After a historic rally Monday on Wall Street following the announcement of the government's plan to rescue banks, investors retreated, leery once again over profits and jobs. "A recession, perhaps the deepest one in decades, may be unavoidable," reports The New York Times.
Executives at community banks around the nation expressed opposition to the Bush administration's $250 billion bailout plan, saying "they don't need the money, resent the intrusion and feel it's unfair to rescue companies from their own mistakes," says the Washington Post.
The price of oil fell below $78 a barrel Wednesday in Asia due to fears about an impending recession. "Light, sweet crude for November delivery was down 98 cents to $77.65 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore," according to the Los Angeles Times.
More people are putting their money into certificates of deposit (CDs) amid concern about the global financial crisis. "In the last week of September, deposits in bank CDs of less than $100,000 grew by $13.4 billion, the biggest weekly jump in at least 33 years, according to Federal Reserve data," reported the McClatchy Washington Bureau.
The Man Booker prize has been awarded to Indian novelist Aravind Adiga, 33, for his debut novel titled "The White Tiger." The book highlights India's class struggle through the story of a village boy who works as a chauffeur to a rich man.
Police say that there may have been a second teenager involved in the MySpace suicide case in which a teenager killed herself after exchanging messages with a Missouri woman who had set up a fake identity on the Web site. The second teen was also exchanging messages with the fake account, prosecutors say.
The mother of a missing girl in Florida has been charged with the 3-year-old's murder, although the child's body has not yet been found, according to prosecutors. Casey Anthony, the mother of Caylee Anthony, has been charged with child neglect and lying to police.
A new study suggests that ancient Mars may have experienced rain. According to LiveScience: "The rivers may have cut the deep valleys in the Martian highlands near the equator, and also left calling cards elsewhere. Three mars spacecraft spotted signs of fan-shaped river deltas inside ancient craters which some valleys clearly flow into."