Two weeks from today, California voters will be faced with Proposition 93, which reduces the time Senators and Assembly members can stay in Sacramento from 14 years to 12. We’ll also look at California’s economy in light of a wild day on Wall Street and an emergency rate cut by the Federal Reserve. On Reporter’s Notebook, the writers’ strike, the Screen Actors’ Guild and the Oscars.
FROM THIS EPISODE
The Federal Reserve announced an emergency rate cut before the markets opened today, but the Dow Jones industrial average hit a 15-month low anyway. President Bush and Democratic leaders in Congress met to talk about a fiscal stimulus package. With falling prices, more and more California homeowners now owe more than their property’s market value, and foreclosures are breaking records.
Christopher Thornberg, Beacon Economics
Prop 93 on next month’s ballot is entitled, “Limits on Legislative Terms in Office”—and that’s technically accurate. Current law allows a total of 14 years in the Assembly and Senate and Prop 93 would cut that to 12. Nevertheless, some 42 incumbents could end up serving more than the current limit of 14 if the measure were passed.
Striking writers say they won’t picket the Grammy Awards TV show on the 10th of next month, but they will picket the Oscars on the 24th. The President of the Screen Actors Guild says his members probably won’t cross the lines. Disney-ABC says it has “contingency plans” with or without them. All that as the Oscar nominees were announced today.
Gregg Kilday, Film Editor for the Hollywood Reporter
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