U.S. stocks rebound after bailout failure

The U.S. stocks bounced back early on Tuesday after the worst percentage drop for stocks since the 1987 crash. The Dow Jone industrial rose 223 points from yesterday when it dropped a record 777points. Soon after the stock market failure in the U.S. Asian and European markets began their downward slide as the world hoped that the bailout plan would be passed in Congress. Market Strategists say that the reason for the American market rebound was the hope that a revised bailout plan would be passed in the next view days, not because the market is repairing itself. The market turmoil across the world was caused when U.S. House of Representatives voted against the biggest government intervention to the economy since the Great Depression. Monday's stock market drop alone reach 1.2 trillion dollars in value which was the first time in history that the world market dropped over a trillion in one day. In the United States both major political parties the Republicans and the Democrats support the idea of renewing the bail out plan.

In my opinion I think this bail out plan is needed to save the world economy. Even though some people in high positions may not agree with it, they have to remember that it was because of government intervention that the United States got itself out of the Great Depression. What really is confusing is how this mess started in the first place. I think people who against the bail out plan are correct in a sense that it was Wall Street that got itself into this mess, it was not really an accident. No economy suddenly fails suddenly with no one at least predicting that such a thing would happen. A long time has passed since the Great Depression and I beleive that economists and bankers would be better equiped to stop this catastrophe. 

Zimbabwe replaces $10 trillion banknote

The Reserve Bank of Zimbabwe has introduced its new 1,000 dollar note cutting ten zeros off the countries old ten  trillion dollar note. This was done to battle the countries cash shortages and hyper-inflation of over 11.2 million percent. The new note is so worthless it can only buy a loaf of bread. "It will not make even a small impact. What we need in Zimbabwe is a clear change of policies, start production and then inflation will start easing up," said John Robertson an economic consultant in Zimbabwe. The economic situation in Zimbabwe was started off when President Robert Mugabe violently seized land from the country's white farmers and gave it to inexperienced black farmers. However, the President believes that he is not to blame for the country's hyperinflation. 

I think it is obvious what the problem is here. President Mugabe is to blame for everything that is happening in Zimbabwe. He started the economic collapse in the country when he started reallocating natural resources to people who did not know how to use them productively. However, there must be more in place to create inflation exceeding 10 million percent for a country. So far al the facts lead back to President Mugabe's terrible leadership and inabbility to run a developing country.

Wing flap 'problem' on Spain jet

A wing flap failure on a Spainair flight last month claimed the lives of the 154 people on board. The MD-82 jet was flying to Las Palmas in the Canary Islands before it crashed after an unsuccessful attempt for take off. Further investigation has revealed that the aircraft was actually being considered to be swapped with another because of problem with an air temperature gauge. As the government is looking into the crisis new possible causes to the crash are being uncovered. Another idea being looked into is that the plane lacked proper engine power as it lifted off late on the runway. There is still no cause of the accident that investigators have agreed on.

I think is problem can be linked to airline companies trying to cut costs as much as possible risking the security of its passengers. When investigators uncovered that the airline was considering changing the plane because of its are temperature gauge it was a clear sign that the plane was not safe. This problem could have been avoided if the planes where checked and serviced after every flight, but airlines do not want to pay those costs. It can be related to rising fuel costs putting financial pressure on airlines which results in fewer services of their aircraft. 

Doctors add voice to energy drink worries

Numerous doctors in the Canadian province of Prince Edward Island are raising concern over the various bad side effects of can carbonated energy drinks. The P.E.I Medical Society will be voting on Saturday to ban all energy drinks on the islands. Schools have been experiencing cases of children arriving to class in a highly agitated state. Many of these students have to be sent home because of nausea, vomitting, and hyperactivity. Many of the island's doctors are arguing the fact that the benefits of these drinks advertised by companies outweigh the negative side effects that come with taking those drinks. However, doctors cannot scientifically prove that these energy drinks are bad for children's health even with the various side effects that seemed to be linked to these drinks. 

I think that canned energy drinks are really bad for the body. These energy drinks are created by mixing different chemicals together which often are not the best for human health and I don't think that kids in elementary and highschool really need them anyway. I personally don't think there is any need for energy drink, people can get what they from the food they eat not from a can full of carbonated sugar.

China vows punishment after major recall of milk powder

Fifty babies in China suffered from kidney stones with one death as a result of using Chinese milk powder. The case only reignited fears of Chinese product safety. U.S. authorities has cautioned to not use any Chinese food formulas. There was no official waring issued in Canada as Canadian officials are looking into the threat. The contaminated milk powder was a product of Sanlu Group Co. which is the biggest producer of powder milk in China. The Chinese government recalled over 700 tonnes of milk powder said to be contaminate with melamine, a chemical that is used in plastics. The Chinese government quotes, "Those responsible  will face serious punishment" but there is little they can do to regain the trust of their customers overseas. Over 200 Chinese infants has suffered from contaminated or phony food products sold by Chinese companies.

The Chinese should have more control over its regulation. There should be more monitering of their own companies. They are a communist country, how can the government expect the world community to seriously beleive that the government had no idea of this going on. The Chinese have to fix the corruption in their government and maybe over time consumers will begin to trust Chinese products.

Hurricane Ike Threatens Texas with Wall of Water

Hurricane Ike on Friday moved within 24 hours of striking a populated coast near Houston. Meteorologists predict that Ike will throw a six meter wall of water into Texas which would make the storm the worst Texas has seen in fifty years. The National Hurricane Centre said the Ike would escalate from a category 2 to a category 3 storm with winds exceeding 110mph. The National Weather Service warned inhabitants of the target areas that if they do not evecuate they will be facing certain death and many homes in the area would be destroyed. "If you think you want to ride out the storm, and you're looking at a 20 foot wall of water coming at you, you better think again." said that Houston mayor addressing a city of two million which is in extreme danger. Another side effect of the storm is that 12% of the U.S.'s oil capacity is at risk of major flooding and damage. Weather forecasters predict major and longterm damage in refining cities near the coast. 

In my opinion I cannot beleive this is happening to the richest country on the planet. How can the United States be in such danger by hurricanes when it has been experiencing them for years. These hurricane are bigger and more powerful than ever before but can't the richest country in the world at least prepare for these storms instead of evacuating millions of people and have them returning to destroyed homes.

Dion will cancel $1200 universal child care benefit

Today the Conservative Party of Canada led by Prime Minister Stephen Harper launched a public information campaign warning parents about theLiberal's intention to scrap the universal child care benefit. The universal child care benefit was introduced in 2006 by the Conservative Government which provided parents $100 a month for every child under the age of six. "By January 2008, the Universal Child Care Benefit was paid out to 1,478,272 families and 1,973,415 kids under six." Since 2006 when the benefit was introduced $4,045,307,880 of payments were given to Canadian families. However, the Liberal's true intentions were not to cancel the universal child care benefit but institute a new refundable tax credit worth $350 per child per year and invest in creating more child care spaces for Canadians. In addition, a new Guaranteed Family Supplement will be provided for lower-income families, which is worth up to $1,225 per child. The Liberals quote, "Liberals do intend to replace the Conservative plan to create child care spaces, because their plan didn't work."

 

In my opinion I think that the Conservatives are at fault in this argument. They try to advertise that the Liberal's are taking away child care benefits for good when really they are promising to improve child care in ways the Conservatives could not. This issue seems like an attack on the Liberal party which can only gather support from people who do not know both sides of the story. I think if Conservative citizens read the Liberal's position in child care, it would change their opinion completely.

http://www.liberal.ca/story_14440_e.aspx

900,000 evacuate in Cuba as Hurricane Ike approaches

Hurricane Ike hit Cuba on Monday sending fifty foot swells crashing over the coastline. About 1,000 homes were damaged or destroyed as the massive waves ploughed through the island near Baracoa, Cuba. Over 900,000 people were forced to evacuate to higher ground. About 9,000 tourists were evacuated from Varadera, a popular tourist destination. The storm started as a category 2 hurricane and intensified to a category 3 before hitting Cuba. This hurricane came only nine days after hurricane Gustav and may devastate the island's economy that is dependant on nickel mines, sugar plantations, as well as tourism.

In my opinion I think this storm is an example of Global Warming's devastating effects. A CNN reporter described the hurricane like "the end of the world." If this storm cause 900,000 people to evacuate when it was only a category 3 then other countries within this hurricane's path should prepare. The effects of this storm to Cuba seem similar to Katrina in New Orleans. I don't think much could be done to prepare for storms like these after seeing the devastation they cause.