Week of September 23, 2008
Iranian President Mahmoud Ahmadinejad declares that the turmoil on Wall Street
was rooted in part in U.S. military intervention abroad and voiced hope that the
next American administration would retreat from what he called President Bush’s
“logic of force.”
On Prime-time TV - President Bush tries to convince a skeptical public and
rebellious republicans that the government must put $700 billion of taxpayers
money at risk to bail out the financial system.
The Feds seize and sell Washington Mutual Bank - the biggest U.S. bank failure
so far. It was sold to JP Morgan Chase & Co. for $1.9 billion.
Two days before an anticipated debate, John McCain say he will skip the session
and stay in Washington to work on the nation’s financial crisis. Barack Obama
ignored McCain’s invitation to join him and said he would show up for the debate
as planned.
Debate - He does show up. Both
McCain and Obama
both
differed on foreign policy,
spending, Iraq, diplomacy and
who could best change
Washington. The debate was at
Oxford, Mississippi.
The House rejects a $700-billion
emergency plan, causing the
most devastating stock market
collapse in 21 years, down
777.68 points.
Acting on unusual speed, the House approves funding for a $25-billion loan
program to help the auto industry build more fuel efficient vehicles.
Congressional negotiators and the White House reach a tentative agreement on
a $700-billion Wall Street bailout.
Technology -
Google unveils a cellphone that many believe could challenge Apple’s iPhone.
Look for the G1 phone in stores Oct. 22. It sells for $179.00
