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September 18, 2008 - Image 3

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The Michigan Daily, 2008-09-18

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0 The Michigan Daily - michigandaily.com-

Thursday, September 18, 2008 - 3A

* The Michigan Daily - michigandailycom Thursday, September18, 2008 - 3A

NEWS BRIEFS
* WASHINGTON
Hackers gain access
to Gov. Palin's
Yahoo account
Hackers broke into the Yahoo!
e-mail account that Republican.
vice presidential candidate Sarah
Palin used for official business as
Alaska's governor, revealing as evi-
dence a few inconsequential per-
sonal messages 'she has received
since John McCain selected her as
his running mate.
"This is a shocking invasion of
the governor's privacy and a vio-
lation of law. The matter has been
* turned over to the appropriate
authorities and we hope that any-
one in possession of these c-mails
will destroy them," the McCain
campaign said in a statement.
The Secret Service contacted
O The Associated Press on Wednes-
day and asked for copies of the
leaked e-mails, which circulated
widely on the Internet. The AP did
not comply.
One person whose e-mail to
Palin apparently was among those
disclosed, Amy B. McCorkell,
declined to discuss her correspon-
dence. "I do not know anything
about it," McCorkell said. "I'm not
giving you any comment." Wired.
tom said McCorkell later con-
firmed that she did send the e-mail
to Palin.
JERUSALEM
Livni wins in
Israeli primary
In Foreign Minister Tzipi Livni
won a clear victory in the Kadima
Party's primary election Wednes-
day, TV exit polls showed, placing
her in a good position to become Is-
rael's first female leader in 34 years
and sending a message that peace
talks with the Palestinians will pro-
ceed.
Cheers and applause broke out
at party headquarters when Israel's
three TV networks announced their
exit polls giving Livni between 47
percent and 49 percent, compared
with 37 percent for her closest rival,
former defense minister and mili-
tary chief Shaul Mofaz. Livni sup-
porters hugged each other and shed
tears of joy.
Livni needed 40 percent of the
vote to avoid a runoff next week.
GALVESTON
Ike victims attempt
to return home
Residents of this hurricane-
wrecked island city launched an
ill-advised attempt to return to
their crippled hometown Wednes-
day, but instead fumed in hours of
gridlocked traffic only to be turned
away at the bridge.
Traffic backed up for 20 miles
along Interstate 45, the one route
onto Galveston Island, jockeying
for position with utility workers,
repair crews and police trying to
begin repairs to the city wrecked
by Hurricane Ike five days ago.
The city announced Tuesday

that people could briefly return
under a new "look and leave" plan,
causing evacuees all over the state
to pack up and head for the coast.
Hours later, it abruptly halted the
policy out of fear of just the sort
of roadway chaos occurring on
Wednesday.
ATLANTA
X-ray alternative to
colonoscopy shown
*able to spot cancer
A long-awaited federal study of
an X-ray alternative to the dreaded
colonoscopy confirms its effec-
tiveness at spotting most cancers,
although it was far from perfect.
Medicare is already considering
paying for this cheaper, less intrusive
option that could persuade more peo-
ple to get screened for colon cancer.
And some experts believe the new
method may boost the 50 percent
screening rate for a cancer that is the
country's second biggest killer.
- Compiled from
Daily wire reports
4 9160
Number of American service
members who have died in the
war in Iraq, according to The
Associated Press. No new deaths
were identified yesterday.

Dow Jones index drops 450 points

Stock market drops
to lowest point
since after 9/11
NEW YORK (AP) - The stock
market took another nosedive yes-
terday as the American banking
system appeared even shakier and
investors worried that the financial
crisis is spinning so far out of con-
trol that even government rescues
can't stop it.
The Dow Jones industrial aver-
age, which only two days earlier
had suffered its steepest drop since
the days after the Sept. 11 attacks,
lost another 450points.About $700
billfon in investments vanished.
One dayafter the Federal Reserve
stepped in with an emergency loan
to keep American International
GroupInc., one of the world's larg-
est insurers, from going under, Wall
Street wondered which companies
might be the next to falter.
A major investor in ailing Wash-
ington Mutual Inc. removed a
potential obstacle to a 'sale of the
bank, and stock in tvo investment
banks, Morgan Stanley and Gold-
man Sachs, was pummeled.
It was the fourth consecutive

day of extraordinary turmoil for
the American financial system,
beginning with news on Sunday
that another venerable investment
house, Lehman Brothers, would be
forced to file for bankruptcy.
The 4 percent drop yesterday
in the Dow reflected the stock
market's-first chance to digest the
Fed's decision to rescue AG with
an $85 billion taxpayer loan that
effectively gives it a majority stake
in the company. AIG is important
because it has essentially become a
primary source of insurance for the
entire financial industry.
As the stock market staggered,
the price of gold, which rises in
times of panic, spiked as much as
$90.40 an ounce. Bonds, a tradi-
tional safe haven for investors, also
climbed.
"The economy is not short of
money. It is short of confidence,"
said Sung Won Sohn, an economics
professor at California State Uni-
versity.
The financial stocks in the
Standard & Poor's 500 dropped
even more, falling 10 percent, and
insurance that backs corporate
debt soared for the last two surviv-
ing independent U.S. investment
banks, Morgan Stanley and Gold-

man Sachs.
"It seems as though banks are
hoarding cash, no matter what rate
they could be lending it at," said
David Rosenberg, North American
economist at Merrill Lynch.
Markets around the world also
tumbled, with stocks dropping
from Hong Kong to London. Bra-
zil's benchmark index saw the larg-
est drop, losing nearly 7 percent in
a day.
Worse, the short-term credit
markets remained frozen, with
overnight interest rates soaring for
loans between banks and for over-
night loans to businesses. Long-term
loans, however, didn'trise as much.
"The worry on short-term loans
is you're not sure who the ultimate
borrower is," said Brian Bethune,
chief U.S. economist at Global
Insight Inc.
And in case anyone needed addi-
tional symbolism, a glass panel
near the top of a Bank of America
skyscraper in Midtown Manhat-
tan fell more than 50 stories onto
the street below and shattered. No
injuries were reported.
In the United States, the falter-
ing economy and banking system
have begun to dominate conver-
sations at dinner tables,' bars and

online, not to mention seizing the
campaign trail.
One blogger, Michele Catalano
of Long Island, posted this on
Wednesday: "Dreamed about AIG
and the stock market, woke up with
the urge to stock up on canned
goods and shotguns."
Mortgage rates,whichhad fallen
after the government's takeover of
Fannie Mae and Freddie Mac, rose
again, removing a glimmer of hope
that the housingcrisis, the kindling
for the broader financial meltdown,
was hitting bottom.
And new statistics showed that
construction of new homes and
apartments fell a surprising 6.2
percent in August to the weakest
pace in17 years.
The Treasury Department, for
the first time in its history, said it
would begin selling bonds for the
Federal Reserve in an effort to
help the central bank deal with its
unprecedented borrowing needs.
Treasury officials said the action
did not mean that the Fed was run-
ning short of cash, but simply was
a way for the government to better
manage its financing needs.
Separately, the Securities and
Exchange Commission tightened
rules on short selling, the practice

of bettingthat a stock will fall.
A $62 billion money market fund
- Primary Fund from Reserve -
on Tuesday saw its holdings fall
below its total deposits, a condition
known as "breaking the buck" that
hasn'thappenedto amoney market
fund since 1994, Rosenberg said.
Money market funds are supposed
to be conservatively invested and
almost as safe as cash.
Democratic presidential nomi-
nee Barack Obama appeared
Wednesday in a two-minute com-
mercial to outline his economic
plans and caution it won't be easy
to fix the nation's worsening finan-
cial problems.
"The truth is that while you've
been living up to your responsibili-
ties, Washington has not," he said.
Republican John McCain's run-
ning mate, Alaska Gov. Sarah Palin,
said of the AIG move: "It's under-
standable but very, very disap-
pointing that taxpayers are called
upon for another one." ,
The Dow fell 449.36to 10,609.66,
finishing near its lowest point of
the trading day. The index is down
more than 7 percent just this week
and more than 25 percent since its
record close less than a year ago, on
Oct. 9, 2007.

Ten dead in embassy attack Government cancels

Car bombs killed
guards, civilians
SAN'A, Yemen (AP) - A car
bomb targeting the U.S. Embassy
hit the front gate of the compound
in Yemen's capital yesterday, a
U.S. spokesman said. A senior
Yemeni security official said six
Yemeni guards and four civilians
were killed.
The Yemeni guards were
assigned to sentry duty outside
the embassy by the Interior Min-
istry. The civilians were three
Yemenis and one Indian national,
the Yemeni security official said.
The official spoke on condition
of anonymity because he was not
authorized to speak to the media.
Ryan Gliha, the embassy
spokesman, told The Associated
Press by telephone that there was
a second explosion that followed
the initial one, but did not know
what caused it.

Another Yemeni security offi-
cial said the embassy was hit by
two car bombs and that heavy
gunfire lasting around 10 minutes
followed the blasts.
Several nearby homes were
badly damaged by the blasts, he
said, but had no information on
whether the heavily guarded
embassy sustained damage too.
A medical official, meanwhile,
said atleast seven Yemeni nation-
als were wounded and taken to
the city's Republican hospital.
They are residents of a housing
compound near the embassy and
included children, he said.
Both the security and medi-
cal officials spoke on condition of
anonymity because they were not
authorized to release the informa-
tion to the media.
Explosions and heavy gunfire
were heard near the embassy in
the eastern section of San'a and
police swiftly cordoned off the
area, according to a government

security official and an AP report-
er at the scene.
The AP reporter said ambu-
lance cars rushed to the area after
the blasts and that hundreds of
heavily armed security forces
were deployed around the com-
pound. Police kept reporters well
away from the immediate area of
the embassy, he said.
Regional TV news networksAl-
Jazeera and Al-Arabiya showed
shaky footage of the embassy's
area following the blasts, with a
heavy cloud of black smoke rising
from a spot just beyond concrete
blocks painted yellow. The embas-
sy is ringed by two layers of these
blocks, according to San'a resi-
dents familiar with the area.
The networks also reported
that a fire broke out in one of
the embassy's buildings. The AP.
reporter said a fire truck was seen
headed to the scene, but Gliha, the
embassy spokesman, denied the
report.

controversial study

CHICAGO (AP) - A govern-
ment agency has dropped plans
for a study of a controversial treat-
ment for autism that critics had
called an unethical experiment on
children.
The National Institute of Men-
tal Health said in a statement
Wednesday that the study of the
treatment - called chelation -
has been abandoned. The agency
decided the money would be bet-
ter used testing other potential
therapies for autism and related
disorders, the statement said.
"There will be parents who
are disappointed," said Richard
Nakamura, the scientific director
of NIMH. "We recognize that for
children there is a fine line for the
risk-benefit ratio. You have to be

pretty certain of the overall safety
of the procedure."
The agency wasn't confident
enough in the procedure's safety,
Nakamura said.
The study had been on. hold
because of safety concerns after
another study published last year
linked a drug used in the treatment
to lasting brain problems in rats.
Chelation removes heavy met-
als from the body and is used to
treat lead poisoning. Its use as
an autism treatment is based on
the fringe theory that mercury
in vaccines triggers autism - a
theory never proven and rejected
by mainstream science. Mercury
hasn't been in childhood vaccines
since 2001, except for certain flu
shots.

Get' em while they're freshmen.
They won't be ripe for long.

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