Wall Street bailout may bring little relief to homeowners The $700 billion federal bailout of the financial industry may not help Faith Burns, or other homeowners, renegotiate their loans. Consumer advocates say a bailout for Wall Street should include provisions to help homeowners keep making payments and stabilize communities.7:20 a.m.
High corn prices create huge losses in ethanol industry For ethanol companies, big moves in the price of corn can mean large profits or major losses. With corn prices all over the map this year, companies have committed to paying high prices. The profit losses are adding up to tens of millions of dollars.7:35 a.m.
Senators Skeptical Of Bailout Package
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke testified before the Senate Banking Committee Tuesday about the $700 billion rescue plan for the financial sector. They stressed that it was urgent that lawmakers pass the bill this week. Many committee members were not swayed.
Congress Irked By Lack Of Help For Homeowners
Many members of Congress believe the $700 billion bailout plan should help homeowners facing foreclosure. Many lawmakers say the proposal bails out Wall Street but doesn't doing anything for Main Street.
Sea-Based Missile Defense System Shows Promise
The sea-based component of the U.S. missile-defense system has proved effective at targeting and destroying ballistic missiles. The Navy is deploying this system on more of its cruisers and destroyers worldwide.
Warning: Energy Drinks Contain Caffeine
Researchers are calling for warning labels on energy drinks. The drinks contain substantial amounts of caffeine, which could lead to symptoms associated with a caffeine overdose, including heart palpitations and insomnia. The energy drinks are marketed to adolescents, who haven't developed a tolerance to caffeine.
U.S. Image Tarnished By Financial Meltdown
The White House plan to bail out the U.S. financial sector is likely to have major geopolitical ramifications. The U.S. owes its global dominance to its vast economic power. In recent years, indebtedness to China and other major creditors has put the U.S. in an increasingly vulnerable position. The failing financial sector could further undermine the country's standing in the world.
Afghanistan Seeks Changes In Western Troops Deal
Afghan President Hamid Karzai meets Thursday with President Bush and plans to push for major changes to the existing agreement on U.S. and other Western troops' operations in Afghanistan. The move comes as anger grows in Afghanistan over the number of civilian deaths at the hands of Western troops.
FBI Probes Whether Fraud Caused Market Woes
The FBI is said to be investigating whether criminal wrongdoing at four financial institutions caused their collapse and led to the bailout of Wall Street. The four firms are Lehman Bros., Fannie Mae, Freddie Mac and AIG.
Warren Buffett Backs Goldman Sachs
Amid all the uncertainty on Wall Street, investor Warren Buffett is giving a $5 billion vote of confidence to Goldman Sachs. The investment bank is considered to have a relatively strong balance sheet, but its stock has dropped sharply in the fallout of the subprime mortgage disaster.
Washington Mutual Teetering On Financial Edge
Washington Mutual, the nation's largest savings and loan, is up for sale. But would-be buyers seem to be taking a wait-and-see attitude toward the heavily indebted institution. The Bush administration's rescue plan for Wall Street could help it land a buyer.
Wake Up Calls At Red Roof Go Country
Guests at Red Roof Inn can now hear wakeup call recordings from popular country music acts Little Big Town and Phil Vassar. Their voices can be heard when guests ask for wake-up calls, or when callers to the chain are put on hold. The New York Times reports the budget motel chain wants to capitalize on the popularity of country music among its customers.