Friday, September 26, 2008

• Bailout Negotiations Continue Main Street Weighs In
• JP Morgan Buys out Washington Mutual as Result of Largest US Bank Failure in History
• Nader Explains How Debate Commission Locks Out Third Party Candidates
• Attack on Christians by Hindu Right Wing Groups in India
• Reporter's Notebook: A Correspondent in the Khyber Agency

Click here for Headlines Package - Donate
Click here for 13 Meg Version - Donate
Click here for Dial-Up Version - Donate

Bailout Negotiations Continue Main Street Weighs In
Congress and the Administration continue to negotiate a $700 billion Wall Street bail out. Talks broke down last night: Democrats blame the arrival of Republican Presidential Candidate John McCain for inserting Presidential politics in the discussions. House rank and file Republicans, with the blessing of their leadership, said they would not support the Administration's plan, or the Democrats counter proposal. Many House Republicans, ideologically opposed to government intervention, came up with their own proposal that would set up an insurance plan for people unable to pay their mortgage – the Administration quickly rejected that idea, but the Republicans gained a seat at the bargaining table. A proposal released by House and Senate leaders yesterday continues to be the basis of the negotiation. It includes a cap on executive compensation, a warrant system that would provide taxpayers money in return, assistance for foreclosure victims, and oversight of how the treasury spends money.  New York City's labor leaders, hundreds of union workers and grassroots activists held separate demonstrations yesterday – taking their gripes over the bailout right back to Wall Street. Rebecca Myles was there and files this report.

JP Morgan Buys out Washington Mutual as Result of Largest US Bank Failure in History
Another financial firm has gone under, but this time it's not an investment bank, it's a savings and loan: Washington Mutual – representing the largest failure of a US bank ever. JP Morgan has stepped in to buy the firm which has 2,300 branches across the country. FSRN's Karen Miller takes a look at the impact of mass consolidation of financial firms on Wall Street.

Nader Explains How Debate Commission Locks Out Third Party Candidates

The first presidential debate should take place as planned in Mississippi this evening. John McCain suggested pulling out of the debates to work on the financial crisis that's gripping the nation – but Barack Obama insisted the show must go on, and McCain is now on his way to Mississippi. One person who certainly won't be participating in the debate is independent candidate Ralph Nader. I caught up with Nader as he makes his way to California to campaign in the state. He explains how third parties are consistently locked out of the debates.

Attack on Christians by Hindu Right Wing Groups in India
It has been almost a month since communal violence targeting Christians broke out in the Indian state of Orissa. Dozens have been killed and thousands have been displaced and rendered homeless – but the violence shows no signs of dying down. As our correspondent Bismillah Geelani reports, it has now spread to other parts of the country, including Bangalore, where Hindu extremists are targeting churches, Christian families and their properties.

Reporter's Notebook: A Correspondent in the Khyber Agency
In Northwest Pakistan, there are seven "agencies" that make up the Federally Administered Tribal Areas. You've heard about this volatile area in the news recently, after the Bush Administration used unmanned predator drones to bomb suspected Taliban hideouts – without the permission of the Pakistani government. There are many cultural and political complexities in this region, many of which are difficult to cover in a hard news story. So, today, we bring you a first hand account: a Reporter's Notebook, to provide some personal context and to help us better understand this region and this issue. Afridai Afridi is from the Khyber Agency of the Federally Administered Tribal Areas.