Daily News Digest (by Duane Shank)
The latest news on Housing Finance, Hurricane Ike, Politics and Pulpit, Unemployment, Children's Health Insurance, Immigration, Palin's Faith, Cyberspace War, Afghanistan, Candian Election, Israel, Nuclear India, US-Russia nuclear agreement, Sudan, and select op-eds.
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Housing finance. Treasury seizes Fannie Mae, Freddie Mac to bolster housing market "The historic seizure Sunday of mortgage finance titans Fannie Mae and Freddie Mac is expected to bolster the nation's sinking housing sector by lowering mortgage rates and jump-starting the obscure background market that is vital to home lending." In Rescue to Stabilize Lending, U.S. Takes Over Mortgage Finance Titans "The Bush administration seized control of the nation's two largest mortgage finance companies, seeking to shrink drastically their outsize influence on Wall Street and on Capitol Hill while at the same time counting on them to pull the nation out of its worst housing crisis in decades." U.S. takes control of Fannie Mae, Freddie Mac "The federal government executed a sweeping takeover of mortgage giants Fannie Mae and Freddie Mac in a move aimed at expanding the pool of money available for home finance and arresting a plunge in housing prices that endangers the nation's economy."
Unemployment. U.S. Jobless Rate Rises Past 6%, Highest Since '03"The unemployment rate jumped to 6.1 percent in August, its highest level in five years, pushing the troubles of American workers to the center of the political debate as the presidential campaign enters its final weeks." U.S. unemployment rate hits 6.1%, highest level in five years "The economy shoved its way to the front of the presidential campaign once again, as the nation's jobless rate shot to a five-year high -- escalating fears that the country is spiraling into a full recession."
Children's health insurance. Facing Veto, Democrats Drop Plan for Vote on Child Bill "Congressional Democrats have scrapped plans for another vote on expansion of the Children's Health Insurance Program, thus sparing Republicans from a politically difficult vote just weeks before elections this fall."
Immigration. Effort on Immigration Courts Faulted "A two-year-old Bush administration effort to improve the nation's backlogged immigration courts has not adequately increased oversight of immigration judges, tightened the appeals process or consistently sought funding for new judges, according to a report."
Politics and pulpit. Ban on Political Endorsements by Pastors Targeted "Declaring that clergy have a constitutional right to endorse political candidates from their pulpits, the socially conservative Alliance Defense Fund is recruiting several dozen pastors to do just that on Sept. 28, in defiance of Internal Revenue Service rules." Pastors' talk of candidates at issue "Three former Internal Revenue Service executives plan to file a complaint today against a coalition of Christian lawyers who they say are unethically encouraging pastors nationwide to talk about political candidates from the pulpit."
Palin's faith. In Palin's Life and Politics, Goal to Follow God's Will "Ms. Palin's religious life - what she believes and how her beliefs intersect or not with her life in public office in Alaska - has become a topic of intense interest and scrutiny across the political spectrum as she has risen from relative obscurity to become Senator John McCain's running mate."
Cyberspace war. Pentagon debates development of offensive cyberspace capabilities "Igniting a provocative new debate, senior military officials are pushing the Pentagon to go on the offensive in cyberspace by developing the ability to attack other nations' computer systems, rather than concentrating on defending America's electronic security."
Hurricane Ike. One million evacuate as Ike hits Cuba "Nearly one million people in Cuba have fled their homes as Hurricane Ike roars across the island, tearing off roofs and sending waves crashing into buildings." Haiti reeling, cities cut off, as 4 storms deliver devastation "The total death toll from back-to-back storms increased to more than 300, officials said Sunday. About one million people were left homeless by the four consecutive storms that brushed past this environmentally fragile and deeply impoverished country of 8.5 million people."
Afghanistan. Evidence Points to Civilian Toll in Afghan Raid"The Afghan government, human rights and intelligence officials, independent witnesses and a United Nations investigation back up their account, pointing to dozens of freshly dug graves, lists of the dead, and cellphone videos and other images showing bodies of women and children laid out in the village mosque." Rights group condemns U.S., NATO air strikes in Afghanistan "U.S. and NATO air bombings in Afghanistan have killed more than 500 civilians since 2006, fueling a public backlash against the coalition's war effort, a prominent human rights group said Monday." Germany Discovers a War in Afghanistan "For years, Germans have preferred to see their country's presence in Afghanistan as armed development assistance. That myth is now becoming more difficult to maintain as the violence spreads to the north where the Germans are based."
Canadian election. Prime Minister Chances Early Election in Canada "The vote on Oct. 14 will come about a year earlier than the date Mr. Harper had specified in legislation after his Conservative Party assumed power in January 2006. It will be the third national election for Canada in just over four years." Federal election called for Oct. 14 "Harper said the campaign will give voters a choice "between clear direction or uncertainty" at a time of global economic trouble, and said his government's record proves it will be a sound steward in the future."
Israel. Israeli Police Suggest Indicting Olmert"The Israeli police on Sunday recommended indicting Prime Minister Ehud Olmert on charges including bribe-taking, fraud and breach of trust." Olmert to stay PM even if indicted "Prime Minister Ehud Olmert will remain head of the transitional government that would come into being when he quits following the Kadima primary, even if Attorney-General Menahem Mazuz decides to indict him, a source close to Olmert said."
Nuclear India. India gets nuclear go-ahead despite fears "India celebrated its admission to the world's nuclear club yesterday after a decision by the 45 nations that legally supply atomic fuel and technology to lift a decades-old ban on nuclear trade with the country." Bush admn steps up efforts to hasten N-deal "The Congress will be in session only from Sept 8 to 26. Ways are being discussed to by-pass the 30-day period which the Congress requires to study a legislation."
US-Russia nuclear agreement. U.S. Backs Off Civilian Nuclear Pact With Russia "The Bush administration plans today to formally withdraw from Congressional consideration an agreement for civilian nuclear cooperation with Russia. The step is the most meaningful show of displeasure the United States has yet made over Russia's military action in Georgia." White House Set to Put Aside U.S.-Russia Nuclear Agreement "he White House plans to formally pull from congressional consideration an agreement with Russia for civilian nuclear cooperation, perhaps as soon as today, Bush administration sources said over the weekend."
Sudan. Sudan doesn't see relations improving after the U.S. election "The American presidential race and a genocide investigation by the International Criminal Court are propelling Sudanese officials to renew efforts to strike a deal with the U.S. aimed at normalizing relations and improving stability in the volatile Darfur region."
Commentary. How a Tumor Is Changing My Life (Robert D. Novak, Washington Post) "I thought years of rough-and-tumble journalism had made me more enemies than friends. This experience suggests otherwise." Jail and Jesus (Tom Krattenmaker, USA Today) "The Bible is heavy on redemption, and the plight of prisoners is a recurring theme in the New Testament. With 1 in 100 American adults incarcerated, are Christians doing enough to address the root causes of this prison explosion?"






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Comments
Isn't it amazing. Free market capitalism engineers its own chaos and the government has to nationalise it. And irony of ironies, it is the neo-cons who are forced to do it.
You have socialism in the housing market courtesy of George W! The tax payer will underwrite the risk but you can be sure that the capitalists will reap the benefits.O dear, what will all the defenders of free market capitalism say? All those who bleated about 'big' government and the need tolet the market rip.
Milton Friedman turns in his grave.
Posted by: Alex Porter | September 9, 2008 12:10 PM
Hmmm...I don't understand all of the flap over the conservative pastor's wanting to endorse a candidate from the pulpit. And please don't give me a big lecture on IRS rules and not for profit status. Some black churches have been bastions of liberal politics for years- didn't both Clinton and Obama give overtly "vote for me" political speeches at Ebenezer in Atlanta not too long ago? That seemed to ruffle no feathers. I will probably now get a number of "nuanced" lectures as to why the former is clearly wrong and the later is definitely okay.
Confused in Atlanta
Posted by: Johnny | September 9, 2008 1:07 PM
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