Lawmakers quickly point fingers after bailout fails--NATE
The bill was aimed at buying up bad mortgages and stabilizing the falteringn economy. The bill failed in the house by a vote of 228-205. Nearly 60% of the democrats supported the bill, and about 1/3 of the republicans supported the approval of this bill. President Bush, who is a strong supporter of the bill, was very upset that the bill did not pass in the house vote. Also after the bill did not pass the DOW plunged 777 points at the end of Monday. This is a record plunge for the DOW. After the bill did not pass both Democrats and Republicans started to blame the other party for the failure of the 700 billion dollar bailout plan. John Boeckner from Ohio said that there would be no revote of Monday because most of the House Members left the Capital.
http://www.cnn.com/2008/POLITICS/09/29/bailout.fallout/index.html
Stocks crushed--ANDREA
http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm?cnn=yes
Basically what this story is about is the stock market crashing. On Monday, September 29 the Dow dropped almost 788 points. This is the biggest single-day drop ever. This happened after the House of Representatives rejected the 700 billion dollar bail-out.That days loss made the market value drop $1.2 trillion.
Amazon forest destruction speeding up, officials say--APRIL
http://www.cnn.com/2008/WORLD/americas/09/29/amazon.rainforest.destruction.ap/index.html
The article was talking about how the Amazon Forest was slowly being deforestated in years before, but in the last the year, deforestation has jumped to 228 percent compared to August of last year.
Because of things going so bad, they have been using satelites to watch for illegal loggers, which should help things a lot. SOme have said that the reason things are going so bad is because the government there has turned their eye away and really not been watching what has been going on.
VP hopefuls in debate prep mode--DANIELLE
http://www.cnn.com/2008/POLITICS/09/29/vp.debate/index.html
The vice precident candidates is taking some time off this week, because of the debate on Thursday. Campaigns are trying to lower expectations for their candidate while raising it for their opponent. Biden was preparing for the debate in his home state of Delaware, Michigan. He is a far more experienced debater, and he scored really good in the Democratic presidential debates. Biden has also done more than 100 interviews since being picked for Barrocks Obamas runnin mate.
Analysis: A few jabs, but no knockout in first debate--HANNAH
http://www.cnn.com/2008/POLITICS/09/27/debate.analysis/index.html
Sens. Barack Obama and John McCain square off, with no clear winner. Both parties are claiming the win. Democrats are saying they won in the sense that Obama didn't fold when faced with foreign policy. Republicans declare a win saying that when people head to the polls they want someone with experience.
Both candidates discuss the nation's economic woes before delving into foreign policy. Obama was much more comfortable with the econimic woes and people favor him when it comes to economic matters. However, people favor McCain when it comes to foreign policy.
McCain tries to label Obama as inexperienced while Obama tries to tie McCain to Bush.
Part I
Part 2
Part 3
Monday, September 29, 2008
Friday, September 26, 2008
News for Friday, 9-26
JPMorgan buys WaMu:--THERESA
http://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm?postversion=2008092519
This article is about JPMorgan Chase buys WaMu (Washington Mutual).
This was marking the biggest bank failure in the history of the nation and the "latest" in the credit crisis.
In the deal that was struck JPMorgan will get all banking operations of WaMu; that included $307 Billion in assets and $188 Billion in deposits.
JPmorgan will pay the Federal Deposit Insurance Corporation $1.9 Billion.
JPMorgan also said they were going to raise $8 Billion additional capital through the sale of stock, but raised to $10 Billion.
JPMorgan will now have 5,400 branches in 23 states from the New York base.
Federal regulators reassured that the transition will be seamless for customers....bank customers should expect business as usual come Friday morning.
Shares for WaMu plummeted to $0.16--down 90%; JPMorgan was up 2.5%.
Four banks bid on WaMu: Wells Fargo, Citigroup, HSBS, and JPMorgan Chase. JPMorgan "won". Earlier in the year there was talk on JPMorgan's side to buy out WaMu, but did not propose and official offer.
It was said that, "Quite possibly the biggest losers in Thursday's deal, however, are WaMu's stock and debt holders, who were effectively wiped out."
Bailout package will get passed, Bush says:--SARAH K.
http://www.cnn.com/2008/POLITICS/09/26/bailout.talks/index.html
This article is about the $700 billion bailout. Rep. Barney Frank believes that there will be a deal by Sunday. A Democratic source says that if a plan is reached, the $700 billion will be broken down into smaller transactions, not given at one time. "We're back on the progress track. We had a little bit of a glitch yesterday." says Barney Frank of Missouri. He also talked about John McCain being in Mississippi for the debate. Many negotiations were still happening on Friday, and some Republicans felt like they were being rushed into making a huge decision without enough time.
-SARAH KONZ
The bailout: What's at stake:--SETH
http://money.cnn.com/2008/09/26/news/economy/bailout_impact/index.htm?cnn=yes
Basically this article said first that we can be pretty certain that another Great Depression will not happen. On the other hand however, times aren't very good right now. The government is debateing whether or not it would help to put 700 billion dollars to Wall Street. The theory is that it would jump start the economy. If the stock market is stronger than people have more money to spend and then the economy starts getting stronger. Since the economy is weak no one is paying off loans so the bank doesn't have any money to loan out. So if the bank can't loan any money people aren't buying houses. In return house prices fall. Overall, the 700 billion dollars would hopefully jumpstart the economy.
Border Clashes Add to US-Pakistani Tensions:--BREANN
http://www.time.com/time/world/article/0,8599,1844722,00.html?cnn=yes
School makeup battle:
CBS Sarah Palin Interview
Watch CBS Videos Online
http://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm?postversion=2008092519
This article is about JPMorgan Chase buys WaMu (Washington Mutual).
This was marking the biggest bank failure in the history of the nation and the "latest" in the credit crisis.
In the deal that was struck JPMorgan will get all banking operations of WaMu; that included $307 Billion in assets and $188 Billion in deposits.
JPmorgan will pay the Federal Deposit Insurance Corporation $1.9 Billion.
JPMorgan also said they were going to raise $8 Billion additional capital through the sale of stock, but raised to $10 Billion.
JPMorgan will now have 5,400 branches in 23 states from the New York base.
Federal regulators reassured that the transition will be seamless for customers....bank customers should expect business as usual come Friday morning.
Shares for WaMu plummeted to $0.16--down 90%; JPMorgan was up 2.5%.
Four banks bid on WaMu: Wells Fargo, Citigroup, HSBS, and JPMorgan Chase. JPMorgan "won". Earlier in the year there was talk on JPMorgan's side to buy out WaMu, but did not propose and official offer.
It was said that, "Quite possibly the biggest losers in Thursday's deal, however, are WaMu's stock and debt holders, who were effectively wiped out."
Bailout package will get passed, Bush says:--SARAH K.
http://www.cnn.com/2008/POLITICS/09/26/bailout.talks/index.html
This article is about the $700 billion bailout. Rep. Barney Frank believes that there will be a deal by Sunday. A Democratic source says that if a plan is reached, the $700 billion will be broken down into smaller transactions, not given at one time. "We're back on the progress track. We had a little bit of a glitch yesterday." says Barney Frank of Missouri. He also talked about John McCain being in Mississippi for the debate. Many negotiations were still happening on Friday, and some Republicans felt like they were being rushed into making a huge decision without enough time.
-SARAH KONZ
The bailout: What's at stake:--SETH
http://money.cnn.com/2008/09/26/news/economy/bailout_impact/index.htm?cnn=yes
Basically this article said first that we can be pretty certain that another Great Depression will not happen. On the other hand however, times aren't very good right now. The government is debateing whether or not it would help to put 700 billion dollars to Wall Street. The theory is that it would jump start the economy. If the stock market is stronger than people have more money to spend and then the economy starts getting stronger. Since the economy is weak no one is paying off loans so the bank doesn't have any money to loan out. So if the bank can't loan any money people aren't buying houses. In return house prices fall. Overall, the 700 billion dollars would hopefully jumpstart the economy.
Border Clashes Add to US-Pakistani Tensions:--BREANN
http://www.time.com/time/world/article/0,8599,1844722,00.html?cnn=yes
School makeup battle:
CBS Sarah Palin Interview
Watch CBS Videos Online
Thursday, September 25, 2008
News for Thursday, 9-25
UPDATE: 2 More Kids Abandoned; 11 Total In Past 24 Hours--DAJSA
http://www.ketv.com/cnn-news/17553170/detail.html
Bush: Bailout plan necessary to deal with crisis:--RILEY
http://www.cnn.com/2008/POLITICS/09/24/bush.bailout/index.html
This story talks about how President Bush say that the bailout plan is necessary. He also warns that our whole economy is in danger. Bush says that the bailout is needed to reestablish confidence in the market. Bush said, "if Congress fails to approve the rescue plan, the nation could face a long and painful recession." Federal Reserve chief said that the Wall Street crisis worst the country has faced since the conclusion of World War II.
Was Obama blindsided by McCain announcement?--LAURA
http://www.cnn.com/2008/POLITICS/09/24/suspend.timeline/index.html
This article is about how John McCain announced he would take a break from campaigning and return to Washington to work on the economic recovery plan in Congress. Obama made plans with McCain to announce their similar thoughts about the recovery plan. McCain publicized the suspension of his campaign, on television, shortly after their conversation. Obama thought they had come to an agreement that they were going to issue a joint statement. McCain claims they did not agree to that and said, “This is not a time for statements.” Obama supporters criticized McCain for trying to up-stage his candidate.
McCain, Obama headed to Washington for bailout talks:--JENNA
http://www.cnn.com/2008/POLITICS/09/24/campaign.wrap/index.html
This article is about how John McCain suspended his campaign because of the nation's ecomonic crisis, and how Barack Obama won't. McCain will be going to Washington to participate in the negotiations on the bailout plan, and he is postponing Friday's debate. Obama said that this is the time the American people need to hear from the person who could be the next president. Also, McCain and Obama accepted Bush's invitation to discuss the proposed $700 billion bailout with him at the White house.-Jenna Hoch
Governor Terminates Texting While Driving:--SARA H.
http://www.kcra.com/news/17551235/detail.html
Governor Arnold Swartzenegger signed a bill, that banned all sending, writing, and reading of text messages while driving, this will be in effect January 1st. Senator Joe Simitan suggested this bill because he thought that the roads would be less dangerous if more drivers had their eyes on the road, and their hands on the wheels. For your first offense, you will get a $20 fine, and a $50 fine on any offenses after that.
Wednesday, September 24, 2008
News Stories for Wednesday, 9-24
Ahmadinejad: 'American empire' nearing its end--AUSTIN
Iranian president said "A few bullying powers" have created the world's problems. He says "I have no preference between McCain, Obama. He also says that attacking Iran would be "worst thing the U.S. government can do" and that hostility with the U.S. "has not been from our end,"
http://www.cnn.com/2008/WORLD/meast/09/24/ahmadinejad.us.iran/index.html
U.S. ship fires shots toward boats off Somalia:--DRAKE
Warning shots were fired after two boats were raising suspicions of piracy. These Pirate Boats were approaching a U.S. Navy ship used for refueling. Warning shots were fired, landed in water, forcing Pirate boats to turn away. The military says, "Pirates known to prowl waters off African nation of Somalia".
http://www.cnn.com/2008/WORLD/africa/09/24/somalia.pirates/index.html
Iranian president said "A few bullying powers" have created the world's problems. He says "I have no preference between McCain, Obama. He also says that attacking Iran would be "worst thing the U.S. government can do" and that hostility with the U.S. "has not been from our end,"
http://www.cnn.com/2008/WORLD/meast/09/24/ahmadinejad.us.iran/index.html
U.S. ship fires shots toward boats off Somalia:--DRAKE
Warning shots were fired after two boats were raising suspicions of piracy. These Pirate Boats were approaching a U.S. Navy ship used for refueling. Warning shots were fired, landed in water, forcing Pirate boats to turn away. The military says, "Pirates known to prowl waters off African nation of Somalia".
http://www.cnn.com/2008/WORLD/africa/09/24/somalia.pirates/index.html
Monday, September 22, 2008
News for Monday, 9-22
Congress scrambles on rescue bill:
http://money.cnn.com/2008/09/22/news/economy/bailout_proposal_Monday/index.htm?cnn=yes
Congress is taking over financial institutions.
Gas prices extend decline: 5 days and counting
http://money.cnn.com/2008/09/22/news/economy/gas_prices/index.htm?cnn=yes
Gas Prices average 3.75 a gallon. Still on a decline but still really high.
How We Became the United States of France:
http://www.time.com/time/nation/article/0,8599,1843168,00.html?cnn=yes
China quality chief quits over milk scandal:
http://www.cnn.com/2008/WORLD/asiapcf/09/22/china.tainted.milk/index.html
53,000 Children and infants made sick and four dead from contaminated milk. Melamene is the chemical that contaminated the milk.
Dinner plans save Pakistan's rulers from hotel bomb attack :
http://www.cnn.com/2008/WORLD/asiapcf/09/22/pakistan.islamabad.marriott.blast/index.html
A truck bomb made a two storie crater just outside the Marriott hotel. Many dead and hotel ruined.
N. Korea seeks removal of nuke plant seals:
http://www.cnn.com/2008/WORLD/asiapcf/09/22/nkorea.nuclear.seals/index.html
Angry at U.S. for not taking North Korea off the terrorist countrys list. U.S. won;t take North Koea off the list until the nuclear program is dismanteled. North Korea stopped the dismanteling process.
U.S. military: Iraqis trained for assassination coming home:
http://www.cnn.com/2008/WORLD/meast/09/21/iraq.assassination.squads/index.html
Iraqi Sheite fighters are being trained to take out U.S and Iraqi military officials.
http://money.cnn.com/2008/09/22/news/economy/bailout_proposal_Monday/index.htm?cnn=yes
Congress is taking over financial institutions.
Gas prices extend decline: 5 days and counting
http://money.cnn.com/2008/09/22/news/economy/gas_prices/index.htm?cnn=yes
Gas Prices average 3.75 a gallon. Still on a decline but still really high.
How We Became the United States of France:
http://www.time.com/time/nation/article/0,8599,1843168,00.html?cnn=yes
China quality chief quits over milk scandal:
http://www.cnn.com/2008/WORLD/asiapcf/09/22/china.tainted.milk/index.html
53,000 Children and infants made sick and four dead from contaminated milk. Melamene is the chemical that contaminated the milk.
Dinner plans save Pakistan's rulers from hotel bomb attack :
http://www.cnn.com/2008/WORLD/asiapcf/09/22/pakistan.islamabad.marriott.blast/index.html
A truck bomb made a two storie crater just outside the Marriott hotel. Many dead and hotel ruined.
N. Korea seeks removal of nuke plant seals:
http://www.cnn.com/2008/WORLD/asiapcf/09/22/nkorea.nuclear.seals/index.html
Angry at U.S. for not taking North Korea off the terrorist countrys list. U.S. won;t take North Koea off the list until the nuclear program is dismanteled. North Korea stopped the dismanteling process.
U.S. military: Iraqis trained for assassination coming home:
http://www.cnn.com/2008/WORLD/meast/09/21/iraq.assassination.squads/index.html
Iraqi Sheite fighters are being trained to take out U.S and Iraqi military officials.
CUTOFF--ALL STORIES ABOVE ARE FOR TEST 3
All stories above this will be the the third current events test.
Thursday, September 18, 2008
New Stories for Thursday, 9-18
Central banks' $180 billion deal
http://money.cnn.com/2008/09/18/news/international/central_banks_liquidity/index.htm?cnn=yes
Central banks are pumping $180 billion dollars into the economy in hopes to gain confidence. When the stock markets go down people start selling.
AIG booted out of the Dow
http://money.cnn.com/2008/09/18/news/companies/aig_dow/index.htm?cnn=yes
People look at the Dow Jones to see how the economy is doing. Kraft food will take over AIG, because the Dow Jones has crashed 96%.Dow Jones is the 30 largest companies.
U.S. death sparks Yemen embassy pullout
http://www.cnn.com/2008/WORLD/meast/09/18/embassy.yemen.blast/index.html
A US women was killed in the attack. The attack also killed six Yemeni police and four civilians. Quaida has suspects in custody right now.
By Andrea
http://money.cnn.com/2008/09/18/news/international/central_banks_liquidity/index.htm?cnn=yes
Central banks are pumping $180 billion dollars into the economy in hopes to gain confidence. When the stock markets go down people start selling.
AIG booted out of the Dow
http://money.cnn.com/2008/09/18/news/companies/aig_dow/index.htm?cnn=yes
People look at the Dow Jones to see how the economy is doing. Kraft food will take over AIG, because the Dow Jones has crashed 96%.Dow Jones is the 30 largest companies.
U.S. death sparks Yemen embassy pullout
http://www.cnn.com/2008/WORLD/meast/09/18/embassy.yemen.blast/index.html
A US women was killed in the attack. The attack also killed six Yemeni police and four civilians. Quaida has suspects in custody right now.
By Andrea
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