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Oct. 24, 2008

National News for Oct. 11 - 24

by Alisa Lu, Online News Editor
This is not original reporting. All information has been compiled from the Washington Post and CNN. Silver Chips Online posts this news summary to provide readers with a forum for discussion.

Oct. 13: After days of losses, the Dow Jones Industrial average gained 936 points (11.1 percent), the largest one-day gain in history. After more fluctuations, the Dow Jones lost 733 points (7.87 percent) - the second largest one-day loss ever - on Oct. 15.

Oct. 20: Researchers found that the United States suicide rate has continued to increase, especially among middle-aged adults. After a decade of declines, the rate has steadily risen since 1999. The rate increased to 11 per 100,000 people in 2005 from 0.5 per 100,000 in 1999. The rate among people aged 40 to 64 increased about 16 percent from 13.5 per 100,000 people in 1999 to 15.6 per 100,000 people in 2005.

Washington, D.C.

Oct. 20: Senator Ted Stevens (R-Alaska) testified for the last time in his corruption trial, ending the testimony portion of the trial. Stevens is accused of accepting inappropriate gifts. The prosecution and defense presented closing statements on Oct. 21 and jury deliberations started on Oct. 22. Federal prosecutors allege that Stevens received $250,000 worth of gifts including home renovations and a massage chair from oil executive Bill Allen and failed to report these items on financial disclosure forms. Stevens maintained that he never received gifts because he had paid contractors for the renovations and the chair is in his home on a loan.

Oct. 20: Federal Reserve Chairman Ben Bernanke endorsed a plan for a publicly funded $300 billion stimulus package to provide a boost to the economy. Cash for road-building projects, unemployment benefits and aid to state governments are most likely to benefit from the package. Unless the Bush administration yields its opposition to the plan, Democratic leaders in the House and Senate will most likely wait until the new administration takes office in January to pass the plan for fear of a veto by the president.

Oct. 24: Former Federal Reserve Chairman Alan Greenspan, who stepped down in 2006, admitted partial responsibility for America's current economic crisis. Calling the situation a "once in a credit century tsunami," Greenspan stated Friday that he was questioning his long-held free market philosophy and support for limited regulation.



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