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The Wooster Voice The College of Wooster Open Works The oV ice: 2001-2011 "The oV ice" Student Newspaper Collection 10-3-2008 The oW oster Voice (Wooster, OH), 2008-10-03 Wooster Voice Editors Follow this and additional works at: https://openworks.wooster.edu/voice2001-2011 Recommended Citation Editors, Wooster Voice, "The oosW ter Voice (Wooster, OH), 2008-10-03" (2008). The Voice: 2001-2011. 471. https://openworks.wooster.edu/voice2001-2011/471 This Book is brought to you for free and open access by the "The oV ice" Student Newspaper Collection at Open Works, a service of The oC llege of Wooster Libraries. It has been accepted for inclusion in The oV ice: 2001-2011 by an authorized administrator of Open Works. For more information, please contact [email protected]. Illhe Wooster Voice cxxv, vol. issue vi A STUDENT PUBLICATION SINCE t 883 Friday, October 3, 2008 "Wall Street indices predicted nine out of the last five recessions!" Paul Samuelson ' U.S. Senate passs contentious 01 Molly Lehman with a margin of 205 - 228. , mortgages, and foreclosure rates and Editor in Chief In spite of personal pleas from loan defaults shot up. both President George V. Bush and As a result, banks and other finan- " " " ' : ' , P - ,a' The Senate passed a $700 billion House Minority leader John Boehner cial institutions now face staggering ' .-. WW1V .-V- ' - r, "M bailout plan, designed to aid the (R-Ohi- oj, 66 percent of Republicans debts 'a situation aggravated as '!'' struggling U.S. financial system, by a and 40 percent of Democrats voted confidence investor plummets, large margin on Wednesday. The against the, bill. , investors demand money back and final margin tallied 74 - 25 in favor of Following the bill's failure, the new lenders are hesitant to entrust the bill. Dow Jones high-ris- average plummeted over money to corporations with , k Several additional provisions had 778 points a record amount for a portfolios. been added in hopes of persuading single day, surpassing even the This hesitancy leads the banks fur- lawmakers nervous about provoking plunge on Sept. 12, 2001. ther in debt and reduces their ability the ire of their constituents to sup- THE PROBLEM to correct their dive. As this cycle port the plan. The bailout plan, officially titled continues, the financial crisis contin- The bill now includes $150 billion the Emergency Economic Stabiliza- ues to worsen. in tax breaks for individuals and tion Act of 2008, sought to insure or THE PLAN businesses, an increase in the bank purchase billions of dollars worth of The proposed plan, - if passed; deposits that is covered by the mortgagerbacked securities. The would provide a form of federal Federal Deposit .Insurance path to this proposal is long, convo- insurance, dedicating federal money Corporation (FD1C). luted and often opaque, presenting a to either buying or guaranteeing ' 'if"' ' , Additionally, the bill was yoked to series of technical failures much of those securities. It is a move intend- legislation requiring that insurance the American public struggles to ed to boost consumer confidence and providers regard mental health con- understand. inject funds into a debt-riddl- ed finan- ditions as general health concerns. The crisis is connected withthe cial market. sub-pri- The plan three pages long in the housing bubble and the me The plan would have given $250 version originally introduced to loan crisis. In the first few years of billion to the market immediately, Congress by Secretary of Treasury the millennium, the value of housing with an additional $100 billion avail- Henry Paulson now exceeds 450 was increasing significantly, and able if the President deemed it nec- pages. many would-b- e homeowners took essary. ' The strong Senate approval for the out mortgages to buy new homes. In An additional - $350 billion' would A- i I bill was a factor when the House of early 2005, however, the value of be made available with the approval Representatives revisited the bill for homes, no longer sustainable, began of Congress. ' ' another vote yesterday. Results of to fall. ' A - M Monday's bill also included limits the House vote were not available as As it did so, homeowners many on executives' pay and called for the V I ; '. , ' had Auditor-Gener- . time. of whom - received loans ' , ........ -- - of press through appointment of an al via 4 iv'-- , ,Mrr The House did shock the stock risky lending practices by Trader David O'Day reacts to drop in the market on the their to conduct regular audits of funds. market and its own leaders on financial institutions were floor of the New York Stock Exchange courtesy AP). (Photo Monday when it rejected the bill increasingly unable to pay back their See "Bailout," page 2 Writing Center offers help with specialized literary topics difficult-to-approa- ' ch Lm "" Kate Vesper to shed light on tion such as memoirs, travel writing, icism of work that contains highly per- - ''I H topics both in the Writing Center and personal essays and even blogging. sonal material? --News Editor -..-- .- . in general," said Weaver in a message "A panel of three faculty members - What tools might we implement in ;.f.V, . 2008-0- in-progr- "i For the 9 academic year, the to student leaders of English-oriente- d will be the focus of the discussion, addressing creative nonfiction ess? newly remodeled Writing Center in College groups. "Throughout the but' we'll encourage the audience to The Andrews Library is developing a year, we plan to hold forums on top- join in on the conversation through- - Are rubrics usefulfor assessing creative new program to aid students on spe- ics such as gender and identity in out the event," said Weaver. "We'd works? cial writing topics. The agenda writing, religion in writing, race in like the audience to be a good mix of - What web and print resources are includes implementation of a string writing and creative writing and students and faculty who are involved available for writers to help with creative of discussion meetings which will be nonfiction." in writing, assigning, or editing cre- nonfiction? open to both students and faculty and . The , first forum, Creative ative nonfiction both in class and out- - What kinds of issues or problems have will concentrate on particular compo- Nonfiction, will be held on side of class." you encountered in critiquing your ozvn sition focuses. Wednesday, Oct. 15 from 4 to 6 p.m. Weaver conclusively put forth the works? Ben Weaver '08, Tear One first-ye- ar in the main Writing Center room in following helpful discussion topics for - If 'hat advice do you have to offer cre- magazine editor and Writing Center Andrews Library, the Andrews inclusion at specifically the Creative ative nonfiction writers? Intern is spearheading this new ven- Room. Along with Weaver, Nonfiction Forum, including: - What is your writing process like for ture and is an advocate of spreading Consultant Jessica Jones will run a - What are the hallmarks good cre- your own creative of nonfiction? Weaver poses' at the Writing awareness about the series. seminar-styl- e dialogue centering ative nonfiction? - How does this process differ for more "The general goal of this series is around types of imaginative nonfic - How can we approach constructive crit analytical writing? Center (Photo by Jesse Allen). McCain and Obama face off at the presidential debates '" ' ' I I I I I I. n "2 at the University of that he has the capability to address easy," Obama told Mississippi in the problem, while his opponent does McCain. "You said Oxford for their first not. McCain emphasized that, as we knew where the presidential debate. president, he would seek to cut gov- weapons of mass Meanwhile, financial ernment spending, noting that he destruction were. institutions crum- does not believe Obama's past sup- You were wrong. You bled around them. port' of earmarks indicated, the said that we were The debate, which Illinois senator would be very effec- going to be greeted was originally sup- tive in doing so. as liberators. You posed to focus main- Obama, meanwhile, . attacked were wrong." ly on the issues of McCain's plans for tax cuts for the McCain responded national security and wealthy and attempted to highlight by saying that the foreign policy, began the ways in which many of.McCain's war's origins were, as instead with a dis- .policies are similar to those of of now, irrelevant; cussion of the ailing President Bush, who does not cur- the country has only economy. rently enjoy great popularity to decide what Such a change in amongst the American people. actions will be taken topic was prompted The second of the debate cen- in the future in part I by the fact that tered on foreign policy and national regards to Iraq. Congress was cur- security. The war in Iraq was an McCain sought to 1 rently working on important and contentious topic, as paint a picture of . -- - - --i - - - McCain on the stand (Photo courtesy AP). constructing a $700 it has been for all the campaign. obama as inexperi- - Obama pauses to listen (Photo courtesy AP). billion bailout plan to Obama was quick to point out enced and incapable-- " ' - - . Emily Ryan aid suffering institutions-- ' on Wall McCain's support of the war from of handling the foreign policy issues two men also clashed on the subject News Editor Street, thus making the economy an the beginning, noting that he himself he would be faced with if elected of Iran. Obama is willing to consid- issue of paramount importance for had always fought against it. president. "I don't think I need any er the possibility of sitting down to Last Friday, Sept.
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