Does anyone know how I enable the HTML option in the post new news panel? Right now it states that HTML is disabled. I would like to be able to add embedded objects like youtube videos.

Options > Access Levels > Edit the access level your account is currently assigned to > Can this access level use HTML?: Yes

Wow, you are quick! Also I tried using the "short story option" and when I placed a portion of the news in the top "short story" section it didnt show up once posted. Id like to be able to set it to add the READ MORE tab if it goes beyond a certain number of characters.

Not possible I'm afraid.