Bush Confident About Financial Bailout Plan
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President says America's economy faces urgent situation, the consequences of which will grow worse each day lawmakers fail to act
U.S. President George Bush says he is confident there will be a deal to rescue America's troubled financial sector, a day after lawmakers failed to pass his $700 billion plan. VOA White House Correspondent Scott Stearns reports, the bill's failure led to record losses in the U.S. stock market.U.S. President George W. Bush speaks regarding the economic rescue plan at the White House in Washington, D.C., 30 Sep 2008President Bush says this is a critical moment for a U.S. economy that is depending on decisive action from the federal government."As much as we might wish the situation were different, our country is not facing a choice between government action and the smooth functioning of the free market," he said. "We are facing a choice between action and the real prospect of economic hardship for millions of Americans. For the financial security of every American, Congress must act."The House of Representatives Monday rejected the president's plan to buy up mortgage-backed securities that have lost value during the decline in the housing market.Banks holding these assets are restricting credit, making it harder for businesses and consumers to get loans. So President Bush wants Congress to spend as much as $700 billion to buy up these securities, giving more banks more money to lend.The plan's failure led to a record 778-point drop of the Dow Jones Industrial Average.Speaking to reporters at the White House before markets opened Tuesday morning, Mr. Bush said America's economy is facing an urgent situation, the consequences of which will grow worse each day lawmakers fail to act."The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens," he said. "And if our nation continues on this course, the economic damage will be painful and lasting."Public opinion polls show many Americans oppose the plan. Many of the lawmakers who voted against the bailout are in competitive races for re-election just over a month before voters go to the polls.Both major presidential candidates, Democratic Senator Barack Obama and his rival, Republican Senator John McCain, suggested Tuesday that the limit on bank deposits guaranteed by the U.S. government should increase from $100,000 to 250,000. They said that should help small businesses.Obama and McCain urged lawmakers to keep working on a financial rescue plan.The president said he understands that this is a difficult vote for many members of Congress, but he said addressing the problem and helping restore the economy and job growth is what elected leaders owe the American people.Mr. Bush sought to reassure investors at home and abroad by saying he is confident a deal will be reached to rescue the financial sector. He said his administration is continuing talks with legislative leaders to move forward on a bill when they return to Capitol Hill Wednesday.
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Global Market Volatility Continues
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World markets mostly lower amid continuing fallout from failure of US House of Representatives to approve bailout package for troubled financial institutions
World markets are mostly lower amid continuing fallout from the failure of the U.S. House of Representatives to approve a bailout package for troubled financial institutions. VOA's Michael Bowman reports from Washington.The Australian Securities Exchange board is a sea of red as Australian shares fell 3.4 percent in morning trade, 30 Sep 2008Stock markets in Japan and Australia posted steep losses of more than four percent, while Hong Kong had a modest gain of less than one percent. Among major European markets, only London was higher in midday trading, while U.S. markets posted early gains after suffering the biggest ever single-day point loss Monday.Investors in many countries are increasingly panicked, according to senior manager Martin Hannecke of the Hong Kong-based financial firm Tyche Group."There is a huge amount of uncertainty now," he said. "The investors here have been looking to go into cash [sell assets] and they have seen substantial losses."Less than an hour before trading began on Wall Street, President Bush reaffirmed the need for congressional action to stave off further financial upheaval. Mr. Bush spoke hours after European leaders pleaded with their American counterparts to avoid further delay in tackling the situation.German Chancellor Angela Merkel said that she and the German government expect that a U.S. financial rescue package will be approved this week, which she described as a vital precondition for creating new confidence in the markets.Meanwhile, a European Union Commission spokesman said the United States must take responsibility and show leadership for its own sake and the sake of the world.Just as the Bush administration has felt compelled to rescue or take over troubled American financial institutions, two Belgian banks have now received emergency bailouts. Ireland has moved to guarantee bank deposits. Central banks around the world have aggressively injected money into financial systems to counteract tight credit that could strangle economic expansion.The increasingly-global financial crisis began with a rash of U.S. home foreclosures after a prolonged period of loose credit that saw millions of Americans acquire home mortgages they could not afford. U.S. housing prices have plummeted during the past year, and new figures show further sharp declines in America's biggest housing markets.Without swift intervention, the situation will get more grim, according to University of Maryland Business and Management Professor Peter Morici."We are going to see [U.S.] unemployment in the double digits if we do not do something fast," he said. "And we are going to see housing prices stay depressed, banks failing, the FDIC [Federal Deposit Insurance Corporation] insurance fund running out of money and the Congress having to bail that out."U.S. congressional leaders have pledged to renew efforts to pass an economic rescue package later in the week.
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Nervous European Trade Follows US Congressional Bailout Failure
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Britain's benchmark stock index falls by as much as 3 percent in early trading, with particularly sharp declines in banking sector
European shares extended gains by midday on Tuesday with banks rebounding from lows ahead of U.S. President George Bush's speech on the financial sector rescue package. Britain's benchmark stock index, the FTSE 100, fell by as much as 3 percent in early trading, with particularly sharp declines in the banking sector. But it gained some ground a few hours after the market opened. For VOA, Tom Rivers reports from London.A large screen graph shows the performance of Britain's FTSE 100 share index in London, Monday 29 Sept. 2008After seeing the U.S. House of Representatives reject the $700 billion rescue deal, European markets tried with difficulty to find a meaningful direction.Sharp declines were seen at the opening, but by midday some of that lost ground had been clawed back.Despite the midday comeback, however, the battered financial sector in Europe took steps to stem losses. Belgian-French financial services group Dexia got a much-needed boost of $9.18 billion from public shareholders to help it fight the global credit crisis. Ireland also offered to guarantee all bank deposits for two years to improve banks' access to funds on international markets.British Prime Minister Gordon Brown says the failure to pass the U.S. bail out plan is being felt far beyond American shores. Britain's Prime Minister Gordon Brown "We have obviously sent a message to the White House about the importance that we attach to taking decisive action in America," Mr. Brown said. "I think it is true to say however that in recent times we in Britain have taken decisive steps to ensure the stability of our system." And following Monday's partial nationalization of the British mortgage lender Bradford and Bingley, many are concerned that other financial institutions might be tottering as well on the edge. Given this uncertainty, Brown gave this assurance. "The Governor of the Bank of England and the Chancellor and I are making it absolutely clear that we will do whatever is necessary to ensure the stability of our system to the benefit of families and businesses across the country," he said. Markets in Europe are now trying to focus on what the next step will be for rescue-related legislation. Meanwhile, U.S. stock index futures rose Tuesday, pointing to a partial rebound, as investors bet that Washington will work to revive a plan to stabilize the U.S. financial system.In Asia, markets were mixed on Tuesday. In Tokyo, the Nikkei ended the day just over four percent down, while Hong Kong's Hang Seng Index gained nearly one percent.
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India Plays Down Fears of Bank Collapse
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After opening near two-year low, India's major stock indexes recover in Tuesday trading
India's finance minister is seeking to dispel rumors of an impending major bank failure, amid the global economic turmoil. After opening near a two-year low, India's major stock indexes recovered in Tuesday trading, in contrast to most bourses elsewhere in the region. VOA Correspondent Steve Herman reports from New Delhi.Stock dealer reacts during intra-day trade in Mumbai, 29 Sep 2008 After early heavy selling of banking, property and information technology stocks, India's markets reversed course into positive territory. In Mumbai, the key indexes finished three percent higher. That gave a glimmer of hope global markets might be able to pull out a tailspin, as investors wait for American lawmakers to agree on a plan to rescue the U.S. financial system. Most Asian markets fell. Japan's benchmark Nikkei closed at its lowest level in three years, despite another huge dose of liquidity - the latest infusion totaling $28 billion from the country's central bank. The main index in Taiwan dropped 3.5 percent. But bargain hunters helped boost Hong Kong's Hang Seng a half of a percent.Investors here worried that India would be next to see a collapse of a major bank. The country's largest private bank, ICICI, is demanding a probe by regulators of alleged manipulation of its share price. It says selling of its stock was taking place as a result of malicious rumors about its stability. Finance Minister Palaniappan Chidambaram attempted to pour cold water on such speculation. "All our banks are well capitalized, well regulated. No Indian depositor need be apprehensive. We're watching the situation carefully," said Chidambaram. "Of course, we will be greatly helped if a bail-out package is quickly approved by the U.S. Congress, because we will not suffer any collateral damage." The Reserve Bank of India says there is no need for panic and ICICI Bank has enough capital to meet the demands of its depositors. However, officials acknowledge some worried account holders have been withdrawing their funds.The Securities and Exchange Board of India added soothing words from its chairman, who declared that the nation's equities markets are "resilient" with no indication that financial institutions are violating short-selling rules. Short-selling allows traders to borrow shares from brokers that they then sell. When prices drop the traders buy back the stock and make a profit by returning the shares to the brokers. Economic forecasts here remain positive about the direction of India's economy. They say the global credit crisis and possible recession in the United States could trim growth, but it should stay near eight percent for this year.
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Afghanistan's Karzai Calls for Talks with Taliban
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Hamid Karzai urges Taliban leader Mullah Omar to stop killing his people and return home to work for peace, security of Afghanistan
Afghanistan's President Hamid Karzai has made a call for peace to fugitive Taliban leader Mullah Omar, saying he has asked the king of Saudi Arabia to help in talks with the militant group to bring an end to the insurgent activities. Meanwhile, neighboring Pakistan has named a new head of the country's spy agency, which is suspected of having ties with Taliban militants. From Islamabad, Ayaz Gul reports.President Hamid Karzai (File)President Hamid Karzai disclosed that for the past two years he has been in regular contact with the king of Saudi Arabia, urging him to facilitate peace talks between the Afghan government and insurgent Taliban leader, Mullah Omar. The Afghan president was speaking to reporters in Kabul at the start of the Muslim festival of Eid-al Fitr. President Karzai says that as a leader of the Islamic world, he has been urging the Saudi king to help the Afghan government in establishing peace, security and reconciliation in the country. He reiterated his call for peace with fugitive Taliban leader, Mullah Omar. Calling on the insurgent Taliban leader as his brother, the Afghan president urged Mullah Omar to stop the killing of his people and return home to work for the peace and security of Afghanistan. But Mr. Karzai denied reports that Afghan politicians have already held direct talks with Taliban insurgents in Saudi Arabia. He said that his representatives have traveled to neighboring Pakistan and Saudi Arabia to seek help, but negotiations with insurgents will only take place inside Afghanistan. Taliban insurgents have long refused to hold talks with the U.S-backed Karzai administration, saying they will continue attacks until international troops leave Afghanistan. Insurgent attacks have intensified in Afghanistan this year, with commanders of the U.S-led coalition forces calling for increased troop levels to combat the insurgency.A roadside bomb killed three coalition troops Tuesday in southern Afghanistan. Taliban-led insurgent attacks have killed more than 220 foreign soldiers in the country this year, the highest number of casualties since the U.S-led coalition dislodged the Taliban from power in late 2001. Afghan and Coalition commanders also allege Taliban insurgents are using sanctuaries in neighboring Pakistan to launch cross-border attacks. They also suspect that elements in the Pakistani spy agency, Inter-Services-Intelligence or ISI, are helping the militants. Pakistan denies the allegation and has appointed Lieutenant General Ahmed Shujaa Pasha as the new head of the spy agency. He has been overseeing anti-Taliban operations in the country's volatile tribal regions bordering Afghanistan, which are know for harboring Taliban and al-Qaida militants.
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At Least 125 Die in India Temple Stampede
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Tragedy occurred when thousands of people had gathered at Chamunda Devi temple in Jodhpur in Rajasthan to offer prayers at the start of a nine-day Hindu festival
At least 125 people have been killed and scores of others injured in a
massive stampede at a Hindu temple in the western Indian state,
Rajasthan. From New Delhi, Anjana Pasricha reports Tuesday's stampede
is the latest in a series of similar incidents that have taken place in
different parts of the country. Volunteers carry a stampede victim in Jodhpur, India, 30 Sep 2008The thousands of devotees who had gathered at Chamunda Devi temple in Jodhpur, Rajasthan, at dawn Tuesday to offer prayers were hoping to start a nine-day Hindu festival on an auspicious note. But, for many families, the festival called "Navratri" turned into tragedy, as hundreds of worshippers were crushed in a huge stampede. Many were killed, others were injured.Television footage showed a child crying for his father and devotees and relatives carrying the dead and the injured to rescue vehicles.Officials say the stampede occurred after some people slipped on a steep path leading to the temple. The temple is located inside a historic 15th Century hilltop fort. Rajasthan Home Minister Gulab Chand Kataria says there was a massive crowd at the site. He says the pressure of the crowd on top of the hill caused people waiting below on the sloping path, to slip. He says this led to a massive crush, as people kept falling, one after another. Police Inspector General of Rajasthan Rajiv Dasoth says authorities worked quickly to help the devotees. "Within one hour, from that hill, very steep hill, all the injured have been evacuated to different hospitals," he said. "And, they are being treated and they are being taken care of."Indian authorities have been criticized for poor crowd control at religious places, which attract massive crowds during festivals. In the past, similar stampedes at temples have claimed hundreds of lives.Three other temple stampedes have been reported from different parts of the country, this year. The most deadly occurred last month, when a stampede outside a temple - also located on a hilltop - led to the death of 145 pilgrims in Himachal Pradesh State.
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US Envoy Hopes 'Conversation' in N. Korea Will Save Nuclear Deal
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Christopher Hill says his main agenda is getting agreement to ensure nuclear declaration Pyongyang made earlier this year is accurate
Washington's main envoy in talks aimed at getting rid of North Korea's nuclear weapons is in South Korea. He plans to visit Pyongyang to discuss the North's recent steps toward resuming activity at its main nuclear facility. Meanwhile, Japan has renewed sanctions against the North, for failure to fulfill its disarmament promises. VOA Seoul Correspondent Kurt Achin reports.U.S. nuclear envoy Christopher Hill talks to reporters upon his arrival at the Incheon International airport west of Seoul, 30 Sep 2008Soon after landing at South Korea's Incheon Airport, Tuesday, Assistant Secretary of State Christopher Hill confirmed he will be heading to the North Korean capital, Pyongyang, Wednesday. He says his main agenda is getting an agreement to ensure the nuclear declaration North Korea made earlier this year is accurate."We need to make sure that we are going to be able to verify their declaration," said Hill. "So let's see if we can come up with measures that will allow us to verify their declaration."North Korea issued a declaration its nuclear activities as part of a broader six-nation deal reached last year, that gradually rewards the North for steps toward getting rid of its nuclear weapons. Senior American and South Korean officials say, at the time, North Korea made a clear verbal agreement to agree on a mechanism for confirming the accuracy of its declaration. For example, verification steps might include random access by inspectors to suspected nuclear sites.Washington cited North Korea's delay on arranging verification for its decision to delay the North's removal from a State Department list of nations suspected of sponsoring terrorism. In response, North Korea ejected international inspectors and their surveillance equipment from its main nuclear reprocessing facility at Yongbyon. Pyongyang vowed to resume activity there by the end of this week.Hill says he knows North Korea has concerns about verification and says he wants to discuss them calmly."I know they are reluctant," he said. "Let's see what they say. Let's sit down and have a conversation and see if we can resolve this matter." In Tokyo Tuesday, Japanese Foreign Minister Hirofumi Nakasone said Japan has no choice but to extend its sanctions against North Korea.He says North Korea has stopped dismantling its nuclear facilities and is, instead, restarting them. He says Pyongyang has also failed to investigate the past abduction of Japanese nationals by North Korean agents, as it had promised to do.Japan imposed sanctions against North Korea after it tested a nuclear weapon in 2006. They prohibit trade with North Korea and the docking of North Korean ships in Japan. The sanctions would have expired next month, but, instead, will continue for another six months.
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Taiwanese Authorities Struggle to Reassure Public About Milk Powder Imports
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More than 20 Chinese dairy companies found to have adulterated milk products with melamine, a substance normally used in making plastics
A Taiwan government delegation has returned from China after a three-day trip to investigate the origin of melamine-contaminated milk powder. Despite government claims that progress was made in guaranteeing food safety, the tainted milk scandal has undermined public confidence in Taiwan's Department of Health. Thibault Worth reports from Taipei.Supermarket employee removes milk products from shelves in Taipei, 24 Sep 2008Public anger forced Taiwan's health minister to resign last week after he flip-flopped on the maximum amount of melamine allowable in food. For weeks, the department has scrambled to process requests by local manufacturers to certify the safety of their products.Chinese authorities earlier this month warned that tons of melamine-contaminated milk powder were exported to Taiwan.The new health minister, Yeh Ching-Chuan, says a delegation sent to China has established direct communication with food safety regulators in Beijing. The delegation returned from China on Monday.Yeh says the two sides established emergency contact points for food safety issues and will keep communication channels open.He then downed a cup of King Car instant coffee in a gesture of reassurance. Earlier this month, King Car learned that several of its products were contaminated with melamine and recalled them after informing health authorities. Despite Yeh's reassurance, many Taiwanese doubt the success of the delegation's visit. Chinese officials would not allow the delegates to inspect any factories.Andrew Yang is with the Chinese Council of Advanced Policy Studies in Taipei. He says the public's anger is focused on the Health Department, not on President Ma Ying-jeou, who is working to further open Taiwan's market to China. "This has very much to do with the ability or capability to deal with contingency and crisis. It has less to do with the leadership," Yang noted.On Tuesday, health officials met to discuss melamine testing procedures, as well as acceptable levels of the substance in food. The health department promises to help Taiwanese food companies seek compensation from the China for any tainted goods.More than 20 Chinese dairy companies were found to have adulterated milk products with melamine, a substance normally used in making plastics. Melamine artificially boosts protein levels, but it can cause severe health problems, including kidney damage. More than 50,000 children in China have been made ill by tainted milk and at least four have died.Many countries have barred imports of Chinese dairy products after finding melamine in candies and dairy products.
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Poverty, Isolation, Uncertainty Mar Ramadan Celebrations for Palestinians
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VOA's Luis Ramirez finds for some families, annual religious holiday has highlighted realities of poverty, uncertainty over peace with Israel
Muslims in the Palestinian territories, like in other places, are marking the end of Ramadan, a season of fasting. It is also a time to ask forgiveness, practice self-restraint, and pray for the future. But for many Palestinians this Ramadan has highlighted the realities of poverty and uncertainty over peace with Israel. VOA's Luis Ramirez reports from Ramallah, in the West Bank. Backdropped by the Dome of the Rock, hundreds of Palestinians perform the morning prayers at the Al-Aqsa mosque compound in Jerusalem, 30 Sep 2008In the last days of Ramadan, the streets of Ramallah are crowded with vendors selling special sweets for the sumptuous meal that crowns a day of fasting. Typically, Muslim families gather for the feast at sundown, when the call to prayer from the minaret signals the end of the fast. For Neela Mahmoud, 32, and rearing nine children in the town of Bir Zeit, outside Ramallah, the breaking of the fast is - in some ways - a time to dread. On this evening, she has only bread and water to break the fast. "This is the most difficult Ramadan that we have ever known," she says. "My husband cannot work. There are no organizations that will help us. It has been hard to put food on the table."On this evening, friends bring rice, lentils and yogurt - a typical Palestinian peasant's meal. For Neela Mahmoud's children, it is a feast. Neela's husband, Khalaf, was recently in an Israeli prison. He says he faced a number of charges of plotting military action against the Israeli occupation forces. He is out on a suspended sentence. With Israeli checkpoints everywhere, he says his life continues to be a prison. "I cannot go anywhere outside of the Palestinian territories because I have a suspended sentence," he explains. "If I am caught outside the Palestinian areas, I will be put back in jail."The security barrier, a system of concrete walls and fences that Israel is putting up to protect itself from suicide bombers and other attackers from the West Bank, has cut off Palestinians' access to relatively well-paying jobs in Israel. Since the barrier went up, the number of terrorist attacks on Israeli civilians has diminished considerably. For Israelis, the barrier has brought improved security. For Palestinian families like that of Khalaf and Neela, it has brought hunger and misery. "I used to work inside Israel before the wall," Khalaf explains. "Now, they will not give me a permit and I cannot find work here. I used to work as a gardener. I used to do all kinds of jobs inside Israel. But now, I am unable to get a permit and especially because I was in jail. People feed us. We have no food, if people do not feed us, we do not eat. Sometimes, I have a days' work and I come with some money. But that is not often."Khalaf says despair over not being able to feed his nine children has made him want to give them away. In the West Bank's main city, Ramallah, a street vendor hawks Ramadan lanterns. Their sparkle and chimes do little to lift spirits. He says the absence of jobs means no business for him. "I have much merchandise, but very few customers," he admits.The wish expressed by many here is for peace with Israel. But even during Ramadan, it is hard for many to put aside the grim reality. A 14-year-old boy says his house still has bullet holes from an Israeli incursion years ago. "During Ramadan, we forgive people and people forgive us," he explains.Would he be willing to forgive Israel?"It depends. If the Israelis are harsh with me, I will be harsh on them. I cannot forgive them," he says.For many, like Neela Mahmoud, the main concern now is the everyday struggle to feed her family. "My biggest wish this Ramadan is for my husband to find work," she says. "My biggest wish is for people to think of each other during Ramadan. The meaning of Ramadan is to help the poor. The meaning of Ramadan is to help each other. Unfortunately, everyone is having a hard time."Neela says she prays for peace and an end to the fear and checkpoints that prevent her husband from going to work. She doubts reports that Israelis and Palestinians may be close to reaching a peace agreement. If there is a peace accord, she says she hopes it is one that will result in better living conditions for her family.
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NASA Remembers First 50 Years of Manned Space Flight
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US space agency celebrates five decades of milestones, but questions remain regarding future
On October 1, 1958, the U.S. space agency NASA first opened its doors. Fifty years later it still has its sights on space exploration, new worlds and distant frontiers. In part one of a series, VOA's Paul Sisco takes a look back at NASA's manned space flight program. President John F. Kennedy announced America's intentions to go to the moon in 1961America's space race with the Soviet Union was dramatically defined in 1961 when the nation's young president, John Kennedy, announced plans to go the moon.But more than any other single event, it was the launch of Sputnik, the first satellite by the Soviet Union in 1957 that ushered in the space era.Soon afterwards, NASA launched America's first successful satellite into space, Explorer One. And moving decisively, President Dwight Eisenhower establishes NASA, the National Aeronautics and Space Administration on October 1, 1958.Six months later Project Mercury is announced. Seven men will carry the nation into space: Slayton, Schirra, Cooper, Carpenter, Glenn, Grissom, and Shepard. America's first astronauts were introduced to the nation on April 9, 1959. In an interview before his death, Alan Shepard remembered the day. "Of course that was one of the happiest days of my life," Shepard said. "That was the day in which we all congregated officially as the U.S. first astronaut group."On May 5, 1961, Alan Shepard became the first American in space; a mere 15 minute adventure in a windowless capsule, called Freedom Seven.Project Mercury met its primary objective on February 20, 1962. On a flight lasting four hours and 55 minutes, astronaut John Glenn orbited the earth three times.Project Mercury was followed by the Gemini program, complete with two man crews, spacewalks, and orbital rendezvous. Gemini laid the groundwork for the more ambitious Apollo program that followed with three man crews, much more powerful rockets and lunar modules. The Apollo years were marked by success and early tragedy. In 1967 three NASA astronauts were killed in a fire while testing Apollo one. From this tragedy, NASA dedicated itself to space exploration with new vigor. And on July 20, 1969, astronaut Neil Armstrong realized President Kennedy's' vision and the primary goal of the program.
There were six more Apollo missions to the moon, ending with Apollo 17 in 1972There were six more Apollo missions to the moon, ending with Apollo 17 in 1972. The moon landings gave rise to an era of cooperation in space. In July 1975, a Russian Soyuz and American Apollo craft linked in orbit.It was the end of the Apollo era, but a new chapter in manned space flight was unfolding. The reusable spacecraft Columbia made the first shuttle flight in 1981. The shuttle fleet has carried many satellites into space as well as the Hubble Space Telescope. Hubble's many discoveries have captured world attention. A final servicing mission is scheduled for later this month. The shuttle program suffered two major setbacks. In January 1986, Challenger exploded 73 seconds after launch, killing all seven astronauts. And in February 2003, Columbia disintegrated on re-entry killing its crew of seven.
After 50 years, NASA is still designing, building, and testing the next generation of spacecraftAfter substantial delays, NASA's shuttle program continues. It has been essential to the largest, most ambitious scientific endeavor by mankind to date, construction of the International Space Station. NASA has plans to retire the aging shuttle fleet in 2010, America's space agency, established fifty years ago is hard at work, designing, building, and testing the next generation of spacecraft that will take humankind back to the moon and beyond.In the next report on NASA's 50th anniversary, we will look at the achievements of NASA's unmanned probes during the space agency's first half century.
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