Top economic policymakers revealed a plan yesterday calling for changes to the U.S. financial system in order to prevent another credit crisis. The plan relies on state regulators and private industry to better police financial markets.
A new $5 bill with added color and new features to prevent counterfeiting went into circulation on Thursday. "The features help ensure we stay ahead of counterfeiters and protect your hard-earned money," said a Federal Reserve Board official.
Paul Krugman of The New York Times says that the Fed's recent actions to try and slow the economy's downward spiral probably won't be enough. "As a result, the Fed's attempt to avert a recession has almost certainly failed. And each new piece of economic data—like the news that retail sales fell last month—adds to fears that the recession will be both deep and long."
"Democrats are increasingly worried about their chances for victory in November after a series of attacks by Sen. Hillary Rodham Clinton on rival Sen. Barack Obama's leadership, credibility, readiness as commander in chief and, now, his ability to win the White House," USA Today reports.
Yesterday, Florida Democrats laid out a detailed plan for redoing the states primary election through mai-in ballots. But as the Los Angeles Times points out, "There was one big problem: Hardly anyone who mattered liked the idea."
The U.S. House of Representatives held its first closed session in 25 years yesterday to discuss the Democrats new domestic surveillance legislation. Although lawmakers were forbidden from disclosing what said, the House is scheduled to hold an open debate on the bill today.
The Senate has rejected calls from both parties' presidential candidates to place a moratorium on election-year earmarks, defeating the plan in a 71-29 vote. Also, the House passed a $3 trillion budget plan that allows some or all of President Bush's tax cuts to expire in about three years.
The New York Times reports that David A. Paterson opened his first full day as governor-in-waiting of New York on Thursday "with sorrow, seriousness and a dollop of humor." Paterson began to lay the foundation for his term as governor, which will start on Monday, with a series of meetings, news conferences and briefings.
Bush-appointed immigration agency chief Emilio T. Gonzalez announced his resignation on Thursday. The Cuban exile stepped down after two years heading the federal agency that oversees approval of green cards and citizenship.
The Washington Post interviews author Heidi Holland, who traveled to Zimbabwe to interview President Robert Mugabe. According to the author, her two-and-a-half-hour interview with the notorious dictator revealed a man who is both boastful and in denial about his country's economic collapse.
Mohammad Khoshchehreh was one of Mahmoud Ahmadinejad's biggest supporters during Iran's 2005 presidential campaign. But with the country's parliamentary elections underway, he is now one one of the president's most outspoken critics. "Very soon I realized that I agreed with Mr. Ahmadinejad's goals but not with his policies," he said.
The ruins of an ancient temple, roadway and irrigation systems have been discovered near the Inca capital of Cuzco in Peru, officials said. The temple includes 11 rooms that might hold mummies and idols, lead archaeologist Oscar Rodriguez told the Associated Press.
Rioting has broken out in the Tibetan city of Lhasa, as street protests led by Buddhist monks continued. Eyewitnesses told the BBC that people were setting fire to cars and shops and destroying anything of Chinese influence.