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Show 2 Thursday, November 13,2008 BULLETIN www.dailyutahchronicle.com All stories and photos from The Associated Press Paulson: U.S. won't buy troubled assets WASHINGTON—Urgently shifting course, the Bush administration is abandoning the centerpiece of its massive $700 billion economic rescue plan and exploring new ways to shore up not only banks but credit-card, auto-loan and other huge nonbank businesses. Democrats are pressing hard to include a multibillion-dollar bailout for faltering automakers, too—over administration objections. Unimpressed by any of the talk on Wednesday, Wall Street dove ever lower. "The facts changed and Treasury Secretary Henry Paulson calls on a reporter during a news conference at the Treasury Department in the situation worsened," Washington on Wednesday. Treasury Secretary Henry Paulson said at a news Harry Reid were pressing into a deep and prolonged the bailout program—the purchase of distressed briefing, explaining the ad- for quick passage of a major recession. mortgage-backed securities "Our system is stronministration's switch from package for carmakers durand other troubled assets ger and more stable than its original plan to help fi- ing a postelection session on the books of b a n k s just a few weeks ago," he nancial institutions by buy- that begins next TAiesday, would not be employed. said. But he cautioned that ing up troubled assets, pri- and one key House DemoHe said the administration much more needs to be marily securities backed by crat was putting together had changed the emphasis done before the economy legislation that would send bad home loans. because of a need to get can turn the corner. Despite its new flexibil- $25 billion in emergency money into the financial To accomplish those ity, the administration re- loans to the beleaguered system much more quickly mained opposed to using industry in exchange for goals, Paulson said the adbecause of a worsening the rescue fund to bail out a government ownership ministration would continthe ailing auto industry or stake in the Big Three car ue to use $250 billion of the credit crunch. Setting up a $700 billion rescue fund purchase program for the to provide guarantees for companies. home loans, an idea that Not all the news was to make direct purchases bad assets was taking too supporters contend offers bad, Paulson suggested. He of bank stock as a way of much time, officials saidIt was another rough day the greatest hope for help- said the rescue program supplying hundreds and on Wall Street as investors ing legions of Americans approved by Congress a potentially thousands of received more bad • news who are facing foreclosure. month ago has already had banks with extra capital in on corporate earnings and Congressional Demo- an impact in dealing with hopes that they will resume were also disappointed by crats felt otherwise on au- the most severe financial more normal lending. Paulson's decision not to But Paulson said the adtos, and strongly. House crisis in decades, a credit mop up bad assets of fiSpeaker Nancy Pelosi and squeeze that is threaten- ministration had decided Senate Majority Leader ing to push the country that the original focus of nancial institutions. 1 3 Thursday 54/37 Few Showers • Paws N' Claws Holiday Bazaar for the Dog & Cat Adoption Program: 10 a.m. to 6 p.m. @ Eccles Human Genetics Bldg, 533-West Atrium First Floor • Siciliano Forum: How Far Should We Go In Protecting Ourselves From Terrorists?: 12:30 p.m. to 2 p.m.@Waldemar Read Auditorium, OSH • Kronos Quartet -"Sunrings": 7:30 p.m @ Kingsbury Hall : .:-I: • Much Ado About Nothing: 7:30 p.m to 10 p.m. @ Pioneer Theatre '> 1 4 Friday Partly Cloudy 50/32 • South Africa - U.S. Relations: 9:30 a.m. to 10:30 p.m. @ Hinckley Caucus Room, 255 OSH • Paws N' Claws Holiday Bazaar for the Dog & Cat Adoption Program: 10 a.m. to 6 p.m. @ Eccles Human Genetics Bldg, 533-West Atrium First Floor • Fall Into The Stomp: 8 p.m. to 11:45 p.m. @ Institute of Religion • Crimson Nights: 9 p.m. to 2 a.m. @ Union :' ;: ; 1 5 Saturday 51/37 Sunny • Paws N' Claws Holiday Bazaar for the Dog & Cat Adoption Program: 10 a.m. to 6 p.m. @ Eccles Human Genetics Bldg, 533-West Atrium First Floor • Men's Basketball vs Southwest Baptist: 2 p.m. @ Huntsman Center • University of Utah Women's Chorus: 7:30 p.m. to 10 p.m. @ Libby Gardner Concert Hall ; \.~..; • The Pillowman: 7:30 p.m. to 10 p.m. @ Performing Arts Building ' •:}*' WORLD Iran tests missile—Israel in easy reach TEHRAN, Iran—Iran said it successfully test-fired a new generation of long range surface-to-surface missile on Wednesday—one that could easily strike Israel and as far away as southeastern Europe with greater precision than earlier models. The Sajjil is a solid fuel high-speed missile with a range of about 1,200 miles, Defense Minister Mostafa Mohammed Najjar said on state television. Solid-fuel missiles are more accurate than the liquid fuel missiles of similar range currently possessed by Iran. The country has had a solid-fuel missile with a shorter range—the Fateh, able to fly 120 miles—for several years. U.S. General urges Obama ta keep missile defense WASHINGTON—The Air Force general who runs the Pentagon's missile defense projects said Wednesday that American interests would be "severely hurt" if President-elect Obama decided to halt plans developed by the Bush administration to install missile interceptors in Eastern Europe. .,!.;;. Lt. Gen. Henry"JTOberiri^rn, dfrector of the Missile Defense Agency, told a group of reporters that he is awaiting word from Obama's transition team on its interest in receiving briefings. During the campaign, Obama was not explicit about his intentions with regard to missile defense. The program has tended to draw less support from Democrats over the years, particularly during the Reagan presidency when it was seen as a "Star Wars" effort to erect an impen- etrable shield against nuclear missile attack from the Soviet Union. More recently the project has been scaled back, although it has again created an East-West divide by stirring Russian opposition to the proposed European link. Obama has said it would be prudent to "explore the possibility of deploying missile defense systems" in Europe," in light of what he called active efforts by Iran to develop ballistic missiles as well as nuclear weapons. But Obama expressed some skepticism about the technical capability of U.S. missile defensesrHe said that if elected his administration would work with NATO allies to develop anti-missile technologies. Obering, who is leaving his post next week after more than four years in charge, said in the interview that Conn, court Guantanamo WEST HARTFORD, Conn.— Same-sex couples exchanged vows Wednesday for the first time in Connecticut amid cheers and tears of joy, while gay activists planned protests across the country over the vote that took away their right to marry in California. Surrounded by red roses and smiles, Jody Mock and Elizabeth Kerrigan, who led the lawsuit that that overturned the state law, emerged from West Hartford's town hall to the cheers of about 150 people and waved their marriage license high. "We feel very fortunate to live in the state of Connecticut, where marriage equality is valued, and hopefully other states will also do what is fair," Kerrigan said. The Connecticut Supreme Court ruled 4-3 on Oct. 10 that same-sex couples have the right to wed rather than accept a 2005 civil union law designed to give them the same rights as married couples. A lower-court judge entered a final order permitting same-sex marriage Wednesday morning. Massachusetts is the only other state that allows gay marriages. Gay marriage advocates said they were planning nationwide demonstrations this weekend in more than 175 cities and outside the U.S. Capitol. A Seattle blogger was trying to organize simultaneous protests outside statehouses and city halls in every state Saturday. In New York City, several hundred demonstrators gathered Wednesday outside a Mormon Temple to protest the church's endorsement of the same-sex marriage ban in California. Several people held signs asking "Did you cast a ballot or a stone?" his office has pulled together information for a presentation to the Obama team, if asked. "What we have discovered is that a lot of the folks that have not been in this administration seem to be dated, in terms of the program/' he said. "They are kind of calibrated back in the 2060 time frame and we "have come a hell of a long way since 2000. Our primary objective is going to be just, frankly, educating them on what we have accomplished, what we have been able to do and why we have confidence in what we are doing." Asked whether he meant that Obama or his advisers had an outdated view of missile defense, Obering said he was speaking more generally about people who have not closely followed developments in this highly technical field. : ; " : ( NEEDACAR?^ r ,-;,, r S. '.FIRSTTIME BliYER P R O G R A M K • With our first-time buxgr, program you don'tneed. _ any credit history,or£o-signer*and your payment s _Lcah,b.e as Ibwas Syo/mpr^.wJtKtiQthLng down. ( ~~) ]X-For Information call: Gary - Finance Manager * — . " CWI:714-791-407Jt •'- MCAut6Sal«s"/FlfmDLR#6975> - - -• v.^ •^-(> North Salt Laka.UT \ > - j (801)502-8143 . Democrats urge federal stake in big auto companies WASHINGTON—Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies. House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., hope for quick passage of the auto bailout during a postelection session that begins Monday. Legislation being drafted by Rep. Barney Frank, chairman of the House Financial Services Committee, and Sen. Carl M. Levin, D-Mich., would dip into the $700 billion Wall Street rescue money, approved by Congress last m'dhtn, for the auto aid. UTAH Supreme Court referees religious monument dispute WASHINGTON—The Supreme Court warily confronted a case Wednesday that mixes limits on free speech with issues of church-state separation. The justices engaged in lively arguments over a small religious group's efforts to place a monument in a public park that already is home to a Ten Commandments display. The court seemed reluctant to accept the arguments put forth by the religious group known as the Summum that once a government accepts any donations for display in a public park, it must accept all. Corrections , , ^ and Clarifications The policy of The Daily Utah Chronicle is to correct any error made as soon as possible. If you find something you would like clarified or find unfair, please contact the editor at 801-581-8317. 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