I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
Does this mean the debate is on?
The Wall Street Journal calls it tentative, but it appears that both parties have agreed to a plan to bailout our financial markets.
The Treasury Department would be able to access $250 billion right away, with an addition $100 billion to follow if needed. Congress would be able to block the last installment through a vote.
Treasury Secretary Henry Paulson wants $700 billion in a no-strings-attached lump sum, so that his department can move quickly to “remove” bad debt from banks. But the Congress, on both sides of the aisle, have been opposed to that idea, saying such a large sum needs transparency and oversight.
The agreement also includes limits on executive pay at any company participating in the program, and in some cases an equity stake for the government. This means the government would profit if the company prospers in the future.
So far, there is not a provision to amend bankruptcy law that would allow judges to change the terms of mortgages.
The New York Times quoted Utah Republican Senator Robert Bennett saying that the agreed upon plan is acceptable to all concerned:
I now expect we will indeed have a plan that can pass the House, pass the Senate, be signed by the president, and bring a sense of certainty to this crisis that is still roiling in the markets. That is our primary responsibility, and I think we our now prepared to meet it.
Bennett, who is a senior member of the Senate Banking Committee, said the meeting today was one of the most productive he could remember since he’s been in the Senate.
I appreciate very much my Republican colleagues who participated in the meeting and added tremendously. We focused on solving the problem, rather than posturing politically and it was one of the most productive sessions in that regard that I have participated in since I have been in the Senate.
