Dow back above 9,000; stocks set for the biggest rise since 1987 NEW YORK - Wall Street soared Monday, bouncing back from last week’s devastating losses after major governments announced further steps to support the global banking system, including plans by the U.S. Treasury to buy stocks of some banks. Wall Street’s extreme volatility continued, as the major stock indexes followed their worst week ever by heading for their biggest percentage gain in a single day since two days after the Black Monday crash of October 1987. The Dow Jones industrial average pushed back above the 9,000 level it dropped below late last week. The hope on the Street was that the market was finding a bottom after eight sessions of devastating losses that sent the Dow down nearly 2,400 points. But while a rebound had been expected at some point, Wall Street can expect to see volatile, back-and-forth trading in the coming days and weeks as investors work through their concerns about the banking sector, the stagnant credit markets and the overall economy. But the market did appear to take heart when the Bush administration said it is moving quickly to implement its $700 billion rescue program, including consulting with law firms about the mechanics of buying ownership shares in a broad number of banks to help revive the stagnant credit markets and in turn get the economy moving again. Neel Kashkari, the assistant Treasury secretary who is interim head of the program, said in a speech Monday officials were also developing guidelines to govern the purchase of soured mortgage-related assets. However, he gave few details about how the program will actually buy bad assets and bank stock. More
Enhanced
license
earns
approval
from
federal
authorities
Michigan
motorists
will
have the
option
next
year of
applying
for an
enhanced
driver's
license
that
also
meets
tougher
federal
document
requirements
at
America's
borders,
Secretary
of State
Terri
Lynn
Land
announced
today.
Land and
U.S.
Department
of
Homeland
Security
officials
met in
Detroit
to sign
a
memorandum
of
agreement
and a
business
plan
that
pave the
way for
Michigan's
enhanced
license
program.
Business,
municipal
and
political
leaders
as well
as
members
of the
general
public
enthusiastically
support
Land's
initiative,
citing
its
convenience
for
drivers
and its
ability
to keep
cross-border
commerce
flowing
smoothly.
"This is
a
victory
for
Michigan
families
and job
providers,"
Land
said.
"It
offers
motorists
an
affordable,
single-document
option
that
meets
their
driving
and
border
crossing
needs.
Equally
important,
it
allows
commerce
between
Michigan
and
Canada
to
continue
uninterrupted.
I
applaud
the U.S.
Department
of
Homeland
Security
for
being an
outstanding
partner
and the
Detroit
Regional
Chamber
for its
leadership.
With
their
support
and the
efforts
of all
others
involved,
we're
balancing
customer
and
economic
needs
with our
shared
goal of
a safer
America."
In June
2005,
Land
proposed
the
creation
of a
driver's
license
that
also
could be
used in
lieu of
a
passport,
making
it
easier
for
residents
of
border
states
to meet
federal
Western
More
THE
NATION'S
BIGGEST
ECO-SUSTAINABILITY
CONFERENCE
RETURNS
TO
DETROIT
Great
Lakes
Bioneers
Conference
Comes to
Marygrove
College
Oct.
17th –
19th DETROIT
– In its
4th
year,
the
annual
Great
Lakes
Bioneers
Conference
returns
to
Detroit.
It will
take
place at
Marygrove
College
from
Oct.
17th –
19th.
The
Great
Lakes
Bioneers
Conference
is an
environmental
conference
dedicated
to
solving
eco-issues
that
affect
city
dwellers.
It
builds
off of
the
internationally
acclaimed
Bioneers
Conference
held in
California,
now in
its 19th
year,
and its
“Beaming
Bioneers,”
a
companion
program
of
community-based
satellite
conferences
across
the US.
More
2008
DETROIT
FREE
PRESS/FLAGSTAR
MARATHON
SUNDAY
OCTOBER
19, 2008 DETROIT
-
Detroit
Free
Press/Flagstar
Marathon
organizer’s
have
announced
the
course
events
and
entertainment
for the
2008
marathon
route.
The 2008
marathon
course
design
concept
which
includes
several
exciting
new
elements
and
highlights
Detroit’s
riverfront,
ethnic
enclaves,
neighborhoods,
parks
and
downtown
entertainment
districts.
The
course
will
retain
much of
the
popular
route of
last
year’s
design.
The
course
will
retain
much of
the
popular
route of
last
year’s
design.
The
route
includes:
Gateway
to
Canada,
Runnin’
the
River-and
Below,
Detroit
RiverWalk,
Belle
Isle
Park-McArthur
Bridge
and the
Detroit
Windsor
Tunnel.
“Designing
a
world-class
international
marathon
course
is a
hugely
rewarding
and
challenging
experience,”
said
Patricia
Ball,
Detroit
Free
Press/Flagstar
Marathon
director.
“We view
course
design
with a
dual
objective
of
making a
great
route
for
runners." More
Today ,
Rev.
Nicholas
Hood III
announce
his
candidacy
for
Mayor of
Detroit.
"Together
we stand
under
the
great
seal of
Detroit
on the
wall of
the
Coleman
Young
Municipal
Center.
Inscribed
in Latin
on that
seal are
the
words,
Speramus
Meliora;
Resurget
Cineribus”
(Latin
for, “We
Hope For
Better
Things;
It Shall
Rise
From the
Ashes”),
stated
the
former
Detroit
city
councilman.
Hood who
is
pastor
of
Plymouth
United
Church
in
Detroit,
surrounded
by his
church
members
and
supporters,
expressed
outrage
and
optimism.
"On any
given
night,
some of
our
neighborhoods
are held
under
virtual
siege by
small
groups
of young
men who
sell
drugs
and
terrorize
citizens.
Yet in
spite of
these
challenges,
I am
convinced
that
surely
God has
something
better
in store
for
Detroit!
I tell
you,
it’s not
fair and
we
should
demand
and
expect
more!"
Mayor
Ken
Cockrel
Jr. has
said he
will run
in the
nonpartisan
election
after
succeeding
Kilpatrick.
Businessman
and NBA
Hall of
Famer
Dave
Bing
also is
among
those
who have
picked
up
petitions.
Former
deputy
mayor
Freman
Hendrix
announced
on
Sunday
on
Detroit's
west
side.
Tuesday
is the
deadline
for
collecting
signatures.
The
runoff
election
is May
5. More
MARINERS INN HOMELESS SHELTER AND
TREATMENT CENTER CELEBRATES 20th ANNIVERSARY OF RIVER RHYTHM
CHARITY EVENT “We
are in the business of giving men hope. We invite everyone
to join us in that mission by supporting this annual gala,”
says Jim Hartz, CEO Detroit
- The Mariners Inn (MI) shelter and treatment center in
downtown Detroit is hosting the 20th Anniversary of the
River Rhythm dinner and silent auction on Friday, October
17, 2008. The annual event will be held at the Roostertail,
on Marquette, Detroit. River Rythm is the center’s premier
fundraising effort.
More
October 24: Access Detroit – Block Party on Washington Blvd.
October 25: Book Cadillac: Next Chapter Black Tie Gala DETROIT,
MI – On Friday, October 24th, be a part of the in-crowd and
experience Detroit’s block party of the year: ACCESS DETROIT
presented by Bank of America, celebrating the completion of
the $200 million restoration of one of Detroit’s grand dames
of hospitality. The party takes place on Washington
Boulevard directly in front of the hotel and features
performances by the Cass Technical High School Drum Line
followed by Killer Flamingos, Paxahau DJs, Trick Trick,
break dancing from Hardcore Detroit and more. More
Monet to
Dalí:
Modern
Masters
from the
Cleveland
Museum
of Art Detroit—An
extraordinary
“who’s
who” of
modern
art
masters,
including
Monet,
Dali,
van
Gogh,
Renoir,
Degas,
Matisse,
Picasso
and
Rodin—to
name
just a
few—will
be on
view at
the
Detroit
Institute
of Arts
(DIA)
Oct. 12,
2008–Jan.
18,
2009.
Through
75
paintings
and
sculptures,
visitors
will be
immersed
in one
of the
most
fascinating
periods
in the
history
of
art—the
gradual
shift
from a
reliance
on
artistic
tradition
to an
insistence
on
individual
innovation
at the
turn of
the 20th
century.
More
THINK
DETROIT
PAL RUNS
FOR
DETROIT’S
YOUTH
Nonprofit
encourages
community
involvement
in
Detroit
Free
Press
Flagstar
Marathon (DETROIT)
– Once
again,
Think
Detroit
PAL will
walk and
run to
provide
healthier
lifestyles
for the
city’s
young
people.
Individuals
are
urged to
join the
effort
by
participating
in the
Detroit
Free
Press
Flagstar
Marathon
“Run for
a
Reason”
campaign,
October
19,
2008.
For
every
$200
that a
participant
donates,
a child
will
receive
character
enrichment,
academic
support
and
access
to the
organization’s
sports
leagues.
And the
contributor
receives
a
healthy
workout.
More
