NPR 2008-11-25

The Federal Reserve and the Treasury 1 are reportedly ready to announce a major lending program today as part of the economic recovery effort. It would help underwrite hundreds of billions of dollars in commercial debt including such things as car loans, student loans and credit cards.

Stocks have started the week the way they ended last week with a sizeable rally yesterday on Wall Street after the announcement that New York Federal Reserve Bank head Timothy Geithner will be nominated for Treasury Secretary in the upcoming Obama administration. As Steve Backner of Market News International reports, investors 2 were also encouraged yesterday by an announced federal bailout of Citigroup.

Before the start of Monday trading, the federal bailout of the nation's second largest bank touched off a rally in financial shares that spread to other sectors 3. Later it was confirmed Geithner will take the Treasury post, while former Treasury Secretary Lawrence Summers, another experienced crisis manager, will run the White House National Economic Council.

A plunge 4 in existing home sales made little impact. The Dow Jones Industrials rose close to five percent, the NASDAQ Composite six and a third, and the S&P 500 nearly 6. 5%. For NPR News, I'm Steve Backner.

President-elect Obama is set to announce a White House budget chief today, reportedly Peter Orszag, who now heads the Congressional Budget Office.

In one of the largest terrorism financing cases ever, a jury has found the Holy Land Foundation and five of its members guilty on all counts including funding the group Hamas, which the US considers a terrorist organization. Bill Zeeble of member station KERA in Dallas has more.

The two and a half month trial ended in guilty verdicts for those accused of secretly funding Hamas declared a terrorist group in 1995. Prosecutors 5 say at least 12 million dollars went to Hamas disguised as charity. US Attorney Richard Roper says this country will not tolerate those who finance terrorism. "That's a clear message with the resounding 6 verdict of guilty on all counts. Money is the lifeblood of terrorism, plain and simple. " The unanimous guilty verdicts help reverse last fall's first Holy Land Foundation case when a Hungarian led to a mistrial. For NPR News, I'm Bill Zeeble, in Dallas.

On their fourth and final spacewalk of this mission, astronauts on board the International Space Station finished cleaning and lubricating a jammed solar-wing joint 7 on the space station. John Ray, the lead spacewalk officer, said that the timing 8 of tasks and wind movement was tricky 9. We had to stop it just before the crew's gonna go out, so that we can perform the first lubrication. And then after they finished that, we wanted to get it going again, do the 180 degree rotation 10 and stop it again for the second lubrication. " Unlubricated parts had left metal shavings in the joint and kept it from rotating for more than a year and that prevented solar wings on that side of space station from automatically turning to the sun to generate electricity. This is NPR News.

President Bush has granted pardons to 14 people and commuted 11 prison sentences of two others. But his latest group of pardons does not include any high-profile felons 12 such as the junk bond dealer 13 Michael Milken. He wants a pardon on securities fraud charges. Former California Congressman 14 Randy Duke Cunningham and former Louisiana Governor Edwin Edwards want their prison's terms shortened. They were convicted in corruption 15 cases. Mr. Bush has issued fewer pardons than other recent presidents.

Information released yesterday shows that one group of youth voters in particular did not turn out in force during the recent election: young people with no college experience. Sarah Hughes reports.

According to the new data, the vast majority or 70 percents of the young people who voted in the recent general election had attended college. The group that released the fact sheet, the Center for Information and Research on Civic 16 Learning and Engagement, says the low number of young people with no college experience who voted is troubling. Many educators across the country say one reason for the problem, too little civic education. They are calling for increased federal and state funding for civic literacy programs. For NPR News, I'm Sarah Hughes.

Ford 17 and its Volvo subsidiary lead the new cars and trucks on the insurance industry's annual list of safest vehicles. The Insurance Institute for Highway Safety says that Ford and Volvo have 16 vehicles on the list together. Honda is next with 13. Volkswagen and its Audi division have nine models on the list, and GM and Toyota each have eight.