Iran threatens to close the Strait of Hormuz over new sanctions that could limit its oil and gas industry. Meanwhile, Poland wants to do business with China. Heidi Moore looks back on the year for the banking industry. U.S. states are cutting back smoking prevention programs. The city of Memphis, Tenn., continues on a slow recovery, while Texas is still dealing with the effects of a major drought. And commentator Robert Reich talks about what he thinks will be 2012's defining political issue.