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Last Updated: Oct 24th, 2008 - 13:55:39 |
Senate OKs $700B Wall St. Bailout
The Senate has approved the $700 billion bailout of Wall Street, setting the stage for another House vote after its initial defeat earlier this week. The Senate version includes higher government insurance on bank deposits and some $150 billion in personal and corporate tax cuts. It also proposes a change in accounting rules that would have companies report the market price of their assets even if they don’t plan to sell them. The final vote was 74-to-25. The Senate Majority Leader, Harry Reid, said both sides had overcome partisan politics.
Sen. Harry Reid: “The Senate came together tonight in a bipartisan fashion to address one of the most critical economic challenges this country has ever faced. And we’ve sent a clear message to America, to all America: that we will not let this economy fail. This is not a perfect bill, by any means. We all know that. But it’s much improved from what we got originally, and it’s been improved because we have worked together. This is not a Democratic bill. It’s not a Republican bill. It’s our bill.”
Senators Barack Obama, John McCain and Joe Biden returned to Washington from the campaign trail for the vote. Speaking on the Senate floor, Obama urged passage of the bailout.
Sen. Barack Obama: “Potentially, we could see thousands of businesses close. Millions of jobs could be lost. And a long and painful recession could follow. In other words, this is not just a Wall Street crisis, it’s an American crisis. And it’s the American economy that needs this rescue plan.”
Before he head back to the Capitol, McCain promised supporters in Missouri he would crack down on Wall Street.
Sen. John McCain: “As president, I will also act immediately with reforms to restore fairness, integrity and financial sanity to the institutions that have failed us on Wall Street. We will apply new rules to Wall Street to end the frenzies of speculation by people gaming the system and to make sure that this present crisis is never repeated.”
US Launches Africa Military Command
This week marks the launch of the Pentagon’s new African-focused military operations center, the US Africa Command. AFRICOM is based out of Germany, following refusals from several African nations to host it.
Louisiana Given Deadline on Jailed Ex-Black Panther
A federal judge has given Louisiana a four-month deadline to dismiss charges or retry a former Black Panther whose murder conviction for the 1972 killing of a prison guard was recently overturned. The prisoner, Albert Woodfox, and two other former Black Panthers are known as the Angola Three. Many believe they were framed for their political activism. Woodfox’s conviction was overturned after a judge ruled his lawyer failed to properly challenge the credibility of witnesses who later admitted they were coerced into falsely testifying. Woodfox has spent more than three decades in solitary confinement.
Mentally Handicapped Man Falls to Death After Police Tasering
In New York, police are admitting at least partial fault in the death of a mentally handicapped man who fell from a building after he was tasered. Thirty-five-year-old Inman Morales was standing naked on a ledge when police confronted him to try to bring him down. Police say they had called for an inflatable bag to break Morales’s fall. But it had not arrived before an officer struck him with the taser weapon, sending him plunging to his death. Police say the incident violated some departmental guidelines but are not disciplining the officers.
Palin Relied on Oil Industry for Polar Bear Study
Meanwhile, the environmental group Greenpeace has revealed Palin relied on so-called “experts” funded by the oil industry for an Alaskan state government study denying polar bears are threatened by global warming. The paper, entitled “Polar Bears of Western Hudson Bay and Climate Change,” was widely criticized for using inaccurate data. Two of the co-authors had received funding from the oil giant Exxon Mobil and the American Petroleum Institute.
Denver Police T-Shirt: “We Get Up Early, to Beat the Crowds”
In Denver, the city’s police union has printed commemorative t-shirts joking about police brutality at the Democratic National Convention when police arrested 154 people. The shirt reads, "We get up early, to beat the crowds. 2008 DNC.” The t-shirt shows a grinning police officer holding a baton.
Police: Gassing of Mosque in Ohio Was Not a Biased Crime
Police in Dayton, Ohio said no hate crime was committed when two men sprayed a gas inside a mosque filled with over 300 Muslims. On Friday night, two men reportedly approached a window at the mosque and began spraying a chemical irritant. A ten-year-old girl was sprayed in the face. According to a police report, the girl said she immediately felt burning on her face and felt “sick to her stomach.” Other children and a woman felt effects from the chemical, and the mosque had to be evacuated. On Monday, Dayton Police Chief Richard Biehl said no hate crime was committed. He said, "The men didn’t say anything to her. There was nothing left at the scene or anything that makes us believe this is a biased crime.”
Paul Newman, 83, Dies
And the Oscar-winning actor, philanthropist and activist Paul Newman has died at the age of eighty-three. His films included The Hustler, Butch Cassidy and the Sundance Kid and The Color of Money. Newman was also a longtime antiwar, anti-nuclear and women’s rights activist. Paul Newman once said being named on Richard Nixon’s enemies list was the “highest single honor I’ve ever received." In 1969, he spoke out in favor of the Moratorium to End the War in Vietnam.
Paul Newman: “We’re here to support one of the main themes of the moratorium, which is business as usual. We are actors, but I don’t remember that anybody asked us to give up our citizenship papers when we became actors. And so, we’re here obviously as citizens protesting what we feel is the tragedy of the Vietnamese war. So, we are asking, respectfully, that people just don’t go to our films on November 14th.”
McCain and Obama Square Off in First Presidential Debate
Last Friday night at the University of Mississippi,
Senators John McCain and Barack Obama squared off on the economy and foreign policy in the first of three presidential debates. No third party candidate was invited to participate. Senator Barack Obama tied the current economic crisis to the Republican Party’s economic views.
Sen. Barack Obama: “Now, we also have to recognize that this is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections and give more and more to the most, and somehow prosperity will trickle down. It hasn’t worked. And I think that the fundamentals of the economy have to be measured by whether or not the middle class is getting a fair shake.”
During the debate, Obama referenced President Bush ten times. McCain never said Bush’s name. When asked about the economic crisis, John McCain called for a sweeping spending freeze.
Sen. John McCain: “How about a spending freeze on everything but defense, veteran affairs and entitlement programs.”
Jim Lehrer: “Spending freeze?”
McCain: “I think we ought to seriously consider, with the exceptions of caring for our veterans, national defense and several other vital issues.”
McCain & Obama Spar Over Pakistan
The foreign policy portion of the debate focused on Iraq, Iran, Russia, Afghanistan and Pakistan.
Sen. McCain: “I’m not prepared at this time to cut off aid to Pakistan. So I’m not prepared to threaten it, as Senator Obama apparently wants to do, as he has said that he would announce military strikes into Pakistan. We’ve got to get the support of the people of—of Pakistan. He said that he would launch military strikes into Pakistan. Now, you don’t do that. You don’t say that out loud. If you have to do things, you have to do things, and you work with the Pakistani government.”
Senator Barack Obama challenged McCain.
Sen. Obama: “Nobody talked about attacking Pakistan. Here’s what I said. And if John wants to disagree with this, he can let me know, that if the United States has al-Qaeda, bin Laden, top-level lieutenants in our sights, and Pakistan is unable or unwilling to act, then we should take them out. Now, I think that’s the right strategy; I think that’s the right policy. And, John, I—you’re absolutely right that presidents have to be prudent in what they say. But, you know, coming from you, who, you know, in the past has threatened extinction for North Korea and, you know, sung songs about bombing Iran, I don’t know, you know, how credible that is. I think this is the right strategy.”
After the debate, Obama’s running mate Joseph Biden appeared on almost every newscast offering post-debate commentary. McCain’s running mate Sarah Palin gave no interviews. However, she did make headlines on Saturday. During a campaign stop in Philadelphia, a graduate student at Temple asked her whether the US should cross the border from Afghanistan into Pakistan. Palin said absolutely.
Sarah Palin: “If that’s what we have to do to stop the terrorists from coming any further in, absolutely, we should.”
On Sunday, Senator McCain attempted to retract Palin’s comment. The first and only vice-presidential debate will be held on Thursday at Washington University in St. Louis. Even though TV commentators called the Obama-McCain debate a draw, voters apparently saw it otherwise. Since the debate, Obama has surged in the polls and those polled said that Obama had performed better in the debate.
European Banks Get Government Bailouts
The crisis on Wall Street continues to have global repercussions. On Tuesday, Ireland said it would guarantee more than $500 billion in debt held by its largest financial institutions. And France and Belgium announced they would collectively inject more than $9 billion into the French-Belgian bank Dexia. More on the financial crisis after headlines.
US Drone Attack Kills 6 in Pakistan
In Pakistan, at least six people have been killed in the latest attack from a US drone. The bombing took place in the tribal region of North Waziristan near the Afghan border.
Dems Shelve Controversial Iran Measure
Back in Washington, congressional Democrats say they’ve effectively shelved a resolution widely decried as a possible green light for a war with Iran. H.R. 362 calls for isolating Iran with a naval blockade and a ban on oil shipments. The measure was heavily pushed by the lobbying group the American Israel Public Affairs Committee, or AIPAC. Congress member Gary Ackerman says he plans to revise the measure when Congress reconvenes after the November elections.
Colombia Displacements at Highest Level in 20 Years
In Colombia, human rights groups say newly formed right-wing paramilitary groups are fueling a rise in internal displacements this year. A new report says some 1,500 Colombians are fleeing their homes every day. That marks a 41 percent increase over the same period last year. Jorger Rojas of the Council for Human Rights and the Displaced says it’s the most displacements in twenty years.
Jorger Rojas: “We are amazed at the number of people leaving various regions of the country as a consequence of the violence and armed conflict. There are 270,000 people, the highest number in the last twenty years, many of them in massive displacements that have disappeared and not returned.”
The Colombian government is the highest recipient of US aid in the Western Hemisphere, most of it in military assistance.
10 Years After Arrests, Nobel Laureates Call for Release of Cuban 5
Tuesday marked the tenth anniversary of the US arrest of the Cuban Five. The five Cubans are serving prison terms of up to twenty-five years for allegedly spying for the Cuban government. The men say they weren’t spying on the US, but trying to monitor right-wing Cuban groups that have organized violent attacks on Cuba. Supporters marked the anniversary with full-page ads in several newspapers calling for the Cuban Five’s release. Signatories included nine Nobel laureates, among them the South African Archbishop Desmond Tutu and the German novelist Günter Grass.
Private Immigration Jail Accused of Failing to Vet Guards
In Washington State, a private contractor has been accused of failing to vet applicants hired to work as security guards in an immigration jail. Prosecutors say GEO Group generated false documents to cover up a lack of background checks on their guards. The company runs the Northwest Detention Center, which has been accused of mistreating prisoners.
GAO: Satellite Spy Program Fails to Meet Privacy Concerns
And new questions are being raised about the Bush administration’s controversial satellite surveillance program, known as the National Applications Office. The Department of Homeland Security says it will proceed with the first phase of the program despite objections it doesn’t comply with privacy laws. The satellite program is designed to provide federal, state and local officials with extensive access to spy satellite imagery to assist with emergency response and other domestic security needs. But critics say the Bush administration hasn’t created legal safeguards to ensure the program won’t be used for domestic spying. According to the Wall Street Journal, a new report from the Government Accountability Office says the Homeland Security Department has failed to address the privacy and civil liberties concerns.
Finance Sector Gave 51 Percent More to House Bailout Backers
The Center for Responsive Politics is reporting members of the House of Representatives who supported bailing out the financial sector have received 51 percent more in campaign contributions from the finance, insurance and real estate sector in their congressional careers than those who opposed the emergency legislation.
Banking Consolidation Continues as Citigroup Buys Wachovia
In other financial news, the nation’s fourth largest bank, Wachovia, has been acquired by Citigroup for $2 billion in a deal orchestrated by the federal government to prevent another bank failure. The deal could cost taxpayers hundreds of billions of dollars. Citigroup is inheriting over $300 billion in Wachovia’s loans, but the government has agreed to pay any losses over the $42 billion mark. Wachovia’s sale comes just days after Washington Mutual was seized by regulators before its assets were sold to JPMorgan Chase. The fall of Washington Mutual and Wachovia leaves the nation with three superbanks: Bank of America, Citigroup and JPMorgan Chase. The consolidation may result in higher fees on everything from checking accounts to bounced checks and overdrafts and lower interest-rate yields on deposit accounts.
Prosecutors Subpoena Freddie Mac and Fannie Mae
Meanwhile, federal prosecutors have subpoenaed Freddie Mac and Fannie Mae for documents as part of an investigation into the mortgage giants.
Mukasey Appoints Special Prosecutor for US Attorneys Scandal
Attorney General Michael Mukasey has appointed a Special Prosecutor to continue the probe into whether political misconduct led to the firing of nine US attorneys. The appointment came at the request of a lengthy Justice Department investigation. Investigators singled out Attorney General Alberto Gonzales for his conduct in the firings, accusing of him of “abdicating” his responsibility and questioning his faulty and evasive public statements. Senate Judiciary Chair Patrick Leahy warned President Bush not to misuse his pardon power to benefit officials connected to the scandal.
Sen. Patrick Leahy: “The evidence in our investigation in the Judiciary Committee and the report today shows Karl Rove and others among the highest ranks of the White House were involved in the firings, and apparently they focused on the political impact of federal prosecutions. I don’t think the White House should be allowed to hide from accountability.”
Ex-CIA Executive Director Pleads Guilty
The CIA’s former executive director pleaded guilty Monday to wire fraud as part of a plea bargain. Kyle “Dusty” Foggo was the third-highest-ranking official at the CIA until his resignation in 2006. Federal prosecutors accuse him of accepting up to $70,000 worth of gifts from his friend Brent Wilkes in exchange for lucrative CIA contracts. Foggo originally faced twenty-eight charges, but prosecutors agreed to drop twenty-seven of them in exchange for a guilty plea for wire fraud.
Immigration Agents Arrest 1,100 in California
In California, federal immigration agents have arrested more than 1,100 people over the past three weeks in a series of sweeps. It was the largest immigration operation ever carried out by ICE agents in California. One ICE official described the effort as a “big surge.” Immigrant rights advocate Basil Robledo of San Jose said the raids have been traumatizing. He said, "It is a scary situation for folks in the community. People keep their kids home from school. It creates less of a willingness to talk to police. They see ICE agents, and they see a uniformed person, and that blends into all of law enforcement.”
GOP Concern Growing Over Selection of Palin
The website Politico reports a growing number of Republicans are expressing concern about John McCain’s running mate Sarah Palin’s performance on the campaign trail and her understanding of key issues. National Review columnist Kathleen Parker has called on Palin to step aside. Parker recently wrote, “Quick study or not, she doesn’t know enough about economics and foreign policy to make Americans comfortable with a President Palin should conditions warrant her promotion.” Criticism of Palin intensified last week after her interview with Katie Couric on CBS. During the interview Couric asked Palin about the proposed $700 billion bailout of Wall Street.
Sarah Palin: “But ultimately, what the bailout does is help those who are concerned about the healthcare reform that is needed to help shore up our economy, helping the—oh, it’s got to be all about job creation, too, shoring up our economy and putting it back on the right track. So, healthcare reform and reducing taxes and reining in spending has got to accompany tax reductions and tax relief for Americans. And trade, we have—we’ve got to see trade as opportunity, not as a competitive, scary thing, but one in five jobs being created in the trade sector today. We’ve got to look at that as more opportunity. All those things under the umbrella of job creation. This bailout is a part of that.”
On Monday, Palin returned for another interview with Katie Couric, this time with John McCain. Couric questioned McCain about Palin’s interaction with a voter in Philadelphia on Saturday when she contradicted McCain’s stated position on Pakistan by saying that US troops should absolutely go into Pakistan if that’s what needed to stop the terrorists from coming into Afghanistan.
Katie Couric: “Is that something you shouldn’t say out loud, Sen. McCain?”
John McCain: “Of course, not. But, look, I understand this day and age, ‘gotcha’ journalism. Is that a pizza place? In a conversation with someone who you didn’t hear the question very well, you don’t know the context of the conversation, grab a phrase. Governor Palin and I agree that you don’t announce that you’re going to attack another country.”
Couric: “Are you sorry you said it?”
McCain: “And the fact”—
Couric: “Governor?”
McCain: “Wait a minute. Before you say, ‘is she sorry she said it,’ this was a ‘gotcha’ sound bite that—well, she was in a conversation”—
Couric: “It wasn’t a ‘gotcha.’ She was talking to a voter.”
International News
Olmert: Israel Should Withdraw from Most of West Bank & Golan Heights
Outgoing Israeli Prime Minister Ehud Olmert has told an Israeli newspaper that Israel should withdraw from nearly all territory captured in the 1967 Middle East war in return for peace with the Palestinians and Syria.
Olmert told Israel’s largest newspaper Yedioth Ahronoth: “I am saying) what no previous Israeli leader has ever said: we should withdraw from almost all of the territories, including in East Jerusalem and in the Golan Heights.” More than 450,000 Jewish settlers live in the occupied West Bank and East Jerusalem, and a further 20,000 in the Golan Heights. Olmert said that traditional Israeli defense strategists had learned nothing from past experiences and that they seemed stuck in the considerations of the 1948 war of independence. He said, “With them, it is all about tanks and land and controlling territories and controlled territories and this hilltop and that hilltop. All these things are worthless.” Olmert recently resigned over corruption allegations but remains prime minister until a new government is approved by parliament. Palestinian Foreign Minister Riyad Al-Maliki criticized Olmert for waiting until now to call for an end to the settlements.
Riyad al-Maliki: “We wish we heard this personal opinion when Olmert was prime minister, not after he resigned. I think it is a very important commitment, but it came too late. We hope this commitment will be fulfilled by the new Israeli government.”
© Copyright 2006 SeeingBlack.com
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