Bailout Bill Rejected, Stocks Plunge
In a stunning turn of events, the stock market plummeted yesterday
after the House of Representatives defeated a proposed
$700 billion financial-rescue package. The Dow Jones Industrial Average
dropped almost 800 points, its biggest point one-day dip in history. Congress is not in session today, due to Rosh Hashanah, but
it's unclear what next step congressional negotiators plan to take. The
Bush administration will likely try to convince the House GOP rank-and-file that a bailout is necessary. But if Republicans don't budge, the White House may be forced to offer
Democrats enough progressive concessions to build wider liberal support.
After Deal's Collapse, McCain Attacks
After "suspending" his presidential campaign last week to ensure
the bailout bill’s passage, John McCain tried vainly
yesterday to "contain the potential for damage," according to the New York Times.
The campaign went on the offensive, laying blame at the feet of Barack
Obama and Nancy Pelosi for "infusing unnecessary partisanship into
the process." Yet most editorial pages criticized McCain and the
Republican caucus for defeat of the measure. "Republican no votes were
rooted less in analysis or principle," wrote the Times, "than in political posturing and ideological rigidity."
GOP Loves Palin, Others Not As Excited
While she still excites the GOP base, vice presidential candidate
Sarah Palin's star is losing some of its luster. While an NBC News/Wall Street Journal
survey in early September showed a 20 point net positive rating, that
gap faded to 6 points by last week.
Rezko Court Appearance Fuels Rumors He's Cooperating
It was only a matter of time, but attorneys believe convicted
political fundraiser Tony Rezko has been visiting Chicago's federal
courthouse, setting off speculation that he may be cooperating with
federal prosecutors in exchange for a lenient sentence. Two lawyers said Monday prosecutors had contacted them to check
information that only Rezko could have told them.
Ozinga Explains Blagojevich Donation
Republican congressional candidate Marty Ozinga told the Tribune Monday that he donated $10,000 to Gov. Rod Blagojevich's
campaign fund in 2005 so that he and other concrete industry officials
could meet with him privately to discuss their concerns about a lack of
state construction projects.
Union Gets Word Of City Layoffs
While Mayor Richard Daley will unveil his 2009 budget on Oct. 15, aides in the mayor's office
have told labor union officials to prepare for layoffs of city workers.
One union official said Monday that city budget officials warned the
number could be "at least" 1,000. It's estimated that the budget
deficit could be as much as $420 million, especially with tax revenues
set to decline for at least the next two years.
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