NPR 2008-10-01

President Bush again took to the airwaves today, urging those in Congress to settle their differences and move forward on a 700-billion-dollar financial rescue package. The president, speaking before the stock market opened, said despite yesterday's failure by the House to approve a bill, it is "not the end of the legislative 1 process". And Mr Bush vowed 2 to keep pushing for a solution. "If our nation continues on this course, the economic damage will be painful and lasting 3."

Optimism the Congress may be moving closer to a solution gave the financial markets a lift, one day after Dow Jones Industrial Average posted its single biggest one day point drop ever losing 777 points. There was a relief rally today on Wall Street, the Dow getting back more than half of those losses. On Wall Street the Dow was up 485 points, a 4.7% gain today. The NASDAQ rose 98 points. The S&P 500 closed up almost 58 points today.

Even with Wall Street's optimism, New Hampshire Republican Senator Judd Gregg says he doesn't expect Congress to agree on any major changes to the rescue package voted down by the House. New Hampshire Public Radio's Josh Rogers has more.

As the lead Senate negotiator, Judd Gregg has been in the thick of the bailout talks from the beginning. Speaking this morning, Gregg predicted that any move to significantly change the plan would be a non-starter. "Can it be adjusted dramatically? No, it cannot be adjusted at the fringes for it to give people political cover. I suppose so. But it's hard to believe that people need cover in order to cast that type of result." Gregg says he understands the public's distrust of Washington and Wall Street but argues that without the rescue proposal he likens to a tourniquet 5, the economy will continue to weaken. Gregg added that spending up to 700 billion dollars to buy up bad assets could end up making the government money. He picks taxpayer 6 losses in yesterday's market plunge 7 at over $1.3 trillion. For NPR News, I'm Josh Rogers in Concord 8, New Hampshire.

Despite a roller coaster week on Wall Street and the collapse 9 of high-profile financial institutions, consumer confidence ticked up slightly in September, NPR's Scott Newman reports.

By the numbers Americans were slightly more upbeat about the economy in September. But the numbers are a bit misleading. Firstly, while the Conference Board Consumer Confidence Index posted an ever so slight increase from August, it still hovers 10 near a sixteen-year low. Secondly 11 and more important, the figure is out of sync with the latest dramatic events on Wall Street. The data was compiled a week ago before the full brunt of the financial sector 12 meltdown was known. Meanwhile consumers have plenty else to focus on. Home equity 13 continues to plummet 14. The Case-Shiller Housing Index just out shows housing prices falling at their steepest rate in years. Scott Newman, NPR News, Washington.

Crude oil futures 15 ended the session higher. Futures were up $4. 27 a barrel to end the day at $100.64.

This is NPR.

An Alaska judge is now scheduled to hear arguments on whether to halt an abuse of power investigation 16 involving Republican vice 17 presidential candidate Sarah Palin. The investigation centers around allegations that while a governor, Palin acted improperly 18, ousting 19 her public safety commissioner 20 after he resisted pressure to fire a state trooper who'd been involved in a messy divorce with her sister. The judge has scheduled a hearing after five state Republican lawmakers filed a lawsuit 21 claiming the investigation by the Alaska legislature has been tainted 22 by partisan 23 politics.

Efforts to produce more oil shale 24 in the US could move forward after tonight. Steve Zelaznik of member station KDNK explains.

Oil shale in Colorado, Utah and Wyoming is estimated to hold more energy than Saudi Arabia. The federal government created draft rules this summer but Congress banned those rules from being finalized 25. That ban expires tonight so the federal government can move ahead with commercial leases. But energy companies haven't found a technology that works. Democratic Senator Ken 4 Salazar of Colorado says too many questions are unanswered. "How much water is gonna be consumed by commercial oil shale development? How much energy is it going to take to heat up the oil shale in place? Where is that energy going to come from?  None of those questions have been answered." The federal government is expected to issue final regulations in December. It could be years before any leases are granted. For NPR News, I'm Steve Zelaznik in Carbondale, Colorado.

 Federal prosecutors 26 say they'll take a look at a fatal shooting carried out by police in New Orleans in the aftermath of Hurricane Katrina. US attorney says his office, the Justice Department and the FBI are examining the case. At issue was an incident where seven city police officers were accused of gunning down several men on a bridge. Survivors 27 of the incidents said the individuals were not armed and crossing to get food.