 80-90% by 2050 to prevent climate change's most disastrous impacts. And there is evidence that gas is crowding out renewables.


Renewable energy -- especially solar and wind power -- are clear winners when it comes to reducing emissions. Unfortunately, despite falling prices, the financial markets remain largely risk-averse. Many investors are less willing to finance renewable power. As a result of this mindset, along with policy uncertainty and the proliferation of low-cost gas, renewable energy investment dropped 11%, to $268 billion, last year.


What do we need to get on track?



Incentivizing renewable energy investment


Currently, more than 100 countries have renewable energy targets, more than 40 developing nations have introduced feed-in tariffs, and countries from Saudi Arabia to South Africa are making big bets on renewables as a growth market. Many countries are also exploring carbon-trading markets, including the EU, South Korea, and Australia. This year, China launched pilot trading projects in five cities and two provinces, with a goal of a national program by 2015.


Removing market barriers


Despite growing demand for renewable energy from many companies, this demand often remains unmet due to numerous regulatory, financial, and psychological barriers in the marketplace.


In an effort to address these, WRI just launched the Green Power Market Development Group in India, bringing together industry, government, and NGOs to build critical support for renewable energy markets. A dozen major companies from a variety of sectors—like Infosys, ACC, Cognizant, IBM, WIPRO, and others— have joined the initiative. This type of government-industry-utility partnership, built upon highly successful models elsewhere, can spur expanded clean energy development. It will be highlighted in Davos this week at meetings of the Green Growth Action Alliance (G2A2).


De-risking investments


For technical, policy, and financial reasons, risks are often higher for renewables than fossil-based energy. Addressing these risks is the big remaining task to bring about the needed energy transformation. Some new funding mechanisms are emerging that can help reduce risk and thus leverage large sums of financing. For example, the Green Climate Fund could, if well-designed, be an important venue to raise funds and drive additional investments from capital markets. Likewise, multi-lateral development banks' recent $175 billion commitment to sustainable transport could help leverage more funds from the private and public sectors.


Some forward-looking companies are seeking to create internal incentives for green investments. For example, companies like Unilever, Johnson & Johnson, and UPS have been taking actions to reduce internal hurdle rates and shift strategic thinking to the longer-term horizons that many green strategies need.


Davos is exactly the type of venue for finding solutions to such issues, which requires leadership and coalition-building from the private and public sectors. For example, the the G2A2, an alliance of CEOs committed to addressing climate and environmental risks, will launch the Green Investment Report with precisely the goal of "unlocking finance for green growth".


Depending on what happens at Davos—and other forums and meetings like it throughout the year—2013 could just be a game-changer.


Follow us on Twitter@CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Andrew Steer.






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Massive blaze engulfs vacant Bridgeport warehouse









One-third of the Chicago Fire Department's on-duty personnel responded to a 5-11 alarm fire that engulfed a warehouse building, causing parts of it to collapse and endangering nearby buildings in the Bridgeport neighborhood Tuesday night.


A four-story building caught fire after 9 p.m., endangering another building, according to the Chicago Fire Department. Extra alarms, bringing more fire equipment, firefighters and paramedics were called soon after firefighters arrived. The fire in the former Harris Marcus Group building, 3757 S. Ashland Ave., was declared under control, though still burning, as of about 12:30 a.m. Wednesday.


Firefighters had to contend with frozen hydrants and ice caused by overspray, Fire Department Commissioner Jose Santiago said. One firefighter suffered a back injury and was taken to Advocate Christ Medical Center in serious condition, said Chicago Firefighter Meg Ahlheim, a department spokeswoman.








The fire climbed into the sky and sent ashes down on cars below. The warmth from the blaze could be felt blocks away. A Chicago Fire Department helicopter was called into service to provide an "aerial visual," but after firefighters arrived, they were able to keep the blaze from spreading to nearby businesses, Santiago said.


Still, anyone who looked out an upper-floor window from buildings across the city could see the fire, with many sending photographs out over social media. Ashes fell far from the fire scene.


"You could see the embers from the highway," said Darcy Benedict, a 28-year-old UIC medical school student. "I could see blue flames rising up."


Benedict and her boyfriend saw the fire from Interstate 55 and got off to get a better look. 


A crowd of at least 40 adults and children stood behind police tape, bundled up in the freezing weather, taking videos with cellphones.


Several others at the scene expressed doubt that the fire could be contained, as dozens of hoses could be seen in the distance spraying high and low onto the enormous blaze.

The commander at Tuesday's fire used two 'special alarms' to call for additional equipment beyond what a 5-11 alarm calls for, calling in special equipment needed to fight the massive blaze, Santiago said.


“I’m looking at the south side of the main fire building and there’s a big portion of exterior wall and roof collapse,” said Chicago Firefighter Meg Ahlheim, a Chicago Fire Department spokeswoman.


There was “extreme fire” throughout the buildings. Nobody has been reported injured.


The fire in the second building was mostly extinguished as of about 10:25 p.m. but the first building is "still involved," Ahlheim said.


Special alarms are called beyond the fifth, though they are "extremely rare," according to the fire department.


Commissioner Santiago said it was the first time a 5-11 with two special alarms was called since 2006 - apparently fire a fire that gutted the historic Wirt Dexter Building in the South Loop. That fire broke out before 3 p.m. on a weekday, snarled downtown traffic and forced the CTA to stop service on Loop L tracks.


Santiago said a Fire Department chief was driving past the warehouse when he saw smoke, turned around and called the fire in, bringing the first response, which was quickly elevated to an extra-alarm.


The alarms normally escalate one at a time beyond a normal fire response up to a fifth alarm, though the scene commander skipped a fourth alarm once the fire jumped to another building.


There was also a 5-11 fire in 2012 - in Avondale on the Northwest Side. That burned for hours but didn't required the special alarms called for Tuesday night's fire. About 200 firefighters and paramedics responded to that fire.


Santiago described the warehouse as "old," with lots of timber throughout the building. Firefighters are expected to be at the blaze for several hours, he said. As the water poured on the fire starts to freeze, more portions of the timber-and-brick construction building are likely to collapse under the weight of the ice, he said.


Check back for more information.


lford@tribune.com
Twitter: @ltaford


pnickeas@tribune.com
Twitter: @peternickeas


ehirst@tribune.com
Twitter: @ellenjeanhirst



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Cameron promises Britons straight choice on EU exit


LONDON (Reuters) - Prime Minister David Cameron promised on Wednesday to give Britons a straight referendum choice on whether to stay in the European Union or leave, provided he wins an election in 2015.


Cameron ended months of speculation by announcing in a speech the plan for a vote sometime between 2015 and the end of 2017, shrugging off warnings that this could imperil Britain's diplomatic and economic prospects and alienate its allies.


Cameron said Britain did not want to pull up the drawbridge and retreat from the world but that public disillusionment with the EU is at "an all-time high".


"It is time for the British people to have their say. It is time for us to settle this question about Britain and Europe," Cameron said. His Conservative party would campaign for the 2015 election promising to renegotiate Britain's EU membership.


"When we have negotiated that new settlement, we will give the British people a referendum with a very simple in or out choice to stay in the European Union on these new terms; or come out altogether. It will be an in-out referendum."


Cameron said he wants Britain to claw back some powers from Brussels, a proposal that other European countries reject. Britain would do an "audit" to determine what powers Brussels had that should best be delegated to member states.


Sterling fell to its lowest in nearly five months against the dollar on Wednesday as Cameron was speaking.


Whether Cameron will ever hold the referendum remains as uncertain as the Conservatives' chances of winning the next election due in 2015.


They trail the opposition Labour party in opinion polls, and the coalition government is pushing through painful public spending cuts to try to reduce Britain's large budget deficit, likely to upset voters in the meantime.


Cameron's promise looks likely to satisfy much of his own party, which has been split on the issue, but may create uncertainty when events could put his preferred option - a looser version of full British membership - out of reach.


The move may also unsettle other EU states, such as France and Germany. European officials have already warned Cameron against treating the bloc as an "a la carte menu" from which he can pick and choose membership terms.


The United States, a close ally, has said it wants Britain to remain inside the EU with "a strong voice".


The speech could also exacerbate rifts with Cameron's pro-European Liberal Democrat junior coalition partners.


Cameron said he would prefer Britain, the world's sixth biggest economy, to remain inside the 27-nation EU but he also made clear he believes the EU must be radically reformed. It was riskier to maintain the status quo than to change, he said.


"The biggest danger to the European Union comes not from those who advocate change, but from those who denounce new thinking as heresy," he said.


If Britain left the EU, Cameron said it would be "a one-way ticket, not a return", adding however that he would campaign to stay inside a reformed EU "with all my heart and soul".


"WAFER THIN" CONSENT


Cameron said the euro zone debt crisis was forcing the bloc to change, and Britain would fight to make sure new rules are fair to countries that do not use the common currency. Britain is the largest of the 10 EU members that do not use the euro.


Democratic consent for the EU in Britain was now "wafer thin", he said, reflecting the results of opinion polls that show a slim majority would vote to leave the bloc and the rise of the UK Independence Party that favors complete withdrawal.


"Some people say that to point this out is irresponsible, creates uncertainty for business and puts a question mark over Britain's place in the European Union," said Cameron. "But the question mark is already there: ignoring it won't make it go away."


Avoiding a referendum would make an eventual British exit more likely, not less, he said.


"Simply asking the British people to carry on accepting a European settlement over which they have had little choice is a path to ensuring that when the question is finally put - and at some stage it will have to be - it is much more likely that the British people will reject the European Union."


Asked after the speech whether other EU countries would agree to renegotiate Britain's membership, Cameron said he was an optimist and that there was "every chance of success."


"I want to be the prime minister who confronts and gets the right answer for Britain on these kind of issues," he said.


Cameron's speech has been marked by long delays and was postponed from last week due to the Algerian hostage crisis.


(Editing by Guy Faulconbridge and Peter Graff)



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Shares hit 20-month high as Japan promises open-ended easing

LONDON (Reuters) - World shares hit a new 20-month high on Tuesday after Japan's central bank promised to pump unlimited stimulus into the country's economy to fight the threat of deflation and generate growth.


The Bank of Japan, which has been under intense political pressure to overcome deflation, hiked its inflation target to 2 percent and said that from 2014 it would adopt an open-ended commitment to buy assets.


The move surprised markets, which had expected another incremental increase in its 101 trillion yen ($1.12 trillion) asset-buying and lending program, though the delay until the easing measures kick in dulled the impact and saw the yen edge higher against the dollar.


"From 2014 onwards it's positive ... (but) from now until then, they are not doing anything more aggressive to weaken the yen," said Roy Teo, an FX strategist for ABN Amro.


Equity markets, particularly in Japan, have risen strongly in the run up to Tuesday's meeting, and the confirmation of the plans was enough to lift the MSCI world index <.miwd00000pus> 0.15 percent to a fresh 20-month high of 352.54.


European shares, which have been testing two-year highs in recent days, saw a more subdued start as investors awaited a cue from U.S. corporate earnings figures later in the day.


London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> opened between flat and down 0.1 percent, leaving the FTSEurofirst 300 <.fteu3> down 0.1 percent.


Brent crude rose 0.3 percent to $112.07 a barrel, and gold was up 0.2 percent as the BOJ's latest easing action added to recent positive data from the United States and China, while growing confidence in the strength of China's economic recovery pushed London copper up 0.7 percent to $8,111.75 a metric ton.


General market sentiment was also supported by signs of a compromise to avert a U.S. fiscal crisis.


Republican leaders in the U.S. House of Representatives have scheduled a vote on Wednesday on a nearly four-month extension of U.S. borrowing capacity, aimed at avoiding a fight over the looming federal debt ceiling.


In the European bond market, Bund futures were steady as investors eyed a new 10-year Spanish bond and waited on the ZEW investor sentiment index due at 1000 GMT for the latest gauge on the health of the euro zone's largest economy, Germany.


(Reporting by Marc Jones; Editing by Will Waterman)



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Jim, John Harbaugh ready for rematch at Super Bowl


SANTA CLARA, Calif. (AP) — Jim and John Harbaugh have exchanged a handful of text messages, and plan to leave it at that. No phone conversations necessary while the season's still going. No time for pleasantries, even for the friendly siblings.


There is work to be done to prepare for the Super Bowl, prepare for each other, prepare for a history-making day already being widely hyped as "Harbowl" or "Superbaugh" depending which nickname you prefer.


"It doesn't matter who the coach is, what relationship you have with the person on the other side," 49ers coach Jim Harbaugh said so matter-of-factly Monday afternoon.


Their parents sure aren't picking sides for the Feb. 3 matchup in New Orleans.


These days, the Harbaughs' longtime coaching father, Jack, stays away from game-planning chatter or strategy sessions with his Super Bowl-bound coaching sons. Baltimore's John Harbaugh and little brother Jim have been doing this long enough now to no longer need dad's input.


Yet, they still regularly seek it. And, their father does offer one basic mantra: "Get ahead, stay ahead."


"Probably the greatest advice that I've ever been given and the only advice that I've ever found to be true in all of coaching, I think we mentioned it to both John and Jim ... the coaching advice is, 'Get ahead, stay ahead,'" Jack Harbaugh said.


"If I'm called upon, I'll repeat that same message."


His boys still call home regularly to check in with the man who turned both on to the coaching profession years ago, and the mother who has handled everything behind the scenes for decades in a highly competitive, sports-crazed family — with all the routine sports clichés to show for it.


The Harbaugh brothers will become the first siblings to square off from opposite sidelines when their teams play for the NFL championship at the Superdome.


Not that they're too keen on playing up the storyline that has no chance of going away as hard as they try.


"Well, I think it's a blessing and a curse," Jim Harbaugh said Monday. "A blessing because that is my brother's team. And, also, personally I played for the Ravens. Great respect for their organization. ... The curse part would be the talk of two brothers playing in the Super Bowl and what that takes away from the players that are in the game. Every moment that you're talking about myself or John, that's less time that the players are going to be talked about."


Both men love history, just not the kind with them making it.


"I like reading a lot of history ... I guess it's pretty neat," John Harbaugh offered Monday. "But is it really going to be written about? It's not exactly like Churchill and Roosevelt or anything. It's pretty cool, but that's as far as it goes."


Nice try, guys.


John watched the end of Jim's game from the field in Foxborough, Mass., as Baltimore warmed up for the AFC championship game. Jim called his sister's family from the team plane before takeoff after a win at Atlanta and asked how his big brother's team was doing against New England.


The improbable Super Bowl features a set of brothers known around the NFL as fierce competitors unafraid to make a bold move during the season. Unafraid to upset anyone who stands in their way.


In fact, each one made a major change midseason to get this far — John fired his offensive coordinator, while Jim boosted his offense with a quarterback switch from Alex Smith to Colin Kaepernick.


Leading up to Sunday's games, parents Jack and Jackie said they would wait to decide whether to travel to New Orleans if both teams advanced or stick to what has been working so well — watching from the comfort of their couch in Mequon, Wis.


"We enjoy it very much. We get down in our basement, turn on the television and just have a fantastic day watching outstanding football," Jack said last week. "We share our misery with no one but ourselves. Not only the misery, but the ups and downs, the ins and outs of an outstanding professional game."


And, no, the Harbaughs weren't looking ahead to a potential big trip to the Big Easy.


Jack insists his wife is quick to pull out that old sports cliche: "It's one game at a time. I think it's very appropriate," he said.


Jim figures they won't possibly miss this history-making game.


"I think they'll be there," he said with a smile.


The brothers, separated in age by 15 months, have taken different paths to football's biggest stage — years after their intense games of knee football at the family home. They tried to beat each other at cards, or whatever other game it was at the time. Sometimes, they tried to beat each other up. Sister, Joani Crean, often got in on the fun, too.


The 49-year-old Jim never reached a Super Bowl, falling a last-gasp pass short during a 15-year NFL career as a quarterback. The 50-year-old John never played in the NFL.


Still, both will tell you, "Who's got it better than us? No-body!" — one catchphrase they got from their dad.


"We can't put into words what it means to see John and Jim achieve this incredible milestone," their brother-in-law, Indiana basketball coach Tom Crean, said on Twitter. "We talked to Jim (before) his team plane left. All he wanted to know was how was John doing? How were they playing? One incredible family who puts the care, well-being and love for each other at the forefront like most families do. Again, we are very proud of them. Going to be exciting to watch it unfold."


John worked his way up from the bottom of the coaching ranks, while Jim was the star college quarterback at Michigan, a first-round draft pick and eventual Pro Bowler who made coaching his career once he retired.


John already has the one-up, while Jim's team is the early favorite. John's Ravens beat the 49ers 16-6 on Thanksgiving night 2011, in Jim's rookie season as an NFL coach — though both know that means nothing now.


"I just want everybody to know, that was a four-day deal and every story has been told," John said. "We're not that interesting. There's nothing more to learn. The tape across the middle of the room story, OK, you got it? It's OK. It was just like any other family, really. I really hope the focus is not so much on that. We get it, it's really cool and it's exciting and all that."


Said Jim, "Completely new business."


In spite of his efforts to avoid the topic, Jim did take the opportunity to express how proud he is of John.


"He's a great football coach, a real grasp of all phases — offense, defense, special teams. I think he could coordinate at least two of those phases and do it as well as anyone in the league," Jim said. "I've got half the amount of coaching experience he does. Again, it's not about us. I keep coming back to that. I'm really proud of my brother. I love him. That's the blessing part, that this is happening to him."


And, fittingly for the big brother, John feels the exact same way.


___


AP Sports Writer Dave Ginsburg in Baltimore contributed to this story.


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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Environmentalists hail Obama climate change focus






WASHINGTON (AP) — Environmental groups hailed President Barack Obama’s warning Monday about climate change, but said the president’s words will soon be tested as he decides whether to approve the Keystone XL oil pipeline from Canada to the Gulf Coast.


Obama pledged in his inaugural speech to respond to what he called the threat of climate change, saying, “Failure to do so would betray our children and future generations.”






By singling out climate change, Obama indicated a willingness to take on an issue that he acknowledges was often overlooked during his first term. He also was setting up a likely confrontation with congressional Republicans who have opposed legislative efforts to curb global warming.


Sen. Barbara Boxer, D-Calif., chairwoman of the Senate Environment and Public Works Committee, called Obama’s comments on climate change “exactly right.”


Andrew Hoffman, director of the Erb Institute for Global Sustainable Enterprise at the University of Michigan, said Obama’s focus on climate showed political backbone.


“He finally had the courage to acknowledge the words ‘climate change,’” Hoffman said, adding that Obama and other administration officials have frequently used words such as green jobs or clean energy to describe energy policy, instead of the more politically charged term.


“I find it very interesting that in this second term he’s just coming right out and saying that climate change is exactly what we’re dealing with,” Hoffman said.


Obama, in his address, said some people “may still deny the overwhelming judgment of science” that global warming exists and has human causes, “but none can avoid the devastating impact of raging fires and crippling drought and more powerful storms.”


The president has pledged to boost renewable energy sources such as wind and solar power, along with more traditional energy sources such as coal, oil and natural gas.


“The path toward sustainable energy sources will be long and sometimes difficult. But America cannot resist this transition. We must lead it,” Obama said.


He said developing new energy technologies will lead to jobs and new industries. “That is how we will preserve our planet,” he said.


Environmental groups said the president’s first test on climate change could come early this year as he decides whether to approve the Keystone XL oil pipeline that will carry tar sands oil from Alberta, Canada, to Texas.


Obama blocked the pipeline last year, citing uncertainty over the project’s route through environmentally sensitive land in Nebraska. The State Department has federal jurisdiction because the $ 7 billion pipeline begins in Canada.


Republicans and many business groups say the project would help achieve energy independence for North America and create thousands of jobs.


But environmental groups say the pipeline would transport “dirty oil” and produce heat-trapping gases that contribute to global warming. They also worry about a possible spill.


“Starting with rejecting the Keystone XL pipeline, the president must make fighting global warming a central priority,” said Margie Alt, executive director of Environment America.


Alden Meyer, director of strategy and policy at the Union of Concerned Scientists, said Obama’s “clarion call to action” on climate change “leaves no doubt this will be a priority in his second term.”


After Hurricane Sandy and other extreme weather events, there has been more political momentum than ever to address climate change, Meyer said.


“With presidential leadership, that shift will continue and deepen over the next four years, and meaningful progress on climate change will become an important part of Barack Obama’s legacy as president,” he said.


Alt and other environmental leaders said they are counting on Obama to set tough limits on carbon pollution from coal-fired power plants and to continue federal investments in renewable energy sources such as wind and solar power.


Obama tried and failed in his first term to get a climate change bill through Congress. Some Democratic lawmakers and environmentalists have pushed for a tax on carbon pollution, but White House officials say they have no plan to propose one.


Scott Segal, an energy lobbyist who represents utilities and natural gas drillers, said Obama “missed the opportunity to remind listeners that climate change is an international phenomenon” that will require international solutions.


By imposing “inflexible” national policies to curb climate change, Obama could restrain the U.S. economy without delivering promised solutions, Segal said.


___


Follow Matthew Daly on Twitter: https://twitter.com/MatthewDaly


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STORY HIGHLIGHTS


  • Contributors offer impressions of Barack Obama's second inaugural address

  • Julian Zelizer says speech a ringing defense of liberalism, obligations of citizens

  • Donna Brazile says speech spells out "American faith; Tim Stanley says it shows division

  • Bob Greene: He spoke of "never-ending journey" for U.S.; more remarkable journey is his




(CNN) -- President Barack Obama was sworn in Monday for a second term. CNN contributors and analysts offered these assessments of the 44th's president's inauguration:


Julian Zelizer: A call to the obligations of citizenship


The speech connected the greatest generation with our generation. In a ringing defense of liberalism and the obligations of citizenship, Obama called on the nation to complete the unfinished struggles of the 1950s and 1960s -- making rights real, giving more Americans the tools they need to work their way into the middle class and caring for those who can't care for themselves.



Julian Zelizer

Julian Zelizer



He didn't present this as an argument from a Democratic president, but rather as a leader who believes the nation is exceptional. He continued to express his desire to search for the middle way, but based on a strong defense of the political tradition that shapes him. It was powerful oration for a contentious moment in national politics.


Julian Zelizer is a professor of history and public affairs at Princeton University. He is the author of "Jimmy Carter" and of "Governing America."


Obama's address: Full text


Donna Brazile: Speech defined 'American faith'


Obama's second inaugural address was a deeply moving and patriotic speech.


It was one of the most effective usages of the founding documents' principles as a supporting narrative -- drawing us from the past to the present to the future. It combined two of Obama's greatest strengths: his reason (constitutional analysis, desire to teach) with his poetic skills as a writer and a leader.



Donna Brazile

Donna Brazile



He touched on some of the practical challenges facing America. And in addressing these, he reaffirmed the approach he outlined during the election.


But the speech itself was about a different kind of affirmation. It echoed sentiments and subjects that have been a motif of his presidency, indeed his career. Obama defined what may be called an American faith.


In referring to the Declaration of Independence's guiding principle, he said, "For history tells us that while these truths may be self-evident, they have never been self-executing; that while freedom is a gift from God, it must be secured by his people here on Earth."


Each balanced phrase and each oscillation between where we have been and where we must go elaborated this theme: The American faith is the faith in America. "We are true to our creed," he said, when even a little girl born in poverty knows that she has the same chance to succeed as anybody else, because she is an American, she is free, and she is equal, not just in the eyes of God but also in our own."


I will long ponder this, that "preserving our planet, commanded to our care by God ... will lend meaning to the creed our fathers."


This may not be remembered as the most stirring or oratorical inaugural speech. But it was a president sharing with the nation his values most personal and vision most spiritual.


Donna Brazile, a CNN contributor and a Democratic strategist, is vice chairwoman for voter registration and participation at the Democratic National Committee. She is a nationally syndicated columnist, an adjunct professor at Georgetown University and author of "Cooking With Grease." She was manager for the Gore-Lieberman presidential campaign in 2000.


Obama embraces key social justice movements


Alan Brinkley: Richard Blanco a new Walt Whitman?


Inaugurations are usually pretty dull, and second-term inaugurations are usually even worse. Obama's speech was much better than I thought it would be -- not one for the ages, but good for our time. The crowds, perhaps surprisingly, were enormous -- almost as large as 2008.



Alan Brinkley

Alan Brinkley



Obama spoke clearly about his own views without openly criticizing his opponents. As he did in 2008, he continued to call for compromise, although he must have known that little compromise in Congress is waiting. And so he continued with his list of his hopes -- few of which will likely succeed.


No one has reached the level of Lincoln's second inauguration speech. Obama's speech is not likely to be remembered in the way Lincoln's was. But it was better than most inaugural speeches, and better than his 2008 speech. To me, though, the best part of the inauguration was the little known poet Richard Blanco, who sounded like a new Walt Whitman.


Alan Brinkley is the Allan Nevins professor of history at Columbia University.


Inaugural poet: My story is America's


John Avlon: Reclaiming 'American exceptionalism' from conservatives


Obama used his second inaugural address to recast contemporary political debates in the larger sweep of American history, implicitly making the case that the current Democratic Party's agenda is in the mainstream of American history, part of a constant process of forming a more perfect union -- with individual freedom heightened best when balanced with community security.



John Avlon

John Avlon



It was an audacious speech to the extent that Obama sought to reclaim politicized concepts like American exceptionalism from their conservative contexts, making the case that the combination of diversity and opportunity makes the American Dream possible for each new generation.


The president did not shy away from commenting on contemporary policy debates, saying that "the commitments we make to each other -- through Medicare and Medicaid, and Social Security -- these things do not sap of initiative, they strengthen us. They do not make us a nation of takers; they free us to take the risks that make this country great." Somewhere in La Jolla, California, Mitt Romney's ears were burning.


Although the ambitions of the speech were audacious, the scope of the speech was sprawling and dotted with policy references more suited to a State of the Union address. It was not tightly framed or focused on a single concept, nor was there a single clear phrase that summed up the speech, at least at first listen.


The closing refrain -- a reminder that the presidential oath of office is an extension of the oath of citizenship taken by new immigrants or the oath taken by soldiers -- also offered a reach across the aisle: "It was an oath to God and country, not party or faction." Balanced with the pointed presidential reality check that "We cannot mistake absolutism for principle, or substitute spectacle for politics, or treat name-calling for reasoned debate," it summed up the hopes of this inaugural moment and the import of his decisive re-election amid such a divided political landscape.


Here's hoping for all of us that those patriotic emotions -- those actual imperatives of self-government -- are carried forward into the next Congress.


John Avlon is a CNN contributor and senior political columnist for Newsweek and The Daily Beast. He is co-editor of the book "Deadline Artists: America's Greatest Newspaper Columns." He is a regular contributor to "Erin Burnett OutFront" and is a member of the OutFront Political Strike Team. For more political analysis, tune in to "Erin Burnett OutFront" at 7 ET weeknights.


Sworn in again, Obama lingers for last look


Anne-Marie Slaughter: A welcome focus on climate change


This was the rainbow inauguration. It was dedicated above all to showcasing the diversity of the American people and calling on us once again to fulfill the promise of e pluribus unum -- out of many, one. Foreign policy got a scant few paragraphs.



Anne-Marie Slaughter

Anne-Marie Slaughter



But the single most important moment was Obama's decision to list our commitment "to respond to the threat of climate change" as the first mention of a foreign policy issue. He spoke of leading a transition to sustainable energy resources, a national grand strategy that has recently been proposed by Patrick Doherty of the New America Foundation, building on the proposal of a new strategic narrative by two military men working for Adm. Michael Mullen when he was chairman of the Joint Chiefs of Staff.


Climate change is in fact the most important existential and security issue of our time. Equally important, it is both a foreign policy and a domestic policy issue. Obama believes that how we respond to our domestic challenges will determine our power and influence in the world, so he will bring troops home, engage the world through partnerships, support democracy through the power of our example, and, as he said so often on the campaign trail, engage in nation-building here at home.


Anne-Marie Slaughter is a professor of politics and international affairs at Princeton University. She curates foreign policy on Twitter at @slaughteram.


The best Inauguration Day tweets


LZ Granderson: Cheers for one Supreme Court rock star


The crowd cheered when President Obama was introduced. It cheered loudly for the first lady and her bangs. The people politely applauded Nancy Pelosi, Harry Reid and other leaders of the Democratic Party.


When Beyonce and Jay-Z were shown on the big screen, there were screams and when the Clintons emerged, shouts. None of this was unexpected.



LZ Granderson

LZ Granderson



What did surprise me was the enthusiastic reaction to Sonia Sotomayor. Maybe it was because she was selected to swear in Vice President Biden, though John Roberts was barely recognized when he was on the screen and he saved Obamacare.


You would think for a crowd as partisan as this one -- Paul Ryan was booed loudly -- that Roberts would get some love. But nope. On this day there was room for only one Supreme Court rock star and it was the wise Latina from the Bronx who, despite all of her success, still admits to suffering a tad from imposter syndrome.


Perhaps hearing hundreds of thousands of people cheer at the sight of her face will help her get over it.


LZ Granderson, who writes a weekly column for CNN.com, was named journalist of the year by the National Lesbian and Gay Journalists Association and is a senior writer and columnist for ESPN the Magazine and ESPN.com. Follow him on Twitter: @locs_n_laughs.


Ana Navarro: Today, revel in the strength of democracy


I love the pomp and circumstance of inaugurals. I love the significance of the traditions. I was born in Nicaragua into a dictatorship that had already lasted more than two decades. I lived through a civil war and communist revolution before I was 10.



Ana Navarro

Ana Navarro



Today, I am fortunate to live in a country where for 224 years we have had peaceful transitions of government. Sadly, it is something of a rare occurrence in our hemisphere and our world. In these difficult times when political divisions and ideological differences dominate our political discourse, we must not take for granted the strength of our democracy. We cannot forget, that in other countries, political disagreements can land you in exile, jail or a grave.


Inaugurations are a day for unity and vision, a day for lofty rhetoric and inspiration. It's not a day when we wave a magical wand to erase divisions. Instead, it is a day when in spite of those divisions, we recognize that our Constitution and democracy prevail.


I'm not going to dissect Obama's speech. Former Jimmy President Carter called it a "very progressive" speech. I agree. There were many lines in that speech that the coalition that voted for Obama will find encouraging, and those who didn't vote for him, will not. We have plenty of time to focus on those differences. Today, let's focus on what brings us together, not drives us apart


Ana Navarro, a Republican strategist and commentator, was national Hispanic campaign chairwoman for John McCain in 2008 and national Hispanic co-chair for Jon Huntsman's 2012 campaign. Follow her on Twitter @ananavarro.


Obama's second-term priorities


Timothy Stanley: President's speech laid out America's divide


Obama obviously intends to govern as he campaigned -- as a committed, uncompromising liberal. We were promised one of those "bring us together"-type speeches that typified the heady days of 2009; instead we got a more policy specific speech that reflected the difficult, partisan reality of 2013. Obama has an agenda, and he's willing to fight for it.



Timothy Stanley

Timothy Stanley



The philosophical ground work was laid out. Freedoms, we learned, "are self-evident but not self-executing." It requires "collective action" to realize basic liberties. And we cannot truly be free if dominated by a "privileged few." So we were promised economic justice, renewable energy and a moral commitment to gay rights -- "for if we are truly created equal, then surely the love we commit to one another must be equal as well." For that line alone the speech proved controversial but admirably courageous. All of this is germane to European politics, but it feels radical coming from a U.S. president. It wouldn't have been out of place if he had joined James Taylor in a rendition of "I'd Like to Teach the World to Sing."


Obama's presidency was supposed to heal the nation, but it's notable just how divided it feels today. Aside from the polls that show significant numbers of Americans are worried about the future (and worrying numbers of Republicans hoping that the president's policies will fail), the biggest marker of this is the growing philosophical difference between the parties. If Romney had won, his speech would no doubt be equally as partisan but very different in tone and content. And the enormous gulf between Obama's collectivist reading of the Constitution and Romney's individualist one reflects the fracturing of the country into camps that understand their country's history and values very differently.


Of course, if Romney had won, the speech probably also wouldn't have been so good. On style alone, Obama has earned his place in history. What he makes of his second term, however, will be determined by forces beyond his control.


Timothy Stanley is a historian at Oxford University and blogs for Britain's The Daily Telegraph. He is the author of "The Crusader: The Life and Times of Pat Buchanan."


'Mr. President, please fix America'


Maria Cardona: Hope and change undimmed



Maria Cardona

Maria Cardona



It was more sober in this inaugural address, but Obama's message is still one of hope and change. On a cold, windy morning, before a smaller throng than last time around, the president laid out his vision with a keen focus on what got him: his championing of the middle class, a recognition and celebration of the growing and powerful demographics in this country -- Latinos, women, the lesbian, gay, bisexual, and transgender community, and young people -- and a reaffirmation that we "are all in this together."


The historic participation of four Latinos front and center and his mention of immigration reform- by description if not by name, underscored the importance of the Latino electorate. You saw co- chair of the Inaugural Eva Longoria, Justice Sonia Sotomayor who swore in Vice President Biden, openly gay Latino poet Laureate Richard Blanco reciting a riveting poem that reflected the diversity of the country, and the Rev. Luis Leon, who gave part of the benediction in Spanish. This, along with the president's acknowledgment in his speech that we cannot be a country that is unwelcoming of immigrants or one that does not embrace young immigrants who have studied hard and want to succeed, was a clear indication that the president understands that the 71% of Latinos who helped get him elected will be looking for him to have their back. It seems he will.


He was also defiant in his defense of the middle class and put his opponents on notice that he will not back down in the fights ahead to ensure that Medicare and Social Security remain strong and that our economy is rebuilt for everyone, not just the privileged few. He gave his supporters hope he will continue to fight for them. He gave all Americans the assurance the country will continue to change for the better. Still: hope and change.


Maria Cardona is a Democratic strategist, a principal at the Dewey Square Group, a former senior adviser to Hillary Clinton and former communications director for the Democratic National Committee.


A tale of two terms: Obama's unfinished business and battles ahead


Bob Greene: Obama's remarkable journey


"A never-ending journey."



Bob Greene

Bob Greene



Obama used those words to describe America's path. But, long after most of the specific words of his second inaugural address fade into memory, it is another journey -- his -- that will be endlessly instructive, both for his admirers and his detractors.


The ambition, the lightning speed with which, in 10 brief years, he changed the trajectory of his life, seem only more remarkable on a day like Monday, when, at the U.S. Capitol, the Brooklyn Tabernacle Choir sang "The Battle Hymn of the Republic" as he waited to again take the oath of office.


Among the faces at the Capitol as Obama arrived was that of a congressman from Illinois named Bobby Rush. Ten Januarys ago Obama was a member of the state Legislature in Illinois, having returned to those chambers after, in 2000, suffering a humiliating defeat. He had hoped to go on to national politics, to the U.S. Congress, but Rush had crushed him 2-to-1 in the primary. Obama's career, at least beyond the confines of Springfield, Illinois, seemed stalled.


In January of 2003, could even Obama, with all his self-confidence, have imagined that in January of 2013 he would be taking the oath of presidential office for the second time?


He will only be 55 when he finishes his second term. Perhaps, when all the politics are done, he will feel at ease to explain, in human terms, just how he convinced himself that all of this was even remotely possible.


"We cannot afford delay," he said to the nation Monday.


He was referring to all of us, to the country. But you could look at him and consider what must go through a person's mind when he seems stuck in a place he doesn't want to be, and decides that urgency may be the only answer.


"We are made for this moment," he said Monday, the words traveling around the world.


CNN contributor Bob Greene is a best-selling author whose 25 books include "Late Edition: A Love Story," "Chevrolet Summers, Dairy Queen Nights" and "When We Get to Surf City: A Journey Through America in Pursuit of Rock and Roll, Friendship, and Dreams."


Photos: Obama's face all over the place


Brian Balogh: Obama reminds us why he's a progressive


Inaugural addresses, especially the second time around, are not supposed to matter.



Brian Balogh

Brian Balogh



This one did. That's because future historians will mark it as the moment that Obama explained why he is a progressive.


The programs that Obama called for were characteristically liberal: reaffirming the social safety net, equal pay for women, etc. Nothing new here -- just the Obama classic.


What differed this time, and what this moment was made for (to twist the president's own words) was articulating the progressive rationale for these programmatic ends. "Preserving our individual freedoms ultimately requires collective action," Obama proudly told the nation.


Compare this with the rationale that Obama offered to the American people at his State of the Union less than a year ago. Saving the heroic mission to capture Osama bin Laden for the grand finale, the president insisted that the "mission only succeeded because" each brave warrior knew that "there's somebody behind you, watching your back." The pre-election Obama, still seeking the middle ideologically, deployed the lowest common denominator of Cold War liberalism -- collective security -- as the rationale for a far more ambitious social program.


His second election behind him, Obama linked his fate and the nation's to a rationale that propelled tens of millions of Americans into the middle class. By making collective action explicit, Obama yoked a century-old progressive agenda to the nation's founding documents and its past history. "Now, more than ever, we must do these things together, as one nation, and one people." To achieve America's lofty goals of "life, and liberty, and the pursuit of happiness" will require back watching, backslapping and no shortage of back-scratching as well.


But today, Obama left that for back benchers. He stated the "c" word -- collective -- loudly and proudly. And the nation will be better off for his candor.


Brian Balogh, a professor of history at the University of Virginia's Miller Center, is co-host of "Backstory With the American History Guys."


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Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of the authors.






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