Comment: Will the Bailout Work?

Here's a list of the Wall Street bailouts already implemented in an attempt to stem the financial crisis:

$29 billion to save Bear Sterns

$300 billion in early loans to Wall Street firms

$300 billion for the Federal Housing Administration

$200 billion for Fannie Mae and Freddie Mac

$87 billion to bail out Lehman Financing

$85 billion for AIG, Inc

$50 billion to support Money Market Funds

That's about a trillion dollars that has not accomplished what the government promised. Indeed the situation is not said to be so dire that a $700 billion w/o oversight was originally requested within 24 hours to stop the end of the world!

Obviously, more thought is needed in order to figure out why bailing out Wall Street firms has failed to stop the crisis, especially with millions of adjustable rate mortgages still in danger of default.

UN chief praises efforts to tackle world poverty

UN Secretary-General Ban Ki-Moon said that the United Nations program to fight world povery has raised more than $16 billion so far.

"This has exceeded all our expectations," Ban Ki-moon said of support for the Millennium Development Goals, which have a target date of 2015. The $16 billion amount is focused specifically on getting the world's children in school by that date.

Xinhua

UN chief: $16B being given to help world's poor International Herald Tribune - 2 hours ago AP UNITED NATIONS: Bill Gates said Thursday the UN's goals to fight poverty have grabbed the world's attention - and the UN chief said the world has responded with more than $16 billion despite the current financial crisis. World leaders recommit to poverty goals Reuters Ban: About $16 bln pledged at UN summit to combat poverty Xinhua

Pakistan and American forces exchange fire

Pakistani and American forces near the border of Afghanistan exchanged fire briefly Thursday in an escalation of tensions between the two nations.

According to reports, Pakistani troops fired on two U.S. helicopters flying near the border, and ground troops exchange fire shortly after the incident. No casualties were reported on either side.

Reuters South Africa

Pakistani and American Troops Exchange Fire

New York Times - 1 hour ago

By ERIC SCHMITT WASHINGTON - Pakistani and American ground troops exchanged fire along the border with Afghanistan on Thursday after the Pakistanis shot at two American helicopters, ratcheting up tensions as the United States increases its attacks ...

Pakistani troops fire at US helicopters on border Reuters
Pakistan Fires at US Helicopters on Afghan Border (Update2)



AFP

US denies copters attacked by Pakistan crossed border
CNN International - 1 hour ago
Officials with the Pentagon and NATO's International Security Assistance Force, however, said the copters never entered Pakistan. US officials also denied ...
NATO copters exchage fire and fly back Online - International News Network
AFGHANISTAN: Marine colonel says Pakistani military copter helped ... Los Angeles Times
Pakistani troops, foreign copters trade fire The Daily Advertiser



Chronology of the most serious attacks in Pakistan since January 2008. Pakistani troops fired at two helicopters from the NATO-led force in Afghanistan, causing no damage but accusing them of crossing the border amid escalating tensions across the frontier.(AFP Graphic/Er/Jfs)