The Taper Arrives: Stocks jumped yesterday when the Federal Reserve announced it will scale back its economic stimulus by $10 billion a month starting in January. That drops the stimulus to $75 billion a month. This is the much discussed “taper” that has long been expected as employment rises and the economy improves. Previously the market went into a spin on any mention of the taper. But the Fed will leave interest rates near zero, which continues to be a huge stimulus to the business and financial risk taking. The Fed also said that as things continue to improve the stimulus will be cut back even more.

Snooping: A presidential panel yesterday urged President Obama to curtail the NSA’s collection of American phone data. They want it kept in the hands of communication companies that could then produce it under court order. Their 300-page report also said that any spying on foreign leaders would have to meet a rigorous test of necessity that weighs political and economic ramifications. In other words, don’t piss off Angela Merkel.

Retail Snooping: Target stores confirmed today that the credit and debit card information of 40 million customers has been hacked. The extent of damage is unknown, but Target advises customers to check their records for unauthorized purchases. The chain says their customer information was breached the day before Thanksgiving and remained open to hackers until Dec. 15.

Celebrity Snooping: Testimony in the trial of former British tabloid editor Rebekah Brooks revealed that the News of the World hacked the cell phones of Prince William and Kate Middleton before they were married. Transcripts of intimate message were read out loud in court. He called her “Babykins.”

World: An attempted coup in South Sudan has turned into bloody battles between army factions. Several hundred people are reported dead. Soldiers loyal to President Salva Kiir are fighting troops who back former vice president Riek Machar, who’s been accused of staging the coup attempt. An estimated 20,000 people seeking refuge have crowded into a UN compound in the capital city of Juba.

• Deposed Egyptian President Mohamed Morsi is being charged with terrorism and conspiring with foreign organizations. If convicted he could be sentenced to death. Morsi, a long time member of the Muslim Brotherhood, is accused of forming an alliance with the Palestinian militant group Hamas and Lebanon’s Hezbollah.

Obituary: Legendary Chicago radio man Larry Lujack died yesterday of cancer in New Mexico. Known as “Superjock” and “Uncle Lar,” he was a fixture on Chicago rock radio from the 1960s until 1987 when the audience left him, and he left Chicago.

Small Screen: The A&E network has suspended the star of its “Duck Dynasty” series for unflattering remarks about homosexuality. Phil Robertson was asked by GQ Magazine to describe sin and he said,

“Start with homosexual behavior and just morph out from there.”

He added to his list of sins, “Bestiality, sleeping around with this woman and that woman and that woman and those men.”

  So, to recap, A&E does a reality show about rednecks and then suspends the chief redneck for behaving like a redneck. 

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