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Saturday, October 11, 2008

George W. Bush, the President of the United States, has attempted to reassure Americans on the economy in his weekly radio address.

“Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said, introducing the address. “Many Americans have serious concerns about their economic well-being.”

Bush then pointed out the action that the government is taking. “Here are the problems we face and the steps we are taking: First, key markets are not functioning because there is a lack of liquidity. So the Federal Reserve has injected hundreds of billions of dollars into the system. The Fed has joined with central banks around the world to coordinate a cut in interest rates — a step that should help free up credit. The Fed has also announced a new program to provide support for a vital tool that many American businesses use to finance their day-to-day operations — the commercial paper market, which is freezing up. As this program kicks in over the next week or so, it will help revive a key source of short-term financing for businesses and financial institutions.”

“Second, some Americans are concerned about whether their money is safe,” continued the president. “So the Federal Deposit Insurance Corporation and the National Credit Union Administration have significantly expanded the amount of money insured in savings accounts and checking accounts and certificates of deposit. That means that if you have up to $250,000 in one of these insured accounts, every penny of that money is safe. The Treasury Department has also acted to restore confidence in a key element of America’s financial system by offering government insurance for money market mutual funds.”

Bush then said that there was an issue with fraud in the economy. He stated that, to address this issue, “the Securities and Exchange Commission is launching rigorous enforcement actions to detect fraud and manipulation in the market.”

The Dow Jones Industrial Average yesterday fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Sunday, February 13, 2005Cordon-bleu chef Homaru Cantu has announced a technique which allows him to create dishes made of edible, inkjet printed paper. Cantu, a head chef at the Moto restaurant in Chicago, has modified an ink-jet printer with the help of computer specialists from local firm Deep Labs and loaded it with cartridges containing concoctions of fruit and vegetables. Using this modified printer Cantu then prints onto edible sheets of soybean and potato starch tasty images downloaded from the web.

“You can make an ink-jet printer do just about anything,” says Cantu. Once the items have been printed they are dipped into a powder made of soy sauce, sugar and vegetables before then being further processed by frying, freezing, or baking them.

Cantu has applied the technique to the printing of menus so that diners can further flavor their soups by ripping up the menu and adding it to the dish.

He hopes that his idea may find its way into popular media. “Just imagine going through a magazine and looking at an ad for pizza. You wonder what it tastes like, so you rip a page out and eat it,” says the chef who is working at perfecting the flavors and has applied for a patent on the technique.

Cantu also has plans for further culinary innovations. He plans to cook steak using a handheld laser that will sear the inside of the steak well done whilst leaving the outside medium rare. He also plans to use the laser to produce bread baked from the inside out thus producing a crust on the inside.

Wednesday, December 5, 2007

On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs‘s Permanent Subcommittee on Investigations held a hearing titled “Credit Card Practices: Unfair Interest Rate Increases.” The hearing examined the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. It was a follow-up to a March 2007 hearing.

Subcommittee Chairman Carl Levin said in his opening statement: “Today’s focus is on credit card issuers who hike the interest rates of cardholders who play by the rules — meaning those folks who pay on time, pay at least the minimum amount due, and wake up one day to find their interest rate has gone through the roof — again, not because they paid late or exceeded the credit limit, but because their credit card issuer decided they should be ‘repriced’.”

Present to testify on behalf of credit card issuers were Roger C. Hochschild of Discover Financial Services, Bruce L. Hammonds of Bank of America Corporation, and Ryan Schneider of Capital One Financial Corporation.

Much of the 90 minute hearing focused on specific cases where interest rates were raised, allegedly because credit scores of the debtor dropped, and not because they were delinquent or otherwise behind on payments. According to Levin, this practice made it so that almost all payments went towards finance charges with almost none toward repaying the principal. This, he felt, is an unfair practice, as the credit card companies were negligent in informing their customers of the rate hikes and the reason for such hikes.

The collective credit card debt of Americans totals an estimated US$900 billion. Issuers have come under pressure to disclose their policies in regards to setting fees and interest rates. The US Truth in Lending Act requires that terms of a loan be set forth up front. Fluctuating interest rates on credit cards would, on the surface, appear to violate this act.

Roger C. Hochschild disagreed, arguing that “every card transaction is a new extension of credit … This makes it difficult — and risky — to underwrite, and price, the loan based solely on the borrower’s credit-worthiness at the time of application [for the card].”

Ryan Schneider, agreed: “The ability to modify the terms of a credit card agreement to accommodate changes over time to the economy or the credit-worthiness of consumers must be preserved.”

“Attempts to interfere with the market here … will inevitably result in less credit being offered,” warned Bruce Hammonds. “Risk-based pricing has democratized access to credit,” he added.

All three credit card executives also mentioned an ongoing Federal Reserve System review of credit card rules that already proposes a 45-day notification ahead of any rate changes.

Committee members criticized the industry for varying practices. Included in the criticism was the practice of mailing checks to card-holders, failing to notify applicants that obtaining additional cards could lower their credit score and raise their rates, and “ambushing” card-holders with raised rates.

Ranking minority member of the subcommittee, Norm Coleman said, “families find themselves ensnared in a seemingly inescapable web of credit card debt. They particularly report being saddled with interest rates that skyrocketed on them seemingly out of the blue.”

Thursday, August 28, 2008

The Stamford, Connecticut-based company World Wrestling Entertainment issued a press release last night, stating that wrestling performer John Cena is expected to recover from his injuries, after a surgery.

WWE Medical Program head, described in a press release as a “renowned neurosurgeon” Dr. Joseph Maroon performed the operation on Cena, after he sustained injuries during the SummerSlam match on Sunday August 24. He suffered a herniated disc in his neck, in a lost match against a wrestler named Batista.

Just hours after surgery, he visited the locker room of the SmackDown/ECW taping, commenting to the WWE website that: “I feel great. Dr. Maroon is fantastic. He explained every possible procedure he could and could not perform, and the potential risks of all of them. I explained to Dr. Maroon not only my immediate goals, but also my long-term goals. He took them all into consideration and recommended the most commonplace procedure with the least amount of side effects.”

While the option of fusion surgery was chosen previously by other WWE wrestlers (Edge, Steve Austin, Chris Benoit), Maroon removed a fragment from Cena’s spinal cord, which had been blocking a nerve.

The operation lasted 90 minutes; recovery is expected to take three months, instead of a previously suggested 12-14 months.

In his WWE career, Cena is a three-time WWE Champion, a three-time United States Champion, and a two-time World Tag Team Champion. He also won the 2008 Royal Rumble. Before being promoted to the main WWE roster, Cena trained in and wrestled for Ultimate Pro Wrestling and Ohio Valley Wrestling, holding the top titles of both promotions.

Tuesday, April 20, 2021

Wikinews extended invitations by e-mail on March 23 to multiple candidates running in the Texas’ 6th congressional district special election of May 1 to fill a vacancy left upon the death of Republican congressman Ron Wright. Of them, the office of Democrat Daryl Eddings, Sr. agreed to answer some questions by phone March 30 about their campaigns and policies. The following is the interview with Ms Chatham on behalf of Mr Eddings, Sr.

Eddings is a federal law enforcement officer and senior non-commissioned officer in the US military. His experience as operations officer of an aviation unit in the California National Guard includes working in Los Angeles to control riots sparked by the O. J. Simpson murder case and the police handling of Rodney King, working with drug interdiction teams in Panama and Central America and fighting in the Middle East. He is the founder of Operation Battle Buddy, which has under his leadership kept in touch with over 20 thousand veterans and their families. He was born in California, but moved to Midlothian, Texas. He endeavours to bring “good government, not no government”. Campaign manager Faith Chatham spoke to Wikinews on matters ranging from healthcare to housing.

An Inside Elections poll published on March 18 shows Republican candidate Susan Wright, the widow of Ron Wright, is ahead by 21% followed by Democrat Jana Sanchez with 17% and Republican Jake Ellzey with 8% with a 4.6% margin of error among 450 likely voters. The district is considered “lean Republican” by Inside Elections and voted 51% in favour of Donald Trump in last year’s US presidential election. This is down from 54% for Trump in 2016’s presidential election, the same poll stated.