Bank stock purchase pushed; ‘no’ to protectionism
World Bank President Robert B. Zoellick pauses during a news conference at International Monetary Fund headquarters in Washington Sunday, Oct. 12, 2008. (AP Photo/Jose Luis Magana)
WASHINGTON (AP) — Treasury Secretary Henry Paulson told international leaders on Sunday that isolationism and protectionism could worsen the spreading financial crisis. With a new trading week dawning, U.S. lawmakers urged quick action by the Bush administration on measures to make direct purchases of bank stock to help unlock lending.
Sen. Chuck Schumer, chairman of the Joint Economic Committee, said an administration proposal to inject federal money directly into certain banks, in effect partially nationalizing the banking system, ‘‘is gaining steam.’’
‘‘I am hopeful that tomorrow, the Treasury will announce that they’re doing it. And they have to do it quickly ... markets are waiting,’’ Schumer, D-N.Y., said.
The administration has not indicated when it would announce its next steps.
Democrats also are lining up behind House Speaker Nancy Pelosi’s plan to bring lawmakers back to Capitol Hill after the Nov.
Fire burns 2,000 acres northeast of Los Angeles
LOS ANGELES (AP) — Fire officials prepared late Sunday for rapid growth of a wildfire blazing 20 miles north of downtown with the expected arrival of strong, dry wind gusts overnight.
» Full StoryDebt clock draws confused looks, anger or nothing
NEW YORK (AP) — A watched clock never moves — unless it’s the National Debt Clock.
» Full StoryChief says Chicago police are supported, motivated
CHICAGO (AP) — Chicago’s police superintendent is denying a news report that officers in his command are working the streets less aggressively out of fear of being second-guessed by him.
» Full StoryAbout 2,500 flee chemical leak in western Pa.
PETROLIA, Pa.
» Full StoryMcCain vows to whip Obama’s ’you know what’
ARLINGTON, Va.
» Full Story
New Ulm Boys Soccer
Octoberfest Saturday 10-11
Day of Caring
GFW Football 10/10/08
MVL FB/Coronation
MLC Volleyball
Octoberfest Friday 10-10
MVL Homecoming Court