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September 08, 2008 - Image 7

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The Michigan Daily, 2008-09-08

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The Michigan Daily - michigandaily.com

Monday, September 8, 2008 - 7A

Unemployment hits 5-yr. high Floods kill 58 in Haiti

. WASHINGTON (AP) - The
nation's unemployment rate bolted
above the psychologically impor-
tant 6 percent level last month for
the first time in five years - and
it's likely to go even higher in the
months ahead, possibly throw-
ing the economy into a tailspin as
Americans pick a new president.
A blizzard ofpink slips propelled
the jobless rate from 5.7 percent in
July to 6.1 percent in August, the
Labor Department reported Fri-
day. Such a sharp increase is usu-
ally a strong recession warning,
and it dashed investors' hopes for
alate-year recovery.
MCCAIN
From Page 1A
McCain."
The majority of McCain's speech
was dedicated to his energy poli-
cies and a promise of United States
energy independence in 10 years.
He called energy an economic,
environmental and national secu-
rity issue.
When McCain promised the
audience, "we'll drill new wells
offshore and we'll drill now," the
amphitheater broke out into a rau-
cous chant of "Drill, baby, drill."
McCain chuckled in response:
"I don't know who thought of that
one, but that's a great one."
McCain promised to increase
the number of nuclear power

Worried about the economy
and their own business prospects,
employers cut payrolls by 84,000
in August, marking the eighth
straight month of losses.
So far this year, a staggering
605,000 jobs have vanished. The
economy needs to generate more
than 100,000 new jobs a month for
employment to remain stable.
Richard Yamarone, economist
at Argus Research, feared that the
jobless rate would cause consum-
ers and businesses to "move from
a moderately concerned stage to
outright fear."
A toxic trio of housing, credit
plants in the country, as well as the
use of wind, tide, solar and natural
gas as energy sources. He also said
he would encourage the develop-
ment and use of flex fuel, hybrid
and electric automobiles.
McCain said the technology will
create millions of new jobs. The
Republican nominee gave the crowd
"some straight talk" as he spoke
briefly on the topic of the economy.
"These are tough times for many
of you," McCain said. "In the state
of Michigan, times are tough.
You're worried about keeping your
job or finding a new one. Many are
struggling to put food on the table
or even stay in their home."
When he explained his econom-
ic plan, he criticized Obama's point
for point.
"I'll keep taxes low and cut them

and financial problems has badly
shaken the economy, and the cri-
sis shows no signs of letting up. It's
the public's top worry, and many
experts believe the situation will
get worse before it gets better.
The. unemployment increase
meansmanycompanieswillfeelpres-
sure to reduce their business invest-
ments - either in capital projects or
hiring-- for the restofthe year.
"Mix business caution with con-
sumer exhaustion and you have
a recipe for a real recession," said
Terry Connelly, dean of Golden
Gate University's Ageno School of
Business.
where I can. My opponent will raise
them. I'll open new markets for
goods and services. My opponent
will close them. I'll cut government
spending, he'll increase it. My tax
cuts will create jobs, his raises will
eliminate them," McCain said.
Brady Smith, chair of the College
Republicans at the University, said
he was excited by the event Sat-
urday. He said he was glad to hear
McCain outline his economic and
energy plans, which he said would
open up opportunities for the state.
"McCain is goingto invest in the
private sector," Smith said. "He's
going to invest in folks that cre-
ate jobs and he's going to invest in
the middle class. Barack Obama is
going to invest in government. It's
time that we invested in people,
rather than government."

GONAIVES, Haiti (AP) - Hai-
tians took to their roofs to escape
rising floodwaters for the sec-
ond time in a week yesterday as
squalls from Hurricane Ike killed
58 people and collapsed a bridge
that cut the last land route into
the starving city of Gonaives.
All but one of Sunday's victims
came in the Cabaret area north
of Port-au-Prince, according to
civil defense director Maria-Alta
Jean Baptiste. She said another,
three bodies were found in Gona-
ives, victims of an earlier storm.
They pushed Haiti's death toll to
at least 319 from four storms that
have hit the country in less than
a month.
Witnesses in Cabaret said
floodwaters rushed into homes
in the middle of the night, crush-
ing walls and reaching chest-high
levels before receding yesterday
'DEMOCRATS
From Page 1A
Presidential election and Michi-
gan's role in the final decision.
"It's up to you," said Schauer.
"We can change the math in this
election."
During his speech, Dingell
presented Styer with a check for
$500 to be used to "elect the next
president." Dingell gave the Col-
lege Democrats a check of the

morning and leaving everything
caked in mud.
In the Always Funeral Home,
21 mud-crusted bodies were
piled in a small room, unclaimed.
Two of them were pregnant, one
still clutching a small girl to her
chest.
"We took refuge in one room
and waited there all night and
prayed," said Sister Marie Denise,
who was trapped by waist-high
waters in the house she shares
with four nuns. They evacuated
to the nearby school they run
after the waters receded.
"We don't know if one of our
girls is among the dead," she said
of her students.
The rain had stopped by late
afternoon, but authorities feared
flooding could continue as water
collecting in the mountains con-
tinued to run downhill. Much of
same value at their annual pancake
breakfast fundraiser last March for
the same purpose.
Dingell lambasted the current
Bush administration, calling it "the
worst administration since Caligu-
la," and encouraged students to vote.
LSA freshman Jacob Taylor said
he chose to come to the University
in part because of campus's liberal
reputation.
Taylor said he thought this elec-
tion would have a higher voter
turnout because the last election

Gonaives remained inaccessible
even to United Nations peace-
keepers in trucks because of ris-
ing waters and strong currents.
As the peacekeepers delivered
aid to the parts of Gonaivesthey
could still reach, scores of young
men splashed alongside, begging
for help. One called out with a
bullhorn: "Hey, hey, my friend.
Give me some water."
Food and fuel prices both sky-
rocketed, with gasoline reaching
500 Haitian gourdes (US$13) a
gallon.
The U.N. beefed up security in
Gonaives, which was isolated and
pummeled by rains for four days
last week during Tropical Storm
Hanna.
The city was cut off again Sun-
day when flooding caused the
collapse of the Mirebalais bridge
in central Haiti.
was so close.
"Maybe now people feel like
they can makea difference, no mat-
ter who they are," he said. "People
want change."
King compared the role of siu
dents in the election to a basketball
game.
"We knew that we could change
the environment of basketball from
our style of play," he said of the
Fab Five's legacy. "That's what you
guys can do rightnow, you guys can
change the game right now."

the michigan daily
phone: 734.764.0557
Sfax: 73.315
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