National News for Sept. 26 - Oct. 10

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

Washington, D.C.
Oct. 3 – The $700 billion bailout plan was passed to calm financial nerves. The money will go to banks that need to pay off bad debts. The plan is intended to restore confidence in the loan industry, which suffered as a result of the mortgage crisis. Insurance giant American International Group, which has suffered extreme losses and is a large recipient of bailout money, has allegedly spent $400,000 recently on a lavish vacation for its executives, according to Democratic presidential candidate Senator Barack Obama (D-Ill.).

St. Louis, Mo.
Oct. 2 – Republican vice presidential candidate Governor Sarah Palin (R-Ala.) debated with Democratic vice presidential candidate Senator Joe Biden (D-Del.) for their only vice presidential debate of the 2008 election. At Washington University in St. Louis, the two candidates discussed hot topics such as the economy and the fight on terror. There is no general consensus as to who won the debate. The debate itself was under scrutiny because the moderator was Gwen Ifill, the author of a book about race and politics featuring Obama. The book will be released on Inauguration Day in January 2009.

Nashville, Tenn.
Oct. 7 – Republican presidential candidate Senator John McCain (R-Ariz.) debated with Obama in their second of three debates. In the town hall debate, both candidates talked heavily about the economy and foreign policy. McCain, who was trailing Obama in the polls before the debate, suggested that the federal government buy up all the bad mortgages and offer federal fixed-rate mortgages so that people would not lose their homes. Early polls suggest that Obama won the debate against McCain.