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Front Page: US Invests $250 Billion in Banks, Wildfires Rip Through Southern CA, McCain's Economic Proposal

Front Page: US Invests $250 Billion in Banks, Wildfires Rip Through Southern CA, McCain's Economic Proposal


  • $250 Billion Bank Investment:
    President Bush announced this morning that the government plans to invest $250 billion into banks, a move that he says is essential to stabilize the financial system. In exchange for the money the government will get an equity stake in the banks. It's the plan promoted by economists in the excellent This American Life episode explaining the crisis. Henry Paulson also delivered remarks on the plan today.

  • Wildfires Rip Through Southern CA:
    Over 1,000 firefighters are battling blazes near Los Angeles. The fires have claimed two lives and thousands more have been evacuated. With flames fanned by the Santa Ana winds, Gov. Schwarzenegger says, "Winds are causing fire conditions to change by the hour, which is why it is so important that residents in the areas surrounding these wildfires heed warnings from public safety officials to evacuate."
  • McCain to Announce Economic Proposal:
    John McCain will be revealing $52.5 billion in new economic proposals today, specifically aimed at helping seniors, workers, and the unemployed — those the campaign has said have been hurt worst by the crisis. In addition to the plan, three new tax measures, including a 50 percent reduction on the capital gains tax on stock profits will be announced. McCain's plan comes a day after Obama announced his own.

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