Dow Plummets Below 8K
The worst financial crisis since the Great Depression has now wiped out 5-1/2 years of gains on Wall Street.  The latest meltdown occurred on Wednesday as the markets were slammed by a gloomy new economic forecast from the Fed, crumbling financial stocks and an new onslaught of bearish economic data.  The Dow Jones Industrial Average slid 427.47 points, or 5.07%, to 7997.28.  The selling accelerated late in the session as the Dow broke through its annual lows, ending below the 8000 level for the first time since March 2003. Fox News
VOA VIEW: The market has not hit bottom.

Daschle To Become Health And Human Services Secretary
Another notable name is joining Barack Obama's Cabinet -- former Senate Majority Leader Tom Daschle will be Health and Human Services secretary pending Senate confirmation. Daschle accepted the offer, according to two Democratic sources close to Daschle and with intimate knowledge of the decision. Daschle had been a longtime adviser on Obama's campaign and served as a frequent surrogate on the campaign trail and in media interviews.  The appointment has not been announced, but these officials said the job is Daschle's, barring an unforeseen problem as Obama's team reviews the background of the South Dakota Democrat. Fox News

BILL $ACRIFICE FOR 'SEC.' HILL WOULD SKIP SPEECHES
Bill Clinton is willing to give up his multimillion-dollar income from foreign speeches to smooth the way for President-elect Barack Obama to pick his wife, Hillary, as secretary of state, sources said yesterday. In 2006 alone, the former president raked in $10 million from paid speaking engagements, including 31 that were given abroad. Bill Clinton often pockets several hundred thousand dollars per engagement. NY Post 
VOA VIEW: Power = money - Bill will make up the foreign payments in other ways.

Big Three Auto CEOs Flew Private Jets To Ask For Taxpayer Money
Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money.  Rep. Brad Sherman, D-California, asked the three CEOs to "raise their hand if they flew here commercial. Let the record show, no hands went up. Second, I'm going to ask you to raise your hand if you are planning to sell your jet in place now and fly back commercial. Let the record show, no hands went up."  The executives -- Alan Mulally of Ford, Robert Nardelli of Chrysler and Richard Wagoner of GM -- did not specifically respond to those remarks. CNN

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IRS Warns Of Scam Tax Rebate E-Mails
The Internal Revenue Service says if you get an e-mail that promises to help you get your Economic Stimulus refund, don't click on it because it's a scam.  “These "very official" looking e-mail messages alert people about a refund owed to them, but when opened they can be dangerous to you and your computer," said Boston IRS spokeswoman Peggy Riley.  Riley said the IRS has been getting reports that people are receiving e-mails that appear to come from the IRS that instruct the recipient to respond, click on a link or open an attachment to get their 2008 Economic Stimulus Refund.  CNN

Report Criticizes Homeland Security
The Homeland Security Department has done a poor job overseeing the purchase of billions of dollars of equipment and technology since the agency was created five years ago, according to a federal report scheduled for release today. Senior department officials have "not provided the oversight needed" to ensure that purchases "with important national security objectives" function properly and stay on budget, according to Congress' Government Accountability Office (GAO). USA Today 
VOA VIEW: HSD has been wasteful and inefficient since inception.

States Disagree Greatly On Amber Alert Criteria
Authorities count hundreds of Amber Alert cases across the country as success stories when they start explaining why the media-friendly and politically popular bulletins are so important. Yet despite a federal law meant to create a uniform system, an Associated Press review shows wide variations in what triggers an Amber Alert from one state to the next, which can heighten the tension when a suspect crosses state lines. The AP examined Amber Alert records from all 50 states and found that some barely keep track of the alerts they've issued, let alone whether they worked. A few states don't have anyone designated to oversee their programs. Seattle Times

Black Caucus Doesn't Predict Close Relationship With Obama;
Black leaders in Congress don't expect to have an especially close relationship with President-elect Barack Obama. That attitude reflects in part Obama's nontraditional path to the presidency: He didn't pass through the crucible of civil rights and form alliances there. As if trying to make the point, Congressional Black Caucus members announcing their new leadership at a news conference Thursday didn't even mention Obama's name until asked by reporters. Sun-Sentinel
VOA VIEW: Blacks will gain high positions in the administration and Congress.

Don’t Fund UNFPA, Lawmakers Urge
The Chinese government reportedly has backed down amid international outrage, reversing a decision to force a Uighur woman who is six months pregnant to abort her child under Beijing’s notorious population control policies.  Radio Free Asia (RFA) reported that Arzigul Tursun had been released from enforced hospitalization in China’s far northwestern Xinjiang region and allowed to return home to continue her pregnancy.  The episode has directed a spotlight on China’s coercive “one child” program at a time when the U.S. policy of defunding the U.N. Population Fund (UNFPA) because of its work in China is set to change.  CNS

Al-Qaida Insults Obama In New Audio Message
Al-Qaida's No. 2 leader used a racial epithet to insult Barack Obama in a message posted Wednesday, describing the president-elect in demeaning terms that imply he does the bidding of whites.  The message appeared chiefly aimed at persuading Muslims and Arabs that Obama does not represent a change in U.S. policies. Ayman al-Zawahri said in the message, which appeared on militant Web sites, that Obama is "the direct opposite of honorable black Americans" like Malcolm X, the 1960s African-American rights leader. CNS
VOA VIEW: The honeymoon is over.

Fed Signals Ready To Cut Rates Amid Glum Outlook
Federal Reserve officials have pared their outlook for economic growth through 2009 to minimal levels and are prepared to cut interest rates further, while concern has risen that a deflationary spiral may take hold.  The central bank expects growth in the United States to contract in the second half of 2008 and the first half of 2009, with some even were more pessimistic, according to minutes released on Wednesday of the Fed's October 28-29 meeting, when it cut its benchmark interest rate by a half percentage point to a percent.  Reuters

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Michigan Jobless Rate Hits 16-Year High At 9.3 Percent
Michigan's unemployment rate in October rose to 9.3 percent -- a 16-year high -- as the home of the beleaguered U.S. auto industry continued to shed manufacturing jobs, the state reported on Wednesday. The new report comes as top executives from Detroit auto giants General Motors Corp, Ford Motor Company and Chrysler LLC testify before Congress for a second day on Wednesday, pleading for federal bailout money to stave off bankruptcy. Reuters

Economy Hits Immigrants Harder Than Most
Low-skilled immigrants are taking a hard hit from the faltering economy, losing jobs, sending less money to families overseas and cutting back spending at businesses that cater to them. The effect is most pronounced on immigrants, both legal and illegal, working in struggling sectors such as construction and manufacturing, says Rakesh Kochhar, associate director for research at the Pew Hispanic Center, a non-partisan research organization. The center estimates there are 11.9 million illegal immigrants in the USA this year. USA Today 
VOA VIEW: Illegals still find it better in the U.S.

No ticket? Inaugural Still Can Be Fun
There's a lot of bad news and a little good news for thousands of people hoping to be in the nation's capital in January, watching first-hand as Barack Obama is sworn in as president of the United States. The overwhelmingly bad news for most folks: If you don't have political juice, or you hadn't already hit up your Congress member for inaugural tickets before Election Day, chances are you won't get the ducats.  The good news if you somehow manage to score a ticket: Even from the cheap seats, the historic swearing-in of the nation's first multiracial president promises to be an unforgettable moment, inaugural veterans say.  Demand for presidential inaugural tickets normally outpaces supply. SHNS

U.N. Climate Chief Hails Obama Commitments
The recent commitments on global warming by U.S. President-elect Barack Obama mark a new beginning for world negotiations to replace the Kyoto Protocol, the head of the U.N.'s climate change body said Wednesday.  Obama "indicated that he wants to show leadership both domestically and internationally," said Yvo de Boer, executive director of the United Nations Framework Convention on Climate Change.  This marks a striking break from the administration of George W. Bush, which did not curb U.S. emissions and declined to sign the 1997 Kyoto Protocol on greenhouse gases. MSNBC

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Community Colleges Suddenly In Spotlight
Long the neglected stepchildren of American higher education, community colleges have come front-and-center in the eyes of students, policymakers and philanthropists.  For students, that's because of the economy, which is boosting interest in two-year schools as a cheaper starting point for a bachelor's degree. They're also the place for job retraining, with unemployment at a 14-year high of 6.5 percent. A community colleges group estimates enrollment is up about 8 percent this fall.  Supporters of community colleges also hope to find an advocate in Jill Biden, wife of incoming vice president Joe Biden. MSNBC

Reid To Lower Expectations On Auto Bailout
The top Senate Democrat sought Wednesday to lower expectations for legislation this week to help endangered carmakers, saying it would be the Bush administration's job to save the industry if Congress doesn't. "No one should be overly concerned," if Congress can't agree on a bill to speed $25 billion in new loans to the industry, Sen. Harry Reid said. The rescue plan appeared stalled on Capitol Hill, even as the heads of General Motors, Ford and Chrysler returned for a second day to plead for relief and as their congressional backers urged colleagues not to punish them for past mistakes. Washington Times 
VOA VIEW: Taxpayers should not bailout businesses.

Scientists Complete Mammoth DNA Project
Scientists for the first time have unraveled much of the genetic code of an extinct animal, the ice age's woolly mammoth, and with it they are thawing Jurassic Park dreams.  Their groundbreaking achievement has them contemplating a once unimaginable future when certain prehistoric species might one day be resurrected.  "It could be done. The question is, just because we might be able to do it one day, should we do it?" asked Stephan Schuster, the Penn State University biochemistry professor and co-author of the new research.  CBS

House GOP Again Turns To Boehner For Leadership
House Republicans on Wednesday re-elected John Boehner as leader of their depleted ranks while putting together a more conservative team to represent them in the Democratic-controlled Congress. In Boehner's second term as House GOP leader, the Ohio Republican must deal with the aftermath of an election in which his party lost at least 20 seats. They will go into the 111th session of Congress in January with less than 180 seats in the 435-seat chamber and, for the first time in eight years, dealing with a Democratic president. Houston Chronicle

Insurance Group Backs Health Care Overhaul
The health insurance industry said Wednesday it will support a national health care overhaul that requires them to accept all customers, regardless of pre-existing medical conditions, but in return it wants lawmakers to mandate that everyone buy coverage.  Lawmakers have signaled their intent to craft health care legislation early next year, and the insurance industry's support would make passage easier. That legislation is expected to closely track the proposals of president-elect Barack Obama. However, Obama separated himself from his Democratic challengers by opposing an individual mandate for adults to buy health insurance.  More lawmakers may agree to a mandate if it means the insurance industry will back those efforts. CBS

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House Panel Backs Waxman Over Dingell As Energy Chair
ABC News has learned that House Democratic leaders have voted to strip Representative John Dingell of his chairmanship of the House Energy and Commerce committee, replacing him with Henry Waxman.  In a stinging rebuke, the House Steering committee voted 25-22 by secret ballot during a closed-door Democratic leadership meeting.  The move was a dramatic one for House Democrats -- considered a victory for House liberals and environmentalists, a big defeat for Michigan and the auto industry.  ABC

FBI Ups Reward For Alleged Eco-Terrorists
The FBI has increased the reward for the four alleged domestic terrorists believed to be behind a series of eco-terrorism acts in the United States.  The four were members of a cell believed to be connected to the extremist groups Animal Liberation Front and the Earth Liberation Front. The FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives have increased the reward to as much as $50,000 for Josephine Sunshine Overaker, Joseph Mahmoud Dibee, Justin Franchi Solondz and Rebecca Rubin, who are all believed to be living outside the United States. ABC

Presidenrt-Elect Promised Change, Picking Insiders
President-elect Barack Obama promised the voters change but has started his Cabinet selection process by naming several Washington insiders to top posts. Obama is enlisting former Senate leader Tom Daschle as his health secretary. Hillary Rodham Clinton, a well-known Washington personality, seemed more likely than ever to be his secretary of state. Obama is ready to announce that his attorney general will be Eric Holder, the Justice Department's No. 2 when Clinton's husband was president. Rahm Emanuel, Obama's chief of staff, is another veteran of the Clinton White House. Arizona Gov. Janet Napolitano is Obama's primary choice to be secretary of the Homeland Security Department, several news organizations reported Thursday.  Washington Post
VOA VIEW: What change?

Sainthood Probe Starts In US For ‘Rosary Priest’
Recognized widely for his catchphrase _ "the family that prays together stays together" _ the late Rev. Patrick Peyton spread his message to millions by radio and later television, using Hollywood stars to emphasize prayer and moral values.  Now, the man known as the "Rosary Priest" for his penchant to use rosary beads to say Roman Catholic prayers for even activities like riding in a car, Peyton is being considered for sainthood. The Archdiocese of Baltimore will celebrate a Mass on Thursday to mark the start of the investigating process. Las Vegas Sun

Files Show Md. Police Watched Variety Of Activists
Surveillance of anti-death penalty protesters and other activists by the Maryland State Police was broader and went on longer than previously disclosed, according to files that were turned over by police to dozens of activists who were improperly labeled as terrorists.  The files revealed that those labeled as terrorists included environmentalists, peace activists, animal rights activists and some people who have never participated in protests in Maryland.  Police allowed 53 people whom the agency acknowledged it wrongly classified as terrorists to view its files on them. Las Vegas Sun

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Ex-Judge Convicted Of Fraud For Lying About Car Crash Injuries
A former Pennsylvania appellate judge has been convicted in Pittsburgh of lying about neck and back injuries to collect money from insurance companies.  Former Superior Court Judge Michael Joyce was found guilty Wednesday by a federal jury of two counts of mail fraud and six counts of money laundering. He will be sentenced March 10.  Joyce was accused of lying to collect $440,000 from two insurance companies after a 2001 traffic accident. Newsday

Wachovia, Golden West Loans Probed By U.S. Prosecutor
U.S. prosecutors and the Securities and Exchange Commission opened an investigation into whether Wachovia Corp. misled borrowers and investors, San Francisco U.S. Attorney Joseph Russoniello said. Prosecutors are examining whether Golden West Financial, acquired by Wachovia in 2006, fraudulently lured borrowers into mortgages, such as by switching them into more expensive loans or falsifying financial information so they could qualify, Russoniello said. His office and SEC investigators in San Francisco are also scrutinizing whether the banks misled investors about the quality of Golden West's loans, he said.  Bloomberg

Obama Seeks Reforms In Talk With UN Chief
President-elect Barack Obama is urging the United Nations chief to embark on "far-reaching reform" of the world organization to help it address pressing global issues. At the same time, in a telephone conversation Wednesday, Obama told Secretary-General Ban Ki-Moon that the United States "should rededicate itself to the organization and to its mission," said Brook Anderson, chief national security spokeswoman for the Obama transition team. Last month, Ban called for greater cooperation from the United States. Ban received the call from Obama just after the U.N. chief returned from a trip to Switzerland. Boston Globe
VOA VIEW: The U.N. is anti U.S. - they only want its money.

Legal Boutiques Sue UBS, Citigroup
When Michael McNicholas, legal counsel at HSH Nordbank AG in London, needed help suing UBS AG to recover $275 million in subprime mortgage losses, he didn't bother turning to the big London law firms for help.  ``It's well known that the Magic Circle law firms will not take on work that conflicts with their priority clients,'' said McNicholas, referring to London lawyers and the banks they represent. Aside from its ongoing work for state-owned HSH, Quinn Emanuel reached a settlement with Citigroup Inc. on its clients' $2.4 billion investments in notes linked to Enron Corp.'s credit. The investors will receive $2.1 billion from the bankrupt Enron estate.  Bloomberg

Microsoft to offer free security
In a surprise move, Microsoft has announced it will offer a free anti-virus and security solution from the second half of next year.  It will stop selling OneCare, its all-in-one security and PC management service, from the end of June 2009.  The new software, code-named Morro, will be a no-frills program suited to smaller and less powerful computers.  The software will be free to download and will support Windows XP, Vista and Windows 7.  The move comes as sales of the OneCare subscription service are flagging - reportedly because the anti-virus marketplace is already flooded with big-name players such as Symantec and McAfee.  BBC

Minnesota begins Senate recount
A manual recount has begun in Minnesota's knife-edge US Senate election between incumbent Republican Norm Coleman and Democrat Al Franken.  At the end of the first count, Mr Coleman led Mr Franken by 215 votes, or 0.008% of the total vote.  Under Minnesota law, a manual recount is automatically triggered if the winner's margin of victory is less than 0.5% of the vote.  Officials have until 5 December to recount some 2.9 million votes.  BBC

Cheney Faces State Indictment Over Prisons
US Vice President Dick Cheney and former Attorney General Alberto Gonzales have been indicted on state charges involving federal prisons in a South Texas county that has been a source of bizarre legal and political battles under the outgoing prosecutor.  The indictment has not yet been signed by the presiding judge, and no action can be taken until that happens.  The seven indictments made public in Willacy County included one naming state Senator Eddie Lucio Jr and some targeting public officials connected to District Attorney Juan Angel Guerra's own legal battles.  Independent

Teenagers’ Internet Socializing Not A Bad Thing
Good news for worried parents: All those hours their teenagers spend socializing on the Internet are not a bad thing, according to a new study by the MacArthur Foundation. “It may look as though kids are wasting a lot of time hanging out with new media, whether it’s on MySpace or sending instant messages,” said Mizuko Ito, lead researcher on the study, “Living and Learning With New Media.” “But their participation is giving them the technological skills and literacy they need to succeed in the contemporary world. They’re learning how to get along with others, how to manage a public identity, how to create a home page.” The study, conducted from 2005 to last summer, describes new-media usage but does not measure its effects. NY Times 

Court To Hear California Gay Marriage Case
The California Supreme Court agreed Wednesday to hear a challenge to a voter-passed measure that would outlaw same-sex marriages in the state.  The court did not allow counties to resume issuing marriage licenses to gay couples while the case is heard.  The move miffed backers of Proposition 8, which was narrowly passed this month as an amendment to the state Constitution that would restrict marriage to heterosexual couples.  The San Francisco Chronicle said the challenge filed after the close vote contended that Prop 8 was such a radical change to the Constitution that it qualified as a "revision" rather than an amendment. An amendment can be passed by a simple majority of the voters, but a revision requires a two-thirds majority UPI

US Federal Reserve Acknowledges Recession Risk
THE Federal Reserve has acknowledged the possibility of a US recession into 2009, adding to fear over the sputtering global economy as American and European automakers begged for government help. The deepening gloom sent stock markets into another tailspin in Europe and the United States amid concerns that traders had not yet priced in the grim scenario despite losses this year of 40 per cent or more in many markets.   Daily Telegraph

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'Site Bombed By IAF Had Nuclear Reactor Characteristics'
A Syrian site bombed by Israel in September 2007 had the characteristics of a nuclear reactor, the UN nuclear watchdog agency said in a report it issued Wednesday.  The International Atomic Energy Agency also said its probe into Iran's alleged nuclear weapons program is deadlocked.  The two reports are being shared with the 35 nations on the IAEA board. The Iran report also goes to the UN Security Council.  Syria denied the allegations that the site, located deep in the Syrian Desert, was an atomic reactor. Jerusalem Post

PA To Advertise Arab Peace Plan
In an unprecedented move, Palestinian Authority President Mahmoud Abbas has taken the cause of peace directly to the Israeli public by taking out an advertisement, to be published Thursday in four Israeli dailies, promoting the 2002 Arab League's Peace Initiative.  "Fifty-seven Arab and Muslim countries will forge diplomatic ties and normal relations with Israel in exchange for a full peace agreement and an end to the occupation," reads the ad, which Arab sources said would appear in Haaretz, Yediot Aharonot, Ma'ariv and Yisrael Hayom.  It reprints the text of the Arab initiative and is framed by flags of Arab and Muslim countries. The League's initiative calls for a full withdrawal to the 1967 borders, including from the Golan and parts of Jerusalem. Jerusalem Post
VOA VIEW: Israel would be foolish to withdraw to the 1967 borders.

Iranian Blogger Arrested 'As Israeli Spy'
A prominent Iranian blogger has been arrested in Tehran and accused of spying for Israel after visiting the country with the aim of being "a bridge between Iranian and Israeli people".  Hossein Derakhshan, 33, was reported by the Iranian website Jahan News to have confessed during initial interrogations to being involved in espionage.  The Jahan News site, which is widely believed to be linked to the Iranian intelligence services, also said he had been described in Jewish newspaper articles as a "friend of Israel".   Derakhshan is known in Iran as the Blogfather after effectively launching the country's craze for blogging. He has claimed 20,000 people a day read his postings. Guardian

Child Weight Gain Linked To Lack Of Sleep
A Canadian researcher says 26 percent of children who sleep fewer than 10 hours a night become overweight by age 6.  Jacques Montplaisir, of the University of Montreal and director of the Sleep Disorders Center at Sacre-Coeur Hospital, says the number of children who are overweight drops to 15 percent in children who sleep 10 hours a night and falls to 10 percent among those that sleep 11 hours.  Montplaisir suggests the lack of nightly sleep may affect the secretion of hormones and points out naps don't seem to compensate for the lack of sleep at night. UPI

Canadian Officials Vow To Protect Boreal Forest
Scientists said politicians have set what may be a powerful precedence in the battle against global warming by making a point to protect Canada’s boreal forest.  Last year, 1,500 scientists from more than 50 countries called on politicians to protect the large swatch of trees.  Bigger than the Amazon and better than almost anywhere else on the planet at keeping climate-warming carbon out of the atmosphere, the boreal forest stretches across 1.4 billion acres from Newfoundland to Alaska.  The large swath of trees and wetlands is the world’s largest land-based storage space for carbon. It holds twice the amount of carbon per square yard as tropical forests because of its rich soil.  Foreign Wire

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