An American cattleman. The U.S. Senate and House of Representatives passed the Emergency Economic Stabilization Act of 2008. The legislation, which originated as a three-page proposal by Treasury Secretary Henry Paulson and grew to 451 pages after House and Senate negotiations, established the Troubled Asset Relief Program (TARP) to grant the Secretary of the Treasury up to $700 billion to buy troubled assets owned by financial institutions, to allow the Treasury to limit executive compensation and “golden parachutes” at those institutions, and to establish an oversight board to monitor the Treasury. The act also provides wooden arrow manufacturers an exemption …

Colombian military commandos infiltrated a settlement operated by the guerilla group FARC and freed 15 hostages, among them three U.S. contractors and the Colombian-French politician Ingrid Betancourt. President George W. Bush called Colombian President Alvaro Uribe to congratulate him. “What a joyous occasion it must be to know that the plan had worked,” said Bush. “That people who were unjustly held were now free to be with their families.”WhiteHouse.govA federal appeals court ruled that evidence against Hozaifa Parhat, a ChineseMuslim held at Guantanamo Bay for six years, consisted of nothing more than the reassertion of his guilt in three top-secret …

An American cattleman. As the war in Iraq stretched beyond its fifth year the U.S. death toll rose to 4,000, and a national conference intended to reconcile sectarian groups was boycotted by Sunnis.BBC NewsAssociated PressMSNBCSenator John McCain visited Jordan and told reporters that it was “common knowledge and has been reported in the media that Al Qaeda is going back into Iran and receiving training and are coming back into Iraq from Iran.” Senator Joe Lieberman was seen whispering into McCain’s ear, after which McCain apologized. “The Iranians are training extremists,” he explained. “Not Al Qaeda.” Later, in Jerusalem, a …

Charges of a rigged presidential election triggered violence along tribal lines in Kenya, leading to more than 700 deaths and the displacement of 250,000 Kenyans. Opposition leader Raila Odinga, who lost the election to incumbent Mwai Kibaki, said that his first cousin Barack Obama had called him twice to express his concern, “despite being in the middle of the very busy New Hampshire primary.”AFP.comTelegraph.co.ukObama and Mike Huckabee were the surprise winners of the Iowacaucuses. “None of this worries me,” said Rudy Giuliani, who came in sixth place in the Republican caucus. “September 11, there were times I was worried.”NYDailyNews.comJohn McCain …

An American cattleman. Members of a North African faction of Al Qaeda detonated bombs at the U.N. complex in Algeria and at the country’s Supreme Court, killing at least 26 people and injuring more than 170.Washington PostNew York TimesA top Lebanese army general was assassinated by a car bomb as he was leaving his home,Washington Postand a triple car bombing in southern Iraq killed at least 46 people. “I don’t think,” one resident said, “there will be any safe place in Iraq after what happened today.”Washington PostThe U.S. Postal Service was throwing away hundreds of thousands of holiday cards addressed …

Turkey shelled the village of Dashta Takh in Iraqi Kurdistan and declared plans to send its ground troops to attack outposts of the Kurdish separatist PKK in the north of Iraq; criticized for the announcement, Prime Minister Recep Tayyip Erdogan pointed out that the United States invaded Iraq without anyone�??s permission. Al JazeeraHürriyetAfter the House Foreign Affairs Committee voted for a resolution affirming that a genocide was committed by Ottoman Turks against Armenians during World War I, General Yasar Buyukanit, commander of the Turkish armed forces, said that, should Congress pass the resolution, his country�??s military alliance with the United …

The Cloaca Maxima, 1872 The U.S. House of Representatives passed a timetable for ending the Iraq war by a six-vote margin. The bill mandates American withdrawal in September 2008 if the Bush Administration meets certain benchmarks, earlier if it does not. Several Democrats voted against the timetable because it was not sufficiently antiwar, and Republicans derided the inclusion of domestic provisions benefiting spinach growers, citrus farmers, salmon fishermen, and peanut storers. “What does throwing money at Bubba Gump, Popeye the sailor man, and Mr. Peanut have to do with winning a war?” asked Representative Sam Johnson of Texas. “I will …

In a videoconference with Hong Kong investors, former Federal Reserve chairman Alan Greenspan said that America might sink into recession by year’s end; a frenzied worldwide sell-off ensued. The Shanghai Composite lost 8.8 percent of its value in a day, and the Dow Jones Industrial Average lost 3.3 percent, its worst drop since September 17, 2001. “Alan Greenspan really needs to sit down,” said one economist, “and be quiet.” Others marveled at the ability of “the Maestro” to cause upheavals even in retirement; Greenspan later held another videoconference, for which he charges fees of $150,000, and said that a recession …

Caught in the Web, 1860. President George W. Bush gave the State of the Union address, in which he discussed plans to balance the budget, double the size of the Border Patrol, reduce gasoline consumption in the United States by 20 percent, and institute a tax deduction to help American workers afford private health insurance. He announced that he was sending more than 20,000 additional soldiers to Iraq, asked Congress to authorize an increase of 92,000 active soldiers over the next five years, and proposed forming a “Civilian Reserve Corps.” He complimented several guests on their heroic kindness, courage, and …

Connecticut Senator Joseph Lieberman lost the DemocraticSenate primary election to anti-Iraq-war candidate Ned Lamont. Lieberman then announced that he would run as an independent candidate, and that “Team Connecticut” would “surge forward to victory.” Vice President Dick Cheney said that Lamont’s victory was encouraging to “Al Qaeda types.”Chicago Sun-TimesUnder pressure from U.S. officials, authorities in the United Kingdom announced the discovery of a terrorist plot to blow up as many as ten passenger planes in the air, possibly by using explosive liquids hidden inside sports-drink bottles. Twenty-one suspects were arrested. Britain raised its threat level to “critical”; the United States …

Killing Ground. Israel insisted it had no immediate plans for a large-scale ground invasion of Lebanon, although it seized two Lebanese towns, called up 10,000 troops to the border, and called thousands of reservists to active duty. Almost 400 people (362 Lebanese, 37 Israelis) have been killed so far in the conflict. European governments debated the proportionality of these deaths, and Syrian president Bashar Assad told the international community to stop procrastinating and broker a ceasefire.NY Times and The AustralianPresident Mahmoud Ahmadinejad of Iran predicted that Israel had “pushed the button of its own destruction.”The AustralianNY TimesThe AustralianThe AustralianNY TimesNational …

Runaway Raft on the Tigris. Palestinian militants conducted a raid in Israel and abducted an Israeli soldier, whom they carried to Gaza via a secret tunnel. Israel retaliated by bombing Gaza’s main power plant, two bridges, the offices of Palestine’s prime minister and interior minister, and a soccer field, and by arresting as many as 64 Palestinian officials. Palestinian militants demanded that Israel release all Palestinian prisoners who are women or under the age of 18. A number of Israeli and Palestinian officials speculated that Israel’s actions were intended to weaken or topple Palestine’s Hamas government.VOA NewsIn Iraq, where 14 …

Caught in the Web, 1860. Iran announced that it had successfully produced low-grade enriched uranium; to celebrate, men in traditional dress danced with uranium samples.Reuters via Yahoo! NewsThe Iranian government also promised to give $50 million to the Palestinian Authority, now controlled by Hamas, which let it be known that it would recognize Israel’s right to exist if the Jewish state were to withdraw from the entire West Bank, East Jerusalem, and Gaza. CNN.comDemocracy Now!A suicide bomber killed nine people at a falafel restaurant in Tel Aviv,The New York Timesand in Sri Lanka bomb attacks by Tamil rebels killed 16 …

A Christian martyr. A car bomb killed 10 people at a Shiite shrine in Najaf, Iraq, and a suicide bombing killed 85 people at a Shiite mosque in Baghdad. BBC NewsThe U.S. military announced that 1,313 Iraqi civilians had been killed in the sectarian violence of March. “Civil war,” said Egyptian President Hosni Mubarak, “has almost started among Shiites, Sunnis, Kurds, and those who are coming from Asia.”BBC NewsChron.comThe case against Abdul Ameer Younis Hussein, an Iraqi cameraman for CBS who was arrested in April 2005 after filming the wreckage of a car bomb, was finally dismissed for lack of …