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MID-DAY UPDATE: Ireland, quantitative easing and mortgage interest deductions

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The Federal Reserve plans to invest $600 billion buying U.S. and corporate debt — learn why Republicans worry that the Fed may be a wee-bit too independent. Quantitative easing goes under the microscope as we learn how it may impact the average American consumer. Also, a member of the president’s deficit committee discusses the proposal to cut the U.S. deficit by $4 trillion over the next decade. The plan includes cutting the mortgage interest deduction for home loans larger than half a million dollars.

The 2010 G20 summit is over, the result seems to be a weak agreement for countries to keep an eye on unsustainable trade imbalances. Also on the G20 agenda was Ireland. Will the Irish country be able to pay back all of its debt? Is it a repeat of the Greek debt crisis?

In California, a state deficit of $19 billion that has ballooned to $25 billion will be addressed in a special state legislature meeting slated for December. And over at the new National Museum of American Jewish History in Philadelphia, the board is debating whether to open the facility on Shabbat (Saturday) and other Jewish holidays.

Back in the U.S., host Jeremy Hobson talks with Cynthia Rowley, American fashion designer and New York style icon — part of our “Welcome to New York Week.” And finally, what would you write on Queen Elizabeth’s Facebook page?

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