Fed Uses Big Rate Cut to Try to Prevent Recession
The Federal Reserve cut the federal funds rate by 0.5 points to 6 percent in an emergency move led by Chairman Greenspan. The action aimed to curb the downturn, with analysts predicting further cuts as the economy slowdowns threaten growth. Wall Street rallied on the news.
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Washington
Federal Reserve
Fed
Alan Greenspan
Federal Funds
Stuart Hoffman
PNC Financial Services Group
Greenspan
Allen Sinai
Decision Economics
New York
The
Federalreserve.gov
Bush praises rate cut pushes for tax plan
President-elect Bush, amid corporate leaders in Austin, lauded the Fed half point rate cut as bold action to revive a stall ing economy while urging an across the board tax cut. He said monetary and fiscal reform are needed and announced Larry Lindsey to head the White House economic team with John Taylor a top contender for the CEA chair. The group learned of the cut during lunch at the Stephen F. Austin Hotel.
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Greenspan
Fed
U.S
Merrill Lynch
Bruce Steinberg
Wall Street
Bush
National Association of Manufacturers
Jerry Jasinowski
Austin
Texas
America
Main Street
Jack Faris
National Federation of Independent Business
Larry Lindsey
White House
Lindsey
Ronald Reagan
George Bush
Andrew Card
Clinton White House
National Economic Council
Council of Economic Advisers
Card
John Taylor
Stanford University
Stephen Austin
Dan Bartlett
New Congress battles over split of power
In a tightly divided start to the 107th Congress, Democrats accuse Republicans of hindering bipartisanship while Senate seats remain split 50 50. GOP leaders weigh chairmanships in Ways and Means and Budget, with potential shifts in Banking and Commerce panels.
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Washington
House
Senate
House Gop
Ways and Means
Budget
GOP
New Jersey
Marge Roukema
U.S
John Feehery
Dennis
Commerce Committee
Mike Oxley
Ohio
Roukema
Oxley
W.J. Tauzin
Louisiana
Commerce Panel
Tauzin
White House
Hillary Rodham Clinton
D-N.y
Congress
Hastert
Bush
Tom Daschle
South
Dadkota
Commerce and Banking
Julian Dixon
Dcalif
Widow Carnahan sworn in as Missouri senator
U S Senator Jean Carnahan, widow of Gov. Mel Carnahan, took the oath to serve Missouri after her husband died in a plane crash. She becomes the first woman to represent Missouri in the Senate and vows to seek centrist action amid a 50 50 chamber. She plans to push education and children’s issues while awaiting committee assignments.
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Washington
U.S
Jean Carnahan
John Ashcroft
Harry S. Truman
Missouri
Senate
GOP
Dick Cheney
Ashcroft
Bush
Carnahan
Reinforcements aid long San Diego County fire
Firefighters fought a wind driven blaze that spread across 8000 acres in eastern San Diego County destroying several homes. Reinforcement crews arrived to relieve weary teams as Santa Ana winds gusted up to 50 mph and high heat slowed containment attempts. Authorities evacuated hundreds of homes and closed Interstate 8 for 11 hours while fires burned near canyons and roads. The fire was about 10 percent contained late Wednesday.
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Alpine
Calif
California
California Department of Forestry and Fire Protection
San Diego
Mike Conrad
San Bernardino County
Santa Ana
Idaho
Utah
Jim Wilkins
San Diego County
Riverside County
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Logan
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VoiceStream Wireless Corporation
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