Archive - Oct 13, 2008

Democrat Barack Obama unveiled a new economic stimulus package. It's purpose: immediate relief to the middle class.

Here he is in Toledo, Ohio Monday, a state he and McCain are heavily contesting that is suffering from an ailing economy.

CUT: "It's a plan that begins with one words that's on everyone's mind and easy to spell. J-O-B-S, Jobs."

Obama says he would eliminate taxes on unemployment benefits, implement a 90 day moratorium on home foreclosures, provide a tax credit for the businesses that create jobs in the US, give additional money to the auto industry, and allow people to take money out of their 401(k) or IRA's with no penalty.

Obama lays out additional plans.

INTERVIEW

• Democrats' New Plan for Economic Stimulus
• Wachovia Denied Nearly 1,000 Colleges Loans – But Lent $8 Million to GOP
• Report from the Americas Social Forum
• Immigrant Rights Groups Protest Raids
• Jericho 10/10 Demands Release of All U.S. Political Prisoners

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• Thai Police Use Explosive Laden Tear Gas on Protestors
• Bolivians March for the Right to Decide
• Aboriginal Interventions Are Racist
• Zimbabweans Continue to Flee
• 1200 to Lose Jobs in Wisconsin

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The Treasury Department has already appointed major contracts to oversee the bail out, and more contracts are expected in coming days. Meanwhile, Democratic Presidential candidate Barack Obama has turned his attention past Wall Street, introducing a new plan to stimulate the economy – and Democrats in Congress are following suit. Washington Editor Leigh Ann Caldwell reports.

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After a failed takeover by Citigroup, the Federal Reserve approved an $11 billion merger Sunday between Wells Fargo and Wachovia Bank. But as federal officials are scrambling to save Wachovia from financial collapse, the bank has been engaging in some questionable lending: the banking giant has denied nearly 1,000 colleges much-needed loans during this financial crisis, while at the same time, lending the National Republican Congressional Committee $8-million dollars for GOP House races. Chris Kromm is the Director of the Institute for Southern Studies. FSRN spoke with him about who missed out on loans at the cost of the National Republican Congressional Committee.

After a failed takeover by Citigroup, the Federal Reserve approved an $11 billion merger Sunday between Wells Fargo and Wachovia Bank. But as federal officials are scrambling to save Wachovia from financial collapse, the bank has been engaging in some questionable lending: the banking giant has denied nearly 1,000 colleges much-needed loans during this financial crisis, while at the same time, lending the National Republican Congressional Committee $8-million dollars for GOP House races.