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BREAKING NEWS: Bailout bill fails; Dow plunges "The Dow was down more than 500 points after the voting ended. House Minority Leader John Boehner says the chamber will not vote again today, and lawmakers wasted no time in pointing fingers." House Votes 'No,' 228-205; Stocks Plunge "In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry." Pleas From Bush Unheeded as Lawmakers Oppose Proposal "In 228-205 vote, lawmakers block bill that would have allowed the government to buy up debt held by cash-starved Wall Street firms."
Financial bailout. President Bush urges Congress to back bailout "President Bush today urged a divided Congress to unite behind an unprecedented banking sector bailout that he said would help protect America's wider economy from the effects of the credit crunch and the sub-prime mortgage crisis." Sweeping Bailout Bill Unveiled "After a week of political tumult and deepening economic anxiety, congressional leaders yesterday rallied support for an historic proposal that would grant the government vast new powers over Wall Street and offer fresh help to homeowners at risk of foreclosure." Bailout Plan in Hand, House Braces for Tough Vote "The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards." Bailout bill to go to House "The 110-page bill that goes to a House vote today and a Senate vote as soon as Wednesday contains key measures demanded by both parties. Among them: curbs on executive pay, an oversight board and a chance for taxpayers to share in potential gains." Bailout plan makes strange bedfellows "But the global credit freeze-up and the proposal to address it with billions of taxpayers' dollars have exposed deep fracture lines in both political parties -- complicating the effort to avert a wider economic disaster and creating serious challenges for their presidential candidates." A Bill Encouraging to Distressed Homeowners, but Its Reach Is Unclear "The package should ease tight credit, hold down interest rates and prevent a sharp rise in unemployment. But it does not go as far as some Democrats and consumer advocacy groups would have liked in helping distressed homeowners." Rescue package aside, economy faces deep challenges "The congressional compromise drafted over the weekend to rescue Wall Street, assuming it wins approval, is expected to fend off a potential meltdown of financial markets for now. But it won't cure much of what ails the struggling U.S. economy."
Clergy & candidates. 33 Pastors Flout Tax Law With Political Sermons "Johnson and 32 other pastors across the country set out Sunday to break the rules, hoping to generate a legal battle that will prompt federal courts to throw out a 54-year-old ban on political endorsements by tax-exempt houses of worship." More than 30 Christian pastors back politicians from pulpit in protest of US law "Pastor Luke Emrich prepared his sermon this week knowing his remarks could invite an investigation by the Internal Revenue Service. But that was the whole point, so Emrich forged ahead with his message: Thou shalt vote according to the Scriptures."
Abortion. As election nears, Roman Catholic bishops try to raise awareness of church's opposition to abortion "With the presidential election just 40 days away, many Roman Catholic bishops and parish leaders are working aggressively to highlight the church's opposition to abortion."
Zimbabwe. Starvation spreading in Zimbabwe "Millions across Zimbabwe are on the brink of starvation, largely because of the failure of this year's harvest and the nation's collapsed economy, along with President Robert Mugabe's ban on humanitarian aid during the recent election campaign." Zimbabwe government 'this week' "Zimbabwe's President Robert Mugabe has said he expects a unity government to be formed by the end of this week."
Christians in India. Radical Hindus step up attacks on Christians "On their fifth day of silent prayer, the nuns of the Adoration Monastery heard the pounding in the public chapel next door, the sounds of glass shattering and the statue of Jesus being broken. After the sacrament crashed to the floor, the nuns found their voices. They screamed and called for Jesus."
Afghanistan. Pakistanis flee into Afghanistan "The UN says 20,000 people have fled Pakistan's tribal area of Bajaur for Afghanistan amid fighting between troops and militants in recent months." Taliban revival sets fear swirling through Kabul "Attacks are on the rise and civilians, especially educated women, are increasingly nervous with the jihadists now just 20 minutes from the capital."
Israel-Palestine. Israel 'must give back land for peace' "The outgoing prime minister of Israel, Ehud Olmert, has said his country will have to withdraw from "almost all" the land it captured in the 1967 war and divide Jerusalem in order to agree long-awaited peace deals with the Palestinians and Syria." Olmert: We must leave most of W. Bank "Israel will have to give up virtually all of the West Bank and east Jerusalem if it wants peace with the Palestinians, Prime Minister Ehud Olmert said in a farewell interview published Monday, saying Israel faced a stark choice and needed to make a decision soon."
Nuclear non-proliferation. New Security Organization Will Try to Prevent Nuclear Theft "A new organization is being unveiled in Vienna that seeks to bolster security at thousands of nuclear sites around the world in an effort to block atomic theft and terrorism." Lack of funds threatens UN atomic watchdog: ElBaradei "he International Atomic Energy Agency chief urged 145 member states on Monday to get to grips with an IAEA funding crisis undermining its ability to prevent nuclear proliferation threats."
India-nuclear deal. U.S. pact transforms India's role in nuclear club "Regardless of whether the U.S. Senate grants its approval in the coming days, a controversial nuclear deal between the United States and India already has delivered what New Delhi considers the most important part."
Iran. ElBaradei urges Iran to end secrecy on nuclear program "A six-year probe has not ruled out the possibility that Iran may be running clandestine nuclear programs, the chief UN nuclear inspector said Monday, urging Iran to reassure the world by ending its secretive ways." UN passes resolution on Iran "The UN Security Council has unanimously passed a resolution that orders Iran to halt nuclear enrichment work, but imposes none of the new sanctions Washington and its allies want."
Canada-election. Harper eyes majority as lead soars "With the polls showing that his party is within striking distance of a majority, Mr. Harper's overarching message these days is: A majority is essential if the Conservatives are going to keep the country on the right track."
UN secretary general. Low-Profile U.N. Chief Struggles as Diplomatic Peacemaker "In the days after Georgian and Russian troops marched into the separatist province of South Ossetia, Secretary General Ban Ki-moon frantically telephoned key leaders and offered the United Nations' diplomatic help in stemming further violence."
Editorials.
The Troubled North Korea Deal (New York Times) "The hard-won nuclear deal with North Korea seems to be unraveling after a hopeful period in which the North shuttered its nuclear reactor at Yongbyon and dramatically blew up the cooling tower."
I'm Your Pastor, and I Approved This Ad (New York TImes) "Taxpayers of any faith should see this as an election-year gambit to dash the pillar of church-state separation. Other clergy, mindful of being spiritual not political ministers, have organized to say no thanks to Pulpit Freedom Sunday. We expect the courts and the Internal Revenue Service to say those preachers are in the right."
Opinion.
An Arms Race We're Sure to Lose (Gary Milhollin, New York TImes) "THE coverage of the latest bombastic tour of Manhattan by President Mahmoud Ahmadinejad of Iran may have obscured the fact that the International Atomic Energy Agency has released its latest report on Tehran's nuclear program, and it contains some unpleasant news: By the time we inaugurate our next president, Iran is likely to achieve "virtual" nuclear weapon status."
No Rescue for the Hungry (Joel Berg, Washington Post) "Just as it is unthinkable for the country to allow financial giants to go belly up, it should be unthinkable to look the other way as tens of millions of low-income Americans (the types of people who clean the offices of AIG and Fannie Mae at night) go without food or shelter. It's time to get our priorities in order."
Science and faith, the British way (Mark I. Pinsky, USA Today) "While impossible to quantify, a surprising number of prominent British researchers at the pinnacle of their fields, with worldwide reputations in the physical and biological sciences, proclaim their evangelical Christian faith. And they are not perfunctory adherents, merely showing up for Sunday worship; they believe in acting on their beliefs. Some have taken up weekend pulpits."
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