News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
The songs that whales and dolphins use to communicate, orient themselves and find mates are being drowned out by human-made noises in the world's oceans. That sound pollution -- everything from increasing commercial shipping and seismic surveys to a new generation of military sonar -- is not only confounding the mammals, it also is further threatening the survival of these endangered animals. Studies show that these cetaceans, which once communicated over thousands of miles to forage and mate, are losing touch with each other, ... experts said at a U.N. wildlife conference in Rome. "Call it a cocktail-party effect," said Mark Simmonds, director of the Whale and Dolphin Conservation Society, a Britain-based NGO. "You have to speak louder and louder until no one can hear each other anymore." Environmental groups also are increasingly finding cases of beached whales and dolphins that can be linked to sound pollution, Simmonds said. Marine mammals are turning up on the world's beaches with tissue damage similar to that found in divers suffering from decompression sickness. Scientists say the use of military sonar or seismic testing may have scared the animals into diving and surfacing beyond their physical limits. Several species of cetaceans are already listed as endangered or critically endangered from other causes, including hunting, chemical pollution, collisions with boats and entanglements with fishing equipment. Though it is not yet known precisely how many animals are affected, sound pollution is increasingly being recognized as a serious factor, the experts said.
Note: For many reports on threats to marine mammals from reliable, verifiable sources, click here.
Neuroscientists have shown that they can [create] a “body swapping” illusion that could have a profound effect on a range of therapeutic techniques. At the annual meeting of the Society for Neuroscience last month, Swedish researchers presented evidence that the brain, when tricked by optical and sensory illusions, can quickly adopt any other human form, no matter how different, as its own. “You can see the possibilities, putting a male in a female body, young in old, white in black and vice versa,” said Dr. Henrik Ehrsson of the Karolinska Institute in Stockholm. The technique is simple. A subject stands or sits opposite the scientist, as if engaged in an interview. Both are wearing headsets, with special goggles, the scientist’s containing small film cameras. The goggles are rigged so the subject sees what the scientist sees: to the right and left are the scientist’s arms, and below is the scientist’s body. To add a physical element, the researchers have each person squeeze the other’s hand, as if in a handshake. Now the subject can see and “feel” the new body. In a matter of seconds, the illusion is complete. In a series of studies, using mannequins and stroking both bodies’ bellies simultaneously, the Karolinska researchers have found that men and women say they not only feel they have taken on the new body, but also unconsciously cringe when it is poked or threatened. In previous work, neuroscientists have induced various kinds of out-of-body experiences using similar techniques. The brain is so easily tricked, they say, precisely because it has spent a lifetime in its own body.
UFO enthusiasts are pressing Barack Obama to release classified documents about sightings of alien spacecraft, encouraged by support from within the President-Elect's own White House team. Desperate to see the US emulate the British Government and disclose reported "contact" with UFOs, the enthusiasts have written to Mr Obama to ask that his administration [come] clean about the contents of America's "X-Files". They believe they have good prospects of success after public statements of support from both John Podesta, who is running Mr Obama's White House transition team, and Bill Richardson, the Governor of New Mexico ... who is expected to secure a cabinet post. When he was the White House chief of staff under Bill Clinton, Mr Podesta led a project to declassify 800 million pages of intelligence documents. Gov Richardson, a former presidential candidate and fellow UFO aficionado, has written a forward to a book on the so-called Roswell Incident in New Mexico. He has called for full disclosure by the Pentagon of what really occurred. Only last week a US Air Force pilot, Milton Torres, whose testimony was released from the British archives, appeared on US television explaining how he was ordered to shoot down a large UFO over the UK in 1957 and then silenced by military officials, who told him never to speak of the incident.
Note: Podesta has also publicly called for a release of UFO records for years, alleging a cover-up. See the CNN article reporting this available here. For a concise summary of evidence on UFO sightings presented by highly-respected former military and government professionals, click here.
Stefan Lyon has many titles: Author, humanitarian, international philanthropist. And seventh-grader. Stefan has just finished his third book about his San Francisco adventures with his pet rats. As with his first two books, all proceeds go to build schools in Africa. "I want to help the less fortunate," said Stefan, 13, at a recent book signing at a law firm in a downtown high-rise. "There are a lot of AIDS orphans in Africa." For $5,000, he financed the conversion of an abandoned cowshed in Kakamega, Kenya, into a two-room school. He's now halfway through construction of an eight-room school for 100 children ... in the neighboring village of Bungoma. Stefan is on a book promotion tour for the holidays, hoping to raise the last $30,000 to finish the school. Stefan, who has his own nonprofit, the Stefan Lyon Foundation, knows that he's not a typical 13-year-old, but he also doesn't know what all the fuss is about. Stefan was always a compassionate child. "He'd sit with the kids who got bullied at school until they felt better," [his mother] said. By elementary school, Stefan passed out cookies and blankets to the homeless at the Civic Center from his red wagon. He'd insert notes in the cookie bags: "I'm thinking of you." "God loves you." In the third grade at St. Brendan School, he was inspired by his teacher, Renée McHugh, who gave a lesson on Africa and explained how little money was needed to build schools for orphans. He wanted to sell cookies from his wagon to finance an African school. A supermarket gave him free cookie dough, and he got to work.
Happiness is contagious. The more happy people you know, the more likely you are yourself to be happy. And getting connected to happy people improves a person's own happiness, [a research team] reported in the British Medical Journal. "What we are dealing with is an emotional stampede," Nicholas Christakis, a professor of medical sociology at Harvard Medical School in Boston, said. Christakis and James Fowler, a political scientist at the University of California, San Diego, have been using data from 4,700 children of volunteers in the Framingham Heart Study, a giant health study begun in Framingham, Massachusetts in 1948. They have been analyzing a trove of facts from tracking sheets dating back to 1971, following births, marriages, death, and divorces. Volunteers also listed contact information for their closest friends, co-workers, and neighbors. They assessed happiness using a simple, four-question test. "People are asked how often during the past week, one, I enjoyed life, two, I was happy, three, I felt hopeful about the future, and four, I felt that I was just as good as other people," Fowler said. The 60 percent of people who scored highly on all four questions were rated as happy, while the rest were designated unhappy. People with the most social connections -- friends, spouses, neighbors, relatives -- were also the happiest, the data showed. "Each additional happy person makes you happier," Christakis said. "It is not just happy people connecting with happy people, which they do. Above and beyond, there is this contagious process going on." And happiness is more contagious than unhappiness, they discovered.
There has never been a more important time to invest in green technologies, yet many of us believe these efforts are doomed to failure. What nonsense. Myth 1: solar power is too expensive to be of much use. In reality, today's bulky and expensive solar panels capture only 10% or so of the sun's energy, but rapid innovation in the US means that the next generation of panels will be much thinner, capture far more of the energy in the sun's light and cost a fraction of what they do today. Myth 2: wind power is too unreliable. Actually, during some periods earlier this year the wind provided almost 40% of Spanish power. Parts of northern Germany generate more electricity from wind than they actually need. Northern Scotland, blessed with some of the best wind speeds in Europe, could easily generate 10% or even 15% of the UK's electricity needs at a cost that would comfortably match today's fossil fuel prices. Myth 3: marine energy is a dead-end. This year we have seen the installation of the first tidal turbine to be successfully connected to the UK electricity grid in Strangford Lough, Northern Ireland, and the first group of large-scale wave power generators 5km off the coast of Portugal, constructed by a Scottish company.
Note: The remaining energy myths treated in this article are: Myth 4: nuclear power is cheaper than other low-carbon sources of electricity. Myth 5: electric cars are slow and ugly. Myth 6: biofuels are always destructive to the environment. Myth 7: climate change means we need more organic agriculture. Myth 8: zero carbon homes are the best way of dealing with greenhouse gas emissions from buildings. Myth 9: the most efficient power stations are big. Myth 10: all proposed solutions to climate change need to be hi-tech. For lots more on exciting new energy technology developments from reliable sources, click here.
As a plastic surgeon, [Geoff] Williams could live in a sprawling house, cruise in a snazzy sports car and wear custom-made shoes instead of the $5 pair he snagged at the thrift store a few years back. Instead he spends his money on hundreds of strangers, half a world away. Grown men with rope-like tumors engulfing their eyes, nose, lips. Teenage girls with heads cocked permanently to one side because of burn-tightened skin. But mostly children — with faces split up the middle like a half-open zipper. Williams invests in faces. As he worked and taught in wealthy hospitals, his mind was preoccupied with thoughts of the hundreds of desperate mothers in Vietnam who had swarmed him during a volunteer training trip, thrusting their deformed babies at him and begging for help. Only 20 babies were treated that trip; about 180 were sent away. "Leaving, looking down at those lights, I knew these mothers were going home with total disappointment," Williams recalls. "I remember making a promise to myself then, to those mothers: I may not be able to find you, but I'll find someone like you. I'll come back. I'll do more." Several months later, he took another volunteer trip, this time to India. "I thought I'd do it a couple of times and get it out of my system. After about a year, it just hit me — it would not be easy to stop doing it." He took a leave of absence from the University of Texas in 2003 to immerse himself in treating the forgotten patients in developing countries. He never went back.
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. "Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job. Bowing to aggressive lobbying - along with assurances from banks that the troubled mortgages were OK - regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way. The administration's blind eye to the impending crisis is emblematic of its governing philosophy, which trusted market forces and discounted the value of government intervention in the economy. Its belief ironically has ushered in the most massive government intervention since the 1930s. Many of the banks that fought to undermine the proposals by some regulators are now either out of business or accepting billions in federal aid to recover from a mortgage crisis they insisted would never come. In 2005, faced with ominous signs the housing market was in jeopardy, bank regulators proposed new guidelines for banks writing risky loans. Those proposals all were stripped from the final rules.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
The U.S. military expects to have 20,000 uniformed troops inside the United States by 2011 trained to help state and local officials respond to a nuclear terrorist attack or other domestic catastrophe, according to Pentagon officials. Critics of the change, in the military and among civil liberties groups and libertarians ... express concern that the new homeland emphasis threatens to ... undermine the Posse Comitatus Act, a 130-year-old federal law restricting the military's role in domestic law enforcement. The Pentagon's plan calls for three rapid-reaction forces to be ready for emergency response by September 2011. The first 4,700-person unit, built around an active-duty combat brigade based at Fort Stewart, Ga., was available as of Oct. 1, said Gen. Victor E. Renuart Jr., commander of the U.S. Northern Command. Two additional teams will join nearly 80 smaller National Guard and reserve units made up of about 6,000 troops in supporting local and state officials nationwide. All would be trained to respond to a domestic chemical, biological, radiological, nuclear, or high-yield explosive attack, or CBRNE event, as the military calls it. In 2005, a new Pentagon homeland defense strategy emphasized "preparing for multiple, simultaneous mass casualty incidents." In late 2007, Deputy Defense Secretary Gordon England signed a directive approving more than $556 million over five years to set up the three response teams, known as CBRNE Consequence Management Response Forces [CCMRF].
Note: For many reports from major media sources of increasing threats to civil liberties, click here.
The Bush administration has failed to adequately oversee its $700 billion bailout program and must move rapidly to guarantee that banks are complying with the plan's limits on conflicts of interest and lavish executive compensation, congressional investigators said yesterday. The new report by the Government Accountability Office, the nonpartisan investigative arm of Congress, said the Treasury Department has yet to impose necessary safeguards or decide how to determine whether the program is achieving its goals. The auditors said it was too soon for them to tell whether the bailout was working. "The rapid pace of implementation and evolving nature of the program have hampered efforts to put a comprehensive system of internal control in place," the report said. "Until such a system is fully developed and implemented, there is heightened risk that the interests of the government and taxpayers may not be adequately protected and that the program objectives may not be achieved in an efficient and effective manner." So far, the rescue package has provided at least $150 billion in capital infusions to 52 financial institutions, the auditors said. They added that no applications for funding were denied by the Treasury. The congressional auditors urged Treasury officials to determine how each bank receiving bailout money is using the money and whether they are using it in a way consistent with the intent of the law. Several congressional leaders have criticized financial firms for hoarding the money instead of using it to lend to borrowers.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
With its decision last week to pump an additional $1 trillion into the financial crisis, the government eliminated any doubt that [it has] no hesitation in pledging to spend previously almost unimaginable sums of money and running up federal budget deficits on a scale not seen since World War II. Indeed, analysts warn that the nation's next financial crisis could come from the staggering cost of battling the current one. Just last week, new initiatives added $600 billion to lower mortgage rates, $200 billion to stimulate consumer loans and nearly $300 billion to steady Citigroup, the banking conglomerate. That pushed the potential long-term cost of the government's varied economic rescue initiatives, including direct loans and loan guarantees, to an estimated total of $8.5 trillion -- half of the entire economic output of the U.S. this year. The spending already has had a dramatic effect on the federal budget deficit, which soared to a record $455 billion last year and began the 2009 fiscal year with an amazing $237-billion deficit for October alone. Analysts say next year's budget deficit could easily bust the $1-trillion barrier. "I didn't think we'd see that for a long time," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "There's a huge risk of another economic crisis, a debt crisis, once we get on the other side of this one." Once the financial crisis eases, higher interest rates and soaring inflation will be risks.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said. The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co analyst noted. "In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent." Closing millions of accounts, cutting credit lines and raising interest rates are just some of the moves credit card issuers are using to try to inoculate themselves from a tsunami of expected consumer defaults. A consolidated U.S. lending market that is pulling back on credit is also posing a risk to the overall consumer liquidity, Whitney said. Mortgages and credit cards are now dominated by five players who are all pulling back liquidity, making reductions in consumer liquidity seem unavoidable, she said. "We are now beginning to see evidence of broad-based declines in overall consumer liquidity. Already, we have witnessed the entire mortgage market hit a wall, and we believe it will, for the first time ever, show actual shrinkage over the next few months," she wrote. "In a country that offers hundreds of cereal and soda pop choices, the banking industry has become one that offers very few choices", Whitney wrote in a note dated November 30. "Pulling credit when job losses are increasing by over 50 percent year-over-year in most key states is a dangerous and unprecedented combination, in our view," the analyst said.
Note: This article, in pointing out that the banking industry offers few choices for consumers, fails to mention that the industry is rapidly becoming extremely concentrated, with major bank failures and takeovers accelerating due to the financial crisis on Wall Street. And the bailout from the Fed and Treasury has encouraged this concentration through huge tax breaks and risk protections. For many revealing reports on the Wall Street bailout from reliable sources, click here.
The credit bubble has burst. The economy is tanking. Investors in the U.S. stock market have lost more than $9 trillion since its peak a year ago. But in industries at the center of the crisis, plenty of top officials managed to emerge with substantial fortunes. Fifteen corporate chieftains of large home-building and financial-services firms each reaped more than $100 million in cash compensation and proceeds from stock sales during the past five years, according to a Wall Street Journal analysis. Four of those executives, including the heads of Lehman Brothers Holdings Inc. and Bear Stearns Cos., ran companies that have filed for bankruptcy protection or seen their share prices fall more than 90% from their peak. The study ... showed that top executives and directors of the firms cashed out a total of more than $21 billion during the period. The issue of compensation and other rewards for corporate executives is front-and-center in the wake of the financial meltdown. In the tech bubble of the late 1990s, more than 50 individuals each made more than $100 million from selling shares just prior to the crash. Many had just founded companies that had never turned a profit. "The system tends to reward people for participating in bubbles," says Roy C. Smith, a finance professor at New York University's business school.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
Through seven years of war an exclusive club has quietly flourished at the intersection of network news and wartime commerce. Its members, mostly retired generals, have had a foot in both camps as influential network military analysts and defense industry rainmakers. It is a deeply opaque world, a place of privileged access to senior government officials, where war commentary can fit hand in glove with undisclosed commercial interests and network executives are sometimes oblivious to possible conflicts of interest. Few illustrate the submerged complexities of this world better than Barry McCaffrey. General McCaffrey, 66, has long been a force in Washington’s power elite. A consummate networker, he cultivated politicians and journalists of all stripes as drug czar in the Clinton cabinet, and his ties run deep to a new generation of generals, some of whom he taught at West Point or commanded in the Persian Gulf war. But it was 9/11 that thrust General McCaffrey to the forefront of the national security debate. In the years since he has made nearly 1,000 appearances on NBC and its cable sisters, delivering crisp sound bites in a blunt, hyperbolic style. He commands up to $25,000 for speeches, his commentary regularly turns up in The Wall Street Journal, and he has been quoted or cited in thousands of news articles, including dozens in The New York Times. His influence is such that President Bush and Congressional leaders from both parties have invited him for war consultations. At the same time, General McCaffrey has immersed himself in businesses that have grown with the fight against terrorism.
Note: This in-depth article on the "military-industrial-media complex" is worth reading in its entirety. For lots more on war profiteering from reliable sources, click here.
I should have felt triumphant when I returned from Iraq in August 2006. Instead, I was worried and exhausted. My mind was consumed with the unfinished business of our mission: fixing the deeply flawed, ineffective and un-American way the U.S. military conducts interrogations in Iraq. I'm still alarmed about that today. I'm not some ivory-tower type; I served for 14 years in the U.S. Air Force, began my career as a Special Operations pilot flying helicopters, saw combat in Bosnia and Kosovo, became an Air Force counterintelligence agent, then volunteered to go to Iraq to work as a senior interrogator. What I saw in Iraq still rattles me -- both because it betrays our traditions and because it just doesn't work. What I soon discovered about our methods astonished me. The Army was still conducting interrogations according to the Guantanamo Bay model: Interrogators were nominally using the methods outlined in the U.S. Army Field Manual, the interrogators' bible, but they were pushing in every way possible to bend the rules -- and often break them.These interrogations were based on fear and control; they often resulted in torture and abuse. I refused to participate in such practices, and a month later, I extended that prohibition to the team of interrogators I was assigned to lead. I personally conducted more than 300 interrogations, and I supervised more than 1,000. The methods my team used are not classified ... but the way we used them was, I like to think, unique. We got to know our enemies, we learned to negotiate with them, and we adapted criminal investigative techniques to our work.
Note: For revealing reports from reliable and verifiable sources on the realities of the Iraq and Afghan wars, click here.
Public health groups, consumer advocates and members of Congress blasted the Food and Drug Administration yesterday for failing to act after discovering trace amounts of the industrial chemical melamine in baby formula sold in the United States. "This FDA, this Bush administration, instead of protecting the public health, is protecting industry," said Rep. Rosa DeLauro (D-Conn.), who chairs the Appropriations subcommittee that oversees the FDA budget. "We're talking about babies, about the most vulnerable. This really makes me angry." The FDA found melamine and cyanuric acid, a related chemical, in samples of baby formula made by major U.S. manufacturers. Melamine can cause kidney and bladder stones and, in worst cases, kidney failure and death. If melamine and cyanuric acid combine, they can form round yellow crystals that can also damage kidneys and destroy renal function. Melamine was found in Good Start Supreme Infant Formula With Iron made by Nestle, and cyanuric acid was detected in Enfamil Lipil With Iron infant formula powder made by Mead Johnson. The FDA has been testing hundreds of food products for melamine in the aftermath of a scandal this year involving Chinese infant formula tainted with melamine. Chinese manufacturers deliberately added the chemical to watered-down formula to make it appear to contain higher levels of protein. More than 50,000 Asian infants were hospitalized, and at least four died.
Note: For many reports on government corruption from major media sources, click here.
As the financial crisis makes cash and credit increasingly scarce, the ancient custom of bartering is booming. Cost-conscious consumers are getting creative to make every dollar count. Some are dusting off books, DVDs, video games, and other little-used items to trade for necessities or gifts. Others are exchanging services such as house painting for Web design or guitar lessons for clerical work. These newly minted cheapskates are seeing the world through green eyeshades, cutting costs wherever and whenever they can. "In the last couple of months, it's been like a bucket of cold water in our faces," said Mary Hunt, founder of money management site DebtProofLiving.com. "It has woken us up. We are paying attention to what things cost." Every recession triggers bartering, economists say. But the Internet has given the practice unprecedented reach. Before the Web connected strangers from anywhere, bartering was limited by geography and social circle. As a form of everyday currency, bartering has downsides. It's far more time-consuming and tricky to negotiate the exchange of goods and services than it is to simply plunk down some bills. Sometimes prospective swappers flake out or try to rip off their trading partners. Transactions don't always go smoothly. Still, exchanging something you no longer want or need for something you do is appealing to many. A growing number of websites, including TradeaFavor.com and JoeBarter.com, cater to the cost-conscious. There were 148,097 listings in the barter category of Craigslist in September, up sharply from 83,554 a year earlier.
Over sandwiches and pizza, a group of high school students here debated the pros and cons of combating poverty in five desperate nations. They scrolled through Web sites, analyzed statistics and considered how much they knew about the economy, language and culture of each country. This was no mere academic exercise. The students, at the Meadows School, have real decisions to make and, they hope, real people to rescue. By the time they scattered after their lunch period, the group had deferred until next month the decision on where to spend the $25,000 they had raised, but seemed to be leaning toward Peru. That may seem like a lot of money for a student group, but it was the entry fee for the school to become investors in Pro Mujer, a nonprofit lending institution based in New York that issues small loans to poor women in foreign countries to use for buying tools to start or expand small businesses. In raising the money and investing it with Pro Mujer, the Meadows School is by all accounts the first high school to operate a microbank. The founder of the Meadows Microcredit Action Group, Justin Blau, 17, and its faculty adviser, Kirk Knutsen, have bigger plans for their endeavor. Pro Mujer will mete out the $25,000 to recipients in the country the students select and return to the school both regular status reports as well as a modest amount of earned interest. The group plans to use that interest and other money raised locally to invest in smaller, more specific projects through Kiva, another microfinance lender, with no minimum entry requirement.
Note: For lots more on the exciting, amazingly successful microlending movement, click here.
There is hunger in the forest at night. It is the witching hour of stealth and surprise, when wolf packs hunt their prey. Using a natural calculus of speed and distance, wolves drive their quarry deep into the snow. The chases end with an assault of teeth and snarls. Learning what's beyond the menace is not for the faint of heart. But Shaun Ellis and his girlfriend Helen Jeffs are willing to risk their lives and leave behind the last remnants of a human existence to survive in the world of the wolf. "It's almost like the wolf brings out a subconscious in you, a way of dealing with the world," Ellis said. But to do so, Ellis and Jeffs have to become wolves themselves. "Lose your human, think wolf," Ellis said to Jeffs. It is a skill he has honed in the last few decades. He has done what many scientists thought impossible and has become an accepted member of a captive wolf pack. "This is the way that you need to study these animals. Get close to their world. And then they will share their secrets," he said. As a man living among wolves, Ellis bade farewell to the comforts of human society and took his place on the ground to learn the ways of a canine hierarchy. He created his own sanctuary to study captive wolf behavior at the Coombe Martin Wildlife Park, on England's southwest coast. His goal is to find ways for wolves to peacefully co-exist with ranchers whose cattle are susceptible to attack. At a nearby pub one night, he met a woman who discovered she was fascinated both by the wolves and the man living among them. Jeffs became Ellis' assistant. And later on, something more.
Note: Don't miss the amazing and touching five-minute video of this love affair at the link above.
The government's financial bailout will be the most expensive single expenditure in American history, potentially costing around $7.5 trillion -- or half the value of all the goods and services produced in the United States last year. In comparison, the total U.S. cost of World War II adjusted for inflation was $3.6 trillion. The bailout will cost more than the total combined costs in today's dollars of the Marshall Plan, the Louisiana Purchase, the Korean War, the Vietnam War and the entire historical budget of NASA, including the moon landing, according to data compiled by Bianco Research. It remains to be seen whether the government's multipronged approach to bail out banks, stimulate spending and buy up mortgages will revive the economy, but as the tab continues to grow so does concern over where the government will find the money. Monday the government guaranteed an additional $306 billion to bail out Citigroup, and today Treasury Secretary Henry Paulson pledged $800 billion to make credit more available to consumers and small businesses, and to buy up mortgages from Fannie Mae and Freddie Mac. Congress last month allocated $700 billion for an emergency bailout of some of Wall Street's most storied firms by purchasing their troubled assets. The funds allocated through the Troubled Assets Relief Program are but a small part of the government's overall bailout spending. Bailout programs also include a Federal Reserve plan to buy as much as $2.4 trillion in short-term notes called commercial paper that began Oct. 27, and an FDIC plan to spend $1.4 trillion to guarantee bank-to-bank loans that commenced Oct. 14, according to Bloomberg News, which first compiled the total cost of the bailout.
Note: $7.5 trillion amounts to about $25,000 for every person in the U.S. What's going on here? For many revealing reports on the realities of the Wall Street bailout, click here.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.