NPR 2008-10-15

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The federal government, albeit¹ reluctantly, has gotten into the banking² business, announcing it would inject 250 billion dollars directly into some of the nation's largest financial institutions. Richard Sylla is an economics professor and financial history expert at the Stern School of Business. He says there is a payback provision in the plan aimed at protecting taxpayers³' interest. "The Paulson plan says that the banks can repay the government for these injections of capital, and because they have to pay in dividends⁴ really, but the dividends go up over times, so the banks have an incentive⁵ to repay the government." Only taking minority stake in the banks, the federal government will take other efforts to get credit markets moving again including guaranteeing new debt. President Bush described the plan as not an effort to take over the free market but an attempt to preserve it. Treasury⁶ Secretary Henry Paulson said: "While not what the administration wanted, it is a necessary step to restore confidence to our financial system."

On the eve of the final presidential debate, Republican John McCain comes to the battleground state of Pennsylvania to unveil new proposals to help those impacted by the current economic crunch⁷. From member station WRTI Jim Huggan has more.

At a campaign event in suburban⁸ Philadelphia, Senator McCain introduced new initiatives he would take to protect those hardest hit by the recent market instability. According to McCain, one of his proposals would protect those relying on their investments for retirement⁹. "This vital measure will promote buying, raise asset values, help companies and shore up the pension plans for workers and retirees. We should also not penalize¹⁰ Americans, who are forced to sell investments in today's tough markets." The Arizona senator is also proposing cutting the capital gains tax in half and eliminating taxes on unemployment benefits. McCain says he has the leadership experience to take the country in a new more prosperous direction. For NPR News, I'm Jim Huggan in Philadelphia.

A D.C. federal appeals court today heard oral arguments in a landmark¹¹ federal tobacco case. NPR's Debbie Elliott reports.

The tobacco industry wants the appeals court to overturn a 2006 ruling by Federal Judge Gladys Kessler. She found that cigarette makers¹³ violated civil racketeering laws by conspiring¹⁴ to hide the dangers of smoking and addict¹⁵ smokers¹⁶ to a deadly product. But Judge Kessler said she had no authority to order damages. The US government is appealing that part of her ruling, arguing that cigarette companies should have to pay for a 14-billion-dollar public education and stop smoking campaign, because their top executives knew the truth but continued to deceive the public. Tobacco lawyer Michael Carvin argued the civil case is a grotesque¹⁷ expansion of federal racketeering laws intended to target organized crime. "They're trying to turn this into the Gambino family." he said. Debbie Elliott, NPR News, Washington.

On Wall Street, the Dow Jones Industrial Average was down 76 points.

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A judge in Newark, New Jersey¹⁸ has reportedly signed off on a 24-million-dollar settlement in a case involving tainted¹⁹ pet food. The Associated Press is reporting that District Court Judge Joe Helman called the agreement "fair, reasonable and adequate". The ruling clears the way for US pet owners with claims against a number of pet food makers to begin receiving checks next year. It's believed as many as 1500 animals died in the US last year after eating pet food made with Chinese-made wheat gluten contaminated with the industrial chemical melamine. Thousands of other pets were sickened.

US Supreme²⁰ Court refused to hear an appeal from Georgia death row inmate²¹ Troy Davis. From Georgia Public Broadcasting Susanna Capelouto reports.

The case of Troy Davis has drawn²² international attention. Davis was convicted in 1991 of killing²³ Savannah police officer Mark McPhail. Years later, as his execution drew near, seven of the nine witnesses recanted the testimony²⁴, but Davis' lawyers have been unable to get a new hearing granted in the case. The last hope was an appeal to the US Supreme Court, which had halted the execution last month just two hours before it was scheduled. Now the court says it won't hear the case. Amnesty International called the decision not to grant a hearing shocking. Davis' appeal had the support of the Pope, former President Jimmy Carter and even Libertarian presidential candidate Bob Barr. Georgia officials will now set a new date for the execution. For NPR News, I'm Susanna Capelouto in Atlanta.

Soft drink maker¹² PepsiCo confirmed today it will close six of its plants and eliminate around 3300 jobs because of slowing US drink sales. Company also says a stronger dollar is weighing on profits from its fast-growing international business. Cuts amount to just under 2% of PepsiCo's global workforce²⁵.