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The Texas Blue
Advancing Progressive Ideas

The Texas Blue: News

Delta Airlines Offers Buyout to 30,000 Workers

This has sort of been buried on a very busy news day, but this is important. As part of a new strategy to deal with the unchecked increase of fuel prices, Delta Airlines has offered to buyout 30,000 employees, or more than half of the company's current workforce. The goal is to cut some 2,000 jobs from the company. Pilots are not included in the offer as they have a union contract.

Scarborough's Surreptitious On-Air Snacking

Joe Scarborough was caught sneaking a bite of a brownie during the premiere of MSNBC's "Race for the White House." The "Morning Joe" host apparently couldn't wait for the commercial break, and was caught on camera with his chocolate snack in hand. His chagrined grimace on realizing his mistake is priceless.

Your New Federal Funds Rate: 2.25 Percent

The Fed got their rate cut on once again today, dropping the federal funds rate from 3.0 percent to 2.25 percent. The response on Wall Street thus far seems to be a little from Column Good and a little from Column Bad.

Terror Watch List Not Great

The federal government occasionally engages in troublesome activities, like internal audits. In recent years, the results have been less than ideal when the audits cover intelligence operations or defense contracts. A new internal audit at the Justice Department concerning the FBI's terror watch list is also not ideal. You can check out the story here. If you're really ambitious, you can read the report yourself.

More Bad News on Energy Prices: Texas Electricity Bills Up 21 Percent

The Star-Telegram reports that electricity prices have risen 21 percent since Feburary 21-only six weeks ago. The increase is tied to the price of natural gas, which is also on the rise, and energy experts predict that higher prices now will mean a bigger-than-usual rate increase over the summer.

More Action at the Federal Reserve

Just when you thought the financial news was waning, the Federal Reserve comes roaring back with more plans for market stabilization in the form of additional rate cuts. There might not be many more moves like this left in Bernanke, though, as Bloomberg reports he may be running low on money and methods for dealing with a market in ongoing crisis.

The Bear Sterns Timeline

While I'm no fan of the Wall Street Journal's editorial pages, the reporting corps has produced a tidy chronological explanation of what happened with Bear Sterns last week. They also look to the future:

The question now looming over the transaction: Has the government set a precedent for propping up failing financial institutions at a time when its more traditional tools don't appear to be working?

Michigan Democrats Want Re-Vote Plan By Thursday

The Michigan state legislature must finalize the plan they presented to both campaigns by Thursday or else wait two weeks over the Easter recess. So they would really like to have it hammered out this week.

News Roundup, 3/18/08: Economic Echoes

The economy is hurting, and from the look of it Americans know about it.

Obama Speaks on Race and Wright in Philadelphia

Barack Obama delivered what his campaign termed "a major speech" in Philadelphia this morning on race in America and his relationship with Pastor Jeremiah Wright. The full text is available from the Washington Post. Update: YouTubed after the jump.