Wall Street Ends Week On A High Note?
Investors are optimistic that the markets are headed for
a rebound today following news that the U.S. government will back American money market mutual funds and unveil additional measures to rescue
troubled banks from their growing debts. The government plan is
anticipated to free up lending as loans have become increasingly tough
to come by amid the market meltdown. The Securities
and Exchange Commission also announced a temporary ban on
short-selling -- a practice in which investors bet against stocks for quick profits -- of nearly
800 insurance and other financial stocks.
Obama And McCain Stump On Increased Financial Oversight
Barack Obama and John McCain hit the
campaign trail hard with two distinct messages about how the government
should step in to reverse an impending financial crisis.
While Obama called for more regulations on financial industries, McCain ireiterated his pledge to fire SEC Chairman Christopher Cox
for being asleep at the switch. Obama mocked his rival's recommendation
yesterday as too little, too late: "In the next 47 days, you can fire
the whole trickle-down, on-your-own, look-the-other-way crowd in
Washington, who has led us down this disastrous path ... Don't get rid
of one guy. Get rid of this administration. Get rid of this philosophy."
Vacation's Over: State Legislators Called Back to Work
Shortly after Senate President Emil Jones announced that he would be
calling his chamber back next week to take up pending ethics
legislation, Gov. Rod Blagojevich disclosed his plan to call a special
session next Monday. The governor said he is summoning both the House
and Senate back to Springfield to "enact real ethics reform" and
"improve transparency" in the state capitol. While
downstate, legislators are also likely to face pressure to consider a
proposal to lease the state lottery to free up public works spending
and look at ways to restore deep budget cuts.
Meeks Wants To Play Hardball
State Sen. James Meeks says he plans to bring as many as six
thousand school funding reform advocates to demonstrate at Wrigley
Field during the Chicago Cubs Oct. 1 playoff game. The protest would be
aimed at bringing the debate over inequitable school funding to a
national stage.
Great Lakes Clean Up Inches Toward Reality
The U.S. House has ushered through a key piece of legislation aimed
at reducing contaminated sediments in the Great Lakes. The Great Lakes
Legacy Act, which is now headed to the Senate, would authorize $150
million worth of annual spending to clean up polluted parts of the waters.
Canadian National Files Suit To Speed Up Purchase of EJ&E Railway
Canadian National filed a lawsuit in a U.S. appeals court Thursday
hoping to force federal regulators to speed up their review of a
controversial proposal to buy a 198-stretch of railway from EJ&E.
The U.S. Surface Transportation Board, with has final say on the
transaction, has said that a ruling could come as late as Jan. 31.
Photo from the Illinois State Capitol used under a Creative Commons license by Flickr user jshyun.
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