Page 2-The Michigan Daily- Thursday, October 31, 1991
Fed board lowers
bank interest rates
WASHINGTON (AP) - The
Federal Reserve, following fresh
signs of distress in the U.S. econ-
omy, let a key interest rate fall yes-
terday in what many economists in-
terpreted as a signal the central bank
had embarked on a new round of
credit easing.
The Fed allowed the federal
funds rate, the interest that banks
charge each other, to fall to 5 per-
cent. Many analysts saw the devel-
opment as a signal the central bank
had pushed its target range for this
rate down from its previous level of
5.25 percent in an effort to stimu-
late economic activity.
An easing move had been widely
expected after the gloomy economic
reports of recent days and comments
Monday by Federal Reserve
Chairperson Alan Greenspan that
the economy was bucking "50-mile-
an-hour head winds."
Yesterday, the government re-
ported that sales of new homes took
their biggest nose dive in 2 1/2 years,
plunging 12.9 percent in September
to a seasonally adjusted annual rate
of 446,000. Every part of the coun-
try suffered double-digit declines.
Analysts said the drop in single-
family home sales was ominous
given the fact that housing is typi-
cally one of the leading forces
pulling an economy out of a reces-
sion.
While a second government re-
port showed that consumer spend-
ing rose by 0.9 percent in September,
the largest gain since March,
economists were not impressed.
They said this increase was over-
shadowed by a report Tuesday show-
ing that consumer confidence fell in
October.
President Bush held an economic
strategy session at the White House
yesterday following his return
from Madrid, Spain.
AMNESTY
Continued from page 1
ily," he said. "Even if it's just
standing in a jail cell and making
people aware that there's human
rights violations in the world,
that's enough for now."
Several Amnesty members said
many instances of human rights
abuses are currently taking place in
Latin America. Daniel Levine, a
University political science profes-
sor specializing in Latin American
politics, agreed.
He said, "There's still a lot of
human rights abuses. But it's get-
ting better. Partly because the mili-
tary is out of office and partly be-
cause they killed a lot of their op-
ponents."
Levine said he has written letters
for Amnesty before. "I think it's a
good cause. I think it does well in
saving lives and bringing interna-
tional pressure to bear."
University graduate Carl
Dahlberg, who stopped on the Diag
to find out what the cell was, said
the display's long term significance
will be more important than its
immediate impact.
"I don't know if it has a direct.
effect at reversing the situation, but
if it raises people's awareness of the
situation, that's a start."
Engineering senior Weston Woo
had a different reaction to the mock
prisoners in the jail cell. "It's visi-
ble, but they're eating Little Cae-
sar's. It just doesn't hit home as
much."
He added, "I do like their of-
forts, though."
Lassman, who occupied the cell
for its entire 24-hour existence, said
she thought the jail cell did appeal
to shock value, but was not too se-
vere.
"Even though it's a mock jail
cell, we're not going to put an elec-
tric chair up here. That's a little ex-
treme," she said.
At the end of her self-imprison-
ment, Lassman said, "I think it was
a successful event. I think it got
people more aware of the organiza-
tion and interested."
Amy Olthouse, an LSA first-
year student, said she was impressed
by the jail cell.
"It's cool the way they're going
about it. It kind of sparks my inter-
est."
JENNIFER DUNETZ/DailI
Engineering junior Jully Park, RC senior Amy Spade, LSA junior Jayson
Blake LSA sophomore Kenya Lacy discuss the SWAP program with
University Police Officer Jim Sullivan.
POLICE vention Awareness Week, Nation
nal
0 m Us
Continued from page 1
delighted," she said. "One of the
best things you can do for a person
is help them out."
The unit's five crime prevention
interns educate the community
through special events like Alco-
hol Awareness Week, Crime Pre-
Night Out, and bike registration
during festifall.
"If we get the word out a lot
more, students will start utilizing
what we do." said LSA junior Eric
Stempien. "We know there is a big
DEVIL
Continued from page 1
I
1P
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currently accepting applications
for winter term account
executive positions.
Creativity, time to invest & a
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Questions? Call 764-0554
Application deadline:
November 1
lack of knowledge, and my
mislead students. "
Indian American Student Association
presents their annual
7:30 p.m., 9{jv. 2nd 1991
PO'WERCE9TER
Enjoy an evening of traditionaltIndian dance & music,
foffowedby an ethnic dinner catered by Raja Rani.
9Wts sofdin advance andat the door.
Tor ij.:994-8675
!HAPPY HALLOWEEN!
Thanks to the King Group Inc., 25 pounds of
Dum-Dum suckers were donated to the
Students Against Driving Drunk (SADD)
Chapter here at the U of M. We will be passii
out suckers on Thursday, October 31, 11:00 a.
to 2:00 p.m. So come trick or treat in the Diag
and don't get licked. Don't drink and drive.
Students Against Driving Dr
Abi Lipschutz - President
Renee Ellis - Publicity
YOU!!
ths that spotlights helped locate fires and
flush out arsonists Tuesday and last
night, a spokesperson for the city
_ fire marshal's office said.
More than 35,000 volunteers
were expected to patrol streets un-
til this morning, armed with flash-
lights, fire extinguishers and citi-
zen's band radios.
Residents would make citizens'
arrests of youths who lingered out-
doors between 6 p.m. yesterday and
6 a.m. today, said city Devil's Night
coordinator Georgella Muirhead.
A similar curfew began at 6 p.m.
Tuesday in the Detroit enclave of
Highland Park. But fire officials in
other Michigan cities played down
their Devil's Night preparations
yesterday.
"We aren't going to do anything
special," said Larry Quick, a battal-
ion chief in Pontiac, which reported
only a handful of Devil's Night
fires in 1990. "We like to keep it as
ng low-key as we can."'
Devil's Night turned ugly in the
m. early 1980s when pranksters began
torching houses instead of tossing
eggs. The worst year was 1984,
unk MIDEAST
Continued from page 1
I mean treaties. Security.
Diplomatic relations. Economic re-
when 810 blazes left dozens of peo-
ple homeless.
Some officials feared that eco-
nomic frustrations could spark
more fires this year than last. But a
University of Michigan sociologist
said Tuesday the 1984 arson count
belied those worries.
"It's certainly been a persistent
problem even during the boom years
'We aren't going to do
anything special. We
like to keep it as low-
key as we can'
- Larry Quick.
Pontiac battalion chief
of the 1980s," said Greg Duncan, an'
expert on economic behavior.
A Detroit cable television com-
pany again this year offered free-
movies last night 'in an effort to
keep youths off the streets. BardeM
Cablevision was to air "She-Devil,"
"Top Gun," "The War of the'
Roses," a Paul McCartney concert,
and a Detroit Red Wings game.
resolutions that serve as a basis for
the current negotiations "embraced
the principle of territory for peace."
Faisal Husseini, a prominent
Palestinian who serves as adviser to
the Palestinian-Jordanian delegation
and a link to the Palestine
Liberation Organization, said he ac-
cepted Baker's explanation.
Bush's formula does not call for
Israel to give up all of the West
Bank, Gaza, the Golan Heights, and
certainly not east Jerusalem, though
he refers to all of the land, includ-
ing part of Jerusalem, as occupied.
He demanded that Israel pull
back, at least over the long haul.
Bush focused on the Israeli-
Palestinian dispute, which adminis-
tration officials consider the best
candidate for an interim agreement.
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COME TO A HALLOWEEN
"U
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WILD,
DANCE
VIDEO
cations. "Trade. Investment. Cultural
Exchange. Even tourism."
Bush said, the goal "is not sim-
ply to end the state of war in the
Middle East and replace it with a
state of nonbelligerency. This is not
enough; this would not last."
Bush told Shamir directly that
"territorial compromise is essential
for peace. Boundaries should reflect
the quality of both security and po-
litical arrangements."
Bush was exercising the calcu-
lated ambiguity that has marked
Middle East diplomacy for a gener-
ation but he did not recite the ritual
land-for-peace formulation in pre-
cisely those words.
Baker said afterward that all ele-
ments of U.S. policy were not
"necessarily, specifically" in Bush's
speech. He said Arabs and Israelis
are well aware of the U.S. position
and emphasized that the two U.N.
PARTY!!!
Bush urged only that Israel
out of a spirit of "fairness" to
Palestinians and that the Arabs
commodate their demands
Israel's security concerns.
act
the
ac-
to
WHEN: TONIGHT, OCTOBER 31a
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DANCE 8-11t
AT 1:00 VIEW
THE ROCKY HORROR PICTURE
SHOW
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