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Thursday, September 25, 2008

United States President George W. Bush addressed the nation on the economic financial crisis from inside the White House saying the economic situation is “serious” and is “in danger” of becoming “a long and painful recession.”

“We are in the midst of a serious financial crisis and the federal government is responding with decisive action,” Bush said in his televised speech.

Bush called for the United States Congress to pass a US$700 billion bill intended to keep struggling companies afloat. He asked the two presidential candidates along with leaders from both parties of Congress to join him for a conference on Thursday.

Last Friday, Treasury Secretary Henry Paulson called for a bailout plan that would allow for the United States government to purchase devalued mortgage backed securities, resulting from the subprime mortgage crisis, from troubled financial institutions. Paulson has said that the plan could cost up to $700 billion. Congressional leaders have said that some form of the plan will pass; however, there is considerable debate over several key issues.

White House spokeswoman Dana Perino said that Bush “believes it is important for the American people to fully understand the depth of the crisis in our financial markets, how that crisis affects them, and the urgent need to agree on a solution.” Bush has been criticized for waiting too long to speak in prime time.

John McCain suspended his campaign to return to Washington and work on the bailout bill. Barack Obama has called for another form of the bill to pass and said that Congress should not package the bailout bill with any other bills — such as an economic stimulus plan.

Meanwhile, Congress has held a second round of hearings on the proposed bailout bill. Paulson and Chairman of the Federal Reserve Ben Bernanke testified in front of the House Financial Services Committee. They felt it was a serious problem in need of an immediate solution.

Rep. Barney Frank, Chairman of House Financial Services Committee, says it is “clear” that the financial bailout bill will pass.

Director of the Congressional Budget Office Peter R. Orsza said while testifying before Congress that “ironically, the intervention could even trigger additional failures of large institutions, because some institutions may be carrying troubled assets on their books at inflated values.”

The bailout plan has been called a “blank check” by many, with members of both parties divided on the issue.

Thursday, December 7, 2006

The New Zealand Government has tabled the Therapeutic Products and Medicines Bill, despite unprecedented political opposition.

In 2003 the Hon Annette King signed a Treaty with Australia agreeing to hand control of the natural health products sector over to an Australian regulatory body, however she needs to pass enabling legislation in New Zealand. “This will be a world-class joint scheme designed to regulate the safety, quality, effectiveness and promotion of therapeutic products in both New Zealand and Australia. That includes the regulation of complementary and alternative medicines, over-the-counter and prescription medicines, medical devices, blood and blood products and tissues and cellular therapies,” Ms King said.

Twice the Bill has been thrown out by select committees, but the Government is determined to ram it through Parliament, according to the New Zealand Health Trust.

“Late tonight the Bill was finally tabled, with no announcement from the Minister,” said Amy Adams, spokesperson for the Trust, “Clearly the Minister is keen to sneak it into Parliament under cover of the silly season, in the hope that she can keep it under the public’s radar.”

“I welcome the support of a majority of the House who want to see the Bill go to Select Committee where New Zealanders can have their say,” Ms King said.

The NZ Health Trust conducted research earlier this year which showed 62% of New Zealanders used natural health products. “This Bill represents a massive and irreparable change to the way we make rules for New Zealand dietary supplements,” Mrs Adams said.

“Under the proposed regime, well over a million New Zealand consumers would find the choice of products adversely affected, and experience cost increases. So you can see why the Government is trying to sneak this into the House without any fuss – they don’t want the public to know.”

All the political parties except Labour have pledged their opposition the proposal, despite some intense lobbying by Australian and New Zealand officials.

“It is a very serious thing to hand sovereignty over your country over to another nation,” Mrs Adams said. “And all the other political parties see the sense in making sure the sector is regulated from New Zealand – not as a minor state of Australia.”

Ms King said: “The Bill… ensures that New Zealand will have an equal say in the setting up and running of the new Authority and joint scheme.” The new authority will be like a crown-owned entity and will have to provide an anuual report and a statement of intent to parliament each year.

Sunday, January 25, 2009

Prime Minister Manmohan Singh received a successful coronary artery bypass surgery and was recuperating well in the state-run All India Institute of Medical Sciences (AIIMS) Sunday.

Dr. Manmohan Singh is the 17th and current Prime Minister of the Republic of India. He also serves as the Union Minister for Finance, succeeding P. Chidambaram.

“The 76-year-old Prime Minister is doing fine now. He is conscious, stable, comfortable and is making rapid progress. He also met his family and congratulated all doctors. [His] ventilator has been taken off and he is breathing on his own. This is an important step,” said Dr. Ramakant Panda, one of the surgeons, after the 11-hour procedure on Saturday.

According to critical care specialist Dr. Vijay D’Silva, who has been entrusted with his post-operative care, Singh has been given a liquid diet since morning including a cup of tea, and was speaking to doctors after the procedure. “The way you [doctors] are taking care of me, you should also take care of other people”, Dr. D’Silva, who received his basic medical training in Nagpur and headed the ICU at Mumbai’s Jaslok and Lilavati Hospitals before he helped set up the ICU at the ultra-modern Asian Heart Institute, quoted Singh as saying.

“We started the operation at 7:45 am. The second operation always takes longer and makes it difficult to reach the heart. We did a total of five by-passes to clear multiple blockages in his arteries. Surgery was the long term answer since there were many blockages. We will take the PM out of the breathing machine in the next 2-3 hours and the PM should stay for three days in the ICU and then 4-5 days more in the hospital,” Drs. Panda and D’Silva explained.

Singh’s personal physician and AIIMS cardiac surgeon, Dr. K. S. Reddy, has predicted the PM will be allowed to attend to some official work in two weeks, to most of the duties in four weeks and will be able to resume office in six weeks. “PM was sent to the Operation Theatre at 6:40 am, surgery was done at 8:45 am and was concluded at 7:30 pm. PM was sent back to the ICU at 8:55 pm,” said Dr. Reddy.

“The team has brought about 20 boxes of special equipment with it. Earlier, Dr. K. S. Reddy had discussions with Dr. Panda in connection with the line of treatment to be followed,” the team of 11 doctors said.

The team of surgeons made a 6 to 7 inch incision along the scar that marked the PM’s 1990 bypass operation, and he was given five grafts. “The new grafts, all 3 mm long, will last the PM the rest of his life,” said Dr. Pradyot Kumar Rath from the Asian Heart Institute. “If the PM could have been so active with all the blockages, he can be even more active now,” Dr Panda said.

Singh underwent a coronary angiography at the AIIMS hospital on Tuesday and Wednesday and was discharged on Thursday. The tests results revealed multiple arterial blockages and Singh returned to hospital on Friday for pre-surgery tests.

External Minister Pranab Kumar Mukherjee, age 73, has been given the charge of Finance Ministry after he held meetings with Congress President Sonia Gandhi and then Prime Minister Singh. Mukherjee said he would meet the Prime Minister because he was going for treatment and when he was abroad, Singh was in hospital. “These are quite natural things. You should not be unnecessarily worried over and coming here in large numbers,” he said.

Mukherjee has also taken charge over some prime ministerial responsibilities, while Singh recovers, officials and media reports said. But no acting prime minister has been named while Singh is recuperating. Mukherjee will also preside over Cabinet meetings and will further handle coal, environment and forests, including information and broadcasting and finance portfolios.

Pranab Kumar Mukherjee, a native of West Bengal, India, is the Minister for External Affairs of India in the Manmohan Singh-led Government of India. A prominent leader of the Indian National Congress in the 14th Lok Sabha, he is known to be a competent party apparatchik, “a prominent Gandhi family loyalist who did not win a popular election until 2004”.

Singh, a diabetic, underwent a bypass surgery in Britain in 1990 and had an angioplasty in 2004 in Delhi in which stents were introduced in his arteries. He had earlier been operated for a benign enlarged prostate in 2007, and for nerve compression in both wrists in 2006 and cataract removal procedure last year, officials said.

The Congress Party, which leads the coalition Government, has said that he will remain Prime Minister if Congress and its allies win again. But Congress is reportedly planning to replace him, possibly within two years, with Rahul Gandhi, the 38-year-old son of Sonia Gandhi, the Italian-born Congress leader. “Days are not far off for Rahul Gandhi to become Indian Prime Minister,” Mr Mukherjee said earlier this month.

Rahul is an Indian politician and member of the Parliament of India, representing the Amethi constituency. He is a member of the Nehru-Gandhi family, the most prominent political family in India. He is the son of current Italian-born Congress President Sonia Gandhi, and former Prime Minister Rajiv Gandhi, who was assassinated in 1991. Gandhi was 14 years old when his grandmother, Prime Minister Indira Gandhi, was assassinated by her security guards. His great-grandfather, Jawaharlal Nehru, was the first Prime Minister of India, and his great-great-grandfather Motilal Nehru was a distinguished leader of the Indian independence movement.

Wednesday, February 27, 2008

The Svalbard Global Seed Vault, a vault containing millions of seeds from all over the world, saw its first deposits on Tuesday. Located 800 kilometers from the North Pole on the Norwegian island of Spitsbergen, the vault has been referred to by European Commission president José Manuel Barroso as a “frozen Garden of Eden“. It is intended to preserve crop supplies and secure biological diversity in the event of a worldwide disaster.

“The opening of the seed vault marks a historic turning point in safeguarding the world’s crop diversity,” said Cary Fowler, executive director of the Global Crop Diversity Trust which is in charge of collecting the seed samples. The Norwegian government, who owns the bank, built it at a cost of $9.1 million.

At the opening ceremony, 100 million seeds from 268,000 samples were placed inside the vault, where there is room for over 2 billion seeds. Each of the samples originated from a different farm or field, in order to best ensure biological diversity. These crop seeds included such staples as rice, potatoes, barley, lettuce, maize, sorghum, and wheat. No genetically modified crops were included. (Beyond politics they are generally sterile so of no use.)

Constructed deep inside a mountain and protected by concrete walls, the “doomsday vault” is designed to withstand earthquakes, nuclear warfare, and floods resulting from global warming. Norwegian Prime Minister Jens Stoltenberg called it an “insurance policy” against such threats.

With air-conditioned temperatures of -18 degrees Celsius, experts say the seeds could last for an entire millennium. Some crops will be able to last longer, like sorghum, which the Global Crop Diversity Trust says can last almost 20 millenniums. Even if the refrigeration system fails, the vaults are expected to stay frozen for 200 years.

The Prime Minister said, “With climate change and other forces threatening the diversity of life that sustains our planet, Norway is proud to be playing a central role in creating a facility capable of protecting what are not just seeds, but the fundamental building blocks of human civilization.” Stoltenberg, along with Kenyan Nobel Peace Prize laureate Wangari Maathai, made the first deposit of rice to the vault.

“It is very important for Africa to store seeds here because anything can happen to our national seed banks,” Maathai said. The vault will operate as a bank, allowing countries to use their deposited seeds free of charge. It will also serve as a backup to the thousands of other seed banks around the world.

“Crop diversity will soon prove to be our most potent and indispensable resource for addressing climate change, water and energy supply constraints and for meeting the food needs of a growing population,” Cary Fowler said.

Saturday, November 15, 2008

Scotland has refused bail to the Libyan man convicted of the bombing of Pan Am Flight 103 despite his terminal cancer, as he can receive treatment in prison. Abdelbaset Ali Mohmed Al-Megrahi was jailed in 2001 for the 1988 bombing of the transatlantic airliner, killing 270 people, but is seeking to have his conviction overturned.

Minutes after Edinburgh’s Appeals Court rejected bail on compassionate grounds Jim Swire, spokesman for the victim’s families who lost his daughter in the disaster, complained about the ruling. “It has never been a goal of our group to seek revenge,” said a lawyer outside the court reading from his statement. “The refusal of a return to his family for a dying man whose verdict is not even yet secure looks uncomfortably like either an aspect of revenge — or perhaps timidity.”

Al-Megrahi, a former intelligence officer, is 54 and serving a minimum of 27 years for the bombing. He has advanced prostate cancer which is spreading through his body. His request for bail was rejected by Lord Hamilton, Scotland’s head judge, who said that as doctors say he could live a few more years he should not be released unless and until after his appeal succeeds or his condition worsens.

Some other doctors give his time as just months, as the cancer has reached his bones. Hamilton however said that palliative hormone treatment could prolong his life. Hamilton also said Al-Megrahi was not suffering “material pain or disability”.

The Scottish Criminal Cases Review Commission ruled last year that the conviction may be a miscarriage of justice. It said there was significant doubts to be raised over several key pieces of evidence in the original trial.

Sunday, December 4, 2005

The US commander of the Multinational Security Transition Command in Iraq said that he had no knowledge of the National Strategy for Victory in Iraq document released by the US President. This, along with speculation that the document was chiefly authored by a public opinion analyst recruited by the White House have led to some critics claiming that the drafted ‘strategy’ is targeting US public opinion, not the Iraqi insurgency.

The military, political and economic strategy for Iraq, outlined last week by President Bush in a speech at the Naval Academy in Annapolis, Maryland, was based by a 35-page document titled the National Strategy for Victory in Iraq. A metadata tag on the document posted on the White House website identified its author as a computer user ‘feaver_p’. It is believed to refer to Dr. Peter D. Feaver, a special advisor to the National Security Council staff.

A political scientist at Duke University, Dr. Feaver analyzed public opinion polls about the Iraq war and attitudes towards war casualties. Dr. Feaver found that US public opinion will support military engagement abroad, despite growing casualties, provided that the public believed that the war was being fought for a worthy cause and that victory was achievable.

Dr. Feaver was one of the people who helped “conceive and draft” the document, according to a White House staffer, who said that Meghan L. O’Sullivan, the deputy national security adviser for Iraq and Afghanistan, and her staff played a larger role. White House officials confirmed to the New York Times that the document’s “creation and presentation strongly reflected the public opinion research”.

The document “reflects the broad interagency effort under way in Iraq” according to an NSC spokesman Frederick Jones and had received major contributions from the Departments of Defense, State, Treasury and Homeland Security, as well as the director of National Intelligence.

On Friday, Lt. Gen. Martin Dempsey, whose Multinational Security Transition Command is responsible for building Iraq’s security forces, told reporters that he had seen the strategy document for the first time when it was released to the public. The White House had said that not all senior officers in Iraq had necessarily seen the document and Gen. Peter Pace, the chairman of the Joint Chiefs of Staff, has said that he had read and critiqued the document on several occasions.

Earlier, replying to questions about the President’s strategy, White House press secretary Scott McClellan said that the document was an “inter-agency document” and an “unclassified version” of the administrations “strategy for victory in Iraq” published for the public to view.

Christopher F. Gelpi, of Duke University, who co-authored Dr. Feaver’s work titled Casualty Sensitivity and the War in Iraq, stated, “The Pentagon doesn’t need the president to give a speech and post a document on the White House Web site to know how to fight the insurgents. The document is clearly targeted at American public opinion.” In their work together, Gelpi, Feaver and Reifler found that the most important factor which determines the US public’s tolerance for US military deaths in a war is the public’s beliefs about the likelihood of success, and a secondary, but still important, factor, was found to be the public’s belief in the rightness of a war.

Thursday, December 20, 2007

Wikinews reporter David Shankbone is currently, courtesy of the Israeli government and friends, visiting Israel. This is a first-hand account of his experiences and may — as a result — not fully comply with Wikinews’ neutrality policy. Please note this is a journalism experiment for Wikinews and put constructive criticism on the collaboration page.

Dr. Yossi Vardi is known as Israel’s ‘Father of the Entrepreneur’, and he has many children in the form of technology companies he has helped to incubate in Tel Aviv‘s booming Internet sector. At the offices of Superna, one such company, he introduced a whirlwind of presentations from his baby incubators to a group of journalists. What stuck most in my head was when Vardi said, “What is important is not the technology, but the talent.” Perhaps because he repeated this after each young Internet entrepreneur showed us his or her latest creation under Vardi’s tutelage. I had a sense of déjà vu from this mantra. A casual reader of the newspapers during the Dot.com boom will remember a glut of stories that could be called “The Rise of the Failure”; people whose technology companies had collapsed were suddenly hot commodities to start up new companies. This seemingly paradoxical thinking was talked about as new back then; but even Thomas Edison—the Father of Invention—is oft-quoted for saying, “I have not failed. I have just found ten thousand ways that won’t work.”

Vardi’s focus on encouraging his brood of talent regardless of the practicalities stuck out to me because of a recent pair of “dueling studies” The New York Times has printed. These are the sort of studies that confuse parents on how to raise their kids. The first, by Carol Dweck at Stanford University, came to the conclusion that children who are not praised for their efforts, regardless of the outcome’s success, rarely attempt more challenging and complex pursuits. According to Dweck’s study, when a child knows that they will receive praise for being right instead of for tackling difficult problems, even if they fail, they will simply elect to take on easy tasks in which they are assured of finding the solution.

Only one month earlier the Times produced another story for parents to agonize over, this time based on a study from the Brookings Institution, entitled “Are Kids Getting Too Much Praise?” Unlike Dweck’s clinical study, Brookings drew conclusions from statistical data that could be influenced by a variety of factors (since there was no clinical control). The study found American kids are far more confident that they have done well than their Korean counterparts, even when the inverse is true. The Times adds in the words of a Harvard faculty psychologist who intoned, “Self-esteem is based on real accomplishments. It’s all about letting kids shine in a realistic way.” But this is not the first time the self-esteem generation’s proponents have been criticized.

Vardi clearly would find himself encouraged by Dweck’s study, though, based upon how often he seemed to ask us to keep our eyes on the people more than the products. That’s not to say he has not found his latest ICQ, though only time—and consumers—will tell.

For a Web 2.User like myself, I was most fascinated by Fixya, a site that, like Wikipedia, exists on the free work of people with knowledge. Fixya is a tech support site where people who are having problems with equipment ask a question and it is answered by registered “experts.” These experts are the equivalent of Wikipedia’s editors: they are self-ordained purveyors of solutions. But instead of solving a mystery of knowledge a reader has in their head, these experts solve a problem related to something you have bought and do not understand. From baby cribs to cellular phones, over 500,000 products are “supported” on Fixya’s website. The Fixya business model relies upon the good will of its experts to want to help other people through the ever-expanding world of consumer appliances. But it is different from Wikipedia in two important ways. First, Fixya is for-profit. The altruistic exchange of information is somewhat dampened by the knowledge that somebody, somewhere, is profiting from whatever you give. Second, with Wikipedia it is very easy for a person to type in a few sentences about a subject on an article about the Toshiba Satellite laptop, but to answer technical problems a person is experiencing seems like a different realm. But is it? “It’s a beautiful thing. People really want to help other people,” said the presenter, who marveled at the community that has already developed on Fixya. “Another difference from Wikipedia is that we have a premium content version of the site.” Their premium site is where they envision making their money. Customers with a problem will assign a dollar amount based upon how badly they need an answer to a question, and the expert-editors of Fixya will share in the payment for the resolved issue. Like Wikipedia, reputation is paramount to Fixya’s experts. Whereas Wikipedia editors are judged by how they are perceived in the Wiki community, the amount of barnstars they receive and by the value of their contributions, Fixya’s customers rate its experts based upon the usefulness of their advice. The site is currently working on offering extended warranties with some manufacturers, although it was not clear how that would work on a site that functioned on the work of any expert.

Another collaborative effort product presented to us was YouFig, which is software designed to allow a group of people to collaborate on work product. This is not a new idea, although may web-based products have generally fallen flat. The idea is that people who are working on a multi-media project can combine efforts to create a final product. They envision their initial market to be academia, but one could see the product stretching to fields such as law, where large litigation projects with high-level of collaboration on both document creation and media presentation; in business, where software aimed at product development has generally not lived up to its promises; and in the science and engineering fields, where multi-media collaboration is quickly becoming not only the norm, but a necessity.

For the popular consumer market, Superna, whose offices hosted our meeting, demonstrated their cost-saving vision for the Smart Home (SH). Current SH systems require a large, expensive server in order to coordinate all the electronic appliances in today’s air-conditioned, lit and entertainment-saturated house. Such coordinating servers can cost upwards of US$5,000, whereas Superna’s software can turn a US$1,000 hand-held tablet PC into household remote control.

There were a few start-ups where Vardi’s fatherly mentoring seemed more at play than long-term practical business modeling. In the hot market of WiFi products, WeFi is software that will allow groups of users, such as friends, share knowledge about the location of free Internet WiFi access, and also provide codes and keys for certain hot spots, with access provided only to the trusted users within a group. The mock-up that was shown to us had a Google Maps-esque city block that had green points to the known hot spots that are available either for free (such as those owned by good Samaritans who do not secure their WiFi access) or for pay, with access information provided for that location. I saw two long-term problems: first, WiMAX, which is able to provide Internet access to people for miles within its range. There is already discussion all over the Internet as to whether this technology will eventually make WiFi obsolete, negating the need to find “hot spots” for a group of friends. Taiwan is already testing an island-wide WiMAX project. The second problem is if good Samaritans are more easily located, instead of just happened-upon, how many will keep their WiFi access free? It has already become more difficult to find people willing to contribute to free Internet. Even in Tel Aviv, and elsewhere, I have come across several secure wireless users who named their network “Fuck Off” in an in-your-face message to freeloaders.

Another child of Vardi’s that the Brookings Institution might say was over-praised for self-esteem but lacking real accomplishment is AtlasCT, although reportedly Nokia offered to pay US$8.1 million for the software, which they turned down. It is again a map-based software that allows user-generated photographs to be uploaded to personalized street maps that they can share with friends, students, colleagues or whomever else wants to view a person’s slideshow from their vacation to Paris (“Dude, go to the icon over Boulevard Montmartre and you’ll see this girl I thought was hot outside the Hard Rock Cafe!”) Aside from the idea that many people probably have little interest in looking at the photo journey of someone they know (“You can see how I traced the steps of Jesus in the Galilee“), it is also easy to imagine Google coming out with its own freeware that would instantly trump this program. Although one can see an e-classroom in architecture employing such software to allow students to take a walking tour through Rome, its desirability may be limited.

Whether Vardi is a smart parent for his encouragement, or in fact propping up laggards, is something only time will tell him as he attempts to bring these products of his children to market. The look of awe that came across each company’s representative whenever he entered the room provided the answer to the question of Who’s your daddy?

Sunday, January 29, 2006

The Australian federal government hopes to slash hospital emergency department waiting queues by setting up a 24-hour national medical hotline.

A government source said that the National Health Call Centre Network would be manned by registered triage nurses 24-hours a day, 7-days a week. Triage nurses would perform a diagnosis over the phone based upon the description given by the patient. The patient would then be referred to the nearest emergency department, their local GP or pharmacy – as determined by the nurse.

The issue is expected to be discussed at next month’s Council of Australian Governments (COAG) meeting in Canberra. It is believed that the states and territories are supportive of the system.

If agreed upon by COAG, the service will be jointly funded by state/territory and the commonwealth governments at a cost of $40 million a year. The service would take 18 months to set up.

The service will be ran from a centralised call centre and be managed by a private contractor.

Julia Gillard, the opposition’s spokeswoman for health said any national call service needed to be linked with local GPs and medical services.

Gillard claims that under a Labor government, an after-hours “Pizza Hut” style service would be implemented, with a single national number connecting to a local call centre.

“You would be talking to people in the locality you are in and who know the local services,” she said

The Australian Medical Association, an organisation representing more than 27,000 doctors in Australia has slammed the proposal saying it will only deter people from seeking appropriate medical treatment.

Tuesday, September 30, 2008

George W. Bush vowed to get the USD 700 billion economic rescue plan through congress in a statement to the media made today.

“Yesterday, the House of Representatives voted on a financial rescue plan that had been negotiated by Congressional leaders of both parties and my administration,” Bush reminded the audience. “Unfortunately, the measure was defeated by a narrow margin. I’m disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process.”

“Producing legislation is complicated, and it can be contentious. It matters little what a path a bill takes to become law,” he continued. “We’re at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.”

Market Data

“I recognize this is a difficult vote for members of Congress. Many of them don’t like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.”World and US markets today are up after severe declines yesterday. Most have recovered 30% of their previous losses, meaning that the potential government expenditure was similar to the market losses.

Bush then said that he knows “many Americans are especially worried about the cost of the legislation.” He then attempted to justify the cost. “The bill the House considered yesterday commits up to 700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That, no question, is a large amount of money. We’re also dealing with a large problem. But to put that in perspective, the drop in the stock market yesterday represented more than a trillion dollars in losses.”

If passed, the bailout plan would have allowed for the United States government to purchase devalued mortgage backed securities, resulting from the subprime mortgage crisis, from troubled financial institutions. The US Treasury Secretary Henry Paulson said the plan could cost up to $700 billion.

Wednesday, November 8, 2006

As of 10:00 p.m EST November 8, 2006, the Democratic Party is projected to have gained control of both the United States House of Representatives and the United States Senate in the 2006 United States general elections. MSNBC projects that the Democrats now control 234 seats in the House of Representatives, 16 more seats than the 218 needed to control the House of Representatives as all 435 seats were up for election. In the Senate, where the balance of power is closer, one-third of all seats were up for grab. As of 10:00 p.m. EST, AP and Reuters were projecting that the Democrats had picked up all six seats they needed to retake the Senate, including the seats of incumbents Rick Santorum (Penn.), Lincoln Chafee (R.I.), Jim Talent (Missouri), Mike DeWine (Ohio), Jon Tester (Montana), and Jim Webb (VA). The Tester victory by less than 3,000 votes was projected at approximately 2 p.m. EST after the State of Montana announced the results of overnight recounts. Democrat Jim Webb has prevailed in that race by slightly more than 7,000 votes, though his opponent has not conceded and a recount may still occur.