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Chinese chemical plant explosion threatens water supply for major city

Category : Uncategorized

Thursday, November 24, 2005

A large scale environmental accident is causing wide-spread disruptions to water supplies in Harbin, China after an accidental release of toxins two weeks ago at a chemical plant. Water supplies are being shipped in amidst a relative calm, Thursday. Local officials have suggested normal water supplies may resume in some form as early as Sunday.

An explosion at a workshop of the No. 101 Chemical Plant of the Jilin Petrochemical Company in Jilin City on November 13 resulted in the accidental release of benzene and benzene-like organic compounds, including nitrobenzene, into the Songhua River. The upstream position of the plant relative to the Chinese city of Harbin made the pollution a risk to the health of its populace; the solution of ceasing public water production will leave more than 3.8 million people without public drinking water for three or more days. Harbin, the capital of the neighboring Heilongjiang province, is located about 380km (230 miles) from the plant and is itself located near the middle of the 1,897 km long Songhua River–from which it derives the majority of its water supplies. Benzene is a carcinogen, and the levels initially released into the Songhua River were 108 times the national safety levels for the country. By November 21, the polluted area included roughly 80 kilometers of the Songhua River.

The State Environmental Protection Administration (SEPA) as well as local experts and officials have worked on a pollution-control campaign and emergency schemes have been launched by the two provincial governments to limit the effects of the environmental incidents. Jilin also quickly acted to block the further entry of the pollutants into the river and released large volumes of water from a reservoir in order to dilute them; at this time, Harbin added active carbon powders in quantities reaching 1,400 tons and more in order to purify the water. The densities of the benzene and nitrobenzene substances in the river near Jilin have dropped to levels within the state safety guidelines since the accidental release. The water that will pass through Harbin is expected to contain only small amounts of the toxic pollutants and to pass through Friday morning based upon its current speed. In preparation for the passage of these pollutants, the municipal government of Harbin has established an emergency medical care system composed of 15 hospitals to treat residents that may be exposed to contamination.

Zhang Dingbang, deputy secretary of the municipal government, said, at the first press conference since the incident that was held Wednesday, that Harbin is drilling 100 new wells in order to obtain 80,000 tons of underground water in addition to its current output from 918 wells of 320,000 tons every day. Nevertheless, thousand of tons of purified water have been provided by neighboring regions and enterprise donations, which will further increase this supply. Harbin residents have collected more than 300,000 tons of water as of Tuesday. Liu Yuzhu, a senior official with the municipal water supply and drainage corporation, has said that this supply is expected to provide for the daily average use of 18,600 tons per day for the three days required for the clear passage of the pollutants through the area.


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Apple announces Mac OS X Lion, iOS 5, and iCloud

Category : Uncategorized

Tuesday, June 7, 2011

At the company’s own Worldwide Developers Conference (WWDC) keynote at the Moscone West center in San Francisco, Apple CEO Steve Jobs introduced the next generation of software products from Apple. Apple unveiled Lion, the new version of their Mac OS X operating system for desktop and laptop computers that brings new features to the software. They also demonstrated iOS 5, a new version of the operating system that powers iPhones, iPod Touches, and iPads. Alongside both announcements, Jobs also announced a new iCloud service to sync data among all devices. All 5,200 participating developers will spend the rest of the week in workshops with Apple employees; developer releases of each product were made available today.

Mac OS X Lion will be shipped in July through the online Mac App Store available on Mac computers for US$29. According to Apple, the update adds over 250 new features to the OS. Employee Phil Schiller discussed new multitouch gestures along with a dynamic task manager named Mission Control that shows open applications. During the keynote, Schiller said, “The Mac has outpaced the PC industry every quarter for five years running and with OS X Lion we plan to keep extending our lead.” It also adds full support for the Mac port of the popular App Store, full screen applications, iOS-style app icon lists called Launchpad, and other iOS-like features including a revamped Mail and Auto Save among others. Mac OS X Lion was announced at a different Apple event several months ago and will replace Mac OS X Snow Leopard, which was released in 2009.

Soon after, the company also introduced the latest installment in its popular mobile operating system iOS. The fifth version (iOS 5) introduces around 200 new features, including a revamped notification system, which combines messages and notifications from all applications installed on the user’s device. Scott Forestall, an Apple employee, also revealed that iOS devices would no longer require a computer for setup, allowing users to ‘cut the cord’ between their devices and PCs. Magazines and newspapers also have a new folder interface; the Twitter social network is now integrated significantly into iOS devices. Improvements to the mobile Safari browser were also announced; tabbed browsing and a Reader feature introduce desktop-like functionality. Finally, new camera features are built in, including the ability to take snapshots from the lock screen, as well as iMessages, a new messaging platform for iPhones and iPads.

We are going to demote the PC to just be a device. We are going to move the digital hub, the center of your digital life, into the cloud.

CEO Steve Jobs returned to the stage to reveal Apple’s new cloud services offering, iCloud. The service integrates with Lion and iOS applications and syncs data between a user’s iOS devices. For example, calendar events created on a user’s laptop would be sent to their iPhone through iCloud. Apps, books, documents, photos, and more purchased or created on one device will be shared with others. The service is intended to launch in the fall of 2011 alongside iOS 5 and will be available with 5 gigabytes (GB) of storage for 10 devices for free. Earlier this year, Apple opened a 500,000 square foot data center in North Carolina intended to facilitate this new service. Jobs rounded the services off by unveiling a new iTunes feature that mirrors a user’s library in the cloud, allowing them to listen and download music to authorized devices. “We are going to demote the PC to just be a device. We are going to move the digital hub, the center of your digital life, into the cloud,” said Steve Jobs during the keynote. iCloud and iOS 5 will be released in the fall of 2011; Apple announced no new hardware products.


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What Does Auto Salvage In Orlando Fl Actually Accomplish?

Category : Cars

byAlma Abell

Most consumers have seen advertisements for auto salvage in Orlando FL. The ads offer owners the option of making a little money off vehicles that are no longer running for one reason or another. Along with providing a little pocket cash, choosing to do business with a salvage dealer provides some other important benefits. Get Rid of the Eyesore in the DrivewayOne of the immediate benefits of doing business with a salvage company is that the now useless car or truck in the driveway will go away forever. By making a simple phone call and providing some basic information about the vehicle in question, it’s possible to receive an offer to buy. Once that offer is accepted, the salvage company will make arrangements to pick up the car and the title, and provide the owner with cash for the transaction. The nice thing about this arrangement is that the vehicle will usually be gone in a two or three days. In some cases, it may even be possible to pick it up the very same day. That means the curb appeal of the home is immediately enhanced, since the eyesore is no longer on the premises. No Out of Pocket Expenses getting rid of the junked car does not require any type of expense on the part of the owner. This is because most salvage companies do not charge anything to tow away the vehicle once it is purchased.

When coupled with the fact that the owner gets a little cash from the deal, it only makes sense to work with a company that specializes in auto salvage in Orlando FL. Somebody Else Benefits from the junk car salvage companies will often strip any useful components out of the cars they buy. The rest can be processed and sold as scrap. Both of these approaches ensure that the parts provide some sort of useful purpose rather than rusting away in an auto graveyard.Parts that are still in good condition can be sold for reasonable prices to people who need them for their own vehicles. This allows the salvage company to recoup the purchase price of the junked car and also make a little profit. When the rest of the car is processed as scrap, that provides materials that can be used to create new parts for other vehicles. In short, nothing goes to waste.

[youtube]http://www.youtube.com/watch?v=hdNDYqv9eLs[/youtube]

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Australian health workers to close intensive care units in Victoria next week

Category : Uncategorized

Thursday, March 13, 2008

Members of Australia’s Health Services Union (HSU) will go on strike in Victoria next week in a dispute over stalled wage and career structure negotiations. Over 5000 physiotherapists, speech pathologists and radiation therapists will walk off the job next week, effectively closing the state’s 68 largest health services.

The strike will force the closure of intensive care units and emergency departments across the state.

It is feared the strike could continue into Easter.

National secretary of the HSU, Kathy Jackson said admissions would be crippled, while intensive care patients would have to be evacuated to New South Wales, Tasmania and South Australia as hospitals will not be able to perform tests or administer treatment.

“When an ambulance shows up you can’t admit a patient without an X-ray being available, you can’t intubate them and you can’t operate on them,” she said.

“If something goes wrong in an ICU you need to be able to X-ray, use nuclear medicine or any diagnostic procedure,” said Ms Jackson.

Ms Jackson said the HSU offered arbitration last year, but the state government refused. “They’re not interested in settling disputes, they hope that we are just going to go away.”

“We’re not going away, we’ve gone back and balloted the whole public health workforce in Victoria, those ballots were successful, 97 percent approval rating,” she said.

The HSU is urging the government to commence serious negotiations to resolve the dispute before industrial action commenced.

The government has offered the union a 3.25 per cent pay increase, in line with other public sector workers but the union has demanded more, but stopped short of specifying a figure.

Victorian Premier John Brumby said the claim would be settled according to the government’s wages policy. “The Government is always willing and wanting to sit down and negotiate with the relevant organisations . . . we have a wages policy based around an increase of 3.25 per cent and, above that, productivity offset,” he told parliament.

The union claims it is also arguing against a lack of career structure, which has caused many professionals to leave the health service. Ms Jackson said wages and career structures in Victoria were behind other states.

Victorian Opposition Leader Ted Baillieu said he was not in support of the proposed strike and called on the government to meet with unions. “There could not be a more serious threat to our health system than has been announced today.”

“We now have to do whatever is possible to stop this strike from proceeding,” he said.

The opposition leader will meet with the union at 11:30 AM today.

Victorian Hospitals Industry Association industrial relations services manager Simon Chant said hospitals were looking at the possible impact and warned that patients may have to be evacuated interstate if the strike goes ahead.


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Boxing great Muhammed Ali dies aged 74

Category : Uncategorized

Sunday, June 5, 2016

Legendary boxing great Muhammed Ali died on Friday aged 74 in a hospital in Phoenix, Arizona in the United States. A family spokesperson said Ali had been admitted with respiratory problems. The former heavyweight champion lived with Parkinson’s disease for decades, diagnosed in 1984.

Born on January 17, 1942 as Cassius Marcellus Clay, he changed his name to Muhammed Ali after his 1964 conversion to Islam. In his professional career, Ali won 56 out of 61 fights — including 31 consecutive wins. He won the World Heavyweight Championship three times and had also won an Olympic gold medal in the light-heavyweight category.

Often considered the greatest boxer of all time, Ali was the world heavyweight champion in the 1960s and 1970s. His famous fights with George Foreman in 1974 when he won his title back and against Joe Frazier are considered by many as two of the greatest fights in the sport’s history. Ali had also defeated Sonny Liston to claim the championship title.

Ali was also known as a political activist. He came under considerable controversy after his decision to refuse the Vietnam War draft.

He lit the flame in the 1996 Olympics hosted in Atlanta.

His funeral is to be in Kentucky.


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Chicago Transit Authority announces repairs to Blue and Red Line

Category : Uncategorized

Wednesday, July 11, 2007

Chicago Transit Authority (CTA) riders on the subway portions of the Red and Blue lines may see relief of the slow zone in the coming months. So-called “slow zones” are locations where trains travel at restricted speeds because of track work or deteriorating conditions.

The CTA is putting nearly US$15 millions towards renovation of the O’Hare to Clark/Lake portion of the Blue Line and Chicago to Belmont portions of the Red Line. Work will happen during off peak and overnight hours. The CTA says that one track operations and delays may occur.

“We have heard our customers’ frustration with slow zones and today we are acting to address their concerns,” said Chicago Transit Board chairperson Carole Brown. “I am pleased that we are able to leverage existing contracts to begin this work and I look forward to working with state lawmakers to increase transit investment to bring our entire system to a state of good repair.”


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2006 “Stolenwealth” Games to confront Commonwealth Games in Melbourne

Category : Uncategorized

Friday, March 3, 2006

The possibility of large-scale protests in the face of the 3,000 journalists covering the Melbourne 2006 Commonwealth Games, has event organisers and the Government worried.

The group “Black GST” – which represents Indigenous Genocide, Sovereignty and Treaty – are planning demonstrations at prominent Games events unless the Government agrees to a range of demands including an end to Aboriginal genocide, Aboriginal Sovereignty and the signing of a treaty.

The Black GST say they hope the focus of the world’s media will draw attention to the plight of indigenous Australians during the Games. Organisers say supporters are converging from across Australia and from overseas. Organisers say up to 20,000 people may take part in talks, rallies, colourful protests and many cultural festivities designed to pressure the Federal Government on Indigeneous rights issues. They want the Government to provide a temporary campsite for the supporters, saying “organised chaos was better than disorganised chaos.”

The 2006 Stolenwealth Games convergence, described by organisers as the “cultural festival of the 2006 Commonwealth Games,” was virtually opened on March 2nd with the launch of the official “Stolenwealth Games” website. Scoop Independent News and Perth Indymedia reported that the launch was held at Federation Square in Melbourne. The site contents were projected via wireless laptop by the Stolenwealth Games General Manager, and a tour of the website was given on the big screen. He said “overwhelming amusement was the response from the audience.” The group say permanent access points to the website are being set up at public internet facilities across Victoria during the coming weeks.

“Interest in the Stolenwealth Games is building all over the world and this fresh, exciting and contemporary site will draw in people from Stolenwealth Nations around the globe to find out about the latest news and events,” said a Stolenwealth Games spokesperson. “We have been getting many requests from around the world wanting to know about the Stolenwealth Games. We have provided many ways that individuals and organisations can support the campaign by spreading the word.”

The Victorian Traditional Owner Land Justice Group (VTOLJG) which represents the first nation groups of Victoria, has announced its support to boycott the 2006 Commonwealth Games until the Government “recognises Traditional Owner rights.” The group asserts that culture has been misappropriated in preparation for the Games.

Organisers of the campaign say they welcome the formal support from the Traditional Owners. “While some seek to divide and discredit Indigenous Australia, this support is further evidence that the Aboriginal people are united in opposition to the ongoing criminal genocide that is being perpetrated against the Aboriginal people” said Black GST supporter and Aboriginal Elder, Robbie Thorpe.

“We now have endorsement from the VTOLJG and the Aboriginal Tent Embassy for the aims and objectives of the Campaign and we are looking forward to hosting all indigenous and non-indigenous supporters from across Australia in March,” he said. The Black GST group have said “the convergence will be held as a peaceful, family-focussed demonstration against genocide, and for the restoration of sovereignty and the negotiations towards a Treaty.”

But the campaign has received flak in mainstream media, such as Melbourne’s Herald Sun, who wrote: “the proposal to allow BlackGST to set up an Aboriginal tent embassy at a site well away from the Commonwealth Games will be interpreted by some as the State Government caving in to a radical protest group. A major concern for the Government… is to protect the event from disruption… no chances should be taken…”

The Black GST has been planning the convergence for months, calling for Aboriginal people and their supporters to converge on Melbourne. The Melbourne-based Indigenous rights group have called on thousands of people concerned about the plight of indigenous Australians to converge on Melbourne during the Games, which they have dubbed “the Stolenwealth Games”. But the choice of Kings Domain has made conflict almost inevitable, as the area is one of the areas gazetted by the State Government as a “Games management zone”.

Under the Commonwealth Games Arrangements Act, any area gazetted as a management zone is subject to a range of specific laws – including bans on protesting, creating a disturbance and other activities. The protest bans will be in effect at different times and places, and offenders can be arrested. A spokeswoman for the Black GST, which advocates peaceful protest, said the site had been chosen because it was close to where the Queen will stay on March 15. “We figured that she is only in Melbourne for 27 hours or something like that so we thought we would make it easy for her to come next door and see us,” she said. “We are a very open, welcoming group, so she will be welcome to come and join us.”

Kings Domain is the burial site for 38 indigenous forefathers of Victoria. Black GST elder, Targan, said trade union groups have offered to install infrastructure at the site. The group initially worked with the State Government to find a suitable camp site, but the relationship broke down when the Government failed to meet a deadline imposed by the protesters. “While we are disappointed the ministers were not able to meet deadline on our request, we thank them for their constructive approach towards negotiations and the open-door policy exercised,” said Targan.

A spokesman for Games Minister Justin Madden said the Government was still investigating other sites. Victoria Police Games security commander Brendan Bannan said he was not convinced the Black GST represented the views of most indigenous people. “We are dealing with the Aboriginal community and they don’t seem to support it at all … the wider Aboriginal community don’t support disruption to the Games at all,” he said.

The Government was told that Black GST supporters would camp in Fitzroy Gardens and other city parks should it fail to nominate a site. A spokesman for Aboriginal Affairs Minister Gavan Jennings said the Government was taking the issue seriously, but had not been able to finalise a campsite before the deadline.

Under special Games laws, people protesting or causing a disturbance in “Games management zones” can be arrested and fined. While prominent public spaces such as Federation Square, Birrarung Marr, Albert Park and the Alexandra Gardens fall under the legislation, such tough anti-protest laws cannot be enforced in the nearby Fitzroy Gardens.

Games chairman Ron Walker has urged the group to choose another date for its protest march through the city, which is currently planned to coincide with the opening ceremony on March 15. The group believes that an opportunity to gain attention for indigenous issues was lost at the Sydney Olympics and has vowed to make a highly visible presence at the Games.

The Black GST said the Australian Aboriginal Tent Embassy’s sacred flame, burning over many years at the Canberra site will be carried to Melbourne before the Games, and its arrival would mark the opening of the protest camp from where a march will proceed to the MCG before the Opening Ceremony.

Black GST claims supporters from all over Australia, including three busloads from the West Australian Land Council, will gather in Melbourne during the Games for peaceful protests.

Aboriginal Affairs Minister Gavin Jennings had offered Victoria Park to the protesters. Victoria Park, former home of Collingwood Football Club, where one of the strongest statements of Aboriginal pride, when St Kilda star Nicky Winmar in 1993 raised his jumper and pointed to his bare chest after racial taunts from the Collingwood crowd.

Black GST, which has labelled the Games the Stolenwealth Games, said the State Government had failed to find a suitable venue. Black GST may encourage protesters to camp in prominent parks such as Fitzroy Gardens and Treasury Gardens. Graffiti supporting the action has also appeared in central Melbourne.

Melbourne City councillor Fraser Brindley has offered his home to the Black GST organisers. “I offered my home up to people who are organising visitors to come to the Games,” he said. Cr Brindley will be overseas when the Commonwealth Games are held and has offered the free accommodation at his flat at Parkville. He said he agreed with the protesters’ view that treaties needed to be signed with indigenous Australians. “I’m offering it up to the indigenous people who are coming to remind Her Majesty that her Empire took this land from them,” said Cr Brindlley. Nationals leader Peter Ryan said: “This extremist group has no part in the Australian community.” Melbourne councillor Peter Clarke said the actions were embarrassing and that he would try to discourage him. “It’s not in the spirit of the Games,” he said.

Aboriginal elder, Targan, said the possibility of securing Victoria Park was delightfully ironic. “There’s a lot of irony going on,” Targan, 53, a PhD student at Melbourne University, said. “GST stands for Genocide, Sovereignty and Treaty. We want the genocide of our people to stop; we want some sovereignty over traditional land, certainly how it is used, and we want a treaty with the government,” Targan said.


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Fire kills eleven at oil worker housing in Alkhobar, Saudi Arabia

Category : Uncategorized

Monday, August 31, 2015

A fire in the eastern Saudi city of Alkhobar tore through a housing complex for oil workers yesterday, killing eleven, according to civil officials.

The Radium complex is rented by oil firm Aramco for their employees. According to nearby resident Mohammed Siddique the fire broke out early in the morning. Siddique says the building contains locals, as well as Westerners and Asians. The cause is unclear but the civil defence ministry tweeted “Cars and furniture caught fire in the basement of one of the towers”.

Over 200 people were injured. Firefighters scaled the burning tower on ladders, and helicopters were on-scene. Other towers in the complex were evacuated. Thick smoke from the blaze complicated rescue efforts.

Aramco CEO Amin H. Nasser said the firm is “deeply saddened to learn of the fatalities and injuries. We offer heartfelt condolences to the families. Our immediate priority is to provide full support to those affected by this tragic incident.” Aramco, which produces and exports more crude oil than any competitor worldwide, say the fire is under investigation.


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The Importance Of A Good Website Design

Submitted by: Todd Herman

First and foremost, the Alberta website designers must make it apparent that the website is a commercial venture. Poor web development, for example, may be loaded with lots of cool graphics and interesting text but the actual items that are for sale are presented in a peripheral manner as opposed to the focus of the site. Needless to say, such website development is very weak and will not facilitate any profits.

When enacted properly, good Alberta website design looks like a work of art. That is because there is tremendous skill required to design a website. When visitors to a site see that is has been properly designed they will react positively to the site. For those who operate a commercial site this is a critical point to note. Poor website development will significantly reduce the potential to make sales because visitors won t stay on the site long enough to make conversions viable.

Imagine if you were a visitor to a site and quickly discovered that the site was a slap dash site loaded with web development disasters. That is, the website was cluttered with text, limited in the amount of graphics it possessed, and filled with annoying pop up ads. Would that even remotely sound like good website design? Hardly! In fact, it would seem that the website designers either didn’t know what they were doing or they flat out didn’t care. In such a case, visitors to the site may very well look at the site and think “Well, if the web publisher doesn’t care then I don’t care.” Needless to say, such of visitor will depart the site within a very short period of time.

[youtube]http://www.youtube.com/watch?v=sS8BNHyVmNk[/youtube]

It is also important to point out here that visitors will not separate the low quality work of the website designers from the website’s publisher. They are not going to say “I think I will waste 20 minutes on this confusing website because I am sure the publisher meant well.” No, they are simply going to be dismissive of a website as amateur hour. Clearly, this will shatter the confidence in the visitor in regards to the individual who is publishing the site. This is understandable. What decent level of confidence can a poorly composed website provide? The answer is obvious: ZERO!

If consumer confidence is shattered then it is highly doubtful that the customers will even remote agree to a purchase. If the website design is awful then how could the products sold be any better? Even if the website publisher has a sincerely outstanding product, poor website design will completely undermine his ability to promote his wares. This is an undeniable fact web development publishers need to be fully aware of!

Of course, the inverse is true as well. If solid website designers are employed and they do a solid website design job then the ability for a website to be commercially successful will be possible.

Because so much commerce is conducted on the internet, the demand for website designers has increased. Now, there are so many designers out there that deals are easier to come by. Considering the low cost options available for hiring a affordable, website designer, there is really no reason to avoid putting one on the proverbial payroll!

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George Bush: Rescue plan will get through

Category : Uncategorized

Tuesday, September 30, 2008

George W. Bush vowed to get the USD 700 billion economic rescue plan through congress in a statement to the media made today.

“Yesterday, the House of Representatives voted on a financial rescue plan that had been negotiated by Congressional leaders of both parties and my administration,” Bush reminded the audience. “Unfortunately, the measure was defeated by a narrow margin. I’m disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process.”

“Producing legislation is complicated, and it can be contentious. It matters little what a path a bill takes to become law,” he continued. “We’re at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.”

Market Data

23:45, 30 September, 2008 (UTC)
  • DJIA
  • 10.850,70 485,21 4,68%
  • Nasdaq
  • 2.082,33 98,60 4.97%
  • S&P 500
  • 1.166,36 59,97 5,42%
  • S&P TSX
  • 11.752,90 467,83 4.15%
  • IPC
  • 24.888,90 933,23 3,90%
  • Merval
  • 1.598,170 52.720 3,41%
  • Bovespa
  • 49.541,27 3,513.21 7,63%
  • FTSE 100
  • 4.902,45 83,68 1,74%
  • DAX
  • 5.831,02 23,94 0,41%
  • CAC 40
  • 4.032,10 78,62 1,99%
  • SMI
  • 6.654,89 154,76 2,38%
  • AEX
  • 331,45 7,90 2,44%
  • BEL20
  • 2.672,20 82,73 3,19%
  • MIBTel
  • 19.512,00 110,00 0,56%
  • IBEX 35
  • 10.987,50 41,80 0,38%
  • All Ordinaries
  • 4.631,30 207,90 4,30%
  • Nikkei
  • 11.259,90 483,75 4,12%
  • Hang Seng
  • 18.016,20 135,53 0,76%
  • SSE Composite
  • 2.293,78 3,72 0,16%

    “I recognize this is a difficult vote for members of Congress. Many of them don’t like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.”World and US markets today are up after severe declines yesterday. Most have recovered 30% of their previous losses, meaning that the potential government expenditure was similar to the market losses.

    Bush then said that he knows “many Americans are especially worried about the cost of the legislation.” He then attempted to justify the cost. “The bill the House considered yesterday commits up to 700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That, no question, is a large amount of money. We’re also dealing with a large problem. But to put that in perspective, the drop in the stock market yesterday represented more than a trillion dollars in losses.”

    If passed, the bailout plan would have allowed for the United States government to purchase devalued mortgage backed securities, resulting from the subprime mortgage crisis, from troubled financial institutions. The US Treasury Secretary Henry Paulson said the plan could cost up to $700 billion.