The Michigan Daily - michigandaily.com

Wednesday, September 24, 2008 - 3A

The Michigan Daily - michigandaily.com Wednesday, September 24, 2008 - 3A

NEWS BRIEFS
NEW YORK
Pain meets her first
world leaders
Sarah Palin met her first world
leaders yesterday.
It was a tightly controlled crash
course on foreign, policy for the
Republican vice presidential can-
didate, the mayor-turned-governor
who has been outside North Amer-
ica just once.
Palin sat down with Afghan
President Hamid Karzai and
Colombian President Alvaro Uribe.
The conversations were private,
the pictures public, meant to build
her resume for voters concerned
about her lack of experience in
world affairs.
"I found her quite a capable
woman," Karzai said later.
WASHINGTON
Dems to allow
offshore drilling ban
to expire
Democrats have decided to al-
low a quarter-century ban on
drilling for oil off the Atlantic and
Pacific coasts to expire next week,
conceding defeat in a months-long
battle with the White House and
Republicans set off by $4 a gallon
gasoline prices this summer.
House Appropriations Commit-
tee Chairman David Obey, D-Wis.,
told reporters yesterdaythat apro-.
vision continuing the moratorium
will be dropped this year from a
stopgap spending bill to keep the
government running after Con-
gress recesses for the election.
Republicans have made lifting
the ban a key campaign issue after'
* gasoline prices spiked this sum-
mer and public opinion turned in
favor of more drilling. President
Bush lifted an executive ban on
offshore drilling in July.
SACRAMENTO, Calif.
Schwarzenegger-
signs Calif. budget
85 days late
Gov. Arnold Schwarzenegger
signed the most overdue state bud-
get in California history yesterday,
skipping the usual fanfare because
he said the Legislature's efforts on
the $144.5 billion spending plan
were nothing to celebrate.
Nearly a quarter of the way
through its fiscal year, the state
finally has freed up billions of dol-
lars to pay medical clinics, nursing
homes, daycare centers and con-
tract vendors. The 85-day impasse
stemmed from a partisan legisla-
tive standoff over how to close Cal-
ifornia's $15.2 billion deficit.
UNITED NATIONS
Iranian president:
American empire
nearing collapse
Iran's president addressed the
U.N. General. Assembly yester-

day declaring that "the American
empire" is nearing collapse and
should end its military involve-
ment in other countries.
Iranian President Mahmoud
Ahmadinejad said terrorism is
spreading quickly in Afghanistan
while "the occupiers" are stillin Iraq
nearly six years after Saddam Hus-
sein was ousted from power in Iraq.
"American empire in the world
is reaching the end of its road, and
its next rulers must limit their
interference to their own bor-
ders," Ahmadinejad said.
He accused the U.S. of starting
wars in Iraq and Afghanistan to
win votes in elections and blamed a
"few bullying powers" for trying to
undermine Iran's nuclear program.
Ahmadinejad's hardline rheto-
ric came as no surprise and offered
little in the way of compromise at
the U.N., where he faces a new
round of sanctions if no agreement
is reached on limiting Iran's nucle-
ar capabilities.
- Compiled from
Daily wire reports
4,17
Number of American service mem-
bers who have died in the war in
Iraq, according to The Associated
Press. The following service mem-
bers were identified by the Depart-
ment of Defense yesterday:
Sgt. Matthew J. Taylor, 25,
Charleston, S.C.

Stocks keep falling as lawmakers weigh bailout

Congress working on
$700-billion financial
fescue plan
NEW YORK (AP) - Financial mar-
kets extended their declines yesterday as
investors worried that lawmakers were
beginning to doubt the necessity of a broad
government bailout for financial institu-
tions as a way to revive ailing credit mar-
kets.
Top economic officials updating Con-
gress about efforts to work out a $700 bil-
lion financial rescue plan faced a greater
degree of second-guessing from lawmakers
than some investors had expected. The Dow
Jones industrials, which had been higher
for the first half of the session ended at the
lows of the day, tacking a 161-point loss onto
a steep drop from Monday.
Still, trading appeared more orderly than
Monday, when investors rushed into hard
assets like oil and gold. Meanwhile, demand
remained high for 3-month Treasury bills,
considered the safest short-term finan-
cial asset, while the dollar regained some
ground after being hard hit Monday.
After days of intense gyrations in finan-
cial markets, investors are anxious about
whether the, plan to absorb bad mortgages
and othe' risky assets will help steer the
economy onto more solid footing - and also

Bernanke told the Senate Banking Com-
mittee Congress risks triggering a recession
if it doesn't act on the plan. He said inaction
could leave a range of businesses unable to
borrowthe money while consumers could
find it impossible to finance big purchases
like cars and homes.
While financial markets showed uneasi-
ness as investors listened to the testimony,
there wasn't the level of fear and volatility
that dominated Monday's trading.
Demand for short-term Treasurys
remained high. The yield on the 3-month
T-bill fell to 0.79 percent from 0.88 percent
on Monday; last week, it was around zero
after investors flooded money into T-bills as
the credit markets seized up. That spurred
government officials to propose a debt buy-
out plan.
The yield on the benchmark 10-year
Treasury note, which trades opposite its
price, fell to 3.80 percent from 3.85 percent
late Monday.
The dollar, 'whose decline Monday
drove some of the frenetic trading in other
markets, regained some of its lost ground
against the euro, while gold prices declined
after starting the week with a big advance.
The Dow fell 16L52, or 1.47 percent, to
10,854.17 after having risen more than 125
points in the early going and then falling by
more than 180. With Monday's 370-point
decline, the blue chips are down 534 points,
or 4.69 percent, for the week.

Stocks dropped yesterday as Wall Street investors became increasingly concerned that lawmakers may
back out of a plan that would help bail out financial institutions. The Dow Jones index has dropped 161
points-since Monday.

about resistance to the plan in Congress.
Treasury Secretary Henry Paulson,
Federal Reserve Chairman Ben Bernanke
and Securities and Exchange Commission
Chairman Christopher Cox testified before
lawmakers, who are working alongside oth-
ers in the Bush administration to complete
'the details of the bailout.
Traders grew nervous, and sent the stock
marketlower, as the officials faced questions
about whether the government's planned
response was appropriate. Sen. Chuck

Schumer, D-N.Y., for example, asked wheth-
er $150 billion might be adequate to get the
program started if investors were told more
money could be added if necessary.
The market remains uncertain about how
long it will take for the bailout plans to take
effect, and assuming they do, how effective
they will be..
"There's skepticism about whether the
$700 billion number is the right number,"
said Jim Herrick, manager and director of
equity trading at Baird & Co.


Poll: Obama
hasn't won
over Clinton
supporters
WASHINGTON (AP) -
Barack Obama's support from
backers of Hillary Rodham
Clinton is stuck smack where it
was in June, a poll showed yes-
terday, a stunning lack of prog-
ress that is weakening him with
fellow Democrats in the close
presidential race.
An Associated Press-Yahoo
News poll shows that among
adults who backed his rival
during their bitter primary
campaign, 58 percent now sup-
port Obama. That is the same
percentage who said so in June,
when Clinton ended her bid and
urged her backers to line up
behind the Democratic senator
from Illinois.
The poll shows that while
Obama has gained ground
among Clinton's supporters -69
percentviewhim favorablynow,
up 9 percentage points from
June - this has yet to translate
into more of their support.
In part, this is because their
positive views of Republican
presidential nominee ' John
McCain have also improved
during this period. The share of
Clinton supporters sayingthey'll
vote for McCain edged up from
21 percent to 28 percent, with
the number of undecided stay-
ing constant, according to the
survey, conducted by Knowl-
edge Networks.
Clinton backers' reluctance
to support Obama helps explain
why he is having a tougher time
solidifying partisan support-
ers than McCain. Overall, 74
percent of Democrats say they
will vote for Obama, compared
with 87 percent of Republicans
behind the Arizona senator.
About nine in 10 Clinton sup-
porters are Democrats.
The problem that supporters
of Clinton, the New York sena-
tor, have with Obama seems to
flow from their measure of him
as a candidate not from issues.
From establishing a timeline for
a U.S. withdrawal from Iraq to
abortion to canceling tax cuts
on the rich, their views of the
importance of issues are virtu-
ally identical to Democrats in
general.
Yet they find Obama less lik-
able, honest, experienced and
inspiring than Democrats over-
all do, and have a better view
of McCain. And while majori-
ties of Clinton supporters say
Obama shares their values and
understands ordinary Ameri-
cans, they're less likely to say so
than Democrats overall.
"It's just a gut feeling, my
gut tells me he's not it," Leslye
Burgess, 53, a federal Treasury
Department manager and Clin-
ton supporter from Fairfax, Va.,
said of Obama.
The GOP's selection of Sarah
Palin as McCain's running mate
has had no net impact on Clin-
ton loyalists - a group Repub-
licans were hoping to lure by

picking the Alaska governor.
Twenty-one percent in the poll
said Palin on the ticket makes
them likelier to back McCain, 21
percent said it makes them less
likely, and 58 percent said it had
no impact.

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