World-News

Dean Baker, The Center for Economic and Policy Research: "This is the first time in the history of the United States that the president has sought to provoke a financial panic to get legislation through Congress. While this has proven to be a successful political strategy, it marks yet another low point in American politics. It was incredibly irresponsible for President Bush to tell the American people on national television that the country could be facing another Great Depression. By contrast, when we actually were in the Great Depression, President Roosevelt said that, 'we have nothing to fear, but fear itself.'"

http://www.truthout.org/100408Y



GOP Strategists Fear Greater Losses in November

Chris Cillizza and Shailagh Murray, The Washington Post: "With the party already struggling to generate enthusiasm for its brand, Republican strategists fear that an outpouring of public anger generated by Congress's struggle to pass a rescue package for the financial industry may contribute to a disaster at the polls for the GOP in November. 'The crisis has affected the entire ticket,' said Jan van Lohuizen, a Republican consultant who handled the polling for President Bush's reelection campaign. 'The worse the state's economy, the greater the impact.'"

http://www.truthout.org/100408A



With No Plan B, House Reluctantly Passes Politically Risky Measure

Jonathan Weisman, David Cho and Paul Kane, The Washington Post: "'There is no joy,' said Rep. Sue Myrick (R-N.C.), a rock-ribbed conservative who switched her 'no' vote to a 'yes' yesterday, even though a Democratic surge in North Carolina is making her once-easy district look increasingly dicey. 'I don't like the bill. I'm not going to defend the bill. . . . I had to do the right thing, even though, politically, it might kill me.' In some sense, the crisis atmosphere that has gripped Washington during its struggle to deal with the damage to world financial markets brought out the very worst in the city, precisely the chaotic, partisan atmosphere that voters seem so ready to punish next month at the polls."

http://www.truthout.org/100408B

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Bail-out leads to conflict of interest claims as Wall Street Financiers Cash in on Crisis

By Tim Shipman

New questions have been raised about the $700 billion economic bail-out of the US economy as President George W. Bush warned that the world may have to wait weeks for the benefits of the rescue package to be felt.

http://www.informationclearinghouse.info/article20949.htm



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