- Stocks Rally on Bailout Plan:
European stocks rebounded sharply after US Treasury Secretary Henry Paulson announced yesterday evening plans to introduce new laws to buy hundreds of billions of bad debt from struggling banks. Options include establishing a government agency to buy bad loans, a plan that could, "ultimately undermine the dollar, push up inflation" according to one expert. - I-35 Bridge Has First Day:
The rebuilt I-35 W Bridge in Minneapolis had its first full day of service yesterday, three months ahead of schedule. Hundreds of vehicles lined up on both sides of the span to inch across shortly before 5 a.m. The 10-lane, $234 million span replaced the bridge that collapsed on August 1, 2007, killing 13 and injuring 145. - South Korea Withdraws Troops:
South Korea is set to completely withdraw its remaining troops in Iraq by the end of the year. The country has had troops stationed in Iraq for a reconstruction mission at the request of the US. From a high of 3,600 troops, now only 520 remain. The Defense Minister said, "There is no more need for us to stay there." - More Than 20 Die in Prison Riots:
Over 20 inmates in an overcrowded Tijuana prison died in riots this week according to police. The violence broke out after a prisoner died, apparently after abuse from a guard. The prison was built to hold 3,000 and now houses 8,000.
Charles Tyrwhitt
Claudio Merazzi
Austin Reed
Bailout plan will cost taxpayers 1 trillion dollars! No words to express how I feel about this news.
1I-35 looks A-OK down in Austin
2"But an even bigger risk could be a loss of confidence in the American government's balance sheet, he said.
"This could ultimately undermine the dollar, push up inflation even more and raise the cost of servicing debt for the US authorities," our correspondent explained."
I think we are in serious trouble. Do we really know who much this will cost taxpayers?
3Yeah, here's a story I was just reading about the trillion dollars news. Whew. It's... I'm a little speechless.
4"Senate Banking Committee Chairman Chris Dodd (D-Conn.) said on ABC’s “Good Morning America” said lawmakers were told last night “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications, here at home and globally.”
Thanks for the link Citizen.
5Days away from a complete meltdown?
Listening to CNN and they're reporting that this bailout can cost as much as $2 trillion now!!! ACKKKK!!!!!!
6Adrenalynn I don't think they have a clue as to how much this will cost taxpayers.
7i think that it's great that the market rebounded but after watching Mad Money last night on CNBC, i'm not sure if it's going to last or if it was a temp thing like after the 1987 drop. i hope that we see the markets rebound - it'll instill a bit more security for everyone.
i'm happy to hear that the bridge is back open and in great shape. that was a really scary thing to hear about the collapse when it happened, and i think that the governments need to really monitor the safety of ALL bridges so there's not a repeat of the same event.
i wonder what it says when south korea pulls out their troops saying that they are done with what they were stationed to do there - and our troops are still there in full swing. i hope that it's a foreshadowing of our troops coming home soon too!
i think that we hear a lot about prison riots and i hope that they are able to get this under control since it's a scary thing to hear about.
8They're slapping together a rescue plan which they say will cost a trillion, which means it will cost much more, AND gives the administration sweeping new powers... it'll be passed long before taxpayers have a clue what's been done to them this time.
9steph I'm afraid you're right.
10The bailout makes me sick. Mask the symptoms, ignore the cause.
When will the American people wake up and realize the government is making a major, bad decision and try to do something about it?
11Pigs are likely to fly first.
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