The current economic recession, which has taken a devastating toll on African-Americans and people of color, has disproportionately impacted blacks more than whites, according to a study by the Center for American Progress.
The report, released last week and entitled “Leveling the Playing Field,” examines annual, quarterly and monthly data on the different economic experiences of whites, African-Americans and Hispanics during this recession and prior recessions.
The economic crisis is pushing diabetics to literally risk life and limb, as many who have lost jobs and health insurance now are cutting back on _ even going without _ doctor visits, insulin, medicines and blood sugar testing.
Senators Barack Obama and Hillary Clinton set a new tone in last night's Democratic debate in Los Angeles. Unlike the last time the rivals took the stage together, Clinton and Obama almost hugged each other at the end, whispering into each other's ear. The night was filled with smiles and gentle joking as they pointed out their differences on Iraq, health care and the economy. This was the Democrats' last debate before next week's Super Tuesday contests.
Microsoft has made a $45 billion bid to acquire the Internet site "Yahoo." The world's biggest software maker is hoping that such a deal would challenge Google's lead in Internet search services and advertising. Yahoo says that it plans to evaluate the proposal promptly.
More than 50 people are dead after two bombs exploded in Baghdad today. Nearly 200 are wounded. It was the worst attack in the Iraqi capital for many months. Iraqi officials say two mentally disabled women were strapped with explosives and blown up by remote control in busy Baghdad markets. The U.S. military is blaming the bombings on Al Qaeda in Iraq.
Economists are hoping for more employment in February following a drop in jobs last month. There was a net loss of 17 thousand jobs in January. It was the first decline in employment in four years, raising new concerns about the risk of a recession. However, the drop was based on a preliminary reading, which could be revised later.
The Federal Reserve has cut two key interest rates by three-quarters of a percentage point. The rate cut happened earlier today, just as stocks plunged at the opening bell. The Fed lowered its federal funds rate from 4.25 percent to 3.5. That rate affects how much people pay on credit card debt, home equity lines of credit and auto loans. It also lowered its discount rate three-quarters of a point to 4 percent. That rate determines what it costs banks to borrow directly from the central bank. This was the biggest rate cut by the Fed since October 1984.
Democratic presidential candidates Hillary Clinton and Barack Obama engaged in their most heated debate yet last night. Just minutes into the debate in South Carolina, the two exchanged sharp criticisms over health care and other issues. On numerous occasions, they interrupted each other and even turned to direct their responses to each other instead of a panel of moderators. Former Senator John Edwards tried to stay out of the heated exchange. South Carolina voters will go to the polls on Saturday for the first Democratic primary in the South.
Israel is allowing fuel and medical supplies into Gaza today after an earlier blockade left residents struggling with major power cuts. Last week, Israel closed all border crossings with Gaza after days of rocket attacks on the southern part of the country. That sparked massive protests and a fear from aid agencies that the move could turn into a humanitarian crisis.
President Bush marked the Martin Luther King holiday yesterday with a visit to Washington's downtown library named after the historic individual. The President, First Lady and D.C.'s mayor participated in a lesson for a handful children. Bush posted pictures on a bulletin board and taught the students how King fought to change unfair laws.
President Bush is putting together an economic stimulus package in an effort to jump-start the sagging economy. He's scheduled to unveil his plan later today. That reportedly includes income tax breaks for people...up to $800 for individuals and $1,600 for married couples. Yesterday, Bush discussed options over the phone with lawmakers with Treasury Secretary Henry Paulson. Those on Capitol Hill are reportedly considering smaller rebate checks and more money for the unemployed and people on food stamps.
And time may be running out for Republican presidential hopefully Fred Thompson. Thompson has reportedly admitted that a disappointing finish in tomorrow's GOP primary in South Carolina may end his chance in the race. The former Tennessee senator is hoping that a combination of his Southern roots and conservative views will lead to a breakthrough in South Carolina for his campaign. Thompson came in third in Iowa and received one percent of the vote in New Hampshire.
The CIA says Al-Qaida and followers of a tribal leader are to blame for the death of former Pakistani Prime Minister Benazir Bhutto. CIA Director Michael Hayden says fighters allied with Pakistani leader Baitullah Mehsud (By-too-la May-sood), with support from Al-Qaida, plotted Bhutto's assassination. The two groups are also apparently behind the violence that threatens to destabilize Pakistan. Hayden warns that they intend to do more harm to the country in the future.
The Israeli Defense Minister has ordered that border crossings be closed that lead to and from the Gaza Strip. This comes after days of rocket firings into Israel by Palestinian militants in Gaza. More than a hundred rockets have reportedly been fired. The Israeli Army has retaliated with military strikes that have apparently killed at least two-dozen Palestinians. The border closings will block food, fuel and medicine from entering Gaza.
Fed chief may support stimulus effort for economy.
Federal Reserve Chairman Ben Bernanke may encourage lawmakers today to stimulate the economy. Legislators are scheduled to question the Fed chief on steps to avoid a possible recession. Democratic lawmakers say Bernanke has already told members of Congress this week that some kind of fiscal stimulus is needed. But analysts say he'll avoid supporting any particular tax or spending policies. Doing so could spark criticism from legislators who oppose them which would put the Fed's reputation for independence at risk.
The Food and Drug Administration is declaring that cold medicines are too risky for babies and toddlers. It hasn't declared yet whether the remedies are okay for older children to continue using. The FDA says the drugs pose serious and potentially life-threatening side effects for children under two. Health groups also say that there's no evidence that oral drugs actually cure cold symptoms in children so young.
Israeli Prime Minister Ehud Olmert is vowing to wage a war to stop Gaza militants from firing rockets into Israel. Militants have fired about 70 rockets at southern part of the country in the past couple of days. In response, an Israeli air strike killed at least two people in Gaza and destroyed a truck. The strike reportedly intended to target a Palestinian rocket position. This is the latest in a surge violence that began after President Bush visited the area last week to spur talks on a Palestinian statehood.
The former adviser to President Bush is dismissing Senator Hillary Clinton's Michigan primary win. During a conference yesterday, Karl Rove said Clinton's victory showed signs of weakness. The former First Lady, who was the only major candidate to appear on the Democratic presidential primary ballot, received about 55 percent of the vote. Another 40 percent of those voting opted for the "uncommitted option." Rove said she ran against quote nobody and nobody got 40 percent of the vote. He also took aim at Clinton's rival, Senator Barak Obama, and questioned his lack of national experience.
