Kellogg Public Library

The Fed and Treasury is considerig entering the commercial paper market, made up of unsecured corporate IOUs extended over a short period of time. We examine just how risky the unprecedented move is.

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In a sign that the Federal Reserve isn't convinced that the $700 billion financial rescue package will get the economy back on track, the central back announced it would boost credit-market liquidity by buying commercial paper and opened the door to an interest rate cut.

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Former Rhode Island Senator Lincoln Chafee looks ahead to tonight's second presidential debate. The former Republican talks about switching political parties and why he now supports Sen. Barack Obama's bid for the White House.

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The government announced Tuesday that it plans to buy huge amounts of short-term debts from companies. The Fed will buy "commercial paper," a short-term financing mechanism that many companies use to finance their day-to-day operations, like meeting payroll or purchasing supplies.

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The Federal Reserve announced Tuesday a dramatic plan to buy massive amounts of short-term debts in an effort to break through the country's credit clog. Officials say the Fed will buy "commercial paper," a short-term financing mechanism that many companies rely on to finance their day-to-day operations, such as purchasing supplies or making payrolls.

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Finance ministers from the 27 European Union countries meet in Luxembourg on Tuesday to consider what, if anything, their governments can do together to stop the spreading financial crisis. Individual European governments disagree about what should be done.

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The Nano, billed as the world's cheapest car, was supposed to roll off an Indian production line this month. But that plan hit a snag when Tata Motors announced it had to build the car somewhere else. The company closed the new plant in the state of West Bengal after violent protests.

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The credit crisis has moved from big institutions like Fannie Mae and Freddie Mac to smaller institutions like hospitals, colleges and nonprofit organizations. Rising interest rates are limiting their ability to expand, and they warn that rising debt payments will cut into staff and services.

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Nevada is one of several states still up for grabs. Republican voters in the state's rural counties are enthusiastic about Republican presidential nominee John McCain. But Democrat-run voter registration drives are gaining ground in urban areas like Las Vegas. Neither campaign is taking the state for granted.

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European governments are scrambling to shore up their banks. The governments promised to work together to solve the financial crisis, but so far, they have acted separately. Philip Coggan, a columnist for the Financial Times, talks with Ari Shapiro about the steps European officials are taking to reassure investors, and whether those steps are working.

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In the boldest step yet by any bank to address the ongoing foreclosure crisis, Bank of America, which now owns mortgage giant Countrywide Financial, has settled with state prosecutors who sued Countrywide for predatory lending. Bank of America agreed to make loans more affordable for about 400,000 homeowners.

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Jurors heard secretly recorded telephone conversations Monday in the trial of Alaska Sen. Ted Stevens. The calls were taped in 2006 with the consent of witness Bill Allen, who admitted under cross-examination that he never tried to bribe the Alaska lawmaker. Stevens is charged with lying about money and gifts on financial disclosure forms.

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U.S. Deputy Secretary of State John Negroponte is making an unannounced visit to Iraq on Tuesday. U.S. and Iraqi officials have been negotiating a deal governing the operation of U.S. troops in Iraq, which expires this year. Iraq's foreign minister says it will take "bold political decisions" to overcome the final hurdles.

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The Army has a new operations manual that emphasizes nation-building over conventional warfare. The Stability Operations Field Manual was put together at Fort Leavenworth, Kan., the home of the U.S. Army Combined Arms Center. The new doctrine will drive Army resources, organization and training for many years to come.

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As the Supreme Court opens its new term, the justices have more business and consumer cases on their schedule. Key cases revolve around packaging rules, state lawsuits and protecting dolphins in California.

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As angst about the global economy grows, the Dow Jones industrial average fell by as much as 800 points Monday before recovering some losses toward the end of the trading session. Meanwhile, the Treasury released some details of how the $700 billion bailout will be administered.

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Barack Obama's campaign has hinted that if the McCain campaign brings up Obama's association with Bill Ayers, it will fire back with reminders of McCain's association with Charles Keating. It has released a 15-minute video on the topic.

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The Barack Obama campaign finds itself back on the defensive over questions about his relationship with Bill Ayers, a 1960s-era radical.

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Treasury Secretary Henry Paulson has named former Goldman Sachs executive Neel Kashkari to head the $700 billion rescue program. Treasury also issued documents outlining how companies can become "asset managers" to handle illiquid assts on behalf of the government.

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The Dow Jones industrial average has plummeted, closing below 10,000 points for the first time in four years. Ted Weisberg, a floor trader at the New York Stock Exchange, says much of stock trading is driven by human emotion and the decision-making process is being driven by fear and concern.

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