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Managing the Economy; Civil Rights in Louisiana

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The Federal Reserve's interest rate cut produced a sigh of relief this week in the markets.  What does it mean for homeowners and prospective buyers? Is it a bailout for speculators and unwise investors? Also, Bush accuses Democrats of politics on the child health bill and, on an expanded Reporter's Notebook, the tiny town of Jena, Louisiana is the site of a massive protest today.  Are there different standards of justice for blacks and whites?

Making News

Bush Accuses Democrats of Politics on Child Health Bill ()

At a press conference today, President Bush got ahead of the Congress, anticipating that it will send him an expansion the State Children's Health Insurance Program.  With an increase in the cigarette tax, the SCHIP bill would subsidize health insurance for kids whose parents make as much as $80,000 a year. Sheryl Gay Stolberg covers the White House for the New York Times.

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Main Topic

Who Will Gain from the Fed's Interest Rate Cut? ()

In the wake of the sub-prime lending crisis, Ben Bernanke's Federal Reserve revived the stock markets this week by cutting interest rates. The move was reminiscent of Alan Greenspan, who was accused of creating "bubbles" by bailing out unwise investors all too often. Meantime, at his news conference today, President Bush was asked about a recession. Although he conceded there are problems, he affirmed that the economy is strong because of his tax cuts—with low inflation and unemployment, strong profits and steady markets. What will the cuts mean for middle class people who want to buy homes or hold on to the ones they have? What about the economy?

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Reporter's Notebook

Thousands Demonstrate for 'Jena 6' ()

In the rural town of Jena, Louisiana today—a town of 3000 people, thousands showed up for a demonstration reminiscent of the civil rights movement of the 1960's and 70's. What sparked the demonstration is the following: A year ago, a black high school student asked school officials if he could break tradition and sit under a tree where whites congregate. Shortly afterward, nooses were hung on the tree; the local District Attorney says there is no law under which anyone could be charged for such a provocative action. In the meantime, after a fight, during which a white student was bloodied and knocked unconscious, six black students were charged with attempted murder. Mychal Bell has been convicted of aggravated battery and was to be sentenced today, but an appeals court overthrew the conviction, saying he should not have been tried as an adult. Civil rights leaders Jesse Jackson and Al Sharpton held the demonstration anyway.

Guests:
  • Howard Witt: Senior Correspondent for the Chicago Tribune
  • Kimberley Richards: Organizer with the People's Institute for Survival and Beyond
  • Joe Hicks: Vice President of Community Advocates
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