News for Thursday, 10-2

Senate passes bailout
http://money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/index.htm?cnn=yes BRI NELSON!

On Wednesday night, the senate passed a financial bailout. It was similar to the bailout that was previously rejected two days earlier. It was passed by a vote of 74 to 25! Both Barack Obama and John McCain voted in favor of the bill. "Like the bill the House rejected, the core of the Senate bill is the Bush administration's plan to buy up to $700 billion of troubled assets from financial institutions." (quoted from the paragraph from CNN.) A major priority of this bill is to free up banks, and to let them start lending money again.

"If we do not act responsibly today, we risk a crisis in which senior citizens across America will lose their retirement savings, small businesses won't make payroll ... and families won't be able to obtain mortgages for their homes or cars," said Harry Reid, who is the Senate Majority Leader.
This plan will hopefull unfreeze credit markets, and get the American Economy back up and running smoothly.


Jobless claims at 7-year high:
http://money.cnn.com/2008/10/02/news/economy/jobless_claims/index.htm?cnn=yes

Palin, Biden ready to face off in St. Louis debate
http://www.cnn.com/2008/POLITICS/10/01/debate.veeps/index.html

Pirates face down U.S. warships, 'copters
http://www.cnn.com/2008/WORLD/africa/10/01/somalia.piracy.ap/index.html