Tuesday, March 9th, 2010

Daily Verdict: November 25th, 2008

US gets another cash injection
The US Federal Reserve and Treasury Department on Tuesday announced a plan to pump $800 billion into the economy in order to encourage consumer lending. The intricate plan involves over $500 billion of mortgage backed security of Fannie Mae, Freddie Mac, and Finnie Mae to be bought by the Fed. Coming after a $700 billion bailout plan for Wall Street firms last month, Treasury Secretary Paulson said that this plan is not related to the success of the previous bailout, but a necessary additional step to revive other sectors of the economy. However, a large part of the new program is aimed at ending the current mortgage crisis, which was the main goal of the last bailout. If a whole bunch of money doesn’t fix the problem, just throw more money at it!

Obama names OMB director, plans another bailout
Speaking of throwing more money, aides of President-Elect Barack Obama have announced that a new stimulus plan in the range of $500 billion is being worked out and will be passed soon after his inauguration in January. That brings the potential total cost for the bailout to around $2 trillion. Obama also announced Peter Orszag as the next director of of the Office of Management and Budget. Orszag, 39, is currently the director of the Congressional Budget Office and his main task will be to eliminate current government programs that “do not work”. His deputy will be Rob Nabors, who worked in the OMB office during the Clinton administration. Does it seem like this will be Bill Clinton’s 3rd term? Not only will a large part of his staff be back in the White House, but so will his wife. Did the American people not reject another Clinton term when they voted for “change”?

French Socialists declare winner
The French Socialist Party has unveiled Martine Aubry as its new leader defeating rival Segolene Royal. Amid a vast rift within the party and a official split, Aubry is the first woman to lead the French Socialists and is best known for being the architect of the 35-hour work week. She takes over from Francois Hollande, Royal’s former partner and the father of her four children. The close election and inner party conflicts have only strengthened Sarkozy’s UMP party.

NASA urine machine operational
Extending Endeavour’s mission for an extra day, NASA is proudly reveling in its latest successful mission to the International Space Station that has added an extra toilet, two living quarters, and fixed broken solar panels. Furthermore, NASA has managed to successfully operate a new machine that transforms urine, sweat, and bath water into potable drinkable water. The machine had some issues when first installed but is now deemed fully operational as it is a centre piece for the space station as its crew is being expanded to 6 people from 3 in May 2009. A machine that turns urine into drinking water? Luckily, my dreams of being an astronaut quickly faded when I was young because I wouldn’t want to drink that water!

Sex-on-the-beach couple spared jail time
A British couple residing in Dubai who had been sentenced to 3 months in jail for engaging in sex on a public beach have been spared jail-time and will simply have to pay a small fine before being deported back to England. The case has drawn international renown and while not for certain, some believe that was a factor in the decision of the judges who are trying to protect the country’s faltering tourist industry currently affected by the worldwide economic slowdown.