$700 bil. bailout passed, markets continue to fall
President Bush, following passage by the House and Senate, has signed the $700 billion bailout into law. The bailout plan passed on its second try, after tax cuts and more government insurance were added to sweeten the deal. The deal is aimed at helping to stabilize banks that bet on bad mortgages and now have no way of paying them off.
Vice presidential candidates debate
The two vice presidential candidates had their one and only debate in St. Louis. The two candidates performed well and, as suspected, stood true to their specific platforms. The two candidates disagreed over some things but were able to find common ground on confronting Iran and supporting Israel.
McCain campaign gives up on Michigan
John McCain and his aides have decided to give up on Michigan, believing it to be too far out of reach for the Republicans. This follows on the heels of recent polls showing Obama gaining in the state due to the faltering economy. McCain and his advisers have decided to focus more on other battle ground states that he and his advisers believe afford him more of a chance at winning.
Police officer commits suicide
A New York police officer killed himself after being stripped of his gun and badge. The office allegedly ordered another officer to taser a mentally handicapped man who was on a second story window ledge. The mentally handicapped man fell head first and was killed instantly.
Dow Jones drops 10,000 points
The Dow Jones Industrial Average dropped below 10,000 points for the first time since 2004 in the wake of investors realizing that the $700 billion bailout will not work instantly. The Dow focuses on the stock of 30 large companies. It is a kind of snapshot of the health of the whole economy.
North Korea restores reactors
North Korea is restoring its nuclear reactor at Pyonyang despite earlier this year halting all uranium production. North Korea had decided to halt production and take down its production facilities in exchange for aid from the United States. North Korea was cooperating with officials from around the world, but they have begun to rebuild the reactors in defiance of promises made saying that the United States has failed to live up to its end of the bargain.
Market brings division between European banks
Following Germany’s announcement that it would temporarily insure all ?holdings in German bank accounts to protect against a run, European ?markets led a sharp global stock plunge that carried over into the ?United States. Governments throughout Europe are starting to take ?steps to prevent major banks from going under while also aiming to ?prevent panic from spreading by boosting insurance levels on private ?accounts. While there’s ?little question that they take the problem seriously, the crisis is ?making it clear that while their economies may be integrated, there is ?still a deep division between European governments.