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From NPR News in Washington, I'm Jack Speer.
President Bush briefed reporters this morning on the economy. The president said the economy is strong and growing, and that the administration's actions will keep the mortgage industry stable. NPR's Larry Abramson has more.
"The Treasury and Federal Reserve this week took steps to extend additional funds to Freddie Mac and Fannie Mae, which hold nearly half the mortgages in this country. In March, the government came to the rescue of investment giant Bear Sterns. The president was asked whether other institutions needed government help.
"If you question, 'Should the government bailout private enterprise?' The answer is no, it shouldn't. The share holders still own the company."
The president also told depositors not to panic, and reminded them that their savings are insured by the government up to 100,000 dollars. The president also challenged Congress to open up offshore drilling, in order to increase the supply of oil. Larry Abramson, NPR News, Washington."
The head of the Federal Deposit Insurance Corporation or the FDIC is also trying to reassure jittery bank customers in the way of the collapse of IndyMac Bank. FDIC head Sheila Bair in interview with NPR, said while some of the depositors who had amounts over Federal insured limits could lose some money. Deposits up to 100,000 dollars are insured. Bair also said the current crisis pales in comparison to the S.&L. Debacle of two decades ago.
"There were over two thousand during the S.& L. Debacle, I think it peaked in 1987. We closed 534 banks. Ah, so, you know, the five banks we've closed, really, it's so small in comparison with what was going on then."
although that may be little solace for IndyMac customers. Some of them have been lining up this week after a government-takeover of the bank to withdraw their money. Police had to be called at one point today to deal with an angry crowd outside the IndyMac branch in Encino, California.
One of the men that helped establish interrogation policies after 9/11 himself on Capitol Hill, defended himself on Capitol Hill rather. Former Pentagon official Douglas Feith rejected the accusations he helped pave the way for torture. NPR's Ari Shapiro has more.
"Authors and human rights experts have argued that Feith was responsible for detainee abuse and violations of international law at Guantanamo Bay. Feith vehemently rejected those arguments. He said harsh interrogations were always humane, and he said they were key to preventing future attacks. 'Giving POW status to undeserving terrorists would make it impossible to get intelligence from many of them. It was legal, furthermore, it was necessary and urgent that US officials interrogate war on terrorism detainees effectively.' Feith did not dispute government numbers that showed hundreds of detainees have been abused and in some cases murdered. But he said people do bad things that are against law and against policy. Ari Shapiro, NPR News, Washington."
On Wall Street, the Dow Jones Industrial Average fell 92 points today ending the session at 10,962. Decliners led advancers 3-1. The NASDAQ gained 2 points. The S&P 500 was down 13 points.
This is NPR.
The Senate has now followed the House's lead in overwriting a presidential veto of the bill that would have cut Medicare reimbursements to insurers and blocked a scheduled pay-cut for doctors who treat patients under the government's health care program for the elderly. The president said while he supports not reducing position payments, he feels the 13 billion dollars in reimbursement cuts to insurers would reduce planned choices for seniors. The administration has opposed any plan to trim payments to private health plans which were encouraged throughout the programs to treat Medicare patients.
According to a California watchdog commission, the State's prison system for adults and juveniles should be completely overhauled. As Steve Julian of member station KPCC reports the recommendation is at odds with the promise Arnold Schwarzenegger made when he ran for governor.
"Schwarzenegger campaigned on the promise to blow up bureaucratic boxes once he became governor. After he was elected, he combined the prison systems for adults and juveniles. But the Little Hoover Commission told the governor this week, it's unrealistic to believe the juvenile division will get the attention it deserves. It wants most young offenders placed in local juvenile halls, and to hold only the most violent criminals in regional lockups run by counties. The current system, the report finds, does little to rehabilitate. Three out of four young offenders commit new crimes within three years of getting out of jail. Some national experts have called California's juvenile justice system draconian. The current system will leave tax payers with the 378-million-dollar bill next year to care for the state's 1500 juvenal inmates. For NPR News, I'm Steve Julian in Los Angeles."
Commerce Department reports retail sales were up just a scant 0.1 percent last month, far weaker than the 0.4 percent analysts had hoped for. Much of the weakness was a result of continued problems in the auto industry.
I'm Jack Speer, NPR News, in Washington.
