- Newsmaker: Effect of Fed's Interest Rate Cut on Southland - Without waiting for its next meeting, the Federal Reserve acted today to prevent a recession, cutting short-term interests rates by half a percent. The financial world responded immediately, and sent the Dow and Nasdaq soaring. Jack Kyser, chief economist for the Economic Development Corporation, talks about the Fed's preemptive strike.
- Reporter's Notebook: Metropolitan Water District - For years, the Metropolitan Water District has brought more water than law allows from the Colorado River to Southern California. When the federal government turned off the tap, the utility turned to private owners. The MWD's Adan Ortega and water resources consultant David Czamanske disagree on what we can expect from privatization.
The PUC and Water Privatization
The Public Utilities Commission has raised electrical rates by a lot less than Southern California Edison requested, causing the utility to warn of potential interruptions in power. Consumer groups emphatically disagree. We'll hear about blame and bankruptcy, market spikes and rate freezes, potential actions by the financial community and the state, from spokesmen for Edison and Governor Davis, a bankruptcy specialist and consumer advocate.