An American cattleman. President George W. Bush announced a $13.4 billion bailout for General Motors and Chrysler. The bailout, which will make use of funds authorized by Congress in October for the rescue of U.S. financial institutions, requires among other things that the automakers sell their fleets of private aircraft. “I’ve abandoned free-market principles,” said Bush, “to save the free-market system.”New York TimesBreitbartPresident-elect Barack Obama called for an expansion of his economic recovery plan in order to save a half-million more jobs atop the 2.5 million he already hopes to save, at a total cost of $600 billion or $700 …

Weighing the soul, 1875. Finance experts warned that the Pension Benefit Guaranty Corporation, the government agency that insures company pensions, could be forced into a situation similar to the savings and loan crisis of the 1980s, which led to a $200 billion bailout, as a result of cascading pension defaults in the airline industry.New York TimesEconomic growth was slowing,Washington Postfewer jobs were being created, crude oil prices reached a record high of $44.41,New York Timesand the Dow Jones Industrial Average dropped to a new low for 2004.Associated PressBerkshire Hathaway’s second quarter earnings were down 42 percent.ReutersThe Bureau of Labor Statistics …

President George W. Bush traveled to France to attend a ceremony commemorating the D-Day invasion and attempted to play down his dispute with President Jacques Chirac over the invasion of Iraq; Bush told French journalists that he was never angry with the French or with Chirac for his refusal to endorse the war, and he even invited Chirac to visit the ranch down in Crawford, Texas. “If he wants to come and see cows, he’s welcome to come out here and see some cows,” Bush said, apparently unaware that Chirac, a former agriculture minister, is a cattle expert.New York TimesGeorge …

Former Haitian president Jean-Bertrand Aristide accused the United States of overthrowing him in a coup. “I was forced to leave,” he said. “Agents were telling me that if I don’t leave they would start shooting and killing in a matter of time.”Associated PressState Department officials claimed that the U.S. had simply declined to protect Haiti’sdemocratically elected president from the advancing rebel mob.New York TimesAristide called for a restoration of democracy and for peaceful resistance against the foreign occupiers.GuardianTwo hundred seventy-one Shiite worshipers were killed in simultaneous bombing attacks on mosques in Baghdad and Karbala; international telephone service was knocked out …

President George W. Bush signed a $400 billion Medicare bill that will provide a prescription-drug benefit to elderly Americans; the bill permits private insurance companies to compete with Medicare, which many think will destroy the program, but bans policies that would cover gaps in the drug benefit on the theory that people with good prescription coverage take too many pills and drive up medical costs.Associated Press, New York TimesThomas Scully, the federal official who runs Medicare, was preparing to take a job in the private sector, probably with a company that will directly benefit from the new bill, which he …

President George W. Bush traveled to Great Britain, along with 650 companions, including five personal chefs, but was unable to move freely in the country because of massive protests. At Buckingham Palace the president dined on roasted halibut with herbs, free-range chicken, potatoes cocotte, salad, and a sorbet bombe but presumably skipped the Puligny-Montrachet and the Veuve Clicquot, Gold Label, 1995. Truck bombs blew up the British Consulate and a British bank in Istanbul, killing at least 27 and wounding hundreds. Bloody victims ran screaming through the streets. Two hotels in Baghdad used by Westerners were bombed as was the …

A Roman protester was shot twice in the head and killed by a 20-year-old paramilitary officer at the G-8 summit in Genoa, Italy; the Land Rover in which the police were riding then backed up and ran over the body before speeding away. Three days earlier, British prime minister Tony Blair declared that people have been “far too apologetic” toward demonstrators who disrupt gatherings of world leaders, noting that “if the public knew their views, they’d disagree with them.” Hundreds of thousands of semi-naked youths were gyrating in the streets of Berlin during its eleventh annual Love Parade. Russian president …

The Democratic Party demonstrated its seriousness of purpose by failing to mount a filibuster to block the confirmation of former senator John Ashcroft, who was defeated by a dead man in the last election; Ashcroft was sworn in as Attorney General by Supreme Court Justice Clarence Thomas in a private ceremony. President George W. Bush, a former oil man, named Vice President Dick Cheney, a former oil man, to head a special task force to devise ways to increase the profits of oil companies. In response to the continuing energy crisis in California, President Bush continued to affirm that pollution …