Fed Beige Book shows sluggish economy with slow growth
The Fed’s Beige Book reports weak overall activity in late July with soft consumer spending and manufacturing weakness spreading to other sectors. In the Chicago district, housing remains strong while overall growth hovers near recession risk ahead of the August policy meeting.
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Justice inspector general probes alleged retaliation at FBI
The Justice Department inspector general opens a Ruby Ridge era probe into alleged retaliation by senior FBI officials against agents who exposed flaws in handling the 1992 siege. Investigators examine discipline standards, possible derailed careers, and the January decision not to censure Director Louis Freeh.
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Iran's Khatami sworn in after standoff with hard-liners
President Mohammad Khatami began a second term in Tehran while criticizing conservative rivals for resisting reforms. He noted that unelected hard-liners caused political crises and delayed his oath by three days, underscoring tensions in Iran's Islamic republic.
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Code Red II Disrupts AP Services Nationwide
The Code Red II worm spread to thousands of home and business computers, briefly disrupting some Associated Press services on the Internet while AP main news and photo services via satellite remained unaffected. Qwest reported nationwide spotty outages tied to Cisco modem hardware.
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Wealth, location shape death penalty use study says
The study led by Baldus finds wealth and urban residency influence death penalty application with urban prosecutors pushing for it more while urban judges impose it less. It notes minority defendants face higher penalty-trial risk, compared to whites, and cites aggravating circumstances as increasing likelihood of capital punishment.
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Daschle criticizes Bush foreign policy in first major speech
Senate majority leader Tom Daschle lashes the administration for pursuing a costly national missile defense and retreating from international agreements. He warns threats mainly come from biological and chemical weapons and blasts Bush for shifting stance toward Russia and Kyoto. The White House did not comment.
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Vision Iowa approves funding for riverfront and arena projects
Davenport project requires enforceable public and private funding commitments by November 7 with no state board changes. Vision Iowa Chair Michael Gartner praises approvals as bonding authority of 15 million yearly for 20 years, totaling 300 million to generate at least 190 million in committed proceeds. Board also grants 21 million to Sioux City riverfront, 70 million to Des Moines, and 31 million to Council Bluffs for arena entertainment complexes.
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